Coinbase Global, Inc.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
COIN$132.13-2.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Operations
(In thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue: | ||||
| Net revenue | $1,792,984 | $1,128,597 | $5,173,399 | $4,096,216 |
| Other revenue | 75,709 | 76,596 | 226,797 | 196,175 |
| Total revenue | 1,868,693 | 1,205,193 | 5,400,196 | 4,292,391 |
| Operating expenses: | ||||
| Transaction expense | 253,318 | 171,781 | 801,605 | 580,665 |
| Technology and development | 430,585 | 377,440 | 1,173,275 | 1,099,561 |
| Sales and marketing | 260,272 | 164,770 | 743,800 | 428,617 |
| General and administrative | 418,446 | 330,387 | 1,166,499 | 937,738 |
| Gains on crypto assets held for operations, net | (35,740) | (142) | (10,077) | (55,484) |
| Other operating expense (income), net | 61,280 | (8,556) | 363,406 | 28,203 |
| Total operating expenses | 1,388,161 | 1,035,680 | 4,238,508 | 3,019,300 |
| Operating income | 480,532 | 169,513 | 1,161,688 | 1,273,091 |
| Interest expense | 21,774 | 20,530 | 62,820 | 60,108 |
| (Gains) losses on crypto assets held for investment, net | (423,903) | 120,507 | (189,305) | (210,902) |
| Other expense (income), net | 380,518 | (40,105) | (1,120,199) | (21,883) |
| Income before income taxes | 502,143 | 68,581 | 2,408,372 | 1,445,768 |
| Provision for (benefit from) income taxes | 69,591 | (6,914) | 481,312 | 157,878 |
| Net income | $432,552 | $75,495 | $1,927,060 | $1,287,890 |
| Net income attributable to common stockholders: | ||||
| Basic | $432,552 | $75,455 | $1,927,060 | $1,287,106 |
| Diluted | $437,095 | $75,459 | $1,938,812 | $1,296,949 |
| Net income per share: | ||||
| Basic | $1.65 | $0.30 | $7.49 | $5.23 |
| Diluted | $1.50 | $0.28 | $6.85 | $4.76 |
| Weighted-average shares of common stock used to compute net income per share: | ||||
| Basic | 262,831 | 248,834 | 257,332 | 245,986 |
| Diluted | 291,958 | 267,440 | 283,165 | 272,239 |
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