Coinbase said that for the 3 and 9 months ended September 30, 2025, net revenue was $1.8 billion and $5.2 billion, respectively, and net income was $432.6 million and $1.9 billion, respectively. For the same periods in 2024, net income was $75.5 million and $1.3 billion.

10-QQuarterly reportFiled Oct 30, 2025Period of report Sep 30, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

Coinbase said that for the 3 and 9 months ended September 30, 2025, net revenue was $1.8 billion and $5.2 billion, respectively, and net income was $432.6 million and $1.9 billion, respectively. For the same periods in 2024, net income was $75.5 million and $1.3 billion.
The company said that for the 3 and 9 months in 2025, transaction revenue was $1.0 billion and $3.1 billion, respectively, and subscription and services revenue was $746.7 million and $2.1 billion, respectively. For the same periods in 2024, transaction revenue was $572.5 million and $2.4 billion.
Coinbase said it completed the acquisition of Deribit in August 2025. For the 9 months in 2025, net cash used in business combinations was $687.6 million, which the company attributed primarily to completion of the Deribit acquisition in August.
The company said it issued convertible senior notes of $1.5 billion maturing on October 1, 2032 and convertible senior notes of $1.5 billion maturing on October 1, 2029 in August 2025. As of September 30, 2025, long-term debt principal was $7.3 billion, of which $1.3 billion is due within 12 months and classified as a current liability.

Key figures

Quarter ended September 30, 2025

Revenue: $1.9B
Operating income: $481M
Net income: $433M
EPS: $1.50

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

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.

Quarterly and 9-month net revenue and net income

Coinbase said that for the 3 and 9 months ended September 30, 2025, net revenue was $1.8 billion and $5.2 billion, respectively, and net income was $432.6 million and $1.9 billion, respectively. For the same periods in 2024, net income was $75.5 million and $1.3 billion.

Source · Based on the MD&A text of the filing

Transaction revenue and subscription and services revenue composition

The company said that for the 3 and 9 months in 2025, transaction revenue was $1.0 billion and $3.1 billion, respectively, and subscription and services revenue was $746.7 million and $2.1 billion, respectively. For the same periods in 2024, transaction revenue was $572.5 million and $2.4 billion.

Source · Based on the MD&A text of the filing

Deribit acquisition and 9-month investing cash flows

Coinbase said it completed the acquisition of Deribit in August 2025. For the 9 months in 2025, net cash used in business combinations was $687.6 million, which the company attributed primarily to completion of the Deribit acquisition in August.

Source · Based on the MD&A text of the filing

Convertible notes issued in August 2025 and debt balance

The company said it issued convertible senior notes of $1.5 billion maturing on October 1, 2032 and convertible senior notes of $1.5 billion maturing on October 1, 2029 in August 2025. As of September 30, 2025, long-term debt principal was $7.3 billion, of which $1.3 billion is due within 12 months and classified as a current liability.

Source · Based on the MD&A text of the filing

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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