Coinbase Global, Inc. stock research
FY2025 Q1
Coinbase Global (COIN) Gross Margin — Quarter Ended Mar 31, 2025
Revenue and gross profit both decreased from the prior quarter, while cost of revenue increased, resulting in a lower gross margin. Compared to the same quarter one year earlier, revenue and gross profit were higher, but cost of revenue rose more sharply, leading to a weakened gross margin.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue and gross profit both decreased from the prior quarter, while cost of revenue increased, resulting in a lower gross margin. Compared to the same quarter one year earlier, revenue and gross profit were higher, but cost of revenue rose more sharply, leading to a weakened gross margin.
- The gross margin weakened sequentially and year-over-year, driven by a proportionally larger increase in cost of revenue relative to revenue growth. The strongest observable driver is the rising cost of revenue, which outpaced revenue changes in both comparisons.
- Compared to the prior quarter, revenue and gross profit were lower, cost of revenue was higher, and gross margin weakened. Compared to the same quarter last year, revenue and gross profit were higher, but cost of revenue was substantially higher, and gross margin weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
84.0%
Gross profit
$1.7B
Revenue
$2.0B
Cost of revenue
$326.4M
Quarter-over-quarter change
-3.9 pts
Year-over-year change
-7.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2024 | $1.4B | $1.2B | $256.9M | 82.3% |
| Sep 30, 2024 | $1.2B | $1.0B | $157.1M | 87.0% |
| Dec 31, 2024 | $2.3B | $2.0B | $275.3M | 87.9% |
| Mar 31, 2025 | $2.0B | $1.7B | $326.4M | 84.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2024
-3.9 pts
Year-over-year change
Mar 31, 2024
-7.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin weakened sequentially and year-over-year, driven by a proportionally larger increase in cost of revenue relative to revenue growth. The strongest observable driver is the rising cost of revenue, which outpaced revenue changes in both comparisons.
Compared to the prior quarter, revenue and gross profit were lower, cost of revenue was higher, and gross margin weakened. Compared to the same quarter last year, revenue and gross profit were higher, but cost of revenue was substantially higher, and gross margin weakened.
Monitor the trajectory of cost of revenue, as its growth rate has exceeded revenue growth in both sequential and year-over-year comparisons.