Coinbase Q4: Softer Trading, Strong Subscriptions, Bigger Bitcoin Stack

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Coinbase’s 2026 Blueprint: Stablecoins, Onchain Growth and Capital Returns

For full year 2025, total revenue reached $7.18 billion, compared with $6.56 billion in 2024. Net revenue rose 9% year over year to $6.88 billion, while net income totaled $1.26 billion. Adjusted EBITDA for the year came in at $2.81 billion.

Coinbase shares (COIN) have seen brighter sessions. Following the release of its Q4 earnings, the stock finished Thursday’s trading down 7.9%. Over the past week, COIN has declined 8.71%, is off more than 42% in the last month, and over the previous six months has retreated more than 56%.

Looking ahead, Coinbase generated approximately $420 million in transaction revenue through Feb. 10, 2026, roughly halfway through the first quarter. The company expects Q1 subscription and services revenue between $550 million and $630 million.

Bartosiak added:

Bartosiak added that although Q4 generated $1.8 billion in revenue, it also brought higher expenses and a $667 million GAAP loss largely tied to mark-to-market investment losses.

FAQ Why did Coinbase report a Q4 loss?The Q4 net loss was largely driven by crypto asset and strategic investment markdowns. Did Coinbase buy bitcoin in Q4 2025?Yes, the company increased its bitcoin holdings by $39 million through weekly purchases. How much revenue did Coinbase generate in 2025?Total revenue reached $7.18 billion, with $6.88 billion in net revenue. How strong is Coinbase’s balance sheet entering 2026?Coinbase ended 2025 with $11.3 billion in cash and $14.1 billion in total available resources.