Revenue: As of FY2025, the actual value is USD 6.883 B.EBIT: As of FY2025, the actual value is USD 925.08 M.<h4>Executive Overview</h4><ul><li>Net Revenue: Coinbase Global, Inc. reported $6.9 billion in 2025, an increase from $6.3 billion in 2024.</li><li>Transaction Revenue: This segment generated $4.1 billion in 2025, up from $4.0 billion in 2024.</li><li>Subscription and Services Revenue: Revenue reached $2.8 billion in 2025, compared to $2.3 billion in 2024.</li><li>Net Income: The company reported $1.3 billion in 2025, a decrease from $2.6 billion in 2024.</li><li>Adjusted EBITDA: Adjusted EBITDA was $2.8 billion in 2025, down from $3.3 billion in 2024.</li></ul><h4>Segment Revenue</h4><ul><li>Transaction Revenue (in thousands):<ul><li>Consumer, net: $3,322,835 in 2025, compared to $3,430,322 in 2024.</li><li>Institutional, net: $479,667 in 2025, up from $345,598 in 2024.</li><li>Other transaction revenue, net: $252,888 in 2025, compared to $210,193 in 2024.</li><li>Total transaction revenue: $4,055,390 in 2025, representing 59% of net revenue, slightly up from $3,986,113 in 2024 (63% of net revenue).</li></ul></li><li>Percentage of Transaction Revenue from Spot Trading by Crypto Asset:<ul><li>Bitcoin: 27% in 2025, down from 30% in 2024.</li><li>XRP: 14% in 2025, significantly up from 6% in 2024.</li><li>Ethereum: 12% in 2025, down from 13% in 2024.</li><li>Other crypto assets: 47% in 2025, down from 51% in 2024.</li></ul></li><li>Subscription and Services Revenue (in thousands):<ul><li>Stablecoin revenue: $1,348,821 in 2025, up from $910,464 in 2024.</li><li>Blockchain rewards: $677,405 in 2025, down from $705,757 in 2024.</li><li>Interest and finance fee income: $247,047 in 2025, down from $265,799 in 2024.</li><li>Other subscription and services revenue: $554,775 in 2025, up from $425,113 in 2024.</li><li>Total subscription and services revenue: $2,828,048 in 2025, representing 41% of net revenue, up from $2,307,133 in 2024 (37% of net revenue).</li></ul></li><li>Other Revenue (in thousands):<ul><li>Corporate interest and other income: $297,887 in 2025, up from $270,782 in 2024.</li></ul></li></ul><h4>Operational Metrics (Expenses, in thousands)</h4><ul><li>Total Transaction Expense: $1,020,230 in 2025 (15% of net revenue), up from $897,707 in 2024 (14% of net revenue).</li><li>Total Technology and Development Expense: $1,670,605 in 2025 (24% of net revenue), up from $1,468,252 in 2024 (23% of net revenue).</li><li>Total Sales and Marketing Expense: $1,058,577 in 2025 (15% of net revenue), up from $654,444 in 2024 (10% of net revenue).</li><li>Total General and Administrative Expense: $1,619,642 in 2025 (24% of net revenue), up from $1,300,257 in 2024 (21% of net revenue).</li><li>Losses (gains) on crypto assets held for operations, net: $20,704 in 2025, compared to - $71,725 in 2024.</li><li>Total Other Operating Expense, net: $356,126 in 2025, significantly up from $7,933 in 2024, primarily due to platform-related incidents.</li><li>Interest Expense: $85,413 in 2025, up from $80,645 in 2024.</li><li>Losses (gains) on crypto assets held for investment, net: $528,857 in 2025, compared to - $687,055 in 2024.</li><li>Other Income, net: - $700,894 in 2025, compared to - $29,074 in 2024.</li><li>Provision for Income Taxes: $261,738 in 2025, down from $363,578 in 2024.</li></ul><h4>Cash Flow (in thousands)</h4><ul><li>Net cash provided by operating activities: $2,426,383 in 2025, down from $3,103,935 in 2024.</li><li>Net cash used in investing activities: - $2,049,550 in 2025, significantly higher than - $201,003 in 2024.</li><li>Net cash provided by financing activities: $740,282 in 2025, down from $2,903,078 in 2024.</li><li>Net increase in cash, cash equivalents, and restricted cash and cash equivalents: $1,117,115 in 2025, a decrease from $5,806,010 in 2024.</li><li>Change in customer custodial cash and cash equivalents: - $754,370 in 2025, compared to $1,634,934 in 2024.</li></ul><h4>Unique Metrics</h4><ul><li>Monthly Transacting Users (MTUs): 9.2 million in 2025, a 10% increase from 8.4 million in 2024.</li><li>Assets on Platform (AOP) (as of December 31): $376 billion in 2025, a -7% decrease from $404 billion in 2024.<ul><li>Bitcoin AOP: $252,803 million in 2025, up from $235,378 million in 2024.</li><li>USDC AOP: $9,261 million in 2025, up from $6,091 million in 2024.</li></ul></li><li>Trading Volume (in billions): $1,221 in 2025, a 3% increase from $1,189 in 2024.<ul><li>Consumer Trading Volume: $239 billion in 2025, up from $224 billion in 2024.</li><li>Institutional Trading Volume: $982 billion in 2025, up from $965 billion in 2024.</li></ul></li><li>Crypto Assets Held (as of December 31, 2025): For operations: $120.8 million; As collateral: $822.8 million; Borrowed: $318.8 million; For investment: $2.0 billion.</li><li>Marketable and Strategic Investments (as of December 31, in millions): Marketable investments were $309.8 in 2025 (compared to $0 in 2024), and strategic equity investments in privately held companies were $623.0 in 2025 (up from $374.2 in 2024).</li><li>Repurchase Program: As of December 31, 2025, approximately $1.2 billion remained available for repurchases under the board-authorized $2.0 billion program.</li></ul><h4>Outlook / Guidance</h4>For 2026, Coinbase Global, Inc. expects to advance stablecoin adoption with USDC and drive crypto’s role in global GDP through the Everything Exchange. The company plans to dynamically adjust its expense base to market conditions and revenue opportunities. Q1 2026 technology and development and general and administrative expenses are anticipated to be in line with Q4 2025, while sales and marketing expenses are expected to be in line with or lower than Q4 2025.

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- As of fiscal year 2025, Coinbase reported a revenue of $6.883 billion and an EBITDA of $1.808 billion, showing variances in user activity and transaction volumes.  
- Active users grew by 10% year-over-year, while total trading volume reached $1.221 trillion, reflecting a 3% increase from 2024.  
- Looking ahead, the company anticipates benefits from increased regulatory clarity in 2026, planning to adjust its cost structure based on market conditions.

Coinbase | 10-K: FY2025 Revenue: USD 6.883 B