Coinbase Global, Inc. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • Total FY2025 revenue was $7.2 billion, up 9% year-over-year from FY2024.
  • Subscription and services revenue for FY2025 reached $2.8 billion, up 23% year-over-year and over 5.5x higher than 2021’s peak.
  • Q4 2025 revenue was $1.8 billion, down 5% quarter-over-quarter.
  • Q4 transaction revenue was $983 million, down 6% quarter-over-quarter.
  • Subscription and services revenue for Q4 was $727 million, down 3% quarter-over-quarter.
  • Adjusted EBITDA for Q4 was $566 million; adjusted net income was $178 million.
  • GAAP net loss was $667 million due to unrealized losses on crypto and strategic investments.
  • Coinbase repurchased $1.7 billion in stock, fully offsetting 2025 dilution.
  • Cash and equivalents ended at $11.3 billion; total available resources reached $14.1 billion.

Business & Platform Performance

  • Global trading volume and market share doubled year-over-year, hitting new all-time highs.
  • Base chain hit a new all-time high for transactions, driven heavily by AI agent adoption.
  • Derivatives volume grew strongly; Deribit integration contributed to new all-time highs.
  • Ninth consecutive quarter of native unit inflows and twelfth consecutive quarter of adjusted EBITDA profitability.

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Anil Gupta: Good afternoon, and welcome to the Coinbase Fourth Quarter and Full Year 2025 Earnings Call. My name is Anil Gupta, and I'm Vice President of Investor Relations at Coinbase. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; Alesia Haas, CFO; and Paul Grewal, Chief Legal Officer. During today's call, we may make forward-looking statements, which may vary materially from actual results. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings. Our discussion today will also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the Shareholder Letter on our Investor Relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. We'll start today's call with comments from Brian and Alesia and then take questions. And with that, I'll turn it over to Brian. Brian Armstrong: [Audio Gap] crypto prices, but Bitcoin remains the best-performing asset class of the past decade. We've been through cycles like this many times at Coinbase and adoption continues to grow, regulatory clarity is on the horizon, and more bullish than ever. Moreover, we've successfully diversified the business where stablecoins, subscription and services revenue and now trading of other asset classes like stocks, prediction markets and commo

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