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AI brief of an SEC Form 8-K · Coinbase (COIN)

Coinbase Q4 2025 net loss of $667 million as total revenue fell 5% from Q3

Mixed Impact 4 of 5 earnings Written later

Coinbase reported fourth-quarter 2025 total revenue of $1.8 billion, down 5% from the prior quarter, and a net loss of $667 million, compared with net income of $433 million in Q3. The loss was driven mainly by a $718 million loss on its crypto asset investment portfolio and a $395 million loss on strategic investments. Full-year 2025 total revenue rose 9% to $7.2 billion, but full-year net income fell to $1.26 billion from $2.58 billion in 2024.

Key points

  • Q4 2025 net loss was $667 million, versus net income of $433 million in Q3 2025; Adjusted EBITDA was $566 million, versus $801 million in Q3
  • Full-year 2025 total revenue was $7.2 billion, up 9% year over year
  • Repurchased $1.7 billion of Class A common stock in Q4 and through February 10, 2026; board added $2.0 billion to the repurchase authorization in January 2026, with $2.3 billion remaining as of February 10, 2026
  • Q1 2026 subscription and services revenue outlook is $550 million to $630 million

The filing

CompanyCoinbase (COIN)
Form8-K, current report
Filed with the SECFeb 12, 2026, 4:06 PM ET
Accession number0001679788-26-000011

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

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 February 12, 2026.

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.