Coinbase Q3 revenue $1.9B (+25% Q/Q); net income $433M; expands buyback to $2B

Coinbase Global, Inc.

2025-Q3 EPS reported $6.85 revenue$5,400,196,000

Total revenue $1.9B, up 25% Q/Q; transaction revenue $1.0B (+37%); subscription/services $747M (+14%).
Net income $433M, Adj. EBITDA $801M; Q4 subscription/services guidance $710-790M; Oct transaction rev ~$385M.
Share repurchase authorization increased to $2.0B, expanded to include debt; $3.0B convertible debt issued in Aug.
Deribit acquisition closed Aug 14, contributed $52M revenue; USDC market cap all-time high $74B.
Total trading volume $295B (+24% Q/Q); AUC $300B record; full-time employees 4,795 (+12% Q/Q).

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