Coinbase

COIN · Financials · Market cap $42.6B

Q3 FY25 Sep 30, 2025 reported Oct 30, 2025

Revenue$1.9B +55% year over year

Gross profit–

Operating profit$0.5B

Net profit$0.4B 23% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	1.9	100%	+55%
Bank Servicing Consumer Net	0.8	42%	+75%
Subscription and Circulation	0.7	37%	+34%
Bank Servicing Institutional	0.1	5%	+144%
Other Revenue	0.1	5%	−1%
Bank Servicing Other	0.1	5%	+99%
Technology and development	−0.3	23%	+0pp
General and administrative	−0.4	22%	+0pp
Sales and marketing	−0.3	14%	+0pp
Transaction	−0.3	14%	+0pp
Other operating expense	−0.1	3%	+0pp
Operating profit	0.5	26% margin	+12pp
Tax	−0.1
Net profit	0.4	23%	+17pp

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	2	100%	+24%
Bank Servicing Consumer Net	1.1	55%	+17%
Subscription and Circulation	0.7	35%	+37%
Bank Servicing Institutional	0.1	5%	+16%
Other Revenue	0.1	5%	+48%
Bank Servicing Other	0.1	5%	+21%
General and administrative	−0.4	19%	+0pp
Technology and development	−0.4	17%	+0pp
Transaction	−0.3	15%	+0pp
Sales and marketing	−0.2	12%	+0pp
Operating profit	0.7	35% margin	−12pp
Interest & other costs	−0.6
Net profit	0.1	3%	−69pp

All figures in billions of U.S. dollars, for Q4 FY24 (period ends Dec 31, 2024).
Item	Value	Share of revenue	Year over year
Revenue	2.3	100%	+138%
Stablecoin revenue	0.9	39%
Institutional, net	0.3	13%
Other subscription and	0.3	13%
Other revenue	0.3	13%
Other transaction revenue	0.2	9%
Custodial fee revenue	0.1	4%
Other	0.1	4%
Research & development	−0.3	16%	−18pp
Sales & marketing	−0.2	10%	−1pp
G&A	−0.4	16%	−17pp
Other	−0.3	12%	+0pp
Operating profit	1	46% margin	+33pp
Tax	−0.2
Net profit	1.3	58%	+29pp

All figures in billions of U.S. dollars, for Q3 FY24 (period ends Sep 30, 2024).
Item	Value	Share of revenue	Year over year
Revenue	1.2	100%	+79%
Subscription and Circulation	0.6	50%
Bank Servicing Consumer Net	0.5	42%
Other Revenue	0.1	8%	+50%
Bank Servicing Institutional	0.1	8%	+293%
Technology and development	−0.4	31%	+0pp
General and administrative	−0.3	27%	+0pp
Transaction	−0.2	14%	+0pp
Sales and marketing	−0.2	14%	+0pp
Operating profit	0.2	14% margin	+26pp
Interest & other costs	−0.1
Net profit	0.1	6%	+7pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q3 FY25	Sep 30, 2025	Oct 30, 2025	$1.9B	+55%	26%	$0.4B	23%
Q1 FY25	Jan 1 – Mar 31, 2025	May 8, 2025	$2B	+24%	35%	$0.1B	3%
Q4 FY24	Oct 1 – Dec 31, 2024	Feb 13, 2025	$2.3B	+138%	43%	$1.3B	58%
Q3 FY24	Jul 1 – Sep 30, 2024	Oct 30, 2024	$1.2B	+79%	17%	$0.1B	6%