TLDR
- Coinbase reported a $667 million net loss in Q4 2025, missing analyst expectations with earnings per share of 66 cents versus the expected 92 cents.
- Revenue fell 21.5% year-over-year to $1.78 billion, below the $1.85 billion estimate, as transaction revenue dropped 37% to $982.7 million.
- The loss ended an eight-quarter profitability streak, occurring as Bitcoin fell nearly 30% from $126,080 in early October to under $88,500 by year-end.
- For Q1 2026, Coinbase generated $420 million in transaction revenue through February 10 but expects subscription revenue to drop to $550-$630 million range.
- Shares rose 2.9% in after-hours trading to $145.18 despite a 7.9% decline during regular trading and remain down 40% year-to-date.
Coinbase posted its first quarterly loss in two years as crypto markets tumbled through the final months of 2025. The exchange reported a $667 million net loss for Q4, ending an eight-quarter run of profitability that stretched back to late 2023.
$COIN (Coinbase Global) #earnings are out: pic.twitter.com/OFasxdyzHj
— The Earnings Correspondent (@earnings_guy) February 12, 2026
The earnings miss came in at 66 cents per share, falling short of the 92-cent analyst consensus by 26 cents. Revenue dropped 21.5% year-over-year to $1.78 billion, missing estimates of $1.85 billion.
Transaction revenue took the biggest hit, plunging nearly 37% from the prior year to $982.7 million. The decline reflected reduced trading activity as Bitcoin crashed from its October peak of $126,080 to under $88,500 by December 31.
That represented a nearly 30% drop in the bellwether cryptocurrency during the quarter. Bitcoin continued its slide into 2026, falling 25.6% year-to-date to $65,760 after briefly dipping below $60,000 earlier this month.
Subscription and services revenue provided a bright spot, jumping more than 13% year-over-year to $727.4 million. This segment includes staking services, blockchain rewards, and custodial fees.
Q1 Outlook Shows Mixed Signals
The company provided early Q1 numbers showing $420 million in transaction revenue generated through February 10. However, management expects subscription and services revenue to fall from $727.4 million to a range of $550 million to $630 million.
CFO Aleshia Haas told investors the company plans to keep tech, sales, and marketing expenses flat compared to Q4. She said Coinbase would remain flexible in balancing opportunities against costs throughout 2026.
Despite the disappointing results, shares rose 2.9% in after-hours trading to $145.18. The move came after a 7.9% decline during regular trading hours to close at $141.10.
The stock remains down 40% year-to-date, reflecting broader weakness in crypto-related equities. Investors appear focused on the company’s ability to weather market downturns rather than quarterly results.
Full-Year Performance Remains Positive
Coinbase emphasized its full-year 2025 performance, noting revenues climbed 9.4% from 2024 to $6.88 billion. The company said more than 12% of all crypto globally now resides on its platform.
Management described 2025 as a strong year both operationally and financially. The exchange said it continues building and connecting products to help customers do more with their digital assets.
“Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems,” the company stated. “While asset prices can be volatile, under the surface an undercurrent of technological change and crypto product adoption continues.”
Total transaction revenue of $983 million came in below forecasts of $1.02 billion. The figure also declined from $1.046 billion in Q3 and $1.556 billion in Q4 2024.
Subscription revenue of $727.4 million fell from $746.7 million the previous quarter but rose from $641.1 million a year earlier. The Q1 guidance of $550-$630 million represents a sequential decline from Q4 levels.
Through February 10, Coinbase generated $420 million in transaction revenue for Q1 2026, suggesting trading volumes remain under pressure as Bitcoin hovers around $65,760.
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