Coinbase said net income for the 3 and 6 months ended June 30, 2025 was $1.4 billion and $1.5 billion, respectively, and Adjusted EBITDA was $512.1 million and $1.4 billion. For the same periods in 2024, net income was $36.2 million and $1.2 billion, and Adjusted EBITDA was $595.6 million and $1.6 billion.

1. 01

   Coinbase said net income for the 3 and 6 months ended June 30, 2025 was $1.4 billion and $1.5 billion, respectively, and Adjusted EBITDA was $512.1 million and $1.4 billion. For the same periods in 2024, net income was $36.2 million and $1.2 billion, and Adjusted EBITDA was $595.6 million and $1.6 billion.

2. 02

   Coinbase said net revenue for the 3 and 6 months ended 2025 was $1.4 billion and $3.4 billion, respectively, including transaction revenue of $764.3 million and $2.0 billion and subscription and services revenue of $655.8 million and $1.4 billion. For the same periods in 2024, transaction revenue was $780.9 million and $1.9 billion, and subscription and services revenue was $599.0 million and $1.1 billion.

3. 03

   Coinbase said it reclassified 2026 Convertible Notes maturing on June 1, 2026 from non-current to current liabilities. As of June 30, 2025, the principal amount of long-term debt was $4.3 billion in total, of which $1.3 billion was classified as current liabilities due to mature within 12 months.

4. 04

   Coinbase said net cash flow from operating activities for the 6 months ended 2025 decreased $749.9 million compared to the same period in the prior year. The company cited increased cash used for USDC purchases of $454.8 million and cash used related to the Data Theft Incident of $253.4 million as factors, noting that an increase in total revenue of $444.3 million partially offset these items.

Key figures

Quarter ended June 30, 2025

Revenue

$1.5B

Operating income

−$25M

Net income

$1.4B

EPS

$5.14

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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