Coinbase Posts $7.2B Revenue, 156% Trading Volume Surge and $2B Buyback
Coinbase posted full-year 2025 revenue of $7.2B with trading volume of $5.2T, a 156% rise year-over-year, and Q4 revenue of $1.8B. The exchange reported a GAAP net loss of $667M due to $718M crypto markdowns but achieved $178M adjusted net income and launched a $2B buyback.
1. Full-Year and Q4 Performance
Coinbase delivered full-year 2025 revenue of $7.2 billion alongside $5.2 trillion in trading volume, marking a 156% year-over-year surge. In Q4, the exchange generated $1.8 billion in revenue, narrowly missing consensus estimates.
2. Loss Drivers and Adjusted Income
The GAAP net loss of $667 million reflected $718 million in unrealized crypto markdowns, while adjusted net income reached $178 million. Average USDC holdings climbed to an all-time high of $17.8 billion, up 18% quarter-over-quarter, and 12 products now each generate over $100 million in annualized revenue.
3. $2B Share Repurchase Program
In January 2026, Coinbase authorized a $2 billion share repurchase program, underscoring management’s confidence in the firm’s cash flow and long-term growth prospects.