Coinbase Q4 EPS Misses by $0.20, Guides $550M–$630M Q1 Revenue
Coinbase posted Q4 adjusted EPS of $0.66 vs analysts’ $0.86 estimate and revenue of $1.78B against $1.83B forecast. It predicted Q1 subscription and services revenue between $550M–$630M and expects technology and G&A expenses of $925M–$975M plus marketing costs of $215M–$315M.
1. Q4 Earnings Results
Coinbase recorded adjusted earnings per share of $0.66 in the fourth quarter, falling short of the $0.86 consensus estimate, while revenue reached $1.78 billion versus the projected $1.83 billion. The miss reflects softer trading volumes and subdued client activity during the quarter.
2. First-Quarter Guidance
Management forecast subscription and services revenue between $550 million and $630 million for Q1, citing lower USDC market capitalization, interest rates and staking protocol rates. Operating expenses are projected at $925 million–$975 million for technology and development plus G&A, with sales and marketing expenses of $215 million–$315 million.
3. 2025 Business Highlights
Coinbase described 2025 as financially and operationally successful, achieving or exceeding sales and spending targets. It expanded its product suite with the Everything Exchange platform, sustained multi-year profitability and noted that clearer regulatory frameworks could bolster long-term growth.