Coinbase Global, Inc.

coinbase.com

What Do They Do?

Offers consumers trading in crypto and other assets, institutions trading and custody services, and businesses tools to build crypto-enabled products.

How Do They Make Money?

Coinbase earns transaction fees when consumer and institutional trades execute; consumers pay subscription fees, institutions pay custody fees, Coinbase earns commissions on staking rewards, and it receives a monthly share of income from USDC reserves.

revenue

Segment	Share	Revenue
Net revenue	96% FY2022: 99%
Other revenue	4.2% FY2022: 1.4%

Who Are Their Customers?

Consumers use Coinbase to trade and access crypto services; institutions use Coinbase Prime and the company’s exchanges for trading and custody; businesses and developers use its tools to build crypto-enabled products.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 22% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 18 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

20% of revenue

▼ −38% vs FY2024 ($2.3B, 35%)

Net income, FY2025

18% of revenue

▼ −51% vs FY2024 ($2.6B, 39%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −19%; vs $1.5B in Q2 FY2025
Net income: ▼ Now a loss; vs $1.4B in Q2 FY2025

Net revenue share of revenue vs 93.3% in Q2 FY2025

Shrinking. Revenue fell 8% in 4 years, from $7.8B in FY2021 to $7.2B in FY2025, about 2% a year.

Consumer trading broadens The earlier report describes consumer trading in crypto; the latest adds stocks, commodity futures, perpetual futures, and prediction markets to consumer trading.

Revenue over time

Net revenue Other revenue

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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