COIN Nasdaq Financial Exchanges & Data Financials FY2019βFY2025
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.
Hi! I read Coinbaseβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
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.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· 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 15.2Β pts: of every 100 in sales, about 20 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Coinbase made $1.3B of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $2.3B in fiscal 2025, 31.9% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Coinbase returned $790M to shareholders in fiscal 2025, 35% of free cash flow. The diluted share count rose 5.1%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $327M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$327M
9 insiders
Of sales under plans
100%
$327M
| 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 |
| May 22, 2026 | Lawrence J BrockChief People Officer | Sold plan | 6,616 | $189.01 | $1.3M | Form 4 |
| May 15, 2026 | Alesia J HaasChief Financial Officer | Sold plan | 9,750 | $205.64 | $2.0M | Form 4 |
| Apr 16, 2026 | Alesia J HaasChief Financial Officer | Sold plan | 10,020 | $200.00 | $2.0M | Form 4 |
| Mar 16, 2026 | Alesia J HaasChief Financial Officer | Sold plan | 9,950 | $201.60 | $2.0M | Form 4 |
| Mar 4, 2026 | Alesia J HaasChief Financial Officer | Sold plan | 10,020 | $200.00 | $2.0M | Form 4 |
| Feb 27, 2026 | Paul GrewalChief Legal Officer | Sold plan | 1,314 | $175.06 | $0.2M | Form 4 |
| Feb 24, 2026 | Lawrence J BrockChief People Officer | Sold plan | 4,821 | $154.39 | $0.7M | Form 4 |
| Feb 24, 2026 | Jennifer N. JonesChief Accounting Officer | Sold plan | 1,102 | $154.37 | $0.2M | Form 4 |
| Feb 6, 2026 | Alesia J HaasChief Financial Officer | Sold plan | 364,600 | $154.96 | $56.5M | Form 4 |
| Jan 15, 2026 | Alesia J HaasChief Financial Officer | Sold plan | 8,050 | $250.00 | $2.0M | Form 4 |
| Jan 15, 2026 | Frederick Ernest Ehrsam IIIDirector | Sold plan | 1,375 | $250.27 | $0.3M | Form 4 |
| Jan 14, 2026 | Frederick Ernest Ehrsam IIIDirector | Sold plan | 2,750 | $260.09 | $0.7M | Form 4 |
| Jan 5, 2026 | Brian ArmstrongChairman and CEO, Director, 10% owner | Sold plan | 40,000 | $248.96 | $10.0M | Form 4 |
| Jan 5, 2026 | Frederick Ernest Ehrsam IIIDirector | Sold plan | 1,375 | $250.03 | $0.3M | Form 4 |
| Jan 2, 2026 | Frederick R WilsonDirector | Sold plan | 10,000 | $234.37 | $2.3M | Form 4 |
| Dec 22, 2025 | Brian ArmstrongChairman and CEO, Director, 10% owner | Sold plan | 40,000 | $250.15 | $10.0M | Form 4 |
| Dec 18, 2025 | Frederick Ernest Ehrsam IIIDirector | Sold plan | 1,375 | $252.82 | $0.3M | Form 4 |
| Dec 15, 2025 | Alesia J HaasChief Financial Officer | Sold plan | 7,375 | $266.84 | $2.0M | Form 4 |
| Dec 9, 2025 | Frederick Ernest Ehrsam IIIDirector | Sold plan | 2,750 | $280.27 | $0.8M | Form 4 |
| Dec 8, 2025 | Brian ArmstrongChairman and CEO, Director, 10% owner | Sold plan | 40,000 | $273.86 | $11.0M | Form 4 |
| Dec 4, 2025 | Frederick Ernest Ehrsam IIIDirector | Sold plan | 4,125 | $274.06 | $1.1M | Form 4 |
| Dec 1, 2025 | Frederick R WilsonDirector | Sold plan | 10,000 | $259.19 | $2.6M | Form 4 |
| Nov 28, 2025 | Frederick Ernest Ehrsam IIIDirector | Sold plan | 1,375 | $273.28 | $0.4M | Form 4 |
| Nov 26, 2025 | Paul GrewalChief Legal Officer | Sold plan | 976 | $260.00 | $0.3M | Form 4 |
| Nov 26, 2025 | Brian ArmstrongChairman and CEO, Director, 10% owner | Sold plan | 40,000 | $257.31 | $10.3M | Form 4 |
| Nov 25, 2025 | Paul GrewalChief Legal Officer | Sold plan | 11,955 | $246.18 | $2.9M | Form 4 |
| Nov 24, 2025 | Lawrence J BrockChief People Officer | Sold plan | 5,902 | $250.58 | $1.5M | Form 4 |
| Nov 24, 2025 | Jennifer N. JonesChief Accounting Officer | Sold plan | 1,787 | $244.49 | $0.4M | Form 4 |
| Nov 20, 2025 | Jennifer N. JonesChief Accounting Officer | Sold plan | 869 | $259.93 | $0.2M | Form 4 |
| Nov 20, 2025 | Frederick Ernest Ehrsam IIIDirector | Sold plan | 2,750 | $260.33 | $0.7M | Form 4 |
| Nov 17, 2025 | Brian ArmstrongChairman and CEO, Director, 10% owner | Sold plan | 40,000 | $271.87 | $10.9M | Form 4 |
| Nov 17, 2025 | Alesia J HaasChief Financial Officer | Sold plan | 7,242 | $273.90 | $2.0M | Form 4 |
| Nov 11, 2025 | Emilie ChoiPresident & COO | Sold plan | 100,000 | $310.88 | $31.1M | Form 4 |
| Nov 10, 2025 | Brian ArmstrongChairman and CEO, Director, 10% owner | Sold plan | 25,000 | $320.68 | $8.0M | Form 4 |
| Nov 10, 2025 | Frederick Ernest Ehrsam IIIDirector | Sold plan | 55,688 | $321.81 | $17.9M | Form 4 |
| Nov 7, 2025 | Frederick Ernest Ehrsam IIIDirector | Sold plan | 19,927 | $288.77 | $5.8M | Form 4 |
| Nov 6, 2025 | Frederick Ernest Ehrsam IIIDirector | Sold plan | 277,074 | $309.92 | $85.9M | Form 4 |
| Nov 6, 2025 | Frederick R WilsonDirector | Sold plan | 10,000 | $301.46 | $3.0M | Form 4 |
| Nov 3, 2025 | Brian ArmstrongChairman and CEO, Director, 10% owner | Sold plan | 25,000 | $337.49 | $8.4M | Form 4 |
| Oct 15, 2025 | Alesia J HaasChief Financial Officer | Sold plan | 6,142 | $344.70 | $2.1M | Form 4 |
| Oct 13, 2025 | Brian ArmstrongChairman and CEO, Director, 10% owner | Sold plan | 25,000 | $361.33 | $9.0M | Form 4 |
| Oct 2, 2025 | Brian ArmstrongChairman and CEO, Director, 10% owner | Sold plan | 25,000 | $355.47 | $8.9M | Form 4 |
| Oct 1, 2025 | Paul GrewalChief Legal Officer | Sold plan | 10,000 | $345.88 | $3.5M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Coinbase has $3.9B more cash than debt.
Cash, debt and the ratios that show how comfortably Coinbase can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 | β1.2x | β | β | β1.9x | β2.4x |
| Debt / equity | 0.5x | 0.6x | 0.5x | 0.5x | 0.5x |
| Interest coverage | 105.5x | β30.5x | β2.0x | 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 (β = net cash) | β$3.7B | β$1.0B | β$2.5B | β$4.7B | β$3.9B |
KIRA Β· Its return on capital was 14.5%: every 100 invested in the business earned about 14 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Coinbase passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 6 / 8 | 6 / 8 | 4 / 8 |
| Accruals ratio | β1.1% | β2.8% | β4.5% |
| Altman Z'' | 3.72 | 5.25 | 4.64 |
What does the share cost, and how does it compare?
KIRA Β· At $159.60 a share, the company is worth $42.0B.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
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.
KIRA Β· Coinbase grew sales faster than 1 of its 2 similar companies.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| 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% | β | 4 | |
| Robinhood HOOD | $84.7B | 51.6% | β | 36.3% | β | 40.9x | β | Compare β |
| PayPal PYPL | $50.6B | 4.3% | 18.3% | 16.8% | 25.7% | 10.3x | 7 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β$45.8M | $409M | $3.1B | β$2.7B | β$162M | $2.3B | $1.4B |
| Interest expense | $0.0M | $0.0M | $29.2M | $88.9M | $82.8M | $80.6M | $85.4M |
| Pretax income | β$45.4M | $409M | $3.0B | β$3.1B | β$76.8M | $2.9B | $1.5B |
| Income tax | β$15.0M | $86.9M | β$597M | β$440M | β$172M | $364M | $262M |
| Net income | β$30.4M | $322M | $3.6B | β$2.6B | $94.9M | $2.6B | $1.3B |
| Diluted EPS | β$0.50 | $1.40 | $14.50 | β$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 | β$80.6M | $294M | $4.0B | β$1.6B | $673M | $3.1B | $2.4B |
| Capital expenditure | $33.5M | $9.9M | $2.9M | $2.9M | $0.0M | $111M | $138M |
| Free cash flow | β$114M | $284M | $4.0B | β$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 | β | $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 | β | $5.1B | $18.4B | $86.4B | $11.4B | $18.1B | $20.4B |
| Current liabilities | β | $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 | β | $49.2M | $59.2M | $172M | $193M | $200M | $265M |
| Total assets | β | $5.9B | $21.3B | $89.7B | $14.8B | $22.5B | $29.7B |
| Total liabilities | β | $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 | β8.6% | 32.0% | 39.2% | β84.9% | β5.2% | 35.2% | 20.0% |
| EBITDA margin | β5.4% | 34.4% | 40.1% | β80.0% | β0.7% | 37.1% | 22.6% |
| Net margin | β5.7% | 25.2% | 46.2% | β82.2% | 3.1% | 39.3% | 17.6% |
| FCF margin | β21.4% | 22.2% | 51.5% | β49.7% | 21.7% | 45.6% | 31.9% |
| Returns | |||||||
| Return on capital | β | β | β | β | β | 43.3% | 14.5% |
| Return on capital employed | β | β | 53.7% | β28.9% | β1.8% | 19.3% | 8.1% |
| Return on equity | β | β | 98.7% | β44.4% | 1.6% | 31.2% | 10.1% |
| Return on assets | β | β | 26.7% | β4.7% | 0.2% | 13.8% | 4.8% |
| Growth | |||||||
| Revenue growth | β | 139.4% | 513.7% | β59.3% | β2.7% | 111.2% | 9.4% |
| Net income growth | β | β | 1,024.4% | β172.4% | β | 2,618.5% | β51.1% |
| EPS growth | β | β | 935.7% | β181.6% | β | 2,462.2% | β53.1% |
| FCF growth | β | β | 1,322.7% | β139.4% | β | 344.5% | β23.6% |
| Share count change | β | 48.8% | 141.2% | 1.1% | 14.4% | 7.5% | 5.1% |
| Financial health | |||||||
| Net debt / EBITDA | β | β2.4x | β1.2x | β | β | β1.9x | β2.4x |
| Debt / equity | β | 0.0x | 0.5x | 0.6x | 0.5x | 0.5x | 0.5x |
| Interest coverage | β | β | 105.5x | β30.5x | β2.0x | 28.6x | 16.8x |
| Current ratio | β | 1.2x | 1.6x | 1.1x | 2.1x | 2.3x | 2.3x |
| Quick ratio | β | 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 | β | 0.7% | 0.0% | β | 0.0% | 0.0% | 34.5% |
| Quality scores | |||||||
| Piotroski F-score | β | β | β | 2.0 | 6.0 | 6.0 | 4.0 |
| Altman Z'' | β | 2.1 | 4.2 | 0.3 | 3.7 | 5.3 | 4.6 |
| Accruals ratio | β | β | β3.1% | β1.9% | β1.1% | β2.8% | β4.5% |
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 β not investment advice. Check the original filings before relying on any figure.
