Coinbase 2025 Financial Report: Q4 Under Pressure, Net Loss of $667 Million, Strong Full-Year Performance

Coinbase released its Q4 2025 and full-year financial results on Thursday (February 13) following the U.S. stock market close, delivering mixed performance amid a broader crypto market downturn. The exchange posted a Q4 net loss of $667 million, or $2.49 per share—well above analyst expectations. Total revenue came in at $17.8 billion, marking a 5% quarter-over-quarter decline and 22% year-over-year drop, missing the market’s forecast range of $18.3 billion to $18.5 billion. Adjusted metrics told a different story: adjusted EPS of $0.66, adjusted net income of $1.78 billion, and adjusted EBITDA of $566 million. Despite Q4 pressure, Coinbase’s full-year 2025 performance was robust: - Total trading volume hit $52 trillion (156% year-over-year growth) - Crypto trading market share doubled to approximately 6.4% - Subscription and services revenue rose 23% to roughly $2.8 billion - Coinbase One paid subscribers approached 1 million - Platform assets and USDC stablecoin balances reached all-time highs In its report, Coinbase emphasized progress on its “Everything Exchange” strategy, including derivatives expansion and stablecoin payment solutions. While acknowledging short-term bear market challenges, the company characterized 2025 as a strong year and remains optimistic about 2026 product innovation and market recovery.