Bullish Points:
1. Net revenue for the year ended December 31, 2025, was $6.9 billion, up from $6.3 billion in 2024, driven by increases in both transaction revenue and subscription and services revenue.
2. Transaction revenue increased by 2% to $4.1 billion in 2025, with institutional transaction revenue increasing by 39%.
3. Subscription and services revenue increased by 23% to $2.8 billion in 2025, driven by higher stablecoin revenue and other subscription services.
4. The company repurchased approximately 3.0 million shares of Class A common stock for $790.2 million in 2025.
5. The company held $11.6 billion in cash, cash equivalents, and marketable investments as of December 31, 2025.
Bearish Points:
1. Net income for the year ended December 31, 2025, was $1.3 billion, down from $2.6 billion in 2024, primarily due to higher operating expenses and losses on crypto assets held for investment.
2. Adjusted EBITDA for the year ended December 31, 2025, was $2.8 billion, down from $3.3 billion in 2024.
3. Operating expenses increased by 35% to $5.7 billion in 2025, primarily due to higher technology and development, sales and marketing, and general and administrative expenses.
4. The company issued $1.5 billion of 2029 Convertible Notes and $1.5 billion of 2032 Convertible Notes in August 2025, increasing long-term debt to $7.3 billion.
5. Consumer transaction revenue decreased by 3%.
The final result you summarize based on positive and negative content needs to be objective, neutral, and dialectical.
For more information, you can read the original text of Coinbase Global, Inc.(COIN)'s financial report
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