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COIN FY2025 Q4 IMPROVING

Coinbase Global, Inc. earnings call

Feb 12, 2026 · 17:30 ET Alicia HaasAnil GuptaBrian Armstrong
Buzzberg read

All-time high volumes in commodities and futures despite crypto dip

Coinbase reported a mixed Q4 with revenue declining QoQ due to softer market conditions, but a strong FY2025 overall with 9% revenue growth. Management focused on diversification via its 'Everything Exchange' (expanding beyond crypto into equities, derivatives, and prediction markets) and on scaling stablecoin usage as key pillars of its 2026 strategy. Q4 total revenue was $1.8B, down 5% QoQ, but FY25 revenue grew 9% YoY to $7.2B.

Buzzberg read All-time high volumes in commodities and futures despite crypto dip Coinbase reported a mixed Q4 with revenue declining QoQ due to softer market conditions, but a strong FY2025 overall with 9% revenue growth. Management focused on diversification via its 'Everything Exchange' (expanding beyond crypto into equities, derivatives, and prediction markets) and on scaling stablecoin usage as key pillars of its 2026 strategy. Q4 total revenue was $1.8B, down 5% QoQ, but FY25 revenue grew 9% YoY to $7.2B. Read full analysisCollapse analysis

Coinbase reported a mixed Q4 with revenue declining QoQ due to softer market conditions, but a strong FY2025 overall with 9% revenue growth. Management focused on diversification via its 'Everything Exchange' (expanding beyond crypto into equities, derivatives, and prediction markets) and on scaling stablecoin usage as key pillars of its 2026 strategy. Q4 total revenue was $1.8B, down 5% QoQ, but FY25 revenue grew 9% YoY to $7.2B.

  • Management cited derivatives volume and revenue at all-time highs in Q4.
  • The 'Everything Exchange' is a top priority as it brings crypto, equities, prediction markets, and commodities into one platform.
  • Stablecoins and payments are a key focus, with USDC market cap reaching an all-time high of ~$75B.
SUBSCRIPTION revenue $0.727B reported
Revenue $1.0322B reported
EPS $-2.49 reported
Gross margin 71.93% reported

What changed this quarter

01
Diversification

All-time high volumes in commodities and futures despite crypto dip

Coinbase reported a mixed Q4 with revenue declining QoQ due to softer market conditions, but a strong FY2025 overall with 9% revenue growth. Management focused on diversification via its 'Everything Exchange' (expanding beyond crypto into equities, derivatives, and prediction…

02
Product Launch

Prediction markets rolled out to all customers with sports hub upcoming

Q4 total revenue was $1.8B, down 5% QoQ, but FY25 revenue grew 9% YoY to $7.2B.

03
AI

Stablecoins expected to be default payment for AI agents

Management highlighted that BASE is becoming the on-chain home for AI, with AI agents adopting stablecoin wallets and setting new transaction records. They believe stablecoins will be the default payment method for AI agents and are building tools to enable agent commerce.

04
Capital Allocation

Share buybacks fully offset 2025 stock dilution

The 'Everything Exchange' is a top priority as it brings crypto, equities, prediction markets, and commodities into one platform.

AI, capex & demand read

AI

Platform & monetization

Management highlighted that BASE is becoming the on-chain home for AI, with AI agents adopting stablecoin wallets and setting new transaction records. They believe stablecoins will be the default payment method for AI agents and are building tools to enable agent commerce.

Demand

Bookings & conversion

Retail customers are net buying the dip in Q1. Despite market downturns, management emphasized resilience, diversification, and continued investment, expressing optimism about long-term growth.

Tone · Confident

Despite market downturns, management emphasized resilience, diversification, and continued investment, expressing optimism about long-term growth.

Forward guidance

ImprovingGuidance tone
MetricPeriodRangeMidpointStatus
RevenueSUBSCRIPTIONFY2026 Q1$0.55B–$0.63B$0.59BMAINTAINED