Coinbase Global, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Coinbase Global, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	534	1,277	7,839	3,194	3,108	6,564	7,181
Research and development	185	272	1,292	2,326	1,325	1,468	1,671
Selling and marketing	24.2	56.8	664	510	332	654	1,059
General and administrative	232	280	909	1,601	1,074	1,300	1,620
Operating expenses	580	869	4,763	5,904	3,270	4,257	5,746
Operating income	-45.8	409	3,077	-2,710	-162	2,307	1,435
Interest expense		0	29.2	88.9	82.8	80.6	85.4
Other non-operating income	0.37	0.25	-20.5	-265	168	29.1	701
Pre-tax income	-45.4	409	3,027	-3,065	-76.8	2,943	1,522
Income tax	-15	86.9	-597	-440	-172	364	262
Net income	-30.4	322	3,624	-2,625	94.9	2,579	1,260
EBITDA	-28.9	440	3,140	-2,556	-22	2,435	1,624
EPS, basic	-0.50	1.58	17.47	-11.81	0.40	10.42	4.85
EPS, diluted	-0.50	1.40	14.50	-11.83	0.37	9.48	4.45
Shares, basic (weighted)	61.3	68.7	177	222	236	247	260
Shares, diluted (weighted)	61.3	91.2	220	222	254	273	287

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	549	1,062	7,123	4,425	5,489	9,308	11,285
Short-term investments						0	310
Receivables		189	305	220	168	265	307
Other current assets		0.72	2.95	18.8	213	278	187
Total current assets		5,134	18,374	86,448	11,357	18,113	20,388
Property, plant and equipment		49.3	59.2	172	193	200	265
Lease right-of-use assets		101	98.4	69.4	12.7	81.2	142
Goodwill	54.7	77.2	626	1,074	1,140	1,140	4,169
Intangible assets		377	177	135	86.4	46.8	1,398
Other non-current assets		117	952	355	376	174	524
Total assets		5,855	21,274	89,725	14,754	22,542	29,672
Accounts payable		12	39.8	56	39.3	63.3	118
Accrued liabilities		88.8	440	331	457	553	805
Short-term debt			20.1	20.5	0	0	1,270
Total current liabilities		4,247	11,419	80,815	5,485	7,941	8,701
Long-term debt		0	3,385	3,393	2,980	4,234	5,937
Lease liabilities		82.5	74.1	42	3.82	85.8	173
Other non-current liabilities		0	14.8	19.5	7.22	89.7	240
Total liabilities		4,329	14,893	84,270	8,472	12,265	14,879
Total debt		0	3,385	3,393	2,980	4,234	7,200
Paid-in capital		231	2,035	3,768	4,492	5,366	8,567
Retained earnings		726	4,350	1,725	1,820	4,961	6,221
Other comprehensive income		6.26	-3.4	-38.6	-30.3	-50.1	4.97
Shareholders' equity	497	964	6,382	5,455	6,282	10,277	14,793
Total equity	497	964	6,382	5,455	6,282	10,277	14,793
Total liabilities and equity		5,855	21,274	89,725	14,754	22,542	29,672
Shares outstanding						254	268

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-30.4	322	3,624	-2,625	94.9	2,579	1,260
Depreciation and amortization	16.9	31	63.7	154	140	128	188
Stock-based compensation	31.1	70.5	821	1,566	781	913	839
Deferred income tax	-20.7	0.47	-558	-468	-216	151	238
Change in receivables	30.7	-117	28.5	-141	84	-101	-1.98
Change in payables	-2.39	6.09	27.3	18.6	0.95
Cash from operations	-80.6	294	4,038	-1,585	673	3,104	2,426
Capital expenditures	-33.5	-9.91	-2.91	-2.93
Acquisitions	-5.7	33.6	-70.9	-186	-30.7	0	-742
Purchases of investments	-7.94	-10.3	-327	-63	-11.8
Sales and maturities of investments	0.37	0.3	5.16	1.55
Cash from investing	-105	50.8	-1,125	-664	-206	-201	-2,050
Debt issued	0	0	1,976	0	0
Debt repaid			0	0	-304	0	0
Stock issued	4.35	20.7	217	51.5	47.9	126	78.3
Share buybacks	-21	-1.93	0	0	0	0	-790
Cash from financing	-16.6	2,729	9,976	-5,839	-838	2,903	740
Exchange rate effect	-0.17	-2.08	-64.9	-163	8.77	-48.4	92.9
Net change in cash	-203	3,074	12,890	-8,088	-371	5,806	1,117
Free cash flow	-114	284	4,035	-1,588
Interest paid	0	0	3.79	82.4	76.1	68.5
Income taxes paid	2.17	62.1	68.6	0	39.1	140	165

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $195.11 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	9.9%	Operating income / revenue.
EBITDA margin	13.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-19.8%	Pre-tax income / revenue.
Net margin	-15.7%	Net income / revenue.
Operating cash flow margin	27.3%	Cash from operations / revenue.
Return on equity (ROE)	-7.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.7%	Net income / average total assets.
Return on invested capital (ROIC)	4.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	30.7%	Research and development expense / revenue.
Stock-based pay / revenue	14.9%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	4.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	31.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	41.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-37.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	28.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-33.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	29.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-51.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	31.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-53.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	26.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-21.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	52.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	43.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	39.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	72.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	31.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-30.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	38.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	8.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	25.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.42x	Current assets / current liabilities.
Quick ratio	1.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.22x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.45x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.3%	Total debt / total assets.
Liabilities / assets	50.6%	Total liabilities / total assets.
Net debt	-$2.89B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-3.31x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.92x	Operating income / interest expense.
Working capital	$10.27B	Current assets - current liabilities.
Goodwill and intangibles / assets	20.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$7.62B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.24x	Revenue / average total assets.
Fixed asset turnover	24.7x	Revenue / average property, plant and equipment.
Receivables turnover	18.9x	Revenue / average receivables.
Days sales outstanding	19 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.75	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$23.85	Revenue / diluted weighted shares.
Operating cash flow per share	$6.51	Cash from operations / diluted weighted shares.
Book value per share	$49.59	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$28.89	Tangible book value / shares outstanding.
Cash per share	$33.32	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$51.48B	Share price x shares outstanding.
Enterprise value	$48.59B	Market cap + total debt - cash - short-term investments.
P/S	8.19x	Market cap / revenue.
P/B	3.94x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.75x	Market cap / tangible book value, when positive.
P/OCF	30.0x	Market cap / cash from operations, when positive.
EV/Sales	7.73x	Enterprise value / revenue.
EV/EBIT	78.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	55.7x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-1.9%	Net income / market cap (the inverse of P/E).

What was Coinbase Global, Inc.'s revenue in fiscal 2025?

Coinbase Global, Inc. reported revenue of $7.18B for fiscal 2025, 9.4% higher than the year before.

Was Coinbase Global, Inc. profitable in fiscal 2025?

Yes. Net income was $1.26B, a net margin of 17.6%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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