The earnings call reflects a strong financial performance and growth in various business segments, particularly in derivatives and stablecoin payments. However, significant challenges in trading volume and a major data theft incident slightly dampen the outlook. Overall, the positive developments and strategic expansions outweigh the lowlights.

Company Guidance -

Q3 2025

During the Coinbase Second Quarter 2025 Earnings Call, key guidance metrics included a reported total revenue of $1.5 billion and a positive adjusted EBITDA of $512 million. The company highlighted $9.3 billion in total USD resources and $1.8 billion in their growing crypto investment portfolio. For the third quarter, Coinbase projects subscription and services revenue to be between $665 million and $745 million, up approximately 8% quarter-over-quarter at the midpoint. Operating expenses for technology, development, and general and administrative purposes are expected to range from $800 million to $850 million, with anticipated sales and marketing expenses between $190 million and $290 million. The call also emphasized Coinbase's strategic focus on expanding trading and stablecoin payments, with notable progress in perpetual futures and options, and the integration of decentralized exchanges into the Coinbase app.

Strong Financial Performance

Total revenue for Q2 2025 was $1.5 billion, with a positive adjusted EBITDA of $512 million. Net income was $1.4 billion.

Expansion of Asset Listings

Coinbase hit over 300 total assets listed on its exchange, with plans to integrate decentralized exchanges into the Coinbase app.

Growth in Derivatives Trading

All-time highs in derivatives trading volume, with the launch of 24/7 trading of Bitcoin and Ethereum contracts.

Acquisition of Deribit

Announced the acquisition of Deribit, the world's leading crypto options exchange with over $30 billion of open interest.

Stablecoin Payment Solutions

Launch of stablecoin payment APIs, with partners like Shopify already live, aiming to disrupt traditional payment networks.

Growing Crypto-as-a-Service

Over 240 businesses using Coinbase's Crypto-as-a-Service capabilities, including partnerships with BlackRock, PNC, Stripe, and PayPal.

Positive Q3 Outlook

July transaction revenue approximately $360 million, with expected Q3 subscription and services revenue of $665 million to $745 million.

Coinbase Global (DE:1QZ) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE:1QZ Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	1.08 / -	0.24	―	―	―
Aug 01, 2025	2025 (Q2)	1.07 / 4.41	0.12	3571.43% (+4.29)	―
May 08, 2025	2025 (Q1)	1.66 / 0.21	3.777	-94.55% (-3.57)	―
Feb 13, 2025	2024 (Q4)	1.94 / 4.00	0.893	348.08% (+3.11)	―
Oct 30, 2024	2024 (Q3)	0.36 / 0.24	-0.009	2900.00% (+0.25)	―
Aug 01, 2024	2024 (Q2)	0.81 / 0.12	-0.361	133.33% (+0.48)	―
May 02, 2024	2024 (Q1)	0.99 / 3.78	-0.292	1394.12% (+4.07)	―
Feb 15, 2024	2023 (Q4)	0.02 / 0.89	-2.112	142.28% (+3.00)	―
Nov 02, 2023	2023 (Q3)	-0.47 / >-0.01	-2.086	99.59% (+2.08)	―
Aug 03, 2023	2023 (Q2)	-0.65 / -0.36	-4.275	91.57% (+3.91)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:1QZ Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 01, 2025	€275.80	€276.50	+0.25%
May 08, 2025	€184.22	€180.16	-2.20%
Feb 13, 2025	€259.60	€277.50	+6.90%
Oct 30, 2024	€200.20	€175.38	-12.40%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.