#Coinbase Q4 2025 Earnings Report
Coinbase Global reported fourth quarter 2025 total revenue of $1.8 billion, down 5% quarter over quarter, as softer crypto market conditions weighed on trading activity.
Transaction revenue totaled $983 million, down 6% from the prior quarter. Subscription and services revenue was $727 million, down 3% sequentially. Total operating expenses rose 9% quarter over quarter to $1.5 billion.
The company posted a net loss of $667 million in the fourth quarter. Adjusted net income was $178 million and adjusted EBITDA was $566 million. The net loss was driven by a $718 million loss on its crypto asset investment portfolio, largely unrealized, and a $395 million loss on strategic investments.
For full year 2025, total revenue increased 9% year over year to $7.2 billion. Net revenue was $6.9 billion, compared with $6.3 billion in 2024. Subscription and services revenue rose 23% year over year to $2.8 billion, more than 5.5x higher than the prior cycle peak in 2021. Transaction revenue for the year was $4.1 billion, up 2% year over year.
Total trading volume increased sharply in 2025, with the company’s crypto trading market share doubling year over year. In the fourth quarter, both consumer and institutional spot trading volumes declined sequentially, while institutional transaction revenue increased compared with the prior quarter.
Stablecoin revenue rose modestly quarter over quarter, supported by higher USDC balances held within Coinbase products and growth in overall USDC market capitalization.
Full-year operating expenses increased year over year, driven by higher spending across technology and development, general and administrative, and sales and marketing functions. Headcount also rose compared with the prior year.
The company ended the quarter with a substantial cash balance and additional liquidity from crypto assets held for investment and collateral. During the quarter and into early February, Coinbase repurchased shares and expanded its authorized buyback program, with capacity remaining under the updated authorization.
#What This Means for Your Portfolio
The results show continued revenue diversification, with subscription and services revenue accounting for a substantial part of full-year net revenue. Sequential revenue declines and a GAAP net loss reflect sensitivity to crypto price volatility, while adjusted profitability and share repurchases indicate balance sheet capacity. Investors should monitor first-quarter 2026 earnings and transaction revenue trends for confirmation of trading activity levels.
#Broader Market Context
Crypto market capitalization declined 11% quarter over quarter in Q4, reflecting broader volatility across digital assets. Peers with exposure to trading volumes and derivatives activity may face similar revenue sensitivity in periods of lower spot market activity.