Cryptocurrency trading platform company Coinbase Global(NASDAQ:COIN) reported fourth-quarter financial results Thursday after market close.
Here are the key highlights.
Coinbase Q4 Earnings
Coinbase reported fourth-quarter total revenue of $1.78 billion, down 5% quarter-over-quarter. The revenue total missed a Street consensus estimate of $1.85 billion, according to data from Benzinga Pro.
The company reported 66 cents in adjusted earnings per share for the quarter, beating a Street consensus estimate of 64 cents per share.
The company's transaction revenue in the quarter was $982.7 million, down from $1.56 billion in last year's fourth quarter and down from $1.05 billion in the third quarter.
Subscription and services revenue was $727.4 million in the fourth quarter, up from $641.1 million in last year's fourth quarter and down from $746.7 million in the third quarter.
For the full fiscal year, Coinbase saw total revenue of $7.2 billion, up 9% year-over-year. The growth came despite a weak fourth quarter with major cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) trading lower.
Transaction revenue was $4.1 billion for the fiscal year, up 2% year-over-year. The company said total trading volume was $5.2 trillion for the fiscal year, up 156% year-over-year. The company saw its crypto trading volume market share double for the fiscal year.
"2025 was a strong year for Coinbase, both operationally and financially. We executed consistently against our goals, delivering or outperforming our revenue and expense guidance every quarter," the company said.
As the company works on diversification, it now has 12 products that produce annualized revenue of $100 million, six of those products have annualized revenue of more than $250 million and two generate annualized revenue of more than $1 billion.
The company has repurchased a total of 8.2 million shares since November 2025. In January 2026, the Coinbase Board of Directors expanded the share and long-term debt repurchase plan by an additional $2 billion.
What's Next For Coinbase
The company is guiding for first-quarter subscription and services revenue to be in a range of $550 million to $630 million, lower than recent quarters.
The company said that through Feb. 10, its transaction revenue was $420 million for the first quarter.
"Looking forward to 2026, we continue to be optimistic about the long-term trajectory of the crypto industry," the company said.
Key company priorities include growing the Everything Exchange, scaling stablecoins and bringing the world onchain with DeFi integrations and by scaling the Base App.
Coinbase Stock Price Action
Coinbase stock is up 0.6% to $141.80 in after-hours trading Thursday versus a 52-week trading range of $139.36 to $444.64.
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