As of Q4'25, COIN reported a gross margin of 87.7%, an operating margin of 15.4%, and a net profit margin of -37.4%. This marks a notable decline in net profitability compared to previous quarters, despite gross margin remaining strong and operating margin staying positive. From Q1'23 to Q4'25, COIN's gross margin has consistently stayed high, fluctuating between 83.6% and 87.7%. Operating margin showed significant improvement from negative territory in 2023 to positive values in 2024, peaking at 46.4% in Q1'24 before moderating. Net profit margin, however, has been volatile, swinging from negative in early 2023 to a high of 95.4% in Q2'25, then dropping sharply to -37.4% in Q4'25, indicating substantial variability in bottom-line profitability over the period.