Coinbase Global, Inc. · COIN · FY2025 Q2 · Calendar Q3 2025

Coinbase expands payments and tokenization plans amid security and volatility risks

The analysis supports a constructive but conditional view: Coinbase’s payments stack, stablecoins, derivatives expansion, and tokenization roadmap provide potential growth avenues, while security, regulation, execution, competition, and crypto-market volatility remain material constraints.

Reported After market closeNASDAQFinancial Services $48.28B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.12 Consensus $1.25
EPS surprise -90.4% Reported versus consensus
Reported revenue $1.50B Consensus $1.59B
Revenue surprise -5.7% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -16.7% Event window
SPY move -1.6% Same window
Abnormal move -15.1% Stock minus SPY
Volume 2.4× Versus trailing sessions
Subsequent drift -3.2% Up to 20 sessions
COINSPY benchmark

Ask FN2 about COIN FY2025 Q2

Transcript, numbers and history already loaded

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Compared with the prior-quarter analysis, the focus shifted toward executing the “everything exchange” vision, expanding payments and tokenized assets, and responding to a data-theft incident. Guidance sentiment moved from maintained to raised.

Guidance delta

Raised: Q3 guidance anticipated higher subscription revenue of approximately 8% quarter over quarter and renewed trading volume as volatility returns.

Key takeaways

  • Management emphasized an “everything exchange” vision that includes tokenized equities and other on-chain assets.
  • Payments remain a core growth focus through USDC, Base, stablecoin APIs, and B2B integrations.
  • The Deribit acquisition broadens the derivatives offering, while security and customer support are being reinforced after a data-theft incident.
  • The analysis points to execution, regulatory, competition, security, and crypto-volatility risks.

Management priorities

  • Launch tokenized equities and broaden the “everything exchange” platform.
  • Scale Base app adoption and blockchain-based identity solutions.
  • Expand Crypto-as-a-Service partnerships with banks.
  • Roll out stablecoin payment APIs and B2B payment solutions.
  • Reinforce security and customer support, including a new onshore support center.

Follow COIN with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
COIN EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $1.15 Q1 '24 actual $1.65, beat Q2 '24 estimate $0.95 Q2 '24 actual $1.07, beat Q3 '24 estimate $0.45 Q3 '24 actual $0.62, beat Q2 '25 estimate $1.25 Q2 '25 actual $0.12, miss Q3 '25 estimate $1.20 Q3 '25 actual $1.44, beat Q4 '25 estimate $0.99 Q4 '25 actual $-2.49, miss Q1 '26 estimate $0.06 Q1 '26 actual $-1.49, miss Q2 '26 estimate $-0.44 Q2 '26 actual $-1.36, miss Q3 '26 estimate $-0.32 Q4 '26 estimate $0.77 Q1 '27 estimate $0.85
Show 1 more >

Analyst Consensus ?

ConsensusHold38 ratings
Bullish2155.3%
Neutral1436.8%
Bearish37.9%

Analyst 52W Price Targets

$183Current
$35Low
$228.58Average
$600High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 3, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Piper Sandler Neutral NeutralMaintainOct 2, 2026
Baird Neutral NeutralMaintainSep 28, 2026
BTIG Buy BuyMaintainSep 16, 2026
Compass Point Neutral SellUpgradeSep 14, 2026
Goldman Sachs Buy BuyMaintainSep 9, 2026
Show 33 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $183. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Wells FargoAnalyst unavailable$200$189.29 +9.3%Oct 1, 2026
Robert W. BairdAnalyst unavailable$205$195.11 +12.0%Sep 28, 2026
Compass PointEd Engel$177$175.26 -3.3%Sep 14, 2026
Morgan StanleyMichael Cyprys$250$174.72 +36.6%Sep 10, 2026
Goldman SachsAnalyst unavailable$219$178.94 +19.7%Sep 9, 2026
See 164 more

Track every rating change on COIN the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

Coinbase Global, Inc. delivers fundamental financial infrastructure and technological solutions to the expanding cryptoeconomy, operating across both the United States and international markets. The company provides a core financial gateway for individual consumers navigating the digital asset space. For institutional clients, it manages a dynamic trading venue that ensures abundant liquidity for cryptocurrency transactions. Moreover, Coinbase supplies developers with crucial technology and services, enabling them to build innovative crypto-based applications and seamlessly integrate secure digital asset payments. Founded in 2012, the firm is headquartered in Wilmington, Delaware.

Historical context

All COIN earnings

Financial Services peers this season

Latest reports in the same sector

Latest beats and misses

Who reports next

Get the COIN recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
  3. Polygon adjusted daily market bars · 2026-10-03T17:20:41.553474+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T17:20:41.550775+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-03. For educational purposes only; not investment advice.