Coinbase Global (COIN) financial statements
Coinbase Global reported revenue of $7.2B in fiscal 2025, up 54.2% a year over 6 years.
Net income was $1.3B and the operating margin 20.0%, against -8.6% in 2019.
The diluted share count rose 368% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Coinbase Global's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| 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 |
| Selling, general and admin | $256M | $337M | $1.6B | $2.1B | $1.4B | $2.0B | $2.7B |
| Operating income | -$46M | $409M | $3.1B | -$2.7B | -$162M | $2.3B | $1.4B |
| Interest expense | — | $0 | $29M | $89M | $83M | $81M | $85M |
| Pre-tax income | -$45M | $409M | $3.0B | -$3.1B | -$77M | $2.9B | $1.5B |
| Income tax | -$15M | $87M | -$597M | -$440M | -$172M | $364M | $262M |
| Net income | -$30M | $322M | $3.6B | -$2.6B | $95M | $2.6B | $1.3B |
| EPS (diluted) | -$0.50 | $1.40 | $14.50 | -$11.83 | $0.37 | $9.48 | $4.45 |
| Diluted shares | 61M | 91M | 220M | 222M | 254M | 273M | 287M |
| Operating margin | -8.6% | 32.0% | 39.2% | -84.8% | -5.2% | 35.1% | 20.0% |
| Net margin | -5.7% | 25.2% | 46.2% | -82.2% | 3.1% | 39.3% | 17.6% |
Balance sheet
Fiscal years, from Coinbase Global's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $549M | $1.1B | $7.1B | $4.4B | $5.5B | $9.3B | $11.6B |
| Receivables | — | — | — | $220M | $168M | $265M | $307M |
| Total current assets | — | $5.1B | $18.4B | $86.4B | $11.4B | $18.1B | $20.4B |
| Property, plant and equipment | — | $49M | $59M | $172M | $193M | $200M | $265M |
| Goodwill | $55M | $77M | $626M | $1.1B | $1.1B | $1.1B | $4.2B |
| Total assets | — | $5.9B | $21.3B | $89.7B | $14.8B | $22.5B | $29.7B |
| Total current liabilities | — | $4.2B | $11.4B | $80.8B | $5.5B | $7.9B | $8.7B |
| Long-term debt | — | $0 | $3.4B | $3.4B | $3.0B | $4.2B | $5.9B |
| Total liabilities | — | $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 |
| Net debt | -$549M | -$1.1B | -$3.7B | -$1.0B | -$2.5B | -$5.1B | -$4.1B |
Cash flow
Fiscal years, from Coinbase Global's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$81M | $294M | $4.0B | -$1.6B | $673M | $3.1B | $2.4B |
| Capital spending | $40M | $19M | $25M | $64M | $63M | — | — |
| Free cash flow | -$121M | $275M | $4.0B | -$1.6B | $610M | — | — |
| Stock-based compensation | $31M | $71M | $821M | $1.6B | $781M | $913M | $839M |
| Share buybacks (net) | — | — | — | — | $0 | $0 | -$790M |
| Net borrowing | — | — | $0 | $0 | -$304M | $0 | $0 |
| Free cash flow margin | -22.7% | 21.5% | 51.2% | -51.6% | 19.6% | — | — |
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What was Coinbase Global's revenue in 2025?
$7.2B in fiscal 2025, from its 10-K filing.
From Coinbase Global's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.