COIN Misses Q4 Revenue Targets, Sales Drop 21.6% YoY

Coin (NASDAQ:COIN) reported Q4 CY2025 revenue of $1.78 billion, a 21.6% year-on-year decline, and non-GAAP EPS of $0.66, 31.2% below consensus. January 13, 2026. Key context: The company’s five-year revenue CAGR was 41.2%, up to 52% in the past two years. Twelve-month revenue guidance implies 14.3% growth, down from recent acceleration. Free cash flow for Q4 was $3.07 billion, a 172% margin, up from 129.6 percentage points in the same quarter last year. While cash flow remains strong and free cash flow margin averaged 36.3% over the last two years, the miss and softer-than-expected EBITDA pressured the stock, which closed flat at $141.73 after the report.