Coinbase (COIN) Q4 2025 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Fri, February 13, 2026 astatine 8:08 AM CST 39 min read

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Thursday, Feb. 12, 2026 astatine 5:30 p.m. ET

• Chief Executive Officer — Brian Armstrong

• Chief Financial Officer — Alesia Haas

• President & Chief Operating Officer — Emilie Choi

• Head of Investor Relations — Anil Gupta

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Brian Armstrong: [Audio Gap] crypto prices, but Bitcoin remains the best-performing plus people of the past decade. We've been done cycles similar this galore times astatine Coinbase and adoption continues to grow, regulatory clarity is connected the horizon, and much bullish than ever. Moreover, we've successfully diversified the concern wherever stablecoins, subscription and services gross and present trading of different plus classes similar stocks, prediction markets and commodities means our gross is little correlated to crypto terms fluctuations. We launched the Everything Exchange successful Q4 and are seeing aboriginal signs of success. Global trading measurement and marketplace stock doubled year-over-year, reaching caller all-time highs. Just past week, arsenic crypto prices fell, golden and metallic futures drove grounds notional measurement connected our exchange.

We deed our highest 24-hour trading measurement successful implicit a year, successful fact, and Base acceptable a caller transaction all-time precocious with AI agents adopting stablecoin wallets. Base is rapidly establishing itself arsenic the onchain location for AI. So looking ahead, our beardown equilibrium expanse and advancement connected the Everything Exchange gives america the quality to proceed investing successful these marketplace conditions. We'll support buying Bitcoin. We'll proceed to bargain our banal back, and we won't halt building. Now I privation to speech astir however we're going to triumph successful 2026. Financial services is simply a monolithic industry, and there's aggregate trillions of dollars of gross up for grabs.

Crypto is updating the fiscal strategy from trading to payments to lending, and Coinbase is the champion positioned institution successful the satellite to capitalize connected this transformation. Here are 4 reasons why. Number one, we store much crypto than immoderate different company. We're the astir trusted marque successful crypto, and we enactment with thousands of institutions, including 5 G-SIB banks and 150 authorities agencies. Just arsenic 1 example, we store 12% of each crypto successful the world, much than the adjacent 4 competitors combined. Assets connected level has grown astir 3x implicit the past 3 years, and these assets are precise sticky arsenic we link much products into them. So that's the archetypal reason.

Number two, we've doubled our trading measurement and marketplace stock year-over-year. We started disconnected arsenic the person successful the U.S. And present arsenic regulatory clarity has emerged astir the world, we're increasing our stock internationally arsenic well. Number three, we've diversified our gross streams truthful that it's not conscionable trading specific. We present person 12 products doing implicit $100 cardinal successful annualized revenue. Subscription and services gross deed all-time highs, up 5.5x from the highest successful 2021, and we generated affirmative adjusted EBITDA successful immoderate marketplace condition, and consistently profitable connected the adjusted EBITDA and adjusted nett income ground implicit the past 2 years. And finally, fig four, we person heavy crypto expertise astatine Coinbase.