Coinbase Global, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2025, reporting a net loss of $667 million for Q4 and total revenue growth of 9% year-over-year to $7.2 billion for the full year. The company also provided financial guidance for the first quarter of 2026 and announced an expansion of its share and long-term debt repurchase authorization by $2.0 billion.
Key takeaways
Q4 2025 net loss was $667 million, with Adjusted Net Income of $178 million and Adjusted EBITDA of $566 million.
Full year 2025 total revenue grew 9% year-over-year to $7.2 billion, with Q4 total revenue of $1.8 billion down 5% quarter-over-quarter.
The board expanded the share and long-term debt repurchase authorization by an additional $2.0 billion in January 2026, following $1.7 billion of Class A common stock repurchased in Q4 and through February 10, 2026.
Q1 2026 guidance includes Subscription and Services Revenue of $550-$630 million and transaction revenue of approximately $420 million generated through February 10, 2026.
Coinbase ended 2025 with $11.3 billion in cash and cash equivalents, with payment stablecoins including USDC now classified as cash equivalents.
Total Trading Volume grew 156% to $5.2 trillion in 2025, and Crypto Trading Volume Market Share doubled.