What are Coinbase Global, Inc.'s key strengths in the 10-K?

The analysis identified 3 key strengths: Net revenue grew in 2025, primarily driven by subscription and services revenue, offsetting a decline in transaction revenue.; User engagement (MTUs) increased, supported by rewards programs and stablecoin adoption, while Assets on Platform decreased due to market price declines.; Operating cash flow decreased due to incident-related costs and increased expenses, despite revenue growth..

What are the top risks for Coinbase Global, Inc. (COIN)?

The top risks identified in the 10-K filing are: Regulatory Uncertainty and Compliance Burden, Cybersecurity Threats and Data Breaches, Intensifying Competition and Regulatory Disadvantage. The company faces a high-risk profile driven by significant regulatory uncertainty, escalating cybersecurity threats, and intense competition, particularly from less regulated entities. These factors present substantial challenges to its business operations, reputation, and financial performance.

COIN - Comprehensive Filing Intelligence

FY 2025•10-K•Filed Feb 12, 2026

3.0/10

Filing Health:CONCERN

Significant issues identified across multiple dimensions

Executive Summary

Net revenue grew in 2025, primarily driven by subscription and services revenue, offsetting a decline in transaction revenue.. Profitability (Net Income and Adjusted EBITDA) declined in 2025, impacted by investment losses and a significant data theft incident.. The company holds $376.1 billion in customer crypto assets, creating a significant contingent liability if these assets are not secured.. Net revenue increased to $6.9B in 2025 from $6.3B in 2024.

Top Concerns

!Net revenue grew in 2025, primarily driven by subscription and services revenue, offsetting a decline in transaction revenue.
!Profitability (Net Income and Adjusted EBITDA) declined in 2025, impacted by investment losses and a significant data theft incident.
!User engagement (MTUs) increased, supported by rewards programs and stablecoin adoption, while Assets on Platform decreased due to market price declines.
!High SBC as a percentage of revenue.
!Extensive exclusion of recurring expenses from non-GAAP metrics.

Top Positives

+Net revenue grew in 2025, primarily driven by subscription and services revenue, offsetting a decline in transaction revenue.
+User engagement (MTUs) increased, supported by rewards programs and stablecoin adoption, while Assets on Platform decreased due to market price declines.
+Operating cash flow decreased due to incident-related costs and increased expenses, despite revenue growth.

Analysis Dimensions

Our 5-pass AI analysis examines this filing across multiple dimensions. Each dimension score is derived from direct analysis of SEC filing text.

Narrative Intelligence

6.0/10

Management tone is confidently optimistic.

Full analysis includes: tone changes vs prior quarter, margin driver breakdown, forward guidance analysis, strategic priorities.

Accounting Quality

4.0/10

Earnings quality shows aggressive accounting practices.

Full analysis includes: reserve and allowance changes, non-recurring item analysis, stock-based compensation impact, disclosure concerns.

Hidden Liabilities

Off-balance sheet risk is high with $556.5 billion in identified exposure.

Full analysis includes: cloud and purchase commitments, VIE/SPE exposure, covenant compliance status, refinancing risk assessment.

Risk Landscape

2.0/10

Overall risk profile shows regulatory uncertainty and compliance burden as primary concern.

Full analysis includes: 8 risk categories with severity, new vs escalated risks, management response assessment, risk trend analysis.

Segment Performance

6.0/10

Segment health analysis.

Full analysis includes: segment-by-segment revenue breakdown, geographic concentration risk, customer concentration analysis, segment margin trends.