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Sep 30, 2025
Coinbase Q3 2025 Earnings Report
Coinbase reported strong growth in Q3 2025 with higher revenues, profitability, and record adoption across derivatives and stablecoins.
Key Takeaways
Coinbase delivered solid Q3 results with $1.87B in revenue and $433M in net income, supported by strong performance in derivatives, USDC growth, and expanded trading activity.
Revenue by Segment
Forward Guidance
Coinbase expects continued revenue growth in Q4 driven by USDC adoption and subscription momentum, though headcount and acquisition-related costs will increase expenses.
Positive Outlook
- Q4 subscription and services revenue expected between $710M-$790M
- USDC market cap hit new highs in October
- Coinbase One subscriber base is growing
- Deribit and Echo acquisitions expected to enhance product offerings
- Performance marketing could further boost user acquisition
Challenges Ahead
- Headcount growth and acquisition integration will increase expenses
- Stock-based compensation projected at ~$220M for Q4
- Interest rate cuts may offset revenue growth
- Sales and marketing costs projected between $215M-$315M
Historical Earnings Impact
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Avg. Return Before/After Earnings
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