Coinbase Global, Inc. stock research
FY2025 Q4
Coinbase Global (COIN) Gross Margin — Quarter Ended Dec 31, 2025
Revenue decreased compared to both the prior quarter and the same quarter last year, while gross profit also declined. Gross margin improved versus the prior quarter but weakened relative to the year-ago period, driven by a proportionally larger reduction in cost of revenue relative to revenue.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue decreased compared to both the prior quarter and the same quarter last year, while gross profit also declined. Gross margin improved versus the prior quarter but weakened relative to the year-ago period, driven by a proportionally larger reduction in cost of revenue relative to revenue.
- The strongest observable margin driver is the reduction in cost of revenue, which declined more sharply than revenue when comparing the current quarter to the prior quarter, leading to an improved gross margin.
- Compared to the prior quarter, gross margin improved as cost of revenue fell faster than revenue. Compared to the same quarter last year, gross margin weakened despite a lower cost of revenue, because revenue declined by a greater proportion.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
88.4%
Gross profit
$1.6B
Revenue
$1.8B
Cost of revenue
$206.2M
Quarter-over-quarter change
+2.2 pts
Year-over-year change
+0.5 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 |
|---|---|---|---|---|
| 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% |
| Dec 31, 2025 | $1.8B | $1.6B | $206.2M | 88.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
+2.2 pts
Year-over-year change
Dec 31, 2024
+0.5 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, which declined more sharply than revenue when comparing the current quarter to the prior quarter, leading to an improved gross margin.
Compared to the prior quarter, gross margin improved as cost of revenue fell faster than revenue. Compared to the same quarter last year, gross margin weakened despite a lower cost of revenue, because revenue declined by a greater proportion.
Monitor the trajectory of cost of revenue relative to revenue in upcoming quarters to assess whether the recent margin improvement can be sustained.