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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alex Markgraff | KeyBanc Capital Markets | 8 questions · 0% challenging |
| Owen Lau | Clear Street | 8 questions · 0% challenging |
| Ken Worthington | JPMorgan | 8 questions · 38% challenging |
| Peter Christiansen | Citigroup | 6 questions · 17% challenging |
| Devin Ryan | Citizens JMP Securities | 6 questions · 33% challenging |
| Bo Pei | U.S. Tiger Securities | 6 questions · 0% challenging |
| Patrick Moley | Piper Sandler | 6 questions · 0% challenging |
| Ben Budish | Barclays | 5 questions · 0% challenging |
| James Yaro | Goldman Sachs | 5 questions · 0% challenging |
| John Todaro | Needham | 4 questions · 25% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| KeyBanc Capital Markets | 1 analyst | 8 questions · 0% challenging |
| Clear Street | 1 analyst | 8 questions · 0% challenging |
| JPMorgan | 1 analyst | 8 questions · 38% challenging |
| U.S. Tiger Securities | 1 analyst | 6 questions · 0% challenging |
| Citigroup | 1 analyst | 6 questions · 17% challenging |
| Piper Sandler | 1 analyst | 6 questions · 0% challenging |
| Citizens JMP Securities | 1 analyst | 6 questions · 33% challenging |
| Barclays | 1 analyst | 5 questions · 0% challenging |
No 8-K events recorded for this window.
Coinbase reported Q4 revenue of $1.8 billion, down 21% year-over-year, with a GAAP net loss of $667 million driven by $718 million in crypto portfolio unrealized losses and $395 million in Circle investment losses below the operating line. The company launched the "Everything Exchange" with equities and prediction markets, and completed $1.7 billion in share repurchases to fully offset 2025 dilution. Adjusted EBITDA remained positive at $566 million, but subscription and services guidance for Q1 2026 was sharply lower at $550-630 million.
Revenue Growth | Product Launch | Competitive Dynamics | Regulation Policy | Demand | M&A | Innovation & R&D | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 3 | 4 | 2 | 2 | 2 | 2 | |
| 2025Q1 | 6 | 2 | 4 | 2 | 3 | 1 | ||
| 2025Q2 | 7 | 4 | 2 | 2 | 1 | 1 | ||
| 2025Q3 | 5 | 5 | 3 | 1 | 1 | 4 | 2 | |
| 2025Q4 | 5 | 4 | 3 | 1 | 4 | 2 | 1 | 1 |
| 2026Q1 | 3 | 2 | 3 | 4 | 4 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 2 | 6 | 7 | 5 | 5 | 3 |
| Product Launch | 3 | 2 | 4 | 5 | 4 | 2 |
| Competitive Dynamics | 4 | 4 | 2 | 3 | 3 | 3 |
| Regulation Policy | 2 | 2 | 2 | 1 | 1 | 4 |
| Demand | 2 | 1 | 4 | 4 | ||
| M&A | 3 | 4 | 2 | |||
| Innovation & R&D | 2 | 1 | 1 | 1 | 1 | |
| Pricing | 2 | 1 | 2 | 1 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.27B | +138.2% | $4.68 | +345.7% | 45.5% | 56.8% |
| FY2025 Q1 | $2.03B | +24.2% | $0.24 | -94.5% | 34.7% | 3.2% |
| FY2025 Q2 | $1.50B | +3.3% | $5.14 | +3571.4% | -1.6% | 95.4% |
| FY2025 Q3 | $1.87B | +55.1% | $1.50 | +435.7% | 25.7% | 23.1% |
| FY2025 Q4Selected | $1.03B | -20.8% | $-2.49 | -153.2% | 26.5% | -64.6% |
| FY2026 Q1 | $1.41B | -30.5% | $-1.49 | -720.8% | -1.5% | -27.9% |
| FY2026 Q2 | $1.22B | -18.5% | $-1.36 | -126.5% | -9.3% | -29.5% |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2022 | $3.19B | — | $-11.89 | — | -84.8% | -82.2% |
| FY2023 | $3.11B | -2.7% | $0.28 | +102.4% | -5.2% | 3.1% |
| FY2024 | $6.56B | +111.2% | $9.50 | +3286.8% | 35.1% | 39.3% |
| FY2025Selected | $6.43B | -2.0% | $4.39 | -53.8% | 22.3% | 19.6% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q4 2025Earnings call Feb 12, 2026
FY2025 Q4 in brief
Coinbase reported Q4 revenue of $1.8 billion, down 21% year-over-year, with a GAAP net loss of $667 million driven by $718 million in crypto portfolio unrealized losses and $395 million in Circle investment losses below the operating line.
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Coinbase Global (COIN), FY2025 Q4: 1/10. Scores: Coinbase Global’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: COIN daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY -20.8% → base 2. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What COIN and other companies said about each other on FY2025 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the Coinbase and Krakens of the world. We think they are drawing in new investors. We think that expands the market.”
Broadridge frames Coinbase as a new tokenized-trading intermediary that is expanding the equity investor base rather than displacing Broadridge, implying growth for crypto-native trading platforms.
“we have an agreement with Coinbase, and it's gonna know, be possible to buy crypto up in the in the CCB ecosystem too.”
JPMorgan cites an agreement with Coinbase enabling crypto purchases within its consumer banking ecosystem, a distribution/partnership signal for Coinbase.
“Dabbled a little bit in terms of partnerships with Coinbase.”
An analyst notes PNC's crypto partnership with Coinbase while probing stablecoin/deposit risk, a partnership signal for Coinbase.
“In Q4, we even acquired Echo to enable more efficient onchain capital formation.”
Coinbase acquired Echo in Q4 to enable onchain capital formation and offer private-market investment products on its Everything Exchange.
“We have momentum coming from the integration of options into our platform from the Deribit acquisition that we did in late 2025.”
Coinbase's late-2025 acquisition of Deribit brought crypto options onto its derivatives platform, a growth driver into 2026.
“We launched it with our partnership with Kalshi, and they've been a great partner.”
Coinbase's prediction-markets rollout is powered by a non-exclusive partnership with Kalshi.
“We partner with Circle on overall items, but we also compete with them.”
Coinbase partners with Circle on USDC but increasingly competes with it as Coinbase builds out its own USDC payments vertical on Base.
“We don't see any way that this market structure legislation would change our economic relationship with Circle.”
Coinbase says pending crypto market-structure legislation would not alter its reserve-fee economic relationship with Circle, the USDC stablecoin issuer.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
COIN Coinbase Global | 1 | -20.8% | |
| CBOE Cboe Global Markets | 9 | +8.7% | |
| CME CME Group | 7 | +8.1% | |
| FDS FactSet | 6 | +6.8% | |
| ICE Intercontinental Exchange | 8 | +3.6% | |
| MCO Moody's Corporation | 9 | +13.0% | |
| MSCI MSCI | 7 | +10.6% | |
| NDAQ Nasdaq, Inc. | 8 | +2.5% | |
| SPGI S&P Global | 8 | +9.0% |