Coinbase Beats Earnings Expectations

Shutterstock photo by askarim

The company reported $604 million in revenue for Q4 of 2022, up 5% from the $590 million it made in Q3.

by Tom Carreras

Wed 22 Feb 2023 · 10:20 EST 2 min read

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Coinbase Global, Inc. (COIN) price

Full chart and stats

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Last close: $162
Close-to-close change: +0.8%
Market cap: $42.8B (shares as of 2026-06-30)
P/E (trailing): Not meaningful: trailing loss. Diluted EPS −3.79 for 2025-07-01 to 2026-06-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue: $7.2B USD (FY ended 2025-12-31) 10-K
Annual revenue growth: +9.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income: 1,260,327,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin: 20.0% (FY ended 2025-12-31)
Forward P/E: Unavailable: no dated forecast source

Gloria daily close for session Oct 28, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company	Price	Market cap	P/E (trailing)	Forward P/E	Annual revenue (USD)	Annual revenue growth	Annual net income (USD)	Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 28, 2026 · tokenized COINx	$162	$42.8B	Not meaningfulLoss, diluted EPS −3.79 to 2026-06-30 · SEC filing	Unavailable	$7.2BFY ended 2025-12-31 · 10-K	+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K	1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K	20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 28, 2026 · tokenized MSTRx	$145	Unavailable	Not meaningfulLoss, diluted EPS −96.98 to 2026-06-30 · SEC filing	Unavailable	$477.2MFY ended 2025-12-31 · 10-K	+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K	−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 28, 2026 · tokenized CRCLx	$82	Unavailable	16.4	Unavailable	$2.7BFY ended 2025-12-31 · 10-K	+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−69,508,000FY ended 2025-12-31, attributable to the company · 10-K	−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 28, 2026 · tokenized BMNRx	$22	$13.3B	Not meaningfulLoss, diluted EPS −4.50 to 2026-05-31 · SEC filing	Unavailable	$6.1MFY ended 2025-08-31 · 10-K	+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K	348,577,000FY ended 2025-08-31, attributable to the company · 10-K	7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 28, 2026, 4:41 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Coinbase claimed in its latest earnings report that it had proven itself to be “largely resilient despite major shocks to the system.”

Largely Resilient

Coinbase is starting out the year strong.

The leading U.S.-based crypto exchange reported $604 million in revenue in the fourth quarter of 2022, beating estimates that it would bring in $589 million. That’s 5% up from the $590 million the company made in the third quarter of the year.

Coinbase’s performance was partially due to a growth in its interest income, which came in at $186 million—compared to $101 million in the previous quarter. Of the $186 million, $146 million came from the company’s USDC interest income. Coinbase CEO Brian Armstrong had previously stated his ambition to move the exchange away from relying primarily on transaction fees as a source of revenue in order to decrease the company’s dependency on good market conditions.

“Coinbase and crypto proved to be largely resilient in 2022 despite major shocks to the system,” stated the report. While the crypto market capitalization declined 64% year-to-year and volatility reached multi-year lows, the company claimed that long-term fundamentals remained strong for both Coinbase and the crypto sector.

The report also addressed the regulatory landscape in the United States, which it called “disjointed”. It singled out FTX’s collapse in November as a major catalyst for the increased attention that crypto companies have been receiving from regulators, especially the SEC. The report stated that Coinbase ultimately stood to benefit from a clearer regulatory framework—which may eventually come in the form of Congress passing federal crypto legislation. “Policy is my top priority this year,” Armstrong indicated during an earnings call.

As far as its outlook for 2023 was concerned, Coinbase stated that it was “prepared to manage [its] business through a wide range of transaction revenue scenarios in 2023, which include possible increases, decreases or stabilization of crypto market capitalization and crypto asset volatility compared to levels at the end of 2022.”

Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.

Disclosure: This article was edited by Tom Carreras. For more information on how we create and review content, see our Editorial Policy.

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