As of Q4'25, COIN reported a net income of -666.7M USD, marking a significant decline from the previous quarter’s 432.6M USD. The year-over-year net income growth rate for this period stands at -151.7%, indicating a sharp reversal compared to prior quarters. From Q1'23 to Q4'25, COIN’s net income exhibited substantial volatility, transitioning from negative values in early 2023 to strong profitability in 2024, with notable peaks at 1.29B USD in Q4'24 and 1.43B USD in Q2'25. However, this upward momentum was interrupted by a dramatic downturn in Q4'25, where both net income and YoY growth plummeted, signaling heightened earnings instability and potential operational or market challenges in the latest period.