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Coinbase posts $667M Q4 loss as shares rebound 3% in after-hours trading

Coinbase posts $667M Q4 loss as shares rebound 3% in after-hours trading

Coinbase reported a $667M fourth-quarter loss as revenue fell 20% year over year and missed expectations.

by Estefano Gomez

2 min read

In Stocks

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Coinbase reported a $667 million loss in the fourth quarter as revenue declined roughly 20% from a year earlier, missing analyst expectations.

The exchange generated approximately $1.8 billion in revenue during the quarter, below Wall Street forecasts. Non-GAAP earnings came in at $0.66 per share, more than 30% under consensus estimates.

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The earnings miss comes amid a broader slowdown in crypto markets. Bitcoin has fallen more than 47% from its October 2025 peak near $126,000, with trading volumes and overall investor activity declining across exchanges.

Despite the weak quarter, Coinbase posted strong full-year metrics. Trading volume reached $5.2 trillion in 2025, up 156% from the prior year, while its global market share more than doubled to 6.4%.

Revenue from subscriptions and services totaled $2.8 billion for the full year, having grown more than fivefold since 2021. The platform now has roughly one million paying subscribers, triple the figure from three years ago.

Throughout 2025, Coinbase expanded its product lineup, launching 24-hour perpetual futures for U.S. customers, prediction markets, and equity trading. Twelve separate offerings now generate at least $100 million in annualized revenue, according to the company.

Shares of Coinbase fell 7.9% on Thursday, before rebounding 3% in after-hours trading following the earnings report.

Coinbase Global, Inc. and its peers

Company PriceMarket capP/E (trailing)Forward P/EAnnual revenue (USD)Annual revenue growthAnnual net income (USD)Operating margin
Coinbase Global, Inc. COIN · Price dated Nov 13, 2026 · tokenized COINx $128$33.8BNot meaningfulLoss, diluted EPS −2.53
to 2026-09-30 · SEC filing		Unavailable$7.2BFY ended 2025-12-31 · 10-K+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Nov 13, 2026 · tokenized MSTRx $112UnavailableNot meaningfulLoss, diluted EPS −49.21
to 2026-09-30 · 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 Nov 13, 2026 · tokenized CRCLx $62Unavailable26.8Unavailable$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 Nov 13, 2026 · tokenized BMNRx $18$11.0BNot meaningfulLoss, diluted EPS −13.11
to 2026-08-31 · SEC filing		Unavailable$124.8MFY ended 2026-08-31 · 10-K+1,947.8%FY ended 2026-08-31 vs 2025-08-31 · 10-K−6,321,235,000FY ended 2026-08-31, available to common stockholders · 10-K−5,207.4%FY ended 2026-08-31

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: Nov 15, 2026, 5:16 AM EST. 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.

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

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