The latest data point for COIN's net income in Q4'25 shows a significant loss of -$667M USD, marking a sharp downturn from the positive $433M USD recorded in Q3'25 and reversing the profitability trend observed earlier in the year. This figure contrasts with the strong $1.4B USD gain in Q2'25, highlighting potential seasonal or operational challenges in the final quarter. Over the period from Q1'23 to Q4'25, net income exhibited high volatility, transitioning from consistent losses in early 2023 (e.g., -$79M USD in Q1'23 to -$97M USD in Q2'23) to robust profitability starting in Q4'23 ($273M USD), with peaks of $1.2B USD in Q4'24 and $1.4B USD in Q2'25. Year-over-year growth was erratic, surging to 15.9% in Q1'24 and 38.6% in Q2'25 but turning negative at -94% in Q1'25 and -152% in Q4'25, indicating an overall improving but unstable trajectory influenced by cryptocurrency market fluctuations. The bar chart underscores these swings, while the overlaid YoY line reveals accelerating growth in mid-period quarters before recent declines.