Coinbase Global, Inc. COIN
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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 | 4.85 | 10.42 | 0.40 | -11.81 | 17.47 | 1.58 | -0.50 | — |
| EPS, diluted | 4.45 | 9.48 | 0.37 | -11.83 | 14.50 | 1.40 | -0.50 | — |
| Shares, diluted (wtd. avg.) | $287.2M | $273.4M | $254.4M | $222.3M | $220.0M | $91.2M | $61.3M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6199
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS CO | $220.26B | 21.2x | 6.4% |
| MSTR | Strategy Inc | $50.34B | — | 3.0% |
| SYF | Synchrony Financial | $26.00B | 8.6x | — |
| CRCL | Circle Internet Group, Inc. | $25.33B | — | 624.0% |
| SOFI | SoFi Technologies, Inc. | $23.53B | 46.7x | 23.1% |
| IREN | IREN Ltd | $15.97B | — | 41.1% |
| BMNR | BITMINE IMMERSION TECHNOLOGIES, INC. | $15.06B | 1.9x | 84.1% |
| CHYM | Chime Financial, Inc. | $12.82B | — | 30.7% |