Coinbase Q3 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
- 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
| 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 |
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