Short answer
Coinbase (COIN) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $7.2B (+9.4% year over year) and net income of $1.3B.
- Top risk flagged: Regulatory risk: stringent capital requirements on Coinbase Inc. as primary operating subsidiary, impacting liquidity and capital management
FY2025 key financial metrics · XBRL
- Revenue
- $7.2B
- +9.4% YoY
- Net income
- $1.3B
- −51.1% YoY
- Operating margin
- 20.0%
- −15.2 pp YoY
- EPS (diluted)
- $4.45
- −53.1% YoY
- ROE
- 8.5%
- −16.6 pp YoY
- Operating cash flow
- $2.4B
- −5.1% YoY
Source: XBRL data from the Coinbase (COIN) FY2025 10-K on SEC EDGAR. USD.
Coinbase FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Crypto asset custody and money transmitting services via regulated subsidiaries
- Emphasis on regulatory capital compliance for subsidiaries under NYDFS and other regulators, holding $4.2B net capital surplus as of Dec 31, 2025
- Increased focus on subsidiaries intermediating derivative customer orders and operating regulated derivatives marketplaces
- Volatility in crypto assets impacting net capital requirements and regulatory capital planning
- Compliance maintained across multiple jurisdictions including significant New York regulatory oversight
Management Discussion & Analysis
- Revenue $6.9B, up 9.5% YoY from $6.3B; transaction revenue $4.1B (+2%), subscription/services $2.8B (+23%)
- Net income $1.3B, down 51% YoY from $2.6B; Adjusted EBITDA $2.8B, down 16% from $3.3B; operating margin approx. 40.6% vs 53.2%
- Best segment: Subscription/services revenue $2.8B (+23%) driven by stablecoin revenue (+48%); worst segment: Consumer transaction revenue $3.3B, down 3%
- Assets on Platform $376B, down 7% YoY due to price declines; Trading volume $1.22T, up 3%; transaction expenses $1.02B (+14%)
- Capex and cash flow details not provided; management expects Q1 2026 tech/dev and G&A expenses in line with Q4 2025; marketing expenses steady or lower reflecting timing changes
- Forward outlook: growth linked to regulatory clarity, stablecoin adoption (USDC), and product expansion; risk from uncertain interest rates impacting subscription revenue; expense base to be dynamically managed
Risk Factors
- Regulatory risk: stringent capital requirements on Coinbase Inc. as primary operating subsidiary, impacting liquidity and capital management
- Operational risk: $311.2M cash used for customer reimbursements from 2025 Data Theft Incident
- Financial risk: $2.6B decrease in customer custodial funds reduced financing cash inflows in 2025
- Strategic investment risk: $742M cash used for business combinations including August 2025 Deribit acquisition
- Market demand risk: $614M increased cash outflow for origination of fiat and stablecoin loans due to higher institutional financing demand
Generated from the filing text; verify against the original. How to read a 10-K
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