Company file · COIN
Coinbase
Coinbase's revenue rose 9.4% in FY2025, to $7.2B, and net income fell 51.1% to $1.3B
Revenue rose 9.4% to $7.2B in FY2025, from $6.6B in FY2024. Net income fell 51.1% to $1.3B. Bank Servicing and Subscription and Circulation was the largest product or service, at 96% of revenue.
Key facts
Coinbase (Nasdaq: COIN) reported revenue of $7.2B for fiscal 2025, the year ended Dec 31, 2025, up 9.4% from fiscal 2024. Net income was $1.3B, down 51.1%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $1.2B, down 35.0% from the same quarter a year earlier, and net income was $719M. The largest piece by product or service was Bank Servicing and Subscription and Circulation, at 96% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).
Source: 10-K FY2025, filed Feb 12, 2026
Source: 10-Q filed May 7, 2026 · 10-Q filed Jul 30, 2026 · 10-Q filed Oct 29, 2026
How it makes money
By product or service, FY2025
- LineAmountSharevs FY2024
- Bank Servicing and Subscription and Circulation$6.9B96%+9.4%
- Other Revenue$298M4%+10.0%
Source: 10-K FY2025, XBRL breakdown
By product or service in FY2025: Bank Servicing and Subscription and Circulation (96%) and Other Revenue (4%), as shares of total revenue. Total revenue was $7.2B.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Coinbase 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026
By product or service
Source: Coinbase 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026
The bull case and the bear case
The bull case
- Revenue rose 9.4% in FY2025 to $7.2B, from $6.6B a year earlier. 10-K, FY2025
- Net income in the quarter ended Sep 30, 2026 was $719M, up 66.2% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Other Revenue revenue grew 10.0% in FY2025 to $298M. 10-K, FY2025
The bear case
- Net income fell 51.1% in FY2025 to $1.3B, from $2.6B. 10-K, FY2025
- Diluted shares rose 5.1% in FY2025, which spreads profit across more shares. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $1.2B, down 35.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Coinbase is in the financial exchanges & data industry, part of the financials sector. The SEC files it under Finance Services.
The full description of Coinbase's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the financial exchanges & data industry. They are not a summary of Coinbase’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Markets and ratesInterest rates, credit conditions and market levels move its revenue and results.
- Credit and claimsLosses on loans, claims or investments can reduce earnings.
- RegulationCapital, liquidity and conduct rules affect what it can do and what it costs.
- CompetitionBanks, insurers, asset managers and technology firms compete for the same customers.
- Cyber and operationsSecurity incidents and operational failures can cause losses and harm trust.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Revenue recognition (ASC 606)
- Risk factors (Item 1A)
- The cash flow statement
- Return on equity (ROE)
- Market cap and enterprise value
- Shelf registrations (Form S-3)
- Cash conversion cycle
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Coinbase's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 29, 2026 | Sep 30, 2026 |
| 10-Q | Jul 30, 2026 | Jun 30, 2026 |
| 10-Q | May 7, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 24, 2026 | Jun 16, 2026 |
| 10-K | Feb 12, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Coinbase
How does Coinbase make money?
Coinbase's revenue was $7.2B in fiscal 2025. By product or service in FY2025: Bank Servicing and Subscription and Circulation (96%) and Other Revenue (4%), as shares of total revenue. Total revenue was $7.2B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What was Coinbase's revenue in fiscal 2025?
$7.2B of revenue for the fiscal year ended Dec 31, 2025, up 9.4% from $6.6B in fiscal 2024. Fiscal 2023 was $3.1B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
Is Coinbase profitable?
Coinbase reported net income of $1.3B for fiscal 2025, down 51.1% from $2.6B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $719M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.
What did Coinbase report in its latest quarterly filing?
Revenue was $1.2B in the quarter ended Sep 30, 2026, down 35.0% from $1.9B a year earlier. Net income was $719M, up 66.2% from $433M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.
What are the main risks Coinbase faces?
Coinbase's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the financial exchanges & data industry include Markets and rates; credit and claims; regulation; competition; cyber and operations. The first: Interest rates, credit conditions and market levels move its revenue and results. Source: 10-K, Item 1A Risk Factors.
Where do these Coinbase numbers come from?
From Coinbase's own SEC filings: the 10-K for fiscal 2025 (filed Feb 12, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Coinbase
- ARK Investment Management: 2,511,319 shares, reported value $367.1M at Jun 30, 2026 (+5.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Baillie Gifford: 1,000,541 shares, reported value $186.5M at Sep 30, 2026 (−7.4% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
- Slate Path Capital: 263,379 shares, reported value $38.5M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 190,509 shares, reported value $27.9M at Jun 30, 2026 (−71.6% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 149,144 shares, reported value $21.8M at Jun 30, 2026 (+233.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 107,928 shares, reported value $15.8M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 92,600 shares, reported value $13.5M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in COIN
- The editor holds no position in Coinbase (COIN). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell COIN from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold COIN, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| CoinbaseCOIN | FY2025 | $7.2B | +9.4% | $1.3B |
| S&P GlobalSPGI | FY2025 | $15.3B | +7.9% | $4.5B |
| CME GroupCME | FY2025 | $6.5B | +6.4% | $4.1B |
| Intercontinental ExchangeICE | FY2025 | $12.6B | +7.5% | $3.3B |
| Moody'sMCO | FY2025 | $7.7B | +8.9% | $2.5B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.