Coinbase Global, Inc. reported a fourth-quarter 2025 net operating earnings per share of 66 cents, missing estimates by 28.2%. The bottom line dropped 80.4% year over year, with a net loss of $2.49 per share. Revenues of $1.7 billion missed estimates by 0.6%, declining 21.5% due to lower transaction revenues and other revenues.

Total transaction revenues dropped 36.8% to $982.7 million, while subscription and services revenues increased by 13.4% to $727.4 million. Total operating expenses rose by 21.8% to $1.5 billion in the quarter. Coinbase exited Q4 2025 with $11.3 billion in cash and cash equivalents.

For Q1 2026, Coinbase expects subscription and services revenues to be between $550-$630 million, with various expense predictions. Full-year 2025 operating income was $4.45 per share, a 53% decrease year over year. Total operating revenues doubled to $7.1 billion in 2025, missing estimates by 0.8%.

Coinbase currently holds a Zacks Rank #4 (Sell). In comparison, Blackstone Inc. exceeded earnings estimates with a distributable earnings per share of $1.75 for Q4 2025, while Bread Financial Holdings, Inc. reported operating income of $2.07 per share, vastly surpassing consensus estimates. Virtu Financial, Inc. reported adjusted earnings per share of $1.85, beating estimates by 44.8%.

Read more at Nasdaq: Coinbase Q4 Earnings & Revenues Miss Estimates on Higher Expenses