Coinbase
COIN Nasdaq· Financial Exchanges & Data
Last close · Oct 26, 2026
$159.60
KIRA · Stoqly’s AI analyst, in plain words
- Coinbase had $7.2B of revenue in fiscal 2025, up 9.4% on the year before. Over five years, revenue changed +41.2% a year on average.
- Its operating margin was 20.0%, down 15.2 pts: of every 100 in sales, about 20 is left after running the business.
- Coinbase made $1.3B of net profit in fiscal 2025.
- Free cash flow was $2.3B in fiscal 2025, 31.9% of revenue.
- Coinbase returned $790M to shareholders in fiscal 2025, 35% of free cash flow. The diluted share count rose 5.1%.
- Coinbase has $3.9B more cash than debt.
Market cap
$42.0B
P/E
—
Revenue
$7.2B
Net income
$1.3B
Free cash flow
$2.3B
Operating margin
20.0%
Coinbase in 30 seconds · fiscal 2025
Are sales growing?
+9.4%
Yes. Sales grew 9.4% last year.
Does it make a profit?
17.6%
Yes. It keeps 17.6% of every sale as profit.
Does profit turn into cash?
31.9%
Yes. 31.9% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
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.
Biggest risks, in its own words
- Results that swing widely because crypto markets are volatile.
- Losing customers' crypto or cash through a failure to store and manage it securely.
- Losses on staking services, on secured loans to customers and on decentralized finance investments.
- Competitors with advantages over it, and falling interest in crypto platforms.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 12, 2026
- Legal name
- Coinbase Global, Inc.
- CIK
- 0001679788
Coinbase · COIN
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $7.8B | $3.2B | $3.1B | $6.6B | $7.2B |
| Revenue growth | 513.7% | −59.3% | −2.7% | 111.2% | 9.4% |
| Operating margin | 39.2% | −84.9% | −5.2% | 35.2% | 20.0% |
| Net income | $3.6B | −$2.6B | $94.9M | $2.6B | $1.3B |
| Net margin | 46.2% | −82.2% | 3.1% | 39.3% | 17.6% |
| Diluted EPS | $14.50 | −$11.83 | $0.37 | $9.48 | $4.45 |
| Cash | |||||
| Cash from operations | $4.0B | −$1.6B | $673M | $3.1B | $2.4B |
| Capital expenditure | $2.9M | $2.9M | $0.0M | $111M | $138M |
| Free cash flow | $4.0B | −$1.6B | $673M | $3.0B | $2.3B |
| FCF margin | 51.5% | −49.7% | 21.7% | 45.6% | 31.9% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $790M |
| Share count change | 141.2% | 1.1% | 14.4% | 7.5% | 5.1% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $6.4B | $5.5B | $6.3B | $10.3B | $14.8B |
| Net debt / EBITDA | −1.2x | — | — | −1.9x | −2.4x |
| Current ratio | 1.6x | 1.1x | 2.1x | 2.3x | 2.3x |
| Interest coverage | 105.5x | −30.5x | −2.0x | 28.6x | 16.8x |
| Returns and quality | |||||
| Return on capital | — | — | — | 43.3% | 14.5% |
| Return on equity | 98.7% | −44.4% | 1.6% | 31.2% | 10.1% |
| Piotroski F-score | — | 2 | 6 | 6 | 4 |
| Altman Z'' | 4.2 | 0.3 | 3.7 | 5.3 | 4.6 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$327M
9 insiders
Of sales under plans
100%
$327M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Coinbase · COIN
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
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 | $42.0B | 9.4% | 20.0% | 31.9% | 14.5% | — | 4 |
| Robinhood HOOD | $84.7B | 51.6% | — | 36.3% | — | 40.9x | — |
| PayPal PYPL | $50.6B | 4.3% | 18.3% | 16.8% | 25.7% | 10.3x | 7 |
KIRA
At $159.60 a share, the company is worth $42.0B.
Coinbase grew sales faster than 1 of its 2 similar companies.
Source: SEC EDGAR XBRL filings (CIK 0001679788). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.