COIN
Coinbase Global, Inc.252.61
+2.19+0.88%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms priorities, regulatory optimism.
Q&A largely reaffirmed Coinbase's scripted push on Everything Exchange and stablecoins, but highlighted fresh optimism for CLARITY Act passage in coming months to level the playing field. Management clarified Base sequencer fees count as transaction revenue, not subscriptions, and outlined builder incentives including grants, AI tools, and Base token exploration. Early prediction markets drew strong Super Bowl interest; derivatives poised for 2026 growth. Expenses flat into Q1 despite new rollouts. No crypto winter hand-wringing. Opportunities abound down here. Watch Everything Exchange traction and M&A selectivity.
Key Stats
Market Cap
68.12BP/E (TTM)
21.83Basic EPS (TTM)
11.57Dividend Yield
0%Recent Filings
10-K
FY2025 results
Coinbase's FY2025 10-K covers the fiscal year ended December 31, 2025, highlighting platform expansion into derivatives via the Deribit acquisition in August and U.S. perpetual futures launch. Net revenue rose 9% to $6.9 billion, with transaction revenue up 2% to $4.1 billion on 3% higher trading volume of $1.2 trillion, while subscription and services surged 23% to $2.8 billion, driven by 48% stablecoin revenue growth from USDC despite 89 basis point rate cuts. Assets on platform fell 7% to $376 billion amid price declines, yet MTUs grew 10% to 9.2 million. Q4 momentum showed resilience with institutional derivatives boosting revenue, but net income dropped 51% to $1.3 billion due to $345 million Data Theft Incident costs and crypto investment losses. Year-end debt stood at $7.3 billion with $11.6 billion in cash equivalents; $790 million share repurchases occurred. No 2026 guidance disclosed. Regulatory uncertainty around crypto classification risks quarterly momentum.
8-K
Coinbase Q4 revenue $1.8B
Coinbase reported Q4 total revenue of $1.8B, down 5% Q/Q amid softer markets, but full-year revenue hit $7.2B, up 9% Y/Y with trading volume surging 156% to $5.2T. Subscription revenue dipped to $727M yet stablecoins drove records at $364M. Q1 guides $550-630M subscriptions; $11.3B cash funds buybacks.
8-K
Coinbase reincorporates in Texas
Coinbase Global reincorporated from Delaware to Texas on December 15, 2025, at 5:00 p.m. ET, filing certificates with both states. No changes to business, jobs, assets, or liabilities—beyond minor transaction costs—occurred; shares, warrants, and convertible notes like the 2026-2032 Notes seamlessly converted one-for-one. Shareholder rights shifted under Texas law. Trading continues uninterrupted on Nasdaq as COIN.
10-Q
Q3 FY2025 results
Coinbase's Q3 net revenue jumped 59% y/y to $1.8B, with transaction revenue up 83% y/y to $1.0B on 59% higher trading volume, while subscription and services grew 34% y/y to $747M led by 44% y/y stablecoin revenue gains. Operating income soared to $481M, up from $170M y/y, delivering diluted EPS of $1.50 versus $0.28; YTD net income hit $1.9B. Closed Deribit acquisition in August 2025 for $4.3B (cash/stock), recognizing $2.8B goodwill and $1.4B intangibles (13-year life). Cash equivalents stood at $8.7B with $7.3B long-term debt; operating cash flow swung negative on USDC buys. Crypto prices drive results.
8-K
Coinbase Q3 revenue up 25%
Coinbase reported Q3 revenue of $1.9B, up 25% quarter-over-quarter, with transaction revenue surging 37% to $1.0B on $295B trading volume and subscription/services at $747M fueled by USDC hitting $74B market cap. Operating expenses dropped 9% to $1.4B despite Deribit integration costs; net income landed at $433M. Deribit closed August 14.
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