Short answer
Coinbase (COIN) filed its Q3 2025 10-Q quarterly report on Oct 30, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $1.9B (up 55.1% year over year) with net income of $433M.
Q3 2025 key financials · XBRL
- Revenue
- $1.9B
- +55.1% YoY · +24.8% QoQ
- Net income
- $433M
- +473.0% YoY · −69.7% QoQ
- Operating margin
- 25.7%
- EPS (diluted)
- $1.46
- +440.7% YoY · −71.7% QoQ
Source: XBRL data from the Coinbase (COIN) Q3 2025 10-Q on SEC EDGAR. USD.
Coinbase Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $1.8B for Q3 2025 vs $1.1B Q3 2024 (+64%), $5.2B YTD 2025 vs $4.1B YTD 2024 (+27%)
- Net income $433M Q3 2025 vs $75.5M Q3 2024; Operating margin ~24.1% Q3 2025 vs ~6.9% Q3 2024 (Net income / revenue)
- Best segment: Consumer transaction revenue $844M Q3 2025 vs $483M (+75%); Worst: Stablecoin trading share dropped with $39.7B volume decline per pricing change
- Cash & equivalents $8.7B Sept 2025 vs $8.5B Dec 2024; USDC holdings $3.7B Sept 2025 vs $1.2B Dec 2024; Operating cash flow used $639M YTD 2025 vs provided $1.6B YTD 2024
- Management expects Q4 increase in tech, admin expenses due to Echo, Deribit full quarter and headcount growth; cautious on Fed rate cuts impact on subscription revenue
Risk Factors
- New regulatory risk: FinCEN’s October 2023 proposed rule on virtual currency “mixing” imposes heightened AML recordkeeping and reporting obligations, with uncertain scope and high compliance costs
- Most materially updated risk: expanded regulatory uncertainty over crypto assets as securities amid SEC crypto task force launch in January 2025 and evolving SEC/CFTC enforcement priorities
- Most impactful compliance risk: increasing global and U.S. regulatory scrutiny including NYDFS virtual currency business guidance (Nov 2023) and fragmented EU implementation of MiCA license requirements (June 2025)
- Market risk near term: revenue concentration with 42%-44% Trading Volume from Bitcoin and Ethereum; price declines or network disruptions pose significant business risk
- Financial risk: $7.28B aggregate long-term debt outstanding including $1.27B 2026 Convertible Notes and $1.74B Senior Notes, creating leverage that may constrain flexibility and heighten refinancing risk
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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