Coinbase (COIN) Announced Q4 2025 Earnings on Feb 11 2026, Reporting '2025 Total Revenue of $7.2 Billion

Coinbase reported that "2025 total revenue was $7.2 billion" and "Q4 total revenue was $1.8 billion". The company noted that "Adjusted EBITDA in the fourth quarter was $566 million", marking the "twelfth consecutive quarter of Adjusted EBITDA profitability". On a GAAP basis, Coinbase reported a "net loss of $667 million" for the quarter, "primarily driven by a $718 million unrealized loss on our crypto investment portfolio".

Management highlighted key business updates, noting they "launched the Everything Exchange in Q4" and that "Base set a new transaction all-time high". They also stated that "subscription and services revenue hit all-time highs" and the company now has "12 products doing over $100 million in annualized revenue". Additionally, Coinbase "repurchased $1.7 billion of our common stock".

Looking ahead, management provided guidance for the first quarter of 2026. They "expect subscription and services revenue to be in the range of 550million−630 million". On the expense side, they "expect technology and development, plus general and administrative expenses to be flat quarter-over-quarter" in the "range of 925million−975 million", and "sales and marketing expenses to be flat to down" in the "range of 215million−315 million"