Coinbase's fourth quarter 2025 revenue of $1.78B misses estimates as profitability swings to a $667M loss.

Coinbase reported fourth quarter revenue of $1.78 billion, a 5% sequential decline, missing consensus estimates of $1.85 billion. The company posted a significant Net Loss of $667 million, a sharp reversal from expectations for a profit of $1.15 per share, driven by unrealized losses on its crypto investment portfolio.

Key Highlights

• The company reported a fourth quarter Net Loss of $667 million, a substantial miss against analyst expectations for a profit, which included a $718 million unrealized loss on its crypto asset investments.
• Subscription and services revenue, a key focus for diversification, was $727 million, missing estimates of $755 million and declining 3% sequentially.
• Management guided for first quarter 2026 subscription and services revenue to be between $550 million and $630 million, representing a significant sequential decline from the fourth quarter.