CoinBase COIN
Public, NASDAQ, reports in USD. Founded 2012.
Theme: Blockchain.
Cryptocurrency exchange.
2025-08-01 — Follow closely, Buy
Financials millions, USD
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 7.2bn USD | 9.4 % | 74.6 % | 23.3 % | 1.5bn USD | 20.3 % | 1.3bn USD | 4.45 | 29.7 | |
| 2024 | 6.6bn USD | 111.2 % | 74.8 % | 22.4 % | 2.2bn USD | 34.1 % | 2.6bn USD | 9.48 | 145.3 | |
| 2023 | 3.1bn USD | -2.7 % | 63.5 % | 42.6 % | -162m USD | -5.2 % | 95m USD | 0.37 | -7.9 | |
| 2022 | 3.2bn USD | – | 80.3 % | 72.8 % | -1.9bn USD | -61.0 % | -2.6bn USD | -11.83 | – | |
| 2026-Q2 | 1.2bn USD | -18.5 % | 67.9 % | 38.8 % | -29m USD | -2.4 % | -359m USD | -1.36 | -20.9 | |
| 2026-Q1 | 1.4bn USD | – | 69.7 % | 37.2 % | 14m USD | 1.0 % | -394m USD | -1.49 | – | |
| 2025-Q4 | 1.8bn USD | – | 76.5 % | 27.9 % | 305m USD | 17.1 % | -667m USD | -2.49 | – | |
| 2025-Q3 | 1.9bn USD | – | 74.6 % | 23.0 % | 445m USD | 23.8 % | 433m USD | 1.50 | – | |
| 2025-Q2 | 1.5bn USD | – | 71.6 % | 25.9 % | -33m USD | -2.2 % | 1.4bn USD | 5.14 | – |
Sources
- 2025: https://www.sec.gov/Archives/edgar/data/1679788/000167978826000011/q425shareholderletter.htm — Coinbase Global 7.18 USD 1 FY2025 revenue $7.18bn, Q4'25 shareholder letter filed on Form 8-K:
- 2024: yfinance
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
- 2026-Q2: yfinance
- 2026-Q1: yfinance
- 2025-Q4: yfinance
- 2025-Q3: yfinance
- 2025-Q2: yfinance
Latest quarter 2026-Q2, ended 2026-06-30, vs 2025-Q2
| 2026-Q2 | 2025-Q2 | change | |
|---|---|---|---|
| Revenue | 1.2bn USD | 1.5bn USD | -277m (-19 %) |
| Op. margin | -2.4 % | -2.2 % | -0.2 pts |
| FCF | 197m USD | 240m USD | -43m (-18 %) |
| Op. income | -29m USD | ||
| Net income | -359m USD | ||
| EPS (diluted) | -1.36 | -126.5 % |
Cash flow millions, USD
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2.4bn USD | – | 2.4bn USD | 33.8 % | 192.5 % | 1.2bn USD | – | 5.4bn USD | 1.1bn USD |
| 2024 | 3.1bn USD | – | 3.1bn USD | 47.3 % | 120.4 % | 2.0bn USD | – | 4.4bn USD | 5.8bn USD |
| 2023 | 673m USD | 63m USD | 673m USD | 21.7 % | 709.8 % | – | – | 349m USD | -371m USD |
| 2022 | -1.6bn USD | 64m USD | -1.6bn USD | -49.6 % | – | – | – | -1.6bn USD | -8.1bn USD |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 176.66 USD | 2026-09-15 | |
|---|---|---|---|
| Market cap | 46.6bn USD | 2026-09-15 | |
| 52w high | 402.16 USD | 2026-09-15 | |
| 52w low | 139.11 USD | 2026-09-15 | |
| EV/EBITDA | 28.0 | 2026-07-10 (stale) | |
| Off 52w high % | -56.1 % | ||
| P/S | 6.5 | ||
| Lifetime CAGR | 14.8 % |
Notes
- 2025-08-01 opinion Follow closely, Buy