Coinbase Global, Inc.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 12, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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4. Revenue
- REVENUE
The following table presents revenue disaggregated by type (in thousands):
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Net revenue | |||
| Transaction revenue | |||
| Consumer, net | $3,322,835 | $3,430,322 | $1,334,018 |
| Institutional, net | 479,667 | 345,598 | 90,164 |
| Other transaction revenue, net | 252,888 | 210,193 | 95,472 |
| Total transaction revenue | 4,055,390 | 3,986,113 | 1,519,654 |
| Subscription and services revenue | |||
| Stablecoin revenue(1) | 1,348,821 | 910,464 | 694,247 |
| Blockchain rewards | 677,405 | 705,757 | 330,885 |
| Interest and finance fee income(2) | 247,047 | 265,799 | 186,685 |
| Other subscription and services revenue | 554,775 | 425,113 | 195,069 |
| Total subscription and services revenue | 2,828,048 | 2,307,133 | 1,406,886 |
| Total net revenue | 6,883,438 | 6,293,246 | 2,926,540 |
| Other revenue | |||
| Corporate interest and other income(1) | 297,887 | 270,782 | 181,843 |
| Total other revenue | 297,887 | 270,782 | 181,843 |
| Total revenue | $7,181,325 | $6,564,028 | $3,108,383 |
(1)Amounts represent revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606.
(2)Amounts primarily represent revenue that is not accounted for as revenue from contracts with customers, as well as an immaterial amount of finance fee income that is accounted for as revenue from contracts with customers.
During the years ended December 31, 2025, 2024, and 2023, one counterparty accounted for 19%,14%, and 22%, respectively, of total revenue.
Revenue by geographic location
The following table presents revenue disaggregated by geography based on domiciles of the customer or other counterparty (in thousands):
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| U.S.(1) | $6,010,607 | $5,460,820 | $2,725,620 |
| International(2) | 1,170,718 | 1,103,208 | 382,763 |
| Total revenue | $7,181,325 | $6,564,028 | $3,108,383 |
(1)Nearly all revenue that is not accounted for as revenue from contracts with customers, as defined in ASC 606, is with counterparties in the U.S.
(2)No country accounted for more than 10% of Total revenue.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.