earnings
confidence high
sentiment negative
materiality 0.70
Coinbase Q2 revenue $1.5B, adj. EBITDA $512M; Q3 July transaction revenue ~$360M
Coinbase Global, Inc.
2025-Q2 EPS reported
$5.39
revenue$3,531,503,000
- Total revenue $1.5B, down 26% QoQ; transaction revenue $764M (-39% QoQ); subscription & services $656M (-6% QoQ).
- Net income $1.4B includes $1.5B unrealized gain on Circle and $362M crypto gains; adjusted net income $33M.
- Data theft incident in May drove $307M in other operating expenses; total operating expenses up 15% QoQ to $1.5B.
- Q3 outlook: July transaction revenue ~$360M; subscription & services $665-$745M; tech/G&A $800-$850M.
- USDC average balances in Coinbase products up 13% QoQ to $13.8B; stablecoin revenue $332M (+12% QoQ).
item 2.02item 9.01