Coinbase Global, Inc.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
COIN$136.10+1.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
(In thousands, except per share data)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenue: | |||
| Net revenue | $6,883,438 | $6,293,246 | $2,926,540 |
| Other revenue | 297,887 | 270,782 | 181,843 |
| Total revenue | 7,181,325 | 6,564,028 | 3,108,383 |
| Operating expenses: | |||
| Transaction expense | 1,020,230 | 897,707 | 420,705 |
| Technology and development | 1,670,605 | 1,468,252 | 1,324,541 |
| Sales and marketing | 1,058,577 | 654,444 | 332,312 |
| General and administrative | 1,619,642 | 1,300,257 | 1,074,308 |
| Losses (gains) on crypto assets held for operations, net | 20,704 | (71,725) | — |
| Crypto asset impairment, net | — | — | (34,675) |
| Restructuring | — | — | 142,594 |
| Other operating expense, net | 356,126 | 7,933 | 10,260 |
| Total operating expenses | 5,745,884 | 4,256,868 | 3,270,045 |
| Operating income (loss) | 1,435,441 | 2,307,160 | (161,662) |
| Interest expense | 85,413 | 80,645 | 82,766 |
| Losses (gains) on crypto assets held for investment, net | 528,857 | (687,055) | — |
| Other income, net | (700,894) | (29,074) | (167,583) |
| Income (loss) before income taxes | 1,522,065 | 2,942,644 | (76,845) |
| Provision for (benefit from) income taxes | 261,738 | 363,578 | (171,716) |
| Net income | $1,260,327 | $2,579,066 | $94,871 |
| Net income attributable to common shareholders: | |||
| Basic | $1,260,327 | $2,577,755 | $94,752 |
| Diluted | $1,277,314 | $2,591,248 | $94,751 |
| Net income per share: | |||
| Basic | $4.85 | $10.42 | $0.40 |
| Diluted | $4.45 | $9.48 | $0.37 |
| Weighted-average shares of common stock used to compute net income per share: | |||
| Basic | 260,088 | 247,374 | 235,796 |
| Diluted | 287,209 | 273,377 | 254,391 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.