FINHUB Insights

COIN · Q3 FY25 · Sep 30, 2025

Coinbase Q3 FY25: where the revenue came from and where it went

Coinbase Q3 FY25: revenue $1.9B (+55% year over year). Net profit $0.4B. Largest cohort Bank Servicing Consumer Net $0.8B. The whole income statement as a sankey diagram from the SEC filing.

Period
Sep 30, 2025
Reported
Oct 30, 2025 10-Q
Sankey diagram of Coinbase's income statement for Q3 FY25: revenue of $1.9 billion splits into segments and flows out into costs, taxes and net profit.

Tap the diagram to enlarge · figures in billions of dollars

Revenue$1.9B +55% year over year
Operating profit$0.5B 26% margin
Net profit$0.4B 23% margin

The numbers

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
ItemValueShare of revenueYear 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−0.323%+0pp
General and administrative−0.422%+0pp
Sales and marketing−0.314%+0pp
Transaction−0.314%+0pp
Other operating expense−0.13%+0pp
Operating profit0.526% margin+12pp
Tax−0.1
Net profit0.423%+17pp
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