What to Expect From Coinbase Global's Q3 2025 Earnings Report

Company Overview - Coinbase Global, Inc. is valued at $96.6 billion and operates the world's largest crypto trading platform, with a presence in North America and internationally [1] - The company provides a primary financial account for consumers in the crypto economy, a brokerage platform for institutions, and products for developers to build onchain [1] Earnings Expectations - Analysts expect Coinbase to announce an adjusted profit of $1.04 per share for Q3, representing a 67.7% increase from $0.62 per share in the same quarter last year [2] - For the full fiscal year 2025, earnings are projected to be $4.30 per share, down 43.4% from $7.60 per share in 2024, with a subsequent growth of 33.3% to $5.73 per share in fiscal 2026 [3] Stock Performance - Coinbase's stock has increased by 130.9% over the past 52 weeks, significantly outperforming the Financial Select Sector SPDR Fund's 18% and the S&P 500 Index's 17.4% gains during the same period [4] - However, the stock experienced a 16.7% drop in a single trading session following disappointing Q2 results, where total transaction revenues fell by 39.5% quarter-on-quarter and 2.1% year-on-year to $764.3 million [5] Financial Results - In Q2, Coinbase's net revenues increased by 3.3% year-over-year to $1.5 billion, but this was below consensus estimates by 49 basis points [5] - The adjusted net income for Q2 plummeted by 88.7% year-over-year to $33.2 million, with adjusted EPS of $0.12 falling 89.9% below expectations [5] Analyst Ratings - The consensus rating for Coinbase remains cautiously optimistic, with a "Moderate Buy" overall; among 33 analysts, there are 15 "Strong Buys," one "Moderate Buy," 14 "Holds," and three "Strong Sells" [6] - The stock is currently trading above its mean price target of $381.22 [6]