As of Q4'25, COIN's latest data shows an Operating ROA of -2.25%, with ROE at -4.51% and ROIC at -2.87%. This marks a notable decline from the previous quarter, where all three metrics were positive, indicating a recent deterioration in operating performance. From Q1'23 to Q4'25, the chart reveals significant volatility across all profitability ratios. After a period of negative returns in 2023, COIN experienced a marked recovery through late 2023 and into 2024, with peaks in Q1'24 and Q2'25 for ROA (6.09%), ROE (12.81%), and ROIC (8.73%). However, these improvements were not sustained, as all three metrics sharply reversed into negative territory by Q4'25, highlighting ongoing instability in operational efficiency and profitability over the observed period.