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Coinbase

COIN · Financials

Last earnings Feb 12, 2026

Key results

Net incomefull-year

$476 million

htm EX-99.1 Q4 24 Shareholder Letter Fourth Quarter and Full Year 2024 February 13, 2025 1 1 Q4 and full year 2024 net income included $476 million and $687 million in pre-tax gains on our crypto asset investment portfolio, respectively, the vast majority of which were unrealized.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

Net incomequarter

$687 million

htm EX-99.1 Q4 24 Shareholder Letter Fourth Quarter and Full Year 2024 February 13, 2025 1 1 Q4 and full year 2024 net income included $476 million and $687 million in pre-tax gains on our crypto asset investment portfolio, respectively, the vast majority of which were unrealized.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

Revenuefull-year

$6.6 billion

Coinbase delivered strong Q4 and full year 2024 results, with full year revenue of $6.6 billion , net Fellow Shareholders, income of $2.6 billion , and Adjusted EBITDA of $3.3 billion .

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

Revenuequarter

$6.6 billion

2 Chapter 1 2024 was a strong year for crypto and for Coinbase - our revenue more than doubled to $6.6 billion , net income was $2.6 billion , and we generated $3.3 billion of Adjusted EBITDA.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

Growthquarter

up 88%

Q4 total revenue was $2.3 billion , up 88% Q Q .

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

Transaction revenuequarter

$1.6 billion

Transaction revenue was $1.6 billion , up 172% Q Q.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

Subscription and services revenue grew 15% Q Q to $641 million , driven by higher crypto asset prices, average native unit inflows across staking , custody , and USDC assets in our product suite , as well as continued growth of Coinbase One subscribers.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

Net income was $1.3 billion and included $476 million in pre-tax gains on our crypto asset investment portfolio the vast majority of which were unrealized as crypto prices were higher on December 31, 2024 as compared to September 30, 2024.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

3 2024 was a strong year for crypto and for Coinbase - our revenue more than Chapter 1 doubled to $6.6 billion , net income was $2.6 billion , and we generated $3.3 billion of Adjusted EBITDA .

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

AI analysis

Q4 2024 · reported Feb 13, 2025

Based on: Earnings release + parent 8-K — transcript not held

Revenue · Q4 2024
$6.6B
Full year: $6.6 billion
EX-99 · Feb 13, 2025
Net income · Q4 2024
$687M
Full year: $476 million
EX-99 · Feb 13, 2025
Transaction revenue · Q4 2024
$1.6B
EX-99 · Feb 13, 2025

The quarter in charts

Guidance ladder — revenue

Delivered vs the company's guided range

EX-99 · Feb 13, 2025 Guide as stated by the company; range and midpoint computed from the stated figure.

Headline figures

MetricQ4 2024Prior qtrYear ago
Net income$687 million——
Revenue$6.6 billion——
Growthup 88%——
Transaction revenue$1.6 billion——

EX-99 · Feb 13, 2025

Guidance · company-stated

Revenue

“$505”

Sales

“and Marketing Expenses including stock-based compensation $170”

net income

“was $2.6 billion”

total revenue$6.6 billion
operating expenses

“were $4.3 billion”

Adjusted EBITDA

“was $3.3 billion”

Midpoint vs latest-quarter revenue0.0%computed from stated figures

Guidance stated in the release's OUTLOOK table; no direction stated — figures as stated in the table.

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

The financing USDC includes USDC pledged as collateral on crypto asset borrowings, and adjusts for USDC loaned and USDC pledged as collateral that did not meet the derecognition criteria.

63,316 39,294 Crypto asset borrowings .................................................................................................

What changed vs last quarter

  • Guide midpoint vs latest-quarter revenue 0.0% computed from stated figures
General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Coinbase delivered strong Q4 and full year 2024 results, with full year revenue of $6.6 billion , net Fellow Shareholders, income of $2.6 billion , and Adjusted EBITDA of $3.3 billion

Based on: Earnings release + parent 8-K — transcript not held

Guidance & outlook

Revenue: “Revenue $505”

Sales: “Sales and Marketing Expenses including stock-based compensation $170”

net income: “net income was $2.6 billion”

total revenue: “total revenue was $6.6 billion”

operating expenses: “operating expenses were $4.3 billion”

Adjusted EBITDA: “Adjusted EBITDA was $3.3 billion”

Revenue (“OUTLOOK”)
“Revenue $505”

Sales (“OUTLOOK”)
“Sales and Marketing Expenses including stock-based compensation $170”

net income (“OUTLOOK”)
“net income was $2.6 billion”

total revenue (“OUTLOOK”)
“total revenue was $6.6 billion”

operating expenses (“OUTLOOK”)
“operating expenses were $4.3 billion”

Adjusted EBITDA (“OUTLOOK”)
“Adjusted EBITDA was $3.3 billion”

Guidance stated in the release's OUTLOOK table; no direction stated — figures as stated in the table.

Capital allocation

The financing USDC includes USDC pledged as collateral on crypto asset borrowings, and adjusts for USDC loaned and USDC pledged as collateral that did not meet the derecognition criteria.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

63,316 39,294 Crypto asset borrowings .................................................................................................

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

7,941,320 5,485,079 Long-term debt .......................................................................................................................

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

Strategy & priorities

That means it s time to double down on what we ve always focused on building.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

Base continued its rapid ascent, enabling developers to build new financial products that drive user engagement and ecosystem expansion.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

We drove further product adoption across Base, Coinbase One, Prime Financing, and international expansion, all while maintaining operational discipline and demonstrating consistent profitability.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

We also benefited from the Day 1 launch initiatives in Q4 .

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

Expense s In 2024, we continued to focus on operational discipline while prudently increasing investments in key areas and scaling variable spend to support growth.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

Risks & headwinds

Additionally, we achieved important developments in our ongoing litigation with the SEC.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

Litigation During Q4, we achieved important developments in our ongoing litigation with the SEC.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

SEC original ↗Coinbase — Earnings release (8-K exhibit)EX-99Feb 13, 2025

Documents

Earnings deck slides

0 decks with slide view

Coinbase — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Coinbase — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Coinbase — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

Arthur J. Gallagher & Co. (AJG) FinancialsSun Life Financial (SLF) FinancialsRaymond James Financial (RJF) FinancialsAflac (AFL) FinancialsING Group (ING) FinancialsNorthern Trust (NTRS) FinancialsCincinnati Financial (CINF) FinancialsTruist Financial (TFC) Financials

Filings

85 documents

Earnings releases

32 documents

Presentations

3 documents

Transcripts

0 documents

No transcripts for Coinbase are held in this edition of the library.

Mentioned by

8 companies

Other tracked companies whose held documents mention Coinbase by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.