Coinbase Global, Inc. COIN

Financials SIC 6199 - Finance Services NAICS Finance and Insurance › Securities, Commodity Contracts, and Other Financial Investments and Related Activities › Other Financial Investment Activities derived Nasdaq

Our mission is to increase economic freedom in the world.

We are working to update the century-old financial system by providing a trusted platform that makes it easy for our customers to engage with crypto assets. In December 2025, we took a major step forward to becoming the Everything Exchange—dramatically expanding the assets available to trade on Coinbase, including stocks, commodity futures, perpetual futures, and prediction markets. Our goal is to create a comprehensive, seamless experience for retail users, institutions, and developers to engage in the future of finance.

•Trust: We are deeply invested in building the most secure and compliant platform. We hold customer assets one-to-one at all times.

Last close 164.45 2026-10-23
Market cap $43.32B estimated share count
52-week range 139.11 - 373.25

Valuation FY2025 figures against the last close

P/S6.0x
P/E37.0x
P/FCF17.9x
EV/EBITDA24.0x
Dividend yield—
Diluted EPS4.45

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • U.S.
  • International
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 U.S., FY2025: 6B (83.7%) 84% U.S. International, FY2025: 1.2B (16.3%) 16% International FY2024 U.S., FY2024: 5.5B (83.2%) 83% International, FY2024: 1.1B (16.8%) 17% FY2023 U.S., FY2023: 2.7B (87.7%) 88% International, FY2023: 382.8M (12.3%) 12%
Region FY2025FY2024FY2023
U.S. $6.01B $5.46B $2.73B
International $1.17B $1.10B $382.8M

As the company reported it, from the “REVENUE - Schedule of revenue disaggregated by geographic area (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Revenue $7.18B$6.56B$3.11B$3.19B$7.84B$1.28B$533.7M—
R&D $1.67B$1.47B$1.32B$2.33B$1.29B$271.7M$185.0M—
SG&A $1.62B$1.30B$1.07B$1.60B$909.4M$279.9M$231.9M—
Total operating expenses $5.75B$4.26B$3.27B$5.90B$4.76B$868.5M$579.5M—
Operating income $1.44B$2.31B-$161.7M-$2.71B$3.08B$409.0M-$45.8M—
Interest expense $85.4M$80.6M$82.8M$88.9M$29.2M$0——
Pre-tax income $1.52B$2.94B-$76.8M-$3.06B$3.03B$409.2M-$45.4M—
Income tax $261.7M$363.6M$171.7M$439.6M$597.2M$86.9M$15.0M—
Net income $1.30B$2.60B$100.0M-$2.60B$3.60B$322.3M-$30.4M—
EPS, basic 4.8510.420.40-11.8117.471.58-0.50—
EPS, diluted 4.459.480.37-11.8314.501.40-0.50—
Shares, diluted (wtd. avg.) 287.2M273.4M254.4M222.3M220.0M91.2M61.3M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Cash and equivalents $11.29B$9.31B$5.49B$10.29B$17.68B$4.86B$1.78B$1.99B
Short-term investments $309.8M$0——————
Receivables $307.1M$265.3M$168.3M$220.3M————
Total current assets $20.39B$18.11B$11.36B$86.45B$18.37B$5.13B——
Property, plant and equipment $264.6M$200.1M$192.6M$171.9M$59.2M$49.2M——
Goodwill $4.17B$1.14B$1.14B$1.07B$625.8M$77.2M$54.7M—
Other intangibles $1.40B$46.8M$86.4M$135.4M$176.7M$376.9M——
Total assets $29.67B$22.54B$14.75B$89.72B$21.27B$5.86B——
Accounts payable $117.6M$63.3M$39.3M$56.0M$39.8M$12.0M——
Short-term debt $1.27B$0$0$20.5M$20.1M———
Total current liabilities $8.70B$7.94B$5.49B$80.82B$11.42B$4.25B——
Long-term debt $5.94B$4.23B$2.98B$3.39B$3.38B$0——
Total liabilities $14.88B$12.27B$8.47B$84.27B$14.89B$4.33B——
Retained earnings $6.22B$4.96B$1.82B$1.73B$4.35B$726.3M——
Total equity $14.79B$10.28B$6.28B$5.45B$6.38B$963.6M$497.1M$500.1M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Operating cash flow $2.43B$3.10B$673.4M-$1.59B$4.04B$293.5M-$80.6M—
Depreciation and amortisation $188.4M$127.5M$139.6M$154.1M$63.7M$31.0M$16.9M—
Stock-based compensation $839.4M$912.8M$780.7M$1.57B$820.7M$70.5M$31.1M—
Capital expenditure ———$2.9M$2.9M$9.9M$33.5M—
Investing cash flow -$2.05B-$201.0M-$206.2M-$663.8M-$1.12B$50.8M-$105.4M—
Financing cash flow $740.3M$2.90B-$838.2M-$5.84B$9.98B$2.73B-$16.6M—
Buybacks $790.2M$0$0—————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001679788-26-000045.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -5B 0 5B 10B Revenue, FY2019: 533.7M Net income, FY2019: -30.4M Revenue, FY2020: 1.3B Net income, FY2020: 322.3M Revenue, FY2021: 7.8B Net income, FY2021: 3.6B Revenue, FY2022: 3.2B Net income, FY2022: -2.6B Revenue, FY2023: 3.1B Net income, FY2023: 100M Revenue, FY2024: 6.6B Net income, FY2024: 2.6B Revenue, FY2025: 7.2B Net income, FY2025: 1.3B FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $533.7M $1.28B $7.84B $3.19B $3.11B $6.56B $7.18B
Gross profit — — — — — — — —
Net income — -$30.4M $322.3M $3.60B -$2.60B $100.0M $2.60B $1.30B

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
  • Officer or director change Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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