Coinbase Global, Inc. Financials
Coinbase Global, Inc. (COIN) reported $7.2B in revenue for fiscal year 2025, up 9.4% from the prior fiscal year. This page shows its 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).
Coinbase’s core mechanic is a cash-rich balance sheet supporting an earnings engine whose cash drop-through became less efficient in FY2025.
Revenue kept rising into FY2025, yet operating cash flow slipped from$3.1B in FY2024 to$2.4B in FY2025, so accounting profit and cash generation were moving in the same direction but not with the same force. Because cash and equivalents still increased to$11.3B while long-term debt reached$5.9B , liquidity strengthened even as cash conversion quality softened.
The balance sheet looks more deliberately buffered than strained, which matters because assets have moved far more than revenue across recent years. Equity reached
After the sharp FY2024 rebound, FY2025 reads less like a demand break than a cost base catching up with revenue. R&D plus SG&A increased to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Coinbase Global, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Coinbase Global, Inc. has an operating margin of 20.0%, meaning the company retains $20 of operating profit per $100 of revenue. This results in a moderate score of 61/100, indicating healthy but not exceptional operating efficiency. This is down from 35.1% the prior year.
Coinbase Global, Inc.'s revenue grew 9.4% year-over-year to $7.2B, a solid pace of expansion. This earns a growth score of 95/100.
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 98/100, indicating a strong balance sheet with room for future borrowing.
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 66/100.
Not available for Coinbase Global, Inc., and counted as zero in the overall score.
Coinbase Global, Inc.'s ROE of 8.8% shows moderate profitability relative to equity, earning a score of 45/100. This is down from 25.3% the prior year.
Coinbase Global, Inc. scores 3.10, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($48.0B) relative to total liabilities ($14.9B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Coinbase Global, Inc. passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Coinbase Global, Inc. generates $1.87 in operating cash flow ($2.4B OCF vs $1.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Coinbase Global, Inc. earns $16.81 in operating income for every $1 of interest expense ($1.4B vs $85.4M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Coinbase Global, Inc. generated $7.2B in revenue in fiscal year 2025. This represents an increase of 9.4% from the prior year.
Coinbase Global, Inc.'s EBITDA was $1.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 33.3% from the prior year.
Coinbase Global, Inc. reported $1.3B in net income in fiscal year 2025. This represents a decrease of 50.0% from the prior year.
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 & Balance Sheet
Coinbase Global, Inc. held $11.3B in cash against $5.9B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Coinbase Global, Inc.'s operating margin was 20.0% in fiscal year 2025, reflecting core business profitability. This is down 15.2 percentage points from the prior year.
Coinbase Global, Inc.'s net profit margin was 18.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 21.5 percentage points from the prior year.
Coinbase Global, Inc.'s ROE was 8.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 16.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Coinbase Global, Inc. invested $1.7B in research and development in fiscal year 2025. This represents an increase of 13.8% from the prior year.
Coinbase Global, Inc. spent $790.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Not reported for fiscal year 2025.
COIN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.3B | $7.2B+9.4% | $6.6B+111.2% | $3.1B-2.7% | $3.2B-59.3% | $7.8B+513.7% | $1.3B+139.3% | $533.7M |
| R&D Expenses | $1.9B | $1.7B+13.8% | $1.5B+10.8% | $1.3B-43.1% | $2.3B+80.1% | $1.3B+375.3% | $271.7M+46.8% | $185.0M |
| SG&A Expenses | $1.6B | $1.6B+24.6% | $1.3B+21.0% | $1.1B-32.9% | $1.6B+76.0% | $909.4M+224.9% | $279.9M+20.7% | $231.9M |
| Operating Income | $619.4M | $1.4B-37.8% | $2.3B+1527.2% | -$161.7M+94.0% | -$2.7B-188.1% | $3.1B+652.3% | $409.0M+993.2% | -$45.8M |
| Interest Expense | $89.5M | $85.4M+5.9% | $80.6M-2.6% | $82.8M-6.9% | $88.9M+204.9% | $29.2M | $0 | N/A |
| Income Tax | -$256.5M | $261.7M-28.0% | $363.6M+311.7% | -$171.7M+60.9% | -$439.6M+26.4% | -$597.2M-787.3% | $86.9M+678.1% | -$15.0M |
| Net Income | -$948.1M | $1.3B-50.0% | $2.6B+2500.0% | $100.0M+103.8% | -$2.6B-172.2% | $3.6B+1016.9% | $322.3M+1160.7% | -$30.4M |
| EPS (Diluted) | — | $4.45-53.1% | $9.48+2462.2% | $0.37+103.1% | -$11.83-181.6% | $14.50+935.7% | $1.40 | -$0.50 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
COIN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $29.7B+31.6% | $22.5B+52.8% | $14.8B-83.6% | $89.7B+321.7% | $21.3B+263.3% | $5.9B | N/A |
| Current Assets | $20.4B+12.6% | $18.1B+59.5% | $11.4B-86.9% | $86.4B+370.5% | $18.4B+257.9% | $5.1B | N/A |
| Cash & Equivalents | $11.3B+21.2% | $9.3B+69.6% | $5.5B+24.0% | $4.4B-37.9% | $7.1B+570.9% | $1.1B+93.4% | $548.9M |
| Accounts Receivable | $307.1M+15.8% | $265.3M+57.6% | $168.3M-23.6% | $220.3M | N/A | N/A | N/A |
| Goodwill | $4.2B+265.8% | $1.1B0.0% | $1.1B+6.1% | $1.1B+71.6% | $625.8M+710.4% | $77.2M+41.2% | $54.7M |
| Total Liabilities | $14.9B+21.3% | $12.3B+44.8% | $8.5B-89.9% | $84.3B+465.8% | $14.9B+244.0% | $4.3B | N/A |
| Current Liabilities | $8.7B+9.6% | $7.9B+44.8% | $5.5B-93.2% | $80.8B+607.7% | $11.4B+168.9% | $4.2B | N/A |
| Long-Term Debt | $5.9B+40.2% | $4.2B+42.1% | $3.0B-12.2% | $3.4B+0.3% | $3.4B | $0 | N/A |
| Total Equity | $14.8B+43.9% | $10.3B+63.6% | $6.3B+15.2% | $5.5B-14.5% | $6.4B+562.3% | $963.6M+93.8% | $497.1M |
| Retained Earnings | $6.2B+25.4% | $5.0B+172.5% | $1.8B+5.5% | $1.7B-60.3% | $4.4B+499.0% | $726.3M | N/A |
Not reported in any period shown, so not listed: Inventory.
COIN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.7B | $2.4B-21.8% | $3.1B+361.0% | $673.4M+142.5% | -$1.6B-139.3% | $4.0B+1275.6% | $293.5M+464.2% | -$80.6M |
| Capital Expenditures | N/A | N/A | N/A | N/A | $2.9M+0.8% | $2.9M-70.6% | $9.9M-70.4% | $33.5M |
| Free Cash Flow | N/A | N/A | N/A | N/A | -$1.6B-139.4% | $4.0B+1322.7% | $283.6M+348.6% | -$114.1M |
| Investing Cash Flow | -$1.7B | -$2.0B-919.7% | -$201.0M+2.5% | -$206.2M+68.9% | -$663.8M+41.0% | -$1.1B-2313.1% | $50.8M+148.2% | -$105.4M |
| Financing Cash Flow | -$1.5B | $740.3M-74.5% | $2.9B+446.3% | -$838.2M+85.6% | -$5.8B-158.5% | $10.0B+265.5% | $2.7B+16536.8% | -$16.6M |
| Share Buybacks | N/A | $790.2M | $0 | $0 | $0 | $0-100.0% | $1.9M-90.8% | $21.0M |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
COIN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Margin | 20.0%-15.2pp | 35.1%+40.3pp | -5.2%+79.7pp | -84.9%-124.1pp | 39.2%+7.2pp | 32.0%+40.6pp | -8.6% |
| Net Margin | 18.1%-21.5pp | 39.6%+36.4pp | 3.2%+84.6pp | -81.4%-127.3pp | 45.9%+20.7pp | 25.2%+30.9pp | -5.7% |
| Return on Equity | 8.8%-16.5pp | 25.3%+23.7pp | 1.6%+49.3pp | -47.7%-104.1pp | 56.4%+23.0pp | 33.5%+39.6pp | -6.1% |
| Return on Assets | 4.4%-7.2pp | 11.5%+10.8pp | 0.7%+3.6pp | -2.9%-19.8pp | 16.9%+11.4pp | 5.5% | N/A |
| Current Ratio | 2.34+0.1x | 2.28+0.2x | 2.07+1.0x | 1.07-0.5x | 1.61+0.4x | 1.21 | N/A |
| Debt-to-Equity | 0.400.0x | 0.41-0.1x | 0.47-0.1x | 0.62+0.1x | 0.53+0.5x | 0.00 | N/A |
| FCF Margin | N/A | N/A | N/A | -49.7%-101.2pp | 51.5%+29.3pp | 22.2%+43.6pp | -21.4% |
Not reported in any period shown, so not listed: Gross Margin.
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Where Coinbase Global, Inc. Ranks
Frequently Asked Questions
What is Coinbase Global, Inc.'s annual revenue?
Coinbase Global, Inc. (COIN) reported $7.2B in total revenue for fiscal year 2025. This represents a 9.4% 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 grew by 9.4% year-over-year, from $6.6B to $7.2B in fiscal year 2025.
Is Coinbase Global, Inc. profitable?
Yes, Coinbase Global, Inc. (COIN) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 18.1%.
What is Coinbase Global, Inc.'s EBITDA?
Coinbase Global, Inc. (COIN) had EBITDA of $1.6B 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 $11.3B in cash and equivalents against $5.9B in long-term debt.
What is Coinbase Global, Inc.'s operating margin?
Coinbase Global, Inc. (COIN) had an operating margin of 20.0% 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 18.1% 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 8.8% 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 $2.4B 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 $29.7B 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 $1.7B in research and development during 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 4.4% 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 3.10, 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 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 1.87x, 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 16.81x, 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 Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.