Coinbase Global
COIN · NasdaqFinance Services · Fiscal year ends Dec 31
Coinbase Global reported revenue of $7.2B in the fiscal year ended Dec 2025, up 9.4% from the year before. Operating income was $1.4B, an operating margin of 20.0%, and net income was $1.3B. It held more cash than debt (net cash $4.1B).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $7.8B | $3.2B | $3.1B | $6.6B | $7.2B |
| Research & development | $1.3B | $2.3B | $1.3B | $1.5B | $1.7B |
| Operating income | $3.1B | −$2.7B | −$162M | $2.3B | $1.4B |
| Interest expense | $29M | $89M | $83M | $81M | $85M |
| Pre-tax income | $3B | −$3.1B | −$77M | $2.9B | $1.5B |
| Income tax | −$597M | −$440M | −$172M | $364M | $262M |
| Net income | $3.6B | −$2.6B | $95M | $2.6B | $1.3B |
| Diluted EPS | 14.50 | −11.83 | 0.37 | 9.48 | 4.45 |
| Diluted shares | 220M | 222M | 254M | 273M | 287M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $7.1B | $4.4B | $5.5B | $9.3B | $11.3B |
| Receivables | – | $220M | $168M | $265M | $307M |
| Current assets | $18.4B | $86.4B | $11.4B | $18.1B | $20.4B |
| Net PP&E | $59M | $172M | $193M | $200M | $265M |
| Goodwill | $626M | $1.1B | $1.1B | $1.1B | $4.2B |
| Total assets | $21.3B | $89.7B | $14.8B | $22.5B | $29.7B |
| Payables | $40M | $56M | $39M | $63M | $118M |
| Current liabilities | $11.4B | $80.8B | $5.5B | $7.9B | $8.7B |
| Short-term debt | $20M | $21M | $0 | $0 | $1.3B |
| Long-term debt | $3.4B | $3.4B | $3B | $4.2B | $5.9B |
| Total liabilities | $14.9B | $84.3B | $8.5B | $12.3B | $14.9B |
| Shareholders' equity | $6.4B | $5.5B | $6.3B | $10.3B | $14.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $4B | −$1.6B | $673M | $3.1B | $2.4B |
| Capital expenditure | $3M | $3M | – | – | – |
| Free cash flow | $4B | −$1.6B | – | – | – |
| Depreciation & amortisation | $64M | $154M | $140M | $128M | $188M |
| Stock-based compensation | $821M | $1.6B | $781M | $913M | $839M |
| Acquisitions | $71M | $186M | $31M | $0 | $742M |
| Share buybacks | – | – | $0 | $0 | $790M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −59.3% | −2.7% | 111.2% | 9.4% |
| Operating income growth (YoY) | – | −188.1% | – | – | −37.8% |
| EPS growth (YoY) | – | −181.6% | – | 2462.2% | −53.1% |
| Operating margin | 39.2% | −84.8% | −5.2% | 35.1% | 20.0% |
| Net margin | 46.2% | −82.2% | 3.1% | 39.3% | 17.6% |
| Return on equityBlank when equity is negative | 56.8% | −48.1% | 1.5% | 25.1% | 8.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 31.2% | −30.4% | −1.7% | 15.8% | 6.8% |
| Free cash flow margin | 51.5% | −49.7% | – | – | – |
| Cash conversion (CFO ÷ net income) | 1.11x | 0.60x | 7.10x | 1.20x | 1.93x |
| Receivable days | – | 25 | 20 | 15 | 16 |
| Interest cover | 106x | −30.5x | −1.95x | 28.6x | 16.8x |
| Debt ÷ equity | 0.53x | 0.63x | 0.47x | 0.41x | 0.49x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$3.7B | −$1B | −$2.5B | −$5.1B | −$4.1B |
| Current ratio | 1.61x | 1.07x | 2.07x | 2.28x | 2.34x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.