Coinbase Misses Q4 Earnings Estimates, Stock Drops

Cryptocurrency exchange reports $0.66 EPS, falling short of $0.83 consensus

Published on Feb. 12, 2026

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Coinbase Global, Inc. (NASDAQ:COIN) reported its Q4 2025 earnings results, missing analysts' consensus estimates. The company posted earnings per share of $0.66, falling short of the expected $0.83 EPS. Coinbase's revenue for the quarter came in at $1.78 billion, also below the $1.86 billion forecast. The stock traded down over 8% following the earnings release.

Why it matters

Coinbase's earnings miss highlights the challenges the cryptocurrency exchange is facing amid a broader downturn in the digital asset market. As one of the largest and most prominent crypto platforms, Coinbase's performance is seen as a bellwether for the industry. The earnings shortfall raises concerns about Coinbase's ability to maintain profitability and growth in a volatile market environment.

The details

Coinbase reported a net margin of 41.99% and a return on equity of 15.70% for the quarter. The company had a quick ratio of 2.40 and a current ratio of 2.40, with a debt-to-equity ratio of 0.37. Coinbase's stock price closed at $141.09 on the day of the earnings release, down $12.11 or over 8% from the previous day's close.

  • Coinbase Global posted its Q4 2025 earnings results on Thursday, February 13, 2026.
  • The company's stock traded down $12.11 during trading hours on the day of the earnings release.

The players

Coinbase Global, Inc.

A U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets.

Brian Armstrong

Co-founder and CEO of Coinbase.

Fred Ehrsam

Co-founder of Coinbase.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

The takeaway

Coinbase's earnings miss reflects the broader volatility and challenges facing the cryptocurrency industry. As a leading crypto exchange, Coinbase's performance is closely watched as an indicator of the overall health of the digital asset market.