Coinbase COIN
Crypto exchange. Coinbase Global, Inc., listed on NASDAQ.
Based on the FY2025 annual report (Jan 2025 – Dec 2025)
Coinbase's market cap is
about $36.22 billion.
#271 by market cap among 289 companies, based on the Nov 5, 2026 close. FY2025 revenue was $7.181325B.
- Share price (close)
- $136.82
- P/E ratio
- 30.7x
- Market cap
- $36.22B
- Revenue
- $7.181325B
- Operating income
- $1.435441B
- Net income
- $1.260327B
- Free cash flow
- —
- Total assets
- $29.671832B
- Dividends paid
- —
- Dividend per share
- —
- Dividend yield
- —
- Shares outstanding
- 267,836,000 shares
Where the revenue went
Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.
- R&D23.3%
- SG&A and other56.7%
- Taxes, interest & other2.4%
- Net income17.6%
Profitability and stability
Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.
- Revenue growthHow much revenue grew from the previous fiscal year
- +9.4%
- #121 of 299
- Revenue is growing steadily. The median across 299 companies is +7.9%.
- Operating marginShare of revenue kept as profit from the core business
- 20.0%
- #112 of 231
- 20.0% of revenue was kept as operating profit. The median across 231 companies is 19.2%.
- Net marginShare of revenue left as profit after interest and taxes
- 17.6%
- #120 of 298
- After taxes, 17.6% of revenue was left as net income. The median across 298 companies is 14.0%.
- FCF marginShare of revenue left as cash after capital spending
- —
- Not ranked
- Free cash flow based on capital spending isn't calculated for financial companies.
- ROEHow much profit the company earned on shareholders' equity in a year
- 10.1%
- #206 of 276
- Earnings relative to equity are about average. The median across 276 companies is 16.8%.
- Debt-to-equityLiabilities relative to equity. Lower means less debt
- —
- Not ranked
- Bank and insurer liabilities include customer deposits and insurance reserves, so they aren't compared with other industries.
Revenue and profit over time
Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.
Where the cash went
Unlike profit, cash flow is money that actually came in and went out.
- Cash from operations$2.426383B
For financial companies, loans and investments drive cash flow rather than capital spending, so FCF isn’t calculated.
Whose money funds the assets
The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).
- Total assets$29.671832B
- Total liabilities$14.878774B
- Total equity$14.793058B
- Cash and equivalents$11.285452B
For banks and insurers, customer deposits and insurance reserves count as liabilities, so the liability share looks large.
Compared with similar companies
Based on each company's latest annual report, so fiscal year ends may differ.
Compare in detail| Company | Annual revenue | Net income | Revenue growth | Operating margin | Net margin |
|---|---|---|---|---|---|
| CoinbaseCOIN | $7.181325B | $1.260327B | +9.4% | 20.0% | 17.6% |
| State StreetSTT | $13.944B | $2.945B | +7.3% | — | 21.1% |
| RobinhoodHOOD | $4.473B | $1.883B | +51.6% | — | 42.1% |
| BNYBNY | $20.08B | $5.549B | +7.8% | — | 27.6% |
| Charles SchwabSCHW | $23.921B | $8.852B | +22.0% | — | 37.0% |
What the company does
Coinbase is the largest US crypto exchange, earning trading fees and revenue tied to the USDC stablecoin.
The fiscal year ends around December each year.
Related companies: State Street, Robinhood, BNY, Charles Schwab
Financial statements
Last 5 fiscal years. Currency: US dollars.
Show the table
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue | 7.839444B | 3.194208B | 3.108383B | 6.564028B | 7.181325B |
| R&D expense | 1.291561B | 2.326354B | 1.324541B | 1.468252B | 1.670605B |
| Operating income | 3.07657B | −2.710208B | −161.662M | 2.30716B | 1.435441B |
| Pretax income | 3.026947B | −3.064582B | −76.845M | 2.942644B | 1.522065B |
| Net income | 3.62412B | −2.624949B | 94.871M | 2.579066B | 1.260327B |
| EPS (diluted) | $14.50 | $-11.83 | $0.37 | $9.48 | $4.45 |
| Operating cash flow | 4.038172B | −1.585419B | 673.376M | 3.103935B | 2.426383B |
| Total assets | 21.274425B | 89.724873B | 14.753901B | 22.541951B | 29.671832B |
| Total liabilities | 14.892736B | 84.270316B | 8.472252B | 12.265109B | 14.878774B |
| Total equity | 6.381689B | 5.454557B | 6.281649B | 10.276842B | 14.793058B |
| Cash and equivalents | 7.123478B | 4.425021B | 5.4891B | 9.308266B | 11.285452B |
| Original filing | 10-K | 10-K | 10-K | 10-K | 10-K |
Source: SEC EDGAR filings for Coinbase Global, Inc. · CIK 0001679788 · US-GAAP