Coinbase Global, Inc. Financials

COIN

Source SEC Filings (10-K/10-Q) Updated Feb 12, 2026 Currency USD FYE February

Financial Health Signals

Financial Profile 61/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Coinbase Global, Inc. has an operating margin of 20.8%, meaning the company retains $21 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 35.1% the prior year.

Growth

Coinbase Global, Inc.'s revenue declined 99.9% year-over-year, from $6.6B to $6.9M. This contraction results in a growth score of 0/100.

Leverage

Coinbase Global, Inc. carries a low D/E ratio of 0.40, meaning only $0.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.34, Coinbase Global, Inc. holds $2.34 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 74/100.

Returns

Coinbase Global, Inc.'s ROE of 8.5% shows moderate profitability relative to equity, earning a score of 34/100. This is down from 25.1% the prior year.

Altman Z-Score Safe

1788.00

Coinbase Global, Inc. scores 1788.00, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($44.3B) relative to total liabilities ($14.9M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

5/9

Coinbase Global, Inc. passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.93x

For every $1 of reported earnings, Coinbase Global, Inc. generates $1.93 in operating cash flow ($2.4M OCF vs $1.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

16.8x

Coinbase Global, Inc. earns $16.8 in operating income for every $1 of interest expense ($1.4M vs $85K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

This page shows Coinbase Global, Inc. (COIN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Export CSV

Key Financial Metrics

Revenue

$6.9M

YoY-99.9%

5Y CAGR-64.8%

Coinbase Global, Inc. generated $6.9M in revenue in fiscal year 2025. This represents a decrease of 99.9% from the prior year.

EBITDA

$1.6M

YoY-99.9%

5Y CAGR-67.4%

Coinbase Global, Inc.'s EBITDA was $1.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 99.9% from the prior year.

Free Cash Flow

N/A

Net Income

$1.3M

YoY-100.0%

5Y CAGR-67.0%

Coinbase Global, Inc. reported $1.3M in net income in fiscal year 2025. This represents a decrease of 100.0% from the prior year.

EPS (Diluted)

$4.45

YoY-53.1%

5Y CAGR+26.0%

Coinbase Global, Inc. earned $4.45 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 53.1% from the prior year.

Cash & Debt

$11.3M

YoY-99.9%

5Y CAGR-59.7%

Coinbase Global, Inc. held $11.3M in cash against $5.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

223M

YoY-12.1%

Coinbase Global, Inc. had 223M shares outstanding in fiscal year 2025. This represents a decrease of 12.1% from the prior year.

Gross Margin

N/A

Operating Margin

20.8%

YoY-14.3pp

5Y CAGR-11.2pp

Coinbase Global, Inc.'s operating margin was 20.8% in fiscal year 2025, reflecting core business profitability. This is down 14.3 percentage points from the prior year.

Net Margin

18.3%

YoY-21.0pp

5Y CAGR-6.9pp

Coinbase Global, Inc.'s net profit margin was 18.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 21.0 percentage points from the prior year.

Return on Equity

8.5%

YoY-16.6pp

5Y CAGR-24.9pp

Coinbase Global, Inc.'s ROE was 8.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 16.6 percentage points from the prior year.

R&D Spending

$1.7M

YoY-99.9%

5Y CAGR-63.9%

Coinbase Global, Inc. invested $1.7M in research and development in fiscal year 2025. This represents a decrease of 99.9% from the prior year.

Share Buybacks

$790K

5Y CAGR-16.4%

Coinbase Global, Inc. spent $790K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

COIN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$6.9M-99.9%	$6.6B+111.2%	$3.1B-2.7%	$3.2B-59.3%	$7.8B+513.7%	$1.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$1.7M-99.9%	$1.5B+10.8%	$1.3B-43.1%	$2.3B+80.1%	$1.3B+375.3%	$271.7M
SG&A Expenses	$1.6M-99.9%	$1.3B+21.0%	$1.1B-32.9%	$1.6B+76.0%	$909.4M+224.9%	$279.9M
Operating Income	$1.4M-99.9%	$2.3B+1527.2%	-$161.7M+94.0%	-$2.7B-188.1%	$3.1B+652.3%	$409.0M
Interest Expense	$85K-99.9%	$80.6M-2.6%	$82.8M-6.9%	$88.9M+204.9%	$29.2M	$0
Income Tax	$262K-99.9%	$363.6M+311.7%	-$171.7M+60.9%	-$439.6M+26.4%	-$597.2M-787.3%	$86.9M
Net Income	$1.3M-100.0%	$2.6B+2618.5%	$94.9M+103.6%	-$2.6B-172.4%	$3.6B+1024.4%	$322.3M
EPS (Diluted)	$4.45-53.1%	$9.48+2462.2%	$0.37+103.1%	$-11.83-181.6%	$14.50+935.7%	$1.40

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.8B-4.7%	$1.9B+24.8%	$1.5B-26.4%	$2.0B-10.4%	$2.3B+88.5%	$1.2B-16.9%	$1.4B-11.5%	$1.6B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$497.3M+15.5%	$430.6M+11.2%	$387.3M+9.0%	$355.4M-3.6%	$368.7M-2.3%	$377.4M+3.6%	$364.3M+1.8%	$357.9M
SG&A Expenses	$453.1M+8.3%	$418.4M+18.3%	$353.7M-10.3%	$394.3M+8.8%	$362.5M+9.7%	$330.4M+3.2%	$320.1M+11.4%	$287.2M
Operating Income	$273.8M-43.0%	$480.5M+2049.4%	-$24.6M-103.5%	$705.8M-31.7%	$1.0B+510.0%	$169.5M-50.6%	$343.1M-54.9%	$760.5M
Interest Expense	$22.6M+3.8%	$21.8M+6.0%	$20.5M+0.1%	$20.5M-0.1%	$20.5M0.0%	$20.5M+0.1%	$20.5M+7.5%	$19.1M
Income Tax	-$219.6M-415.5%	$69.6M-82.4%	$394.9M+2243.7%	$16.8M-91.8%	$205.7M+3075.1%	-$6.9M+92.8%	-$96.4M-136.9%	$261.2M
Net Income	-$666.7M-254.1%	$432.6M-69.7%	$1.4B+2077.9%	$65.6M-94.9%	$1.3B+1610.3%	$75.5M+108.8%	$36.1M-96.9%	$1.2B
EPS (Diluted)	$-2.43-262.0%	$1.50-70.8%	$5.14+2041.7%	$0.24-94.8%	$4.66+1564.3%	$0.28+100.0%	$0.14-96.8%	$4.40

COIN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$29.7M-99.9%	$22.5B+52.8%	$14.8B-83.6%	$89.7B+321.7%	$21.3B+263.3%	$5.9B
Current Assets	$20.4M-99.9%	$18.1B+59.5%	$11.4B-86.9%	$86.4B+370.5%	$18.4B+257.9%	$5.1B
Cash & Equivalents	$11.3M-99.9%	$9.3B+69.6%	$5.5B+24.0%	$4.4B-37.9%	$7.1B+570.9%	$1.1B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$307K-99.9%	$265.3M+57.6%	$168.3M-23.6%	$220.3M	N/A	N/A
Goodwill	$4.2M-99.6%	$1.1B0.0%	$1.1B+6.1%	$1.1B+71.6%	$625.8M+710.4%	$77.2M
Total Liabilities	$14.9M-99.9%	$12.3B+44.8%	$8.5B-89.9%	$84.3B+465.8%	$14.9B+244.0%	$4.3B
Current Liabilities	$8.7M-99.9%	$7.9B+44.8%	$5.5B-93.2%	$80.8B+607.7%	$11.4B+168.9%	$4.2B
Long-Term Debt	$5.9M-99.9%	$4.2B+42.1%	$3.0B-12.2%	$3.4B+0.3%	$3.4B	$0
Total Equity	$14.8M-99.9%	$10.3B+63.6%	$6.3B+15.2%	$5.5B-14.5%	$6.4B+562.3%	$963.6M
Retained Earnings	$6.2M-99.9%	$5.0B+172.5%	$1.8B+5.5%	$1.7B-60.3%	$4.4B+499.0%	$726.3M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$29.7B-5.4%	$31.4B+33.5%	$23.5B+8.0%	$21.7B-3.6%	$22.5B-92.2%	$290.6B+1.3%	$287.0B-17.5%	$348.0B
Current Assets	$20.4B-7.7%	$22.1B+26.3%	$17.5B+0.2%	$17.5B-3.6%	$18.1B-93.7%	$286.4B+1.3%	$282.9B-17.7%	$343.8B
Cash & Equivalents	$11.3B+30.1%	$8.7B+15.1%	$7.5B-6.4%	$8.1B-13.5%	$9.3B+20.5%	$7.7B+6.9%	$7.2B+7.7%	$6.7B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$307.1M-0.4%	$308.4M+38.3%	$223.0M-9.0%	$245.1M-7.6%	$265.3M+41.8%	$187.0M-20.9%	$236.4M-15.7%	$280.4M
Goodwill	$4.2B+4.1%	$4.0B+247.1%	$1.2B0.0%	$1.2B+1.2%	$1.1B0.0%	$1.1B0.0%	$1.1B0.0%	$1.1B
Total Liabilities	$14.9B-2.9%	$15.3B+34.7%	$11.4B+1.1%	$11.3B-8.2%	$12.3B-95.6%	$281.8B+1.2%	$278.6B-18.1%	$340.0B
Current Liabilities	$8.7B-5.3%	$9.2B+11.6%	$8.2B+18.7%	$6.9B-12.7%	$7.9B-97.1%	$277.6B+1.2%	$274.4B-18.3%	$335.7B
Long-Term Debt	$5.9B+0.1%	$5.9B+99.5%	$3.0B-29.8%	$4.2B+0.1%	$4.2B+0.1%	$4.2B+0.1%	$4.2B+0.1%	$4.2B
Total Equity	$14.8B-7.7%	$16.0B+32.5%	$12.1B+15.5%	$10.5B+1.9%	$10.3B+17.7%	$8.7B+4.3%	$8.4B+3.7%	$8.1B
Retained Earnings	$6.2B-9.7%	$6.9B+6.7%	$6.5B+28.4%	$5.0B+1.3%	$5.0B+35.2%	$3.7B+2.1%	$3.6B+1.0%	$3.6B

COIN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.4M-99.9%	$3.1B+361.0%	$673.4M+142.5%	-$1.6B-139.3%	$4.0B+1275.6%	$293.5M
Capital Expenditures	N/A	N/A	N/A	$2.9M+0.8%	$2.9M-70.6%	$9.9M
Free Cash Flow	N/A	N/A	N/A	-$1.6B-139.4%	$4.0B+1322.7%	$283.6M
Investing Cash Flow	$2.0M+101.0%	-$201.0M+2.5%	-$206.2M+68.9%	-$663.8M+41.0%	-$1.1B-2313.1%	$50.8M
Financing Cash Flow	$740K-100.0%	$2.9B+446.3%	-$838.2M+85.6%	-$5.8B-158.5%	$10.0B+265.5%	$2.7B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$790K	$0	$0	$0	$0-100.0%	$1.9M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$3.1B+490.7%	-$784.5M-338.8%	$328.5M+279.8%	-$182.7M-112.1%	$1.5B+117.0%	$696.5M+43.9%	$484.2M+17.7%	$411.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$397.2M+46.0%	-$735.6M-7.4%	-$685.2M-195.8%	-$231.7M-824.7%	$32.0M+136.0%	-$88.7M-376.5%	-$18.6M+85.2%	-$125.7M
Financing Cash Flow	-$1.2B-136.3%	$3.2B+913.3%	-$391.1M+56.2%	-$893.8M-140.3%	$2.2B+813.2%	-$311.3M+66.7%	-$933.7M-148.4%	$1.9B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

COIN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	20.8%-14.3pp	35.1%+40.3pp	-5.2%+79.7pp	-84.9%-124.1pp	39.2%+7.2pp	32.0%
Net Margin	18.3%-21.0pp	39.3%+36.2pp	3.0%+85.2pp	-82.2%-128.4pp	46.2%+21.0pp	25.2%
Return on Equity	8.5%-16.6pp	25.1%+23.6pp	1.5%	N/A	56.8%+23.3pp	33.5%
Return on Assets	4.3%-7.2pp	11.4%+10.8pp	0.6%+3.6pp	-2.9%-20.0pp	17.0%+11.5pp	5.5%
Current Ratio	2.34+0.1	2.28+0.2	2.07+1.0	1.07-0.5	1.61+0.4	1.21
Debt-to-Equity	0.40-0.0	0.41-0.1	0.47-0.1	0.62+0.1	0.53+0.5	0.00
FCF Margin	N/A	N/A	N/A	-49.7%-101.2pp	51.5%+29.3pp	22.2%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	15.4%-10.3pp	25.7%+27.4pp	-1.7%-36.4pp	34.7%-10.8pp	45.5%+31.4pp	14.1%-9.6pp	23.7%-22.8pp	46.4%
Net Margin	-37.4%-60.6pp	23.2%-72.3pp	95.4%+92.2pp	3.2%-53.6pp	56.8%+50.6pp	6.3%+3.8pp	2.5%-69.3pp	71.8%
Return on Equity	N/A	2.7%-9.1pp	11.8%+11.2pp	0.6%-11.9pp	12.6%+11.7pp	0.9%+0.4pp	0.4%-14.1pp	14.6%
Return on Assets	-2.3%-3.6pp	1.4%-4.7pp	6.1%+5.8pp	0.3%-5.4pp	5.7%+5.7pp	0.0%+0.0pp	0.0%-0.3pp	0.3%
Current Ratio	2.34-0.1	2.40+0.3	2.13-0.4	2.52+0.2	2.28+1.2	1.030.0	1.030.0	1.02
Debt-to-Equity	0.40+0.0	0.37+0.1	0.25-0.2	0.400.0	0.41-0.1	0.48-0.0	0.51-0.0	0.52
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

CME Group CME

$109.0B

Intercontinental Exchange Inc ICE

$86.5B

Moody'S Corp MCO

$76.1B

Nasdaq Inc NDAQ

$45.4B

MSCI Inc MSCI

$38.7B

Frequently Asked Questions

What is Coinbase Global, Inc.'s annual revenue?

Coinbase Global, Inc. (COIN) reported $6.9M in total revenue for fiscal year 2025. This represents a -99.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Coinbase Global, Inc.'s revenue growing?

Coinbase Global, Inc. (COIN) revenue declined by 99.9% year-over-year, from $6.6B to $6.9M in fiscal year 2025.

Is Coinbase Global, Inc. profitable?

Yes, Coinbase Global, Inc. (COIN) reported a net income of $1.3M in fiscal year 2025, with a net profit margin of 18.3%.

What is Coinbase Global, Inc.'s earnings per share (EPS)?

Coinbase Global, Inc. (COIN) reported diluted earnings per share of $4.45 for fiscal year 2025. This represents a -53.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Coinbase Global, Inc.'s EBITDA?

Coinbase Global, Inc. (COIN) had EBITDA of $1.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Coinbase Global, Inc. have?

As of fiscal year 2025, Coinbase Global, Inc. (COIN) had $11.3M in cash and equivalents against $5.9M in long-term debt.

What is Coinbase Global, Inc.'s operating margin?

Coinbase Global, Inc. (COIN) had an operating margin of 20.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Coinbase Global, Inc.'s net profit margin?

Coinbase Global, Inc. (COIN) had a net profit margin of 18.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Coinbase Global, Inc.'s return on equity (ROE)?

Coinbase Global, Inc. (COIN) has a return on equity of 8.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Coinbase Global, Inc.'s operating cash flow?

Coinbase Global, Inc. (COIN) generated $2.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Coinbase Global, Inc.'s total assets?

Coinbase Global, Inc. (COIN) had $29.7M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Coinbase Global, Inc. spend on research and development?

Coinbase Global, Inc. (COIN) invested $1.7M in research and development during fiscal year 2025.

Does Coinbase Global, Inc. buy back shares?

Yes, Coinbase Global, Inc. (COIN) spent $790K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Coinbase Global, Inc. have outstanding?

Coinbase Global, Inc. (COIN) had 223M shares outstanding as of fiscal year 2025.

What is Coinbase Global, Inc.'s current ratio?

Coinbase Global, Inc. (COIN) had a current ratio of 2.34 as of fiscal year 2025, which is generally considered healthy.

What is Coinbase Global, Inc.'s debt-to-equity ratio?

Coinbase Global, Inc. (COIN) had a debt-to-equity ratio of 0.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Coinbase Global, Inc.'s return on assets (ROA)?

Coinbase Global, Inc. (COIN) had a return on assets of 4.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Coinbase Global, Inc.'s Altman Z-Score?

Coinbase Global, Inc. (COIN) has an Altman Z-Score of 1788.00, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Coinbase Global, Inc.'s Piotroski F-Score?

Coinbase Global, Inc. (COIN) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Coinbase Global, Inc.'s earnings high quality?

Coinbase Global, Inc. (COIN) has an earnings quality ratio of 1.93x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Coinbase Global, Inc. cover its interest payments?

Coinbase Global, Inc. (COIN) has an interest coverage ratio of 16.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Coinbase Global, Inc.?

Coinbase Global, Inc. (COIN) scores 61 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.