Coinbase Q2 revenue falls 26% to $1.5 billion; net income rises on investment gains
Coinbase reported second-quarter 2025 total revenue of $1.5 billion, down 26% from the first quarter, as trading activity fell with lower volatility. Net income was $1.4 billion, but that figure included $1.5 billion in strategic investment gains and a $362 million crypto portfolio gain, while Adjusted Net Income was $33 million and Adjusted EBITDA was $512 million. Shareholders should note the $308 million in operating expenses tied to the data theft incident and the company's Q3 outlook for subscription and services revenue of $665 million to $745 million.
Key points
- Total revenue was $1.5 billion, down 26% Q/Q; transaction revenue was $764 million, down 39% Q/Q.
- Net income was $1.4 billion, versus Adjusted Net Income of $33 million, which excludes $1.5 billion in pre-tax strategic investment gains and a $362 million pre-tax crypto portfolio gain.
- Adjusted EBITDA was $512 million, down from $930 million in Q1 2025.
- Q3 2025 outlook: subscription and services revenue of $665 million to $745 million; July transaction revenue of approximately $360 million.
The filing
Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 31, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.