COIN · Coinbase Global, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.41B | - | $1.87B | $1.50B | $2.03B | - | $1.21B | $1.45B | $1.64B | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $525.65M | - | $430.58M | $387.32M | $355.37M | - | $377.44M | $364.26M | $357.86M | - |
| SG&A | $376.09M | - | $418.45M | $353.71M | $394.35M | - | $330.39M | $320.12M | $287.24M | - |
| Total Operating Expenses | $1.43B | - | $1.39B | $1.52B | $1.33B | - | $1.04B | $1.11B | $877.11M | - |
| D&A | $68.01M | - | - | - | $33.33M | - | - | - | $29.33M | - |
| Operating Income | ($21.42M) | - | $480.53M | ($24.65M) | $705.81M | - | $169.51M | $343.12M | $760.46M | - |
| Interest Expense | $22.57M | - | $21.77M | $20.54M | $19.07M | - | $20.53M | $21.67M | $19.07M | - |
| Income Tax | ($70.59M) | - | $69.59M | $394.87M | $16.85M | - | ($6.91M) | ($96.39M) | $261.18M | - |
| Net Income | ($394.12M) | - | $432.55M | $1.43B | $65.61M | - | $75.50M | $36.15M | $1.18B | - |
| EPS - Basic | ($1.49) | - | $1.65 | $5.60 | $0.26 | - | $0.30 | $0.15 | $4.84 | - |
| EPS - Diluted | ($1.49) | - | $1.50 | $5.14 | $0.24 | - | $0.28 | $0.14 | $4.40 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.21B | $11.29B | $8.68B | $7.54B | $8.05B | $8.54B | $7.72B | $7.23B | $6.71B | $5.14B |
| Accounts Receivable | $296.24M | $307.12M | $308.42M | $223.00M | $245.11M | $265.25M | $187.00M | $236.44M | $280.36M | $168.29M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $112.21M | $117.61M | $85.86M | $68.52M | $62.52M | $63.32M | $39.38M | $37.44M | $26.82M | $39.29M |
| Current Assets | $19.68B | $20.39B | $22.09B | $17.49B | $17.45B | $18.11B | $286.43B | $282.89B | $343.84B | $203.47B |
| Total Assets | $28.85B | $29.67B | $31.35B | $23.48B | $21.73B | $22.54B | $290.56B | $286.96B | $348.04B | $206.98B |
| Current Liabilities | $9.19B | $8.70B | $9.19B | $8.23B | $6.93B | $7.94B | $277.59B | $274.35B | $335.73B | $197.71B |
| Long-term Debt | $5.94B | $5.94B | $5.93B | $2.97B | $4.24B | $4.23B | $4.23B | $4.23B | $4.23B | $2.98B |
| Total Liabilities | $15.37B | $14.88B | $15.33B | $11.38B | $11.26B | $12.27B | $281.83B | $278.59B | $339.97B | $200.70B |
| Stockholders' Equity | $13.48B | $14.79B | $16.02B | $12.09B | $10.47B | $10.28B | $8.73B | $8.37B | $8.07B | $6.28B |
| Retained Earnings | $5.83B | $6.22B | $6.89B | $6.46B | $5.03B | $4.96B | $3.67B | $3.59B | $3.56B | $1.82B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $182.74M | - | - | - | ($182.73M) | - | - | - | $411.49M | - |
| Investing Cash Flow | ($239.06M) | - | - | - | ($231.65M) | - | - | - | ($125.68M) | - |
| Financing Cash Flow | ($864.91M) | - | - | - | ($893.80M) | - | - | - | $1.93B | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -1.5% | - | 25.7% | -1.6% | 34.7% | - | 14.1% | 23.7% | 46.4% | - |
| EBITDA margin | 3.3% | - | - | - | 36.3% | - | - | - | 48.2% | - |
| Net margin | -27.9% | - | 23.1% | 95.4% | 3.2% | - | 6.3% | 2.5% | 71.8% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | 37.2% | - | 23.0% | 25.9% | 17.5% | - | 31.3% | 25.1% | 21.9% | - |
| SG&A / Revenue | 26.6% | - | 22.4% | 23.6% | 19.4% | - | 27.4% | 22.1% | 17.5% | - |
| Effective tax rate | - | - | 13.9% | 21.7% | 20.4% | - | -10.1% | - | 18.2% | - |
| Return on assets | -1.4% | - | 1.4% | 6.1% | 0.3% | - | 0.0% | 0.0% | 0.3% | - |
| Return on equity | -2.9% | - | 2.7% | 11.8% | 0.6% | - | 0.9% | 0.4% | 14.6% | - |
| Return on invested capital | -0.1% | - | 1.9% | -0.1% | 3.8% | - | 1.3% | 2.2% | 5.1% | - |
| Liquidity | ||||||||||
| Current ratio | 2.14 | 2.34 | 2.40 | 2.13 | 2.52 | 2.28 | 1.03 | 1.03 | 1.02 | 1.03 |
| Quick ratio | 2.14 | 2.34 | 2.40 | 2.13 | 2.52 | 2.28 | 1.03 | 1.03 | 1.02 | 1.03 |
| Cash ratio | 1.11 | 1.30 | 0.94 | 0.92 | 1.16 | 1.08 | 0.03 | 0.03 | 0.02 | 0.03 |
| Leverage | ||||||||||
| Debt / Equity | 0.44 | 0.40 | 0.37 | 0.25 | 0.40 | 0.41 | 0.48 | 0.51 | 0.52 | 0.47 |
| Debt / Assets | 0.21 | 0.20 | 0.19 | 0.13 | 0.19 | 0.19 | 0.01 | 0.01 | 0.01 | 0.01 |
| Debt / EBITDA | 127.52 | - | - | - | 5.73 | - | - | - | 5.35 | - |
| Interest coverage | -0.9x | - | 22.1x | -1.2x | 37.0x | - | 8.3x | 15.8x | 39.9x | - |
| Equity multiplier | 2.14 | 2.01 | 1.96 | 1.94 | 2.08 | 2.19 | 33.29 | 34.28 | 43.12 | 32.95 |
| Liabilities / Assets | 0.53 | 0.50 | 0.49 | 0.48 | 0.52 | 0.54 | 0.97 | 0.97 | 0.98 | 0.97 |
| Efficiency | ||||||||||
| Asset turnover | 0.05 | - | 0.06 | 0.06 | 0.09 | - | 0.00 | 0.01 | 0.00 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 77d | - | 60d | 54d | 44d | - | 57d | 60d | 62d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | 225.0x | 68.2x | 717.6x | - | 636.3x | 1587.4x | 60.3x | - |
| P / B | 3.4x | - | 6.1x | 8.1x | 4.5x | - | 5.5x | 7.1x | 8.8x | - |
| P / S | 32.7x | - | 52.7x | 65.3x | 23.0x | - | 39.5x | 40.9x | 43.4x | - |
| EV / EBITDA | 900.9x | - | - | - | 58.0x | - | - | - | 86.8x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -30.5% | - | 55.1% | 3.3% | 24.2% | - | 78.8% | 104.8% | 112.0% | - |
| Revenue CAGR (3y) | 22.3% | - | 46.8% | 22.8% | 20.4% | - | 56.3% | 98.1% | 104.8% | - |
| Revenue CAGR (5y) | 49.3% | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | - | - | 183.5% | - | -7.2% | - | - | - | - | - |
| Net income growth (YoY) | - | - | 473.0% | 3852.7% | -94.4% | - | - | - | - | - |
| EPS growth (YoY) | - | - | 435.7% | 3571.4% | -94.5% | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | 6.8% | -72.1% | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 28.8% | 43.9% | 83.6% | 44.5% | 29.7% | 63.6% | 47.4% | 45.5% | 42.2% | 15.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$20.70B totalBank Servicing And Subscription And Circulation$6.88B · 33.3%
Bank Servicing$4.06B · 19.6%
Bank Servicing Consumer Net$3.32B · 16.1%
Subscription And Circulation$2.83B · 13.7%
Subscription And Circulation Stablecoin$1.35B · 6.5%
Subscription And Circulation Blockchain Infrastructure Service$677.40M · 3.3%
Subscription And Circulation Other$554.77M · 2.7%
Bank Servicing Institutional$479.67M · 2.3%
Other Revenue$297.89M · 1.4%
Bank Servicing Other$252.89M · 1.2%
Geographic
$7.18B totalUS$6.01B · 83.7%
Non Us$1.17B · 16.3%
Peer comparison
Same SIC group: Finance Services
Comparing Coinbase Global against the 5 most active filers in the same SIC group.