COIN Coinbase (COIN) Q4 FY25 earnings call
Coinbase delivered strong Q4 FY25 results, driven by doubled trading volume and market share, alongside record subscription and services revenue. Despite a GAAP net loss due to investment revaluations, the company maintained 12 consecutive quarters of adjusted EBITDA profitability and a robust balance sheet. Management is focused on expanding the "Everything Exchange" and scaling stablecoin payments, aiming for continued revenue diversification and global onchain adoption in 2026.
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COIN operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | This call Dec 2025 Q4 FY25 | Change vs prior quarter |
|---|---|---|---|---|
| Employees | <4,300We ended the quarter with just under 4,300 full-time employees, which was up 8%.Source: earnings call transcript | 4,795We ended the third quarter with 4,795 full-time employees, up 12%.Source: earnings call transcript | 4,951We ended the year with 4,951 full-time employees, up 3% quarter-over-quarter as we continue to invest in product team development, customer support and compliance infrastructure.Source: earnings call transcript | +3.3% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.