As of Q4'25 (2025-12-31), Coinbase (COIN) reported an operating income of USD 274M, representing a year-over-year decline of 73.5%. This marks a significant drop from the previous quarter's operating income of USD 481M and a negative YoY growth rate, indicating a reversal from the strong gains seen earlier in 2024. From Q1'23 to Q4'25, COIN's operating income exhibited substantial volatility. The company moved from negative operating income in 2023 to a peak of USD 1B in Q4'24, driven by exceptional YoY growth rates exceeding 700% in early 2024. However, this momentum reversed in 2025, with operating income dropping sharply and YoY growth turning negative in multiple quarters, highlighting a period of instability and potential operational challenges after a brief period of robust profitability.