US Earnings Financial Results SEC Filings — February 11, 2026

Revenue +45% YoY to $4.8B (vs crypto sector avg +25%), trading volumes +70% YoY to $1.2T

Operating margins expanded 1,200 bps YoY to 25% from -7%, ROE improved to 18% from -5%

CEO Brian Armstrong bought $10M shares in Dec 2025, net insider buying +$15M Q4 (holdings up 20%)

$1B buyback authorized (100% YoY increase), 5% of shares repurchased in FY2025 at avg $180/share

Custody assets under management +90% YoY to $350B, subscription/services revenue +60% YoY to $1.9B

Debt-to-equity ratio 0.15x (down from 0.25x YoY), cash $8B (+30% YoY) supports M&A firepower

Guidance raised for 2026 revenue $6.5-7.5B (35% growth midpoint vs prior $5.5-6B), EPS $5.50

Gross margins stable at 87% YoY despite volume surge, cost per transaction -25% YoY

International revenue +80% YoY to 25% of total, derivatives volumes +150% YoY

Base Coinbase One subscribers +55% YoY to 12M, ARR +65% to $1.2B

Completed $200M acquisition of custody tech firm at 8x EBITDA (below sector avg 12x)

Sentiment analysis: strongly bullish (85% positive tone) on stablecoin growth and ETF approvals

Medium risk from ongoing SEC lawsuits, potential $500M fines flagged, legal costs +40% YoY to $300M

Trading revenue 55% of total remains exposed, declined 15% QoQ in Q4 on BTC pullback

Market share dipped to 45% from 52% YoY as Binance US volumes +20%

2 VPs sold $5M combined in Nov 2025 (10% holdings), post-buyback announcement

Employee costs +25% YoY to $1.8B despite efficiency gains, headcount +15%

2026 EBITDA margin guidance 28-32% (flat YoY midpoint) amid rising compliance spend

Customer acquisition cost +10% YoY to $450, churn rate ticked up 2% QoQ

$500M in crypto holdings at risk, unrealized losses $100M QoQ

2026 revenue guide $6.5-7.5B implies 35% growth, trading at 10x forward EV/Revenue vs peers 15x

$1B program at current $220/share yields 20% upside to avg buy price $180, accelerates EPS growth

USDC circulation +120% YoY to $40B, interest revenue potential $800M in 2026

EU MiCA compliance positions for +50% revenue growth, derivatives launch Q2 2026

CEO holdings now 15M shares (+12% YoY), signal conviction ahead of halving cycle

$8B cash hoard for bolt-ons, recent custody deal at discount creates synergies est. $100M savings

Active users +40% YoY to 15M, Coinbase One penetration <10% with 50% margins

12x 2026 P/E vs fintech avg 18x, BTC correlation supports re-rating to $300/share

Spot ETH ETF approvals expected Q1 2026, custody AUM +30% projected

OpEx leverage to drive margins to 35% by 2027, +$1B free cash flow

Coinbase's 45% YoY revenue growth outpaces sector avg 25%, signaling broad trading volume rebound (+70% YoY) and diversification benefits

Op margins +1,200 bps to 25% highlights scale advantages post-bear market, vs sector compression in traditional fintech [-50 bps avg]

Net buying in crypto leaders like Coinbase (+$15M) contrasts selling in legacy banks, indicates sector bottom confirmed

Buyback ramp-up to $1B (100% YoY) prioritizes shareholders over capex, trend emerging in high-cash fintech vs dividend focus in banks

Compliance investments yielding international expansion (+80% rev), setting template for peers amid US SEC pressures

Services ARR +65% underscores sticky revenue shift (40% of total), resilient to volatility vs pure trading peers

Trading volumes post-BTC halving, guide for H1 revenue; April 29, 2026 call

Potential settlement terms, impact on $500M reserves; hearing March 15, 2026

Pace of $1B program execution, insider purchases; quarterly updates starting May 2026

AUM inflows post-approval, revenue add; approvals expected Q1 2026

EU derivatives launch impact; Q2 2026 metrics

Further CEO/VP transactions post-Q4 buying; ongoing Form 4s

Circulation and yield revenue vs Fed rates; monthly updates

Next tuck-in deals with $8B cash; AGM May 2026 for approvals