Coinbase Misses Expectations With $667M Loss in Q4

Coinbase reported a net loss of $667 million in the fourth quarter of 2025, snapping the crypto exchange’s eight-quarter streak of profitability.

In its Q4 earnings released on Thursday, Coinbase reported earnings per share of 66 cents, missing analyst expectations of 92 cents by 26 cents.

The company said its net revenue fell 21.5% year-on-year to $1.78 billion, falling short of analyst expectations of $1.85 billion.

Transaction-related revenue dropped nearly 37% year-on-year to $982.7 million, while subscription and services revenue jumped more than 13% from the year prior to $727.4 million.

It’s the first net loss Coinbase has reported since the third quarter of 2023, and comes as the crypto market fell over the quarter, with Bitcoin (BTC) dropping nearly 30% from a high of $126,080 in early October to under $88,500 by Dec. 31.

Bitcoin is down 25.6% to $65,760 so far this year, after briefly crashing below $60,000 earlier this month.

Despite the earnings miss, shares of Coinbase (COIN) rose 2.9% in after-hours trading on Thursday to $145.18, after a 7.9% decline during the trading day to close at $141.10.

Key financial results for Coinbase in Q4 and the 2025 financial year. Source: Coinbase

For its Q1 outlook, the crypto platform said that it had generated $420 million in transaction revenue as of Feb. 10 but expects its subscription and services revenue to fall from $727.4 million to the $550 million to $630 million range.

Coinbase added that 2025 was a “strong year” for the company, both operationally and financially, with its full-year 2025 revenues climbing 9.4% from 2024 to $6.88 billion.

Related: Coinbase unveils crypto wallets designed specifically for AI agents

“In 2025, more than 12% of all crypto in the world resided on Coinbase,” the company said. “We’re building and connecting more products to facilitate customers doing more with their assets.”

Coinbase’s chief financial officer, Aleshia Haas, told investors on an earnings call that the company plans to keep its tech, sales, and marketing expenses relatively flat in comparison to Q4.

“We are going to be nimble as we go through the year and look at the opportunities that we have ahead of ourselves versus our expenses,” she said.

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