Coinbase Global, Inc. stock research
FY2025 Q3
Coinbase Global (COIN) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue decreased, resulting in a higher gross margin. Compared to the same quarter last year, revenue and gross profit were higher, but cost of revenue also rose, leading to a slightly lower gross margin.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit both increased compared to the prior quarter, while cost of revenue decreased, resulting in a higher gross margin. Compared to the same quarter last year, revenue and gross profit were higher, but cost of revenue also rose, leading to a slightly lower gross margin.
- The strongest observable margin driver is the reduction in cost of revenue relative to revenue, as cost of revenue declined while revenue grew, significantly improving gross margin from the prior quarter.
- Gross margin improved compared to the immediately preceding quarter but weakened slightly compared to the same quarter one year earlier.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
86.2%
Gross profit
$1.6B
Revenue
$1.9B
Cost of revenue
$258.0M
Quarter-over-quarter change
+22.6 pts
Year-over-year change
-0.8 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 |
|---|---|---|---|---|
| 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% |
| Sep 30, 2025 | $1.9B | $1.6B | $258.0M | 86.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+22.6 pts
Year-over-year change
Sep 30, 2024
-0.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the reduction in cost of revenue relative to revenue, as cost of revenue declined while revenue grew, significantly improving gross margin from the prior quarter.
Gross margin improved compared to the immediately preceding quarter but weakened slightly compared to the same quarter one year earlier.
Monitor the trend in cost of revenue, as it increased year-over-year despite a decline from the prior quarter.