Coinbase

COIN Financials Market cap $50.5B as of Sep 14, 2026 16:00 ET S&P 500

Q3 FY25 Jul 1 – Sep 30, 2025 reported Oct 30, 2025

Revenue$1.87B +55% year over year

Gross profit$1.59B 85% margin

Operating profit$0.48B 26% margin

Net profit$0.43B 23% margin

The numbers behind the diagram

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	1.87	100%	+55%
Consumer net	0.84	45%	+75%
Subscription & circulation	0.75	40%	+34%
Institutional	0.14	7%	+144%
Other	0.08	4%	−1%
Bank other	0.07	4%	+99%
Cost of revenue	−0.28	15%
Gross profit	1.59	85% margin	−1pp
R&D	−0.43	23%	−8pp
Sales & marketing	−0.26	14%	+0pp
G&A	−0.42	22%	−5pp
Operating profit	0.48	26% margin	+12pp
Other income, net	0.02
Tax	−0.07
Net profit	0.43	23% margin	+17pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

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	2.03	100%	+24%
Consumer net	1.10	54%	+17%
Subscription & circulation	0.70	34%	+37%
Institutional	0.10	5%	+16%
Other	0.07	4%	+48%
Bank other	0.07	3%	+21%
Cost of revenue	−0.33	16%
Gross profit	1.70	84% margin	−8pp
R&D	−0.36	18%	−4pp
Sales & marketing	−0.25	12%	+6pp
G&A	−0.40	19%	+2pp
Operating profit	0.71	35% margin	−12pp
Interest & other costs	−0.62
Tax	−0.02
Net profit	0.07	3% margin	−69pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

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	2.27	100%	+138%
Stablecoin	0.91	40%
Institutional, net	0.35	15%
Other subscription &	0.28	13%
Other revenue	0.27	12%
Other transaction	0.21	9%
Custodial fee	0.14	6%
Other	0.11	5%
Cost of revenue	−0.28	12%
Gross profit	1.99	88% margin	−2pp
R&D	−0.37	16%	−18pp
Sales & marketing	−0.23	10%	−1pp
G&A	−0.36	16%	−17pp
Operating profit	1.03	46% margin	+33pp
Other income, net	0.48
Tax	−0.21
Net profit	1.31	58% margin	+29pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

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	1.21	100%	+79%
Subscription & circulation	0.56	46%
Consumer net	0.48	40%
Other	0.08	6%
Institutional	0.06	5%
Bank other	0.03	3%
Cost of revenue	−0.16	14%
Gross profit	1.04	86% margin	+1pp
R&D	−0.38	31%	−17pp
Sales & marketing	−0.17	14%	+2pp
G&A	−0.33	27%	−10pp
Operating profit	0.17	14% margin	+26pp
Interest & other costs	−0.10
Tax benefit	0.01
Net profit	0.08	6% margin	+7pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

Financial health

The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.

Every set of results we hold, newest first. Open one on its own page.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q3 FY25 Jul 1 – Sep 30, 2025 reported Oct 30, 2025 Operating margin 26% Net profit $0.43B	Jul 1 – Sep 30, 2025	Oct 30, 2025	$1.9B	+55%	26%	$0.43B	23%
Q1 FY25 Jan 1 – Mar 31, 2025 reported May 8, 2025 Operating margin 35% Net profit $0.07B	Jan 1 – Mar 31, 2025	May 8, 2025	$2.0B	+24%	35%	$0.07B	3%
Q4 FY24 Oct 1 – Dec 31, 2024 reported Feb 13, 2025 Operating margin 46% Net profit $1.31B	Oct 1 – Dec 31, 2024	Feb 13, 2025	$2.3B	+138%	46%	$1.31B	58%
Q3 FY24 Jul 1 – Sep 30, 2024 reported Oct 30, 2024 Operating margin 14% Net profit $0.08B	Jul 1 – Sep 30, 2024	Oct 30, 2024	$1.2B	+79%	14%	$0.08B	6%