Coinbase (COIN) filed its fiscal year 2025 10-K annual report with the SEC on Feb 12, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
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%
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 SummaryXBRL
Revenue
$7.2B
Net Income
$1.3B
Operating Margin
20.0%
Net Margin
17.6%
ROE
8.5%
Total Assets
$29.7B
EPS (Diluted)
$4.45
Operating Cash Flow
$2.4B
Source: XBRL data from Coinbase FY2025 10-K filing on SEC EDGAR. All figures in USD.
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