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Dec 31, 2025
Coinbase Q4 2025 Earnings Report
Coinbase reported a strong Q4 2025 with increased revenue and improved profitability, driven by growth in trading volume and subscription services.
Key Takeaways
Coinbase Global, Inc. delivered a strong performance in Q4 2025, with total revenue reaching $1.78 billion, a slight decrease from the previous quarter but a significant increase year-over-year. The company reported a net loss of $666.7 million, primarily due to losses on crypto assets held for investment and strategic investments. However, Adjusted EBITDA remained positive at $565.9 million, demonstrating underlying operational strength. The company also saw record highs in total trading volume and subscription services revenue, with a notable increase in Assets on Platform.
Total revenue for Q4 2025 was $1.78 billion, a 5% decrease quarter-over-quarter but a 9% increase year-over-year.
Net loss for Q4 2025 was $666.7 million, primarily due to unrealized losses on crypto asset investments.
Adjusted EBITDA for Q4 2025 was $565.9 million, indicating continued operational profitability.
Coinbase Total Trading Volume grew 156% year-over-year, and Assets on Platform increased 3x over the last 3 years, reaching an all-time high in Average USDC Held in Coinbase Products.
Revenue by Segment
Forward Guidance
For Q1 2026, Coinbase anticipates subscription and services revenue to be between $550-$630 million, with transaction revenue already at $420 million as of February 10, 2026. The company expects technology & development and general & administrative expenses to be roughly flat Q/Q, and sales & marketing expenses to be in the range of $215-$315 million.
Positive Outlook
- Continued growth in the Everything Exchange, expanding tradable assets and derivatives offerings.
- Scaling stablecoins and payments infrastructure with deeper product integrations.
- Bringing the world onchain through DeFi integrations and scaling the Base App and Chain.
- Anticipated growth in headcount, particularly in customer support and product teams.
- Strategic acquisitions in derivatives and other areas are expected to drive volume and revenue share.
Challenges Ahead
- Lower Average USDC Market Capitalization and interest rates are expected to impact Q1 2026 subscription and services revenue.
- Lower average crypto prices and staking protocol rates compared to Q4 2025 are expected to affect Q1 2026 revenue.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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