Coinbase Q1 FY25: where the revenue came from and where it went
The whole income statement of Coinbase for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Jan 1 – Mar 31, 2025
- Reported
- May 8, 2025
Revenue$2.03B
+24% year over year
Gross profit$1.70B
84% margin
Operating profit$0.71B
35% margin
Net profit$0.07B
3% margin
The numbers
| 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 |
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