NASDAQ$COIN

Coinbase Global Inc · Q1 2025 earnings

Q1 2025 earnings · · After market close · Investor relations

Briefing

Coinbase reported Q1 2025 revenue of $2.03B with net income of $66M and diluted EPS of $0.26.

Total revenue was $2.03 billion as trading volumes and subscription & services revenue expanded with crypto market activity. Net income was $66 million; diluted EPS was $0.26. Transaction revenue and stablecoin balances remain cyclical with digital asset prices.

  • Q1 revenue $2.03B.
  • Net income $66M; diluted EPS $0.26.
  • Transaction and subscription revenue scale with crypto volumes.
  • Regulatory developments and BTC/ETH price volatility.

Headline financials

Total Revenue

$2.03B

Previous: $1.64B+24.2%
EPS (adj)

$0.26

Previous: $4.40-94.1%
Adjusted EBITDA

$930M

No prior period
Adjusted Net Income

$527M

No prior period
Average USDC Held in Coinbase Products

$12.3B

No prior period
Net Income

$65.6M

Previous: $1.18B-94.4%
Operating Income

$706M

Previous: $760M-7.2%

Revenue & EPS history

Coinbase · Revenue · Quarterly

$2.03B

Q1 2025+24.2%vs Q1 2024
Beat estimate in 12 of 15 quarters(80%)
ActualEstimate

Revenue by segment

Coinbase · $317M total across 2 segments · Q3 2023

  • Interest and Finance Fee Income
    $243M+138.2%
  • Blockchain Rewards
    $74.5M+18.6%

Forward guidance

Coinbase outlook tracks crypto trading volumes, regulatory clarity, and subscription & services adoption.

Tailwinds

  • Diversified revenue beyond spot trading.
  • Stablecoin and institutional custody growth potential.

Headwinds

  • Digital asset price volatility.
  • Regulatory and litigation overhang.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q1 2025

Historical avgQ1 2025

-2.8%

Avg return

Earnings day

-2.0%

Avg return

5 days after

-1.3%

Avg return

30 days after

32%

8 / 25 earnings

Positive

+20.1%

Q1 2023

Best reaction

-35.7%

Q1 2022

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.1%+4.6%-21.0%
Q4 2025+16.5%+16.3%+38.6%
Q3 2025-2.2%-2.8%-17.0%
Q2 2025-16.7%-19.6%-19.4%
Q1 2025-3.6%+27.6%+21.7%
Q4 2024-8.0%-13.2%-38.6%
Q3 2024-18.4%-15.2%+34.8%
Q2 2024-8.9%-13.5%-18.3%
Q1 2024+6.3%+2.0%+7.5%
Q4 2023+12.4%+8.1%+51.1%
Q3 2023+10.3%+14.5%+71.9%
Q2 2023-3.5%-2.6%-13.8%
Q1 2023+20.1%+24.2%+33.1%
Q4 2022-6.2%-10.4%+1.7%
Q3 2022-3.1%-16.3%-21.5%
Q2 2022-4.0%-7.7%-25.4%
Q1 2022-35.7%-18.7%-23.6%
Q4 2019+6.2%+8.3%+4.0%
Q4 2021+2.4%+13.6%+8.1%
Q3 2020-5.9%-3.4%-28.4%
Q3 2021-7.2%-3.1%-25.4%
Q2 2020-4.9%-4.8%-7.9%
Q2 2021-0.7%-6.9%-8.6%
Q4 2020-6.4%-15.2%-15.5%
Q1 2021-8.9%-15.7%-21.0%
Q1 2020
Q3 2019
Q2 2019
Q1 2019

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