FINHUB Insights

COIN · Q1 FY25 · Jan 1 – Mar 31, 2025

Coinbase Q1 FY25: where the revenue came from and where it went

Coinbase Q1 FY25: revenue $2B (+24% year over year). Net profit $0.1B. Largest cohort Bank Servicing Consumer Net $1.1B. The whole income statement as a sankey diagram from the SEC filing.

Period
Jan 1 – Mar 31, 2025
Reported
May 8, 2025 10-Q
Sankey diagram of Coinbase's income statement for Q1 FY25: revenue of $2 billion splits into segments and flows out into costs, taxes and net profit.

Tap the diagram to enlarge · figures in billions of dollars

Revenue$2B +24% year over year
Operating profit$0.7B 35% margin
Net profit$0.1B 3% margin

The numbers

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
ItemValueShare of revenueYear 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−0.419%+0pp
Technology and development−0.417%+0pp
Transaction−0.315%+0pp
Sales and marketing−0.212%+0pp
Operating profit0.735% margin−12pp
Interest & other costs−0.6
Net profit0.13%−69pp
Filing on EDGAR More quarters of COIN

Source of the numbers: structured XBRL data from the filing (10-Q). The diagram is generated automatically and checked against EDGAR before release. How we calculate it → About and methodology.

Older quarters