Coinbase Global Inc. Class A Common Stock (COIN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.23	-$1.36	-491.3%	—	$1.2B	—
Q4 25	$0.94	-$2.49	-364.9%	—	$1.8B	—
Q3 25	$1.13	$1.5	+32.7%	—	$1.9B	—
Q2 25	$1.49	$5.14	+245.0%	—	$1.5B	—
Q1 25	$1.9	$0.24	-87.4%	—	$2B	—
Q4 24	$2.04	$4.68	+129.4%	—	$2.3B	—
Q3 24	$0.42	$0.28	-33.3%	—	$1.2B	—
Q2 24	$0.8	$0.14	-82.5%	—	$1.4B	—
Q1 24	$1.27	$4.4	+246.5%	—	$1.6B	—
Q4 23	$0.2	$1.04	+420.0%	—	$953.8M	—
Q3 23	-$0.53	-$0.01	+98.1%	—	$674.1M	—
Q2 23	-$0.77	-$0.5	+35.1%	—	$707.9M	—
Q1 23	-$1.35	-$0.34	+74.8%	—	$772.5M	—
Q4 22	-$2.53	-$2.46	+2.8%	—	$629.1M	—
Q3 22	-$2.4	-$2.43	-1.3%	—	$590.3M	—
Q2 22	-$2.65	-$4.76	-79.6%	—	$808.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.85	—	—	$7.2B	—
FY24	—	$10.4	—	—	$6.6B	—
FY23	—	$0.4	—	—	$3.1B	—
FY22	—	-$11.8	—	—	$3.2B	—
FY21	—	$17.5

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$533.7M	$1.3B	$7.8B	$3.2B	$3.1B	$6.6B	$7.2B
YoY change	—	+139.3%	+513.7%	-59.3%	-2.69%	+111.2%	+9.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	533.7M	1.3B	7.8B	3.2B	3.1B	6.6B	7.2B
Cost of revenue	82.1M	135.5M	1.7B	1.4B	1.1B	1.7B	1.8B
Gross profit	451.7M	1.1B	6.1B	1.8B	2B	4.9B	5.4B
Gross margin	84.6%	89.4%	77.8%	56.5%	65.8%	74.7%	74.6%
Research & development	185M	271.7M	1.3B	2.3B	1.3B	1.5B	1.7B
Selling, general & administrative	256.1M	336.7M	1.1B	1.3B	731.2M	1.2B	1.9B
Operating expenses	487.3M	733M	2.9B	3.8B	2.1B	2.7B	3.9B
Operating income	-35.6M	409M	3.2B	-2B	-70.9M	2.2B	1.5B
Operating margin	-6.68%	32%	40.9%	-61.4%	-2.28%	34.1%	20.3%
Non-operating income, net	-9.8M	248K	-152.3M	-1B	76.8M	787.9M	151.3M
Pretax income	-45.4M	409.2M	3B	-3.1B	-76.8M	2.9B	1.5B
Income tax	-15M	86.9M	-597.2M	-439.6M	-171.7M	363.6M	261.7M
Net income	-30.4M	322.3M	3.6B	-2.6B	94.9M	2.6B	1.3B
Net margin	-5.69%	25.2%	46.2%	-82.2%	3.05%	39.3%	17.6%
EBITDA	-8.6M	439.9M	3.3B	-1.8B	105.2M	2.4B	1.7B
EPS	-0.17	0.58	17.5	-11.8	0.4	10.4	4.85
Diluted EPS	-0.17	0.58	14.5	-11.8	0.37	9.48	4.45

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	674.1M	953.8M	1.6B	1.4B	1.2B	2.3B	2B	1.5B	1.9B	1.8B	1.4B	1.2B
Cost of revenue	262.9M	275.4M	390.4M	362.5M	349.5M	555.2M	502.6M	426.2M	474.5M	417.9M	428.6M	391.5M
Gross profit	411.3M	678.4M	1.2B	1.1B	855.7M	1.7B	1.5B	1.1B	1.4B	1.4B	984.4M	828.6M
Gross margin	61%	71.1%	76.2%	75%	71%	75.6%	75.3%	71.5%	74.6%	76.5%	69.7%	67.9%
Research & development	322.8M	323.1M	357.9M	364.3M	377.4M	368.7M	355.4M	387.3M	430.6M	497.3M	525.6M	472.8M
Selling, general & administrative	158.5M	237.4M	212.9M	314.4M	317.4M	350.2M	442M	409M	457.5M	568.7M	410.1M	395.1M
Operating expenses	485.8M	605.9M	485.2M	710.4M	689.7M	699.5M	791.5M	1.1B	949.4M	1.1B	970.7M	858M
Operating income	-74.5M	72.5M	762M	376.8M	166M	1B	740.2M	-33.4M	444.8M	304.5M	13.7M	-29.4M
Operating margin	-11%	7.6%	46.5%	26%	13.8%	44.8%	36.4%	-2.23%	23.8%	17.1%	0.97%	-2.41%
Non-operating income, net	130M	79.1M	694.5M	-416.5M	-76.9M	500.4M	-637.2M	1.9B	79.1M	-1.2B	-455.9M	-343.5M
Pretax income	34.7M	132.9M	1.4B	-60.2M	68.6M	1.5B	82.5M	1.8B	502.1M	-886.3M	-464.7M	-395.4M
Income tax	36.9M	-140.6M	261.2M	-96.4M	-6.9M	205.7M	16.8M	394.9M	69.6M	-219.6M	-70.6M	-35.9M
Net income	-2.3M	273.4M	1.2B	36.1M	75.5M	1.3B	65.6M	1.4B	432.6M	-666.7M	-394.1M	-359.5M
Net margin	-0.34%	28.7%	71.8%	2.49%	6.26%	56.8%	3.23%	95.4%	23.1%	-37.4%	-27.9%	-29.5%
EBITDA	-36.9M	133.7M	800.8M	419.5M	232.4M	1.1B	791.9M	16.1M	514.6M	351M	96.6M	43.3M
EPS	-0.01	—	4.84	0.15	0.3	5.13	0.26	5.6	1.65	-2.49	-1.49	-1.36
Diluted EPS	-0.01	—	4.4	0.14	0.28	4.68	0.24	5.14	1.5	-2.49	-1.49	-1.36

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	44.7B	—	41B	61.4B	58.8B	50.6B
Enterprise value	—	—	30.4B	—	33.7B	56.2B	54.7B	49.4B
Shares outstanding	182.9M	186M	177.3M	222.3M	235.8M	247.4M	260.1M	260.1M

Valuation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	12.3	—	432.3	23.8	46.7	60.1
P/S	—	—	5.71	—	13.2	9.36	8.19	8.45
P/B	—	—	7.01	—	6.53	5.98	3.98	3.9
EV/EBITDA	—	—	9.29	—	320.5	23.4	32.9	70.6
EV/Sales	—	—	3.88	—	10.8	8.56	7.62	8.17
Earnings yield	—	—	8.1%	—	0.23%	4.2%	2.14%	1.66%
FCF yield	—	—	8.84%	—	2.1%	4.16%	4.13%	5.27%
PEG	—	—	—	—	—	—	—	-0.48

Profitability

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	84.6%	89.4%	77.8%	56.5%	65.8%	74.7%	74.6%	67.9%
Operating margin	-6.68%	32%	40.9%	-61.4%	-2.28%	34.1%	20.3%	-13.9%
Net margin	-5.69%	25.2%	46.2%	-82.2%	3.05%	39.3%	17.6%	-16.3%
ROE	-6.11%	33.4%	56.8%	-48.1%	1.51%	25.1%	8.52%	-7.85%
ROA	-1.27%	5.5%	17%	-2.93%	0.05%	11.4%	4.25%	1.12%
ROIC	2.94%	-8.47%	-40.4%	141.7%	7.02%	38.8%	11.3%	6.84%
Return on tangible assets	-1.42%	6.52%	18.4%	-3.01%	0.05%	12.8%	6.8%	-6.35%

Financial health

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.62	1.21	1.61	1.07	1.03	2.28	2.34	2.42
Quick ratio	1.62	1.21	1.61	1.07	1.03	2.28	2.34	2.42
Debt / equity	0.26	0.11	0.55	0.64	0.48	0.42	0.53	0.51
Debt / assets	0.05	0.02	0.17	0.04	0.01	0.19	0.26	0.25
Net debt / EBITDA	198.1	-10.8	-4.38	3.78	-69.3	-2.17	-2.45	-2.34
Interest coverage	—	—	104.8	-33.5	0.07	37.5	18.8	-12.9
Effective tax rate	0%	21.2%	0%	0%	0%	12.4%	17.2%	0%

Per share

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.92	6.87	44.2	14.4	13.2	26.5	27.6	22.8
EPS (basic)	-0.17	0.58	17.5	-11.8	0.4	10.4	4.85	4.85
EPS (diluted)	-0.17	0.58	14.5	-11.8	0.37	9.48	4.45	-3.86
Book value per share	2.72	5.18	36	24.5	26.6	41.5	56.9	49.6
FCF per share	-0.66	16.1	22.3	-7.41	3.65	10.3	9.33	6.51
Cash per share	10.1	26.2	100.6	46.5	43.6	38.6	45.8	33.3
Capex per share	0.17	0.05	0.02	0.01	—	—	—	—

Capital allocation

Metric	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	5.85%	0.78%	0.04%	0.09%	—	—	—	—
Capex / operating cash flow	-34.7%	0.33%	0.07%	-0.08%	—	—	—	—
Payout ratio	—	—	—	—	—	—	—	0%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.8B	4.9B	17.8B	10.3B	10.3B	9.5B	11.9B
Receivables	17.6M	161.5M	25.6M	220.3M	168.3M	125.3M	177.1M
Inventory	—	—	—	—	—	—	—
Total current assets	2B	5.1B	18.4B	86.4B	203.5B	18.1B	20.4B
Property, plant & equipment	170.5M	150.1M	157.6M	241.4M	205.3M	281.2M	406.2M
Goodwill & intangibles	249.7M	908.3M	1.6B	2.4B	2.5B	2.4B	11.1B
Total assets	2.4B	5.9B	21.3B	89.7B	207B	22.5B	29.7B
Accounts payable	5.9M	12M	39.8M	56M	39.3M	63.3M	117.6M
Short-term debt	23.8M	25.3M	52.4M	54.3M	10.9M	—	1.7B
Total current liabilities	1.2B	4.2B	11.4B	80.8B	197.7B	7.9B	8.7B
Long-term debt	106.5M	82.5M	3.5B	3.4B	3B	4.3B	6.1B
Total liabilities	1.9B	4.9B	14.9B	84.3B	200.7B	12.3B	14.9B
Shareholders' equity	497.1M	963.6M	6.4B	5.5B	6.3B	10.3B	14.8B
Total debt	130.3M	107.8M	3.5B	3.5B	3B	4.3B	7.8B
Net debt	-418.6M	-954.1M	-3.6B	-935.3M	-2.1B	-4.2B	-3.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	9B	10.3B	12.5B	8B	8.5B	9.5B	10.1B	9.5B	13.3B	11.9B	10.7B	9B
Receivables	92.7M	168.3M	280.4M	165M	143M	125.3M	146.9M	137.5M	167M	177.1M	181.3M	171.6M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	123.9B	203.5B	343.8B	282.9B	286.4B	18.1B	17.5B	17.5B	22.1B	20.4B	19.7B	17.5B
Property, plant & equipment	217.7M	205.3M	203.2M	189.5M	193M	281.2M	302.1M	377.7M	399.1M	406.2M	407.4M	404M
Goodwill & intangibles	2.5B	2.5B	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	10.8B	11.1B	11.1B	10.9B
Total assets	127.3B	207B	348B	287B	290.6B	22.5B	21.7B	23.5B	31.4B	29.7B	28.8B	26.5B
Accounts payable	36.7M	39.3M	26.8M	37.4M	39.4M	63.3M	62.5M	68.5M	85.9M	117.6M	112.2M	72.1M
Short-term debt	12M	10.9M	8.8M	—	—	—	—	1.3B	1.3B	1.7B	1.8B	539.2M
Total current liabilities	118.3B	197.7B	335.7B	274.4B	277.6B	7.9B	6.9B	8.2B	9.2B	8.7B	9.2B	7.2B
Long-term debt	3.1B	3B	4.2B	4.2B	4.2B	4.3B	4.3B	3.1B	6.1B	6.1B	6.1B	6.1B
Total liabilities	121.4B	200.7B	340B	278.6B	281.8B	12.3B	11.3B	11.4B	15.3B	14.9B	15.4B	13.4B
Shareholders' equity	5.9B	6.3B	8.1B	8.4B	8.7B	10.3B	10.5B	12.1B	16B	14.8B	13.5B	13.1B
Total debt	3.1B	3B	4.2B	4.2B	4.2B	4.3B	4.3B	4.4B	7.4B	7.8B	8B	6.7B
Net debt	-2B	-2.1B	-2.5B	-3B	-3.5B	-4.2B	-3.7B	-3.1B	-1.3B	-3.5B	-2.2B	-1.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-30.4M	322.3M	3.6B	-2.6B	94.9M	2.6B	1.3B
Depreciation & amortization	16.9M	31M	63.7M	154.1M	139.6M	127.5M	188.4M
Stock-based compensation	31.1M	70.5M	820.7M	1.6B	864.7M	912.8M	839.4M
Change in working capital	-100.3M	2.6B	345M	-2.1B	326.2M	-478M	-31.4M
Operating cash flow	-90M	3B	4.1B	-3.5B	1.1B	3.2B	2.4B
Capital expenditure	-31.2M	-9.9M	-2.9M	-2.9M	—	—	—
Investing cash flow	-98.4M	105.7M	-1B	-605.6M	68.6M	-282.4M	-2B
Dividends paid	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	-790.2M
Financing cash flow	-21M	-1.9M	9.7B	-6.1B	-927.7M	2.7B	48.2M
Net change in cash	-209.4M	3.1B	12.8B	-10.2B	244.8M	5.6B	425M
Free cash flow	-121.1M	3B	4B	-1.6B	859.7M	2.6B	2.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-2.3M	273.4M	1.2B	36.1M	75.5M	1.3B	65.6M	1.4B	432.6M	-666.7M	-394.1M	-359.5M
Depreciation & amortization	32M	29.5M	29.3M	34.5M	30.7M	33M	33.3M	33.9M	50.1M	71.1M	68M	64.4M
Stock-based compensation	218.2M	163.9M	224.5M	217.9M	248.4M	222M	190.7M	196.2M	222.1M	230.5M	248.1M	238.3M
Change in working capital	-206.8M	326.4M	-452.7M	-93.6M	548.3M	-458.7M	-1.1B	90.3M	—	—	-156.2M	-3.1M
Operating cash flow	-2.6M	591.6M	1.2B	221.7M	894.1M	1.1B	-779.4M	-706.9M	-1.7B	3.1B	182.7M	197.3M
Capital expenditure	18K	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-72.3M	101.8M	-125.7M	-18.6M	-88.7M	-49.4M	-231.7M	-808.2M	-151.9M	-397.2M	-239.1M	-283.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	-1.1B	-181.3M
Financing cash flow	-602.9M	900.5M	1.9B	-953.6M	-314.6M	2.1B	-912.1M	-1.3B	2B	-435.3M	-985.5M	-4B
Net change in cash	-677.8M	1.6B	2.9B	-750.5M	490.9M	3.1B	-1.9B	-2.8B	129.8M	2.2B	-1B	-4.1B
Free cash flow	313.9M	-16.2M	411.5M	484.2M	696.5M	964.6M	-182.7M	-706.9M	-1.7B	3.1B	182.7M	197.3M

Coinbase Global Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement