Coinbase
COIN Nasdaq Financial Exchanges & Data Financials FY2019–FY2025
Coinbase's revenue rose 9.4% to $7.2 billion in fiscal 2025. Its operating margin was 20.0%, down from 35.1% a year earlier. Free cash flow was $2.3 billion, down 23.6%. It paid out $790 million in dividends and buybacks, 35% of free cash flow. The diluted share count rose 5.1%.
What Coinbase does
Coinbase runs a platform where people and businesses buy, sell, hold and use crypto assets. It says it is working toward becoming the "Everything Exchange": in December 2025 it widened what customers can trade to include stocks, commodity futures, perpetual futures and prediction markets, as well as crypto.
It serves three groups of customers. Consumers are retail users who hold, invest or trade. Institutions include market makers, asset managers, hedge funds, banks and companies, who use its custody and trading products. Developers, such as technology firms, banks and payment companies, use its Base Chain and Coinbase Developer Platform to build crypto products.
Coinbase makes money in two main ways: transaction fees, for example on consumer trading, and subscription products, such as its stablecoin products. It says it holds customer assets one-to-one at all times. It also stakes crypto for customers, lends to them against collateral, and holds some investments in decentralized finance protocols.
- Legal name
- Coinbase Global, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 12, 2026
- Accession · CIK
- 0001679788-26-000015
0001679788
Revenue and margins
Coinbase had $7.2B of revenue in fiscal 2025, up 9.4% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.3B in fiscal 2025, 31.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Coinbase returned $790M to shareholders in fiscal 2025, 35% of free cash flow. The diluted share count rose 5.1%.
Value Coinbase yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $3.9B and divides by 287.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Coinbase can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $7.1B | $4.4B | $5.5B | $9.3B | $11.6B |
| Debt incl. finance leases | $3.4B | $3.4B | $3.0B | $4.6B | $7.7B |
| Net debt / EBITDA | −1.2x | — | — | −1.9x | −2.4x |
| Debt / equity | 0.5x | 0.6x | 0.5x | 0.5x | 0.5x |
| Interest coverage | 105.5x | −30.5x | −2.0x | 28.6x | 16.8x |
| Current ratio | 1.6x | 1.1x | 2.1x | 2.3x | 2.3x |
| Quick ratio | 1.6x | 1.1x | 2.1x | 2.3x | 2.3x |
| Total assets | $21.3B | $89.7B | $14.8B | $22.5B | $29.7B |
| Total liabilities | $14.9B | $84.3B | $8.5B | $12.3B | $14.9B |
| Shareholders' equity | $6.4B | $5.5B | $6.3B | $10.3B | $14.8B |
| Net debt (− = net cash) | −$3.7B | −$1.0B | −$2.5B | −$4.7B | −$3.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$27.1M
5 insiders
Of sales under plans
100%
$27.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 2, 2026 | Marc L AndreessenDirector | Sold plan | 6,838 | $198.00 | $1.4M | Form 4 |
| Oct 1, 2026 | Marc L AndreessenDirector | Sold plan | 13,676 | $186.18 | $2.5M | Form 4 |
| Sep 21, 2026 | Alesia J HaasChief Financial Officer | Sold plan | 39,030 | $205.24 | $8.0M | Form 4 |
| Sep 21, 2026 | Marc L AndreessenDirector | Sold plan | 6,838 | $205.05 | $1.4M | Form 4 |
| Sep 8, 2026 | Marc L AndreessenDirector | Sold plan | 13,676 | $181.14 | $2.5M | Form 4 |
| Sep 1, 2026 | Frederick R WilsonDirector | Sold plan | 10,000 | $178.93 | $1.8M | Form 4 |
| Aug 24, 2026 | Jennifer N. JonesChief Accounting Officer | Sold plan | 2,062 | $188.75 | $0.4M | Form 4 |
| Aug 3, 2026 | Frederick R WilsonDirector | Sold plan | 35,068 | $144.31 | $5.1M | Form 4 |
| Jul 1, 2026 | Frederick R WilsonDirector | Sold plan | 10,000 | $159.09 | $1.6M | Form 4 |
| Jun 5, 2026 | Jennifer N. JonesChief Accounting Officer | Sold plan | 2,051 | $158.15 | $0.3M | Form 4 |
| Jun 1, 2026 | Frederick R WilsonDirector | Sold plan | 10,000 | $181.54 | $1.8M | Form 4 |
| May 27, 2026 | Paul GrewalChief Legal Officer | Sold plan | 1,960 | $176.88 | $0.3M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✓ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | 6 / 8 | 6 / 8 | 4 / 8 |
| Accruals ratio | −1.1% | −2.8% | −4.5% |
| Altman Z'' | 3.72 | 5.25 | 4.64 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Coinbase COIN | $43.3B | 9.4% | 20.0% | 31.9% | 14.5% | — | 4 | |
| Robinhood HOOD | $86.7B | 51.6% | — | 36.3% | — | 41.9x | — | Compare → |
| PayPal PYPL | $52.5B | 4.3% | 18.3% | 16.8% | 25.7% | 10.7x | 7 | Compare → |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $534M | $1.3B | $7.8B | $3.2B | $3.1B | $6.6B | $7.2B |
| Research and development | $185M | $272M | $1.3B | $2.3B | $1.3B | $1.5B | $1.7B |
| Operating income | −$45.8M | $409M | $3.1B | −$2.7B | −$162M | $2.3B | $1.4B |
| Interest expense | $0.0M | $0.0M | $29.2M | $88.9M | $82.8M | $80.6M | $85.4M |
| Pretax income | −$45.4M | $409M | $3.0B | −$3.1B | −$76.8M | $2.9B | $1.5B |
| Income tax | −$15.0M | $86.9M | −$597M | −$440M | −$172M | $364M | $262M |
| Net income | −$30.4M | $322M | $3.6B | −$2.6B | $94.9M | $2.6B | $1.3B |
| Diluted EPS | −$0.50 | $1.40 | $14.50 | −$11.83 | $0.37 | $9.48 | $4.45 |
| Diluted shares | 0.06B | 0.09B | 0.22B | 0.22B | 0.25B | 0.27B | 0.29B |
| Cash flow | |||||||
| Cash from operations | −$80.6M | $294M | $4.0B | −$1.6B | $673M | $3.1B | $2.4B |
| Capital expenditure | $33.5M | $9.9M | $2.9M | $2.9M | $0.0M | $111M | $138M |
| Free cash flow | −$114M | $284M | $4.0B | −$1.6B | $673M | $3.0B | $2.3B |
| Depreciation and amortization | $16.9M | $31.0M | $63.7M | $154M | $140M | $128M | $188M |
| Stock-based compensation | $31.1M | $70.5M | $821M | $1.6B | $781M | $913M | $839M |
| Acquisitions | $5.7M | $33.6M | $70.9M | $186M | $30.7M | $0.0M | $742M |
| Share buybacks | $21.0M | $1.9M | $0.0M | $0.0M | $0.0M | $0.0M | $790M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $21.0M | $1.9M | $0.0M | $0.0M | $0.0M | $0.0M | $790M |
| Balance sheet | |||||||
| Cash and short-term investments | $549M | $1.1B | $7.1B | $4.4B | $5.5B | $9.3B | $11.6B |
| Total debt | — | $0.0M | $3.4B | $3.4B | $3.0B | $4.6B | $7.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $5.1B | $18.4B | $86.4B | $11.4B | $18.1B | $20.4B |
| Current liabilities | — | $4.2B | $11.4B | $80.8B | $5.5B | $7.9B | $8.7B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $49.2M | $59.2M | $172M | $193M | $200M | $265M |
| Total assets | — | $5.9B | $21.3B | $89.7B | $14.8B | $22.5B | $29.7B |
| Total liabilities | — | $4.3B | $14.9B | $84.3B | $8.5B | $12.3B | $14.9B |
| Shareholders' equity | $497M | $964M | $6.4B | $5.5B | $6.3B | $10.3B | $14.8B |
| Margins | |||||||
| Operating margin | −8.6% | 32.0% | 39.2% | −84.9% | −5.2% | 35.2% | 20.0% |
| EBITDA margin | −5.4% | 34.4% | 40.1% | −80.0% | −0.7% | 37.1% | 22.6% |
| Net margin | −5.7% | 25.2% | 46.2% | −82.2% | 3.1% | 39.3% | 17.6% |
| FCF margin | −21.4% | 22.2% | 51.5% | −49.7% | 21.7% | 45.6% | 31.9% |
| Returns | |||||||
| Return on capital | — | — | — | — | — | 43.3% | 14.5% |
| Return on capital employed | — | — | 53.7% | −28.9% | −1.8% | 19.3% | 8.1% |
| Return on equity | — | — | 98.7% | −44.4% | 1.6% | 31.2% | 10.1% |
| Return on assets | — | — | 26.7% | −4.7% | 0.2% | 13.8% | 4.8% |
| Growth | |||||||
| Revenue growth | — | 139.4% | 513.7% | −59.3% | −2.7% | 111.2% | 9.4% |
| Net income growth | — | — | 1,024.4% | −172.4% | — | 2,618.5% | −51.1% |
| EPS growth | — | — | 935.7% | −181.6% | — | 2,462.2% | −53.1% |
| FCF growth | — | — | 1,322.7% | −139.4% | — | 344.5% | −23.6% |
| Share count change | — | 48.8% | 141.2% | 1.1% | 14.4% | 7.5% | 5.1% |
| Financial health | |||||||
| Net debt / EBITDA | — | −2.4x | −1.2x | — | — | −1.9x | −2.4x |
| Debt / equity | — | 0.0x | 0.5x | 0.6x | 0.5x | 0.5x | 0.5x |
| Interest coverage | — | — | 105.5x | −30.5x | −2.0x | 28.6x | 16.8x |
| Current ratio | — | 1.2x | 1.6x | 1.1x | 2.1x | 2.3x | 2.3x |
| Quick ratio | — | 1.2x | 1.6x | 1.1x | 2.1x | 2.3x | 2.3x |
| Capital allocation | |||||||
| Capex / revenue | 6.3% | 0.8% | 0.0% | 0.1% | 0.0% | 1.7% | 1.9% |
| Stock comp / revenue | 5.8% | 5.5% | 10.5% | 49.0% | 25.1% | 13.9% | 11.7% |
| Payouts / FCF | — | 0.7% | 0.0% | — | 0.0% | 0.0% | 34.5% |
| Quality scores | |||||||
| Piotroski F-score | — | — | — | 2.0 | 6.0 | 6.0 | 4.0 |
| Altman Z'' | — | 2.1 | 4.2 | 0.3 | 3.7 | 5.3 | 4.6 |
| Accruals ratio | — | — | −3.1% | −1.9% | −1.1% | −2.8% | −4.5% |
Source: SEC EDGAR XBRL filings (CIK 0001679788). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.