Direct Answer
Coinbase reports revenue across 2 product and service lines in its fiscal 2025 Form 10-K. Bank Servicing and Subscription and Circulation is the largest, with $6.9 billion of revenue (96% of the total), followed by Other Revenue at $298 million (4%). 84% of revenue came from the United States.
How Does Coinbase Make Money?
Bank Servicing and Subscription and Circulation supplies 96% of revenue, so Coinbase's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Other Revenue grew fastest (+10.0%) and Bank Servicing and Subscription and Circulation slowest (+9.4%), so the revenue mix tilts toward Other Revenue while that gap lasts.
| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Bank Servicing and Subscription and Circulation | $6.9 billion | $6.3 billion | 95.9% | 9.4% |
| Other Revenue | $298 million | $271 million | 4.1% | 10.0% |
Where Does Coinbase's Revenue Come From?
Regions follow the definitions in the filing; most companies assign revenue by customer location.
| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| United States | $6.0 billion | $5.5 billion | 83.7% | 10.1% |
| Outside the United States | $1.2 billion | $1.1 billion | 16.3% | 6.1% |
What the Segment Figures Do Not Show
The rows above add up to 100% of Coinbase's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Coinbase reported in the segment note and revenue disclosures of its Form 10-K filed February 12, 2026 (accession 0001679788-26-000015), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Coinbase's main products and services?
In its fiscal 2025 Form 10-K, Coinbase reports revenue for Bank Servicing and Subscription and Circulation and Other Revenue.
Which part of Coinbase brings in the most revenue?
Bank Servicing and Subscription and Circulation, with $6.9 billion of revenue in fiscal 2025, or 96% of the total.
How much of Coinbase's revenue comes from outside the United States?
16% in fiscal 2025, by the geographic breakdown Coinbase reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.