Overview
Coinbase Global, Inc.
Latest 10-K: FY2025, filed Feb 12, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $7.18B
- 9.4%YoYup from FY2024
- TotalRevenue
- Gross profit
- Not reported
- Operating income
- $1.44B
- 37.8%YoYdown from FY2024
- OperatingIncome
- Net income
- $1.26B
- 51.1%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $4.45
- 53.1%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 287.2M
- 5.1%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- Coinbase Global, Inc. reported revenue of $7.18B for fiscal 2025, up 9.4% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 20.0% and net margin was 17.6%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $4.45, down 53.1% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $7.18B9.4%up Benchmark median 6.4% | $6.56B111.2%up Benchmark median 4.5% | $3.11B2.7%down Benchmark median 4.8% | $3.19B59.3%down Benchmark median 10.3% | $7.84B513.7%up Benchmark median 13.8% | -2.2% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | — | — | — | — | — | — Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $1.44B37.8%down Benchmark median 7.3% | $2.31Bn/m Benchmark median 7.4% | negative: -$0.16Bn/m Benchmark median 4.9% | negative: -$2.71B188.1%down Benchmark median 7.5% | $3.08B652.3%up Benchmark median 23.5% | -17.4% Benchmark median 7.2% |
| Net Income | $1.26B51.1%down Benchmark median 4.8% | $2.58B2618.5%up Benchmark median 5.7% | $0.09Bn/m Benchmark median 1.9% | negative: -$2.62B172.4%down Benchmark median 1.3% | $3.62B1024.4%up Benchmark median 33.9% | -23.2% Benchmark median 4.1% |
| EPS (Diluted) | $4.4553.1%down Benchmark median 6.2% | $9.482462.2%up Benchmark median 7.9% | $0.37n/m Benchmark median 1.9% | negative: -$11.83181.6%down Benchmark median 1.5% | $14.50‡n/m Benchmark median 34.8% | -25.6% Benchmark median 5.6% |
‡ Share basis changed between these years (stock split or reverse split).
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $29.67B31.6%up Benchmark median 5.6% | $22.54B52.8%up Benchmark median 3.4% | $14.75B83.6%down Benchmark median 4.1% | $89.72B321.7%up Benchmark median 2.2% | $21.27B263.3%up Benchmark median 6.7% | 8.7% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $14.88B21.3%up Benchmark median 6.4% | $12.27B44.8%up Benchmark median 1.9% | $8.47B89.9%down Benchmark median 2.9% | $84.27B465.8%up Benchmark median 2.0% | $14.89B244.0%up Benchmark median 5.2% | -0.0% Benchmark median 4.4% |
| Stockholders' Equity | $14.79B43.9%up Benchmark median 6.8% | $10.28B63.6%up Benchmark median 5.4% | $6.28B15.2%up Benchmark median 7.3% | $5.45B14.5%down Benchmark median 2.5% | $6.38B562.3%up Benchmark median 9.0% | 23.4% Benchmark median 6.1% |
| Cash & Equivalents | $11.29B21.2%up Benchmark median 5.2% | $9.31B69.6%up Benchmark median 1.9% | $5.49B24.0%up Benchmark median 6.7% | $4.43B37.9%down Benchmark median -8.6% | $7.12B570.9%up Benchmark median -2.9% | 12.2% Benchmark median 2.0% |
| Total Debt | $7.66B66.2%up Benchmark median 2.1% | $4.61B54.6%up Benchmark median 0.2% | $2.98B12.7%down Benchmark median 0.3% | $3.41B0.3%up Benchmark median 0.1% | $3.40Bn/m Benchmark median -0.1% | 22.5% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.43B21.8%down Benchmark median 6.3% | $3.10B361.0%up Benchmark median 4.8% | $0.67Bn/m Benchmark median 9.9% | negative: -$1.59B139.3%down Benchmark median -0.7% | $4.04B1275.6%up Benchmark median 10.7% | -12.0% Benchmark median 7.0% |
| Capital Expenditures | — | — | — | $2.93M0.8%up Benchmark median 14.0% | $2.91M70.6%down Benchmark median 8.1% | — Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | — | — | — | negative: -$1.59B139.4%down Benchmark median -11.3% | $4.04B1322.7%up Benchmark median 10.2% | — Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
2.0%
Wall Street
on net earnings
FY2024 3.8%
— Not reported
Value investor
on free cash flow
FY2024 — Not reported
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 50.8×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
2.7%
Wall Street
on EBITDA
FY2024 3.8%
2.4%
Value investor
on EBIT
FY2024 3.6%
Gap −0.3 pts: Value-investor figure 0.3 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 37.6×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
22.8%
Wall Street
on book equity
FY2024 15.1%
14.2%
Value investor
on tangible book
FY2024 13.4%
Gap −8.6 pts: Value-investor figure 8.6 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 4.4×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
10.1%
Wall Street
ROE: net income ÷ equity
FY2024 31.2%
10.7%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 35.8%
Gap +0.6 pts: Value-investor figure 0.6 points higher
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
22.6%
Wall Street
EBITDA margin
FY2024 37.1%
— Not reported
Value investor
Free-cash-flow margin
FY2024 — Not reported
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
2.34×
Wall Street
Current ratio
FY2024 2.28×
2.34×
Value investor
Quick ratio, inventory excluded
FY2024 2.28×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.21×
Wall Street
EBITDA ÷ total debt
FY2024 0.53×
— Not reported
Value investor
FCF ÷ total debt
FY2024 — Not reported
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net cashValue investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
19.0×
Wall Street
EBITDA ÷ interest
FY2024 30.2×
16.8×
Value investor
EBIT ÷ interest
FY2024 28.6×
Gap −2.2×: Value-investor figure 2.2 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on COIN yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on COIN and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/COIN
Valuein. (2026, October 31). Coinbase Global, Inc. (COIN) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/COIN
@misc{valuein_coin_2026,
author = {{Valuein}},
title = {Coinbase Global, Inc. (COIN) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/COIN}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 12, 2026 · accession 0001679788-26-000015
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point-in-time · survivorship-free · every number traceable to its SEC filing
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