Coinbase (COIN) FY2025 10-K Annual Report
Coinbase (COIN) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Coinbase FY2025 10-K Analysis
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
Coinbase FY2025 Key Financial MetricsXBRL
Revenue
$7.2B
▲ +9.4% YoY
Net Income
$1.3B
▼ -51.1% YoY
Operating Margin
20.0%
▼ -1516bp YoY
Net Margin
17.6%
▼ -2174bp YoY
ROE
8.5%
▼ -1658bp YoY
Total Assets
$29.7B
▲ +31.6% YoY
EPS (Diluted)
$4.45
▼ -53.1% YoY
Operating Cash Flow
$2.4B
▼ -5.1% YoY
Source: XBRL data from Coinbase FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on Coinbase
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.