Coinbase Global, Inc. stock research
FY2025 Q2
Coinbase Global (COIN) Gross Margin — Quarter Ended Jun 30, 2025
Revenue decreased while cost of revenue increased, leading to a lower gross profit and a weakened gross margin compared to the prior quarter. Versus the same quarter last year, revenue was higher but gross profit was lower, and gross margin weakened as cost of revenue grew more than proportionally.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue decreased while cost of revenue increased, leading to a lower gross profit and a weakened gross margin compared to the prior quarter. Versus the same quarter last year, revenue was higher but gross profit was lower, and gross margin weakened as cost of revenue grew more than proportionally.
- The gross margin weakened sequentially and year-over-year, driven by a larger relative increase in cost of revenue compared to revenue. Revenue was higher than a year ago but gross profit was lower, indicating cost pressures.
- 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 was higher, but gross profit was lower and gross margin weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
63.6%
Gross profit
$952.6M
Revenue
$1.5B
Cost of revenue
$544.6M
Quarter-over-quarter change
-20.3 pts
Year-over-year change
-18.7 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 |
|---|---|---|---|---|
| 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% |
| Jun 30, 2025 | $1.5B | $952.6M | $544.6M | 63.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
-20.3 pts
Year-over-year change
Jun 30, 2024
-18.7 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 larger relative increase in cost of revenue compared to revenue. Revenue was higher than a year ago but gross profit was lower, indicating cost pressures.
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 was higher, but gross profit was lower and gross margin weakened.
Monitor the trend in cost of revenue relative to revenue, as its increase outpaced revenue growth both sequentially and year-over-year.