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
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
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.