Saturday 31 October 2026 Export COIN’s income statement to Excel — free account

Coinbase Global, Inc.

COIN Financial Financial Data & Stock Exchanges

Coinbase Global, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.2 billion, up 9.40% from fiscal 2024. In the quarter to June 2026, revenue fell 18.5%, EPS fell 124.3%, free cash flow grew 128.5% and total debt rose 154.3%, each against the same quarter a year earlier. Member of the S&P 500.

143.54 17.05 −10.62%

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Market cap: $42.4B
P/E: 0.0×
Fwd P/E: −1,104×
Dividend yield: —
F-score: 4/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Insider Decisions trades per month

Total sells 325.18

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	16	7	5	4	1	1	3	2	1	2	4	1

Insider Ownership 18.08%

Capital & Financial Ratios $m

Market Cap 42,370.00

Revenue 6,282.87

Net Income (987.77)

Free Cash Flow 1,442.96

Net Debt 1,717.96

Current Ratio 2.42

Debt/Equity 0.82

P/E ratio 0.00

Fwd P/E (1,104.00)

P/S ratio 5.94

P/B ratio 2.85

Past 5Y EPS Growth 4.72%

This Y EPS Growth (157.43%)

Next Y EPS Growth 220.98%

Next Y revenue growth (48.12%)

Next 5Y EPS Growth 9.72%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/S against its own 10 years 27.74%

10-year low 10-year high

P/B against its own 10 years 18.71%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	5,738	9,655	11,930	9,065
Receivables	168	265	307	333
Inventory	—	—	—	—
Other	5,257	7,548	6,797	6,519
	11,357	18,113	20,388	17,489

	2023	2024	2025	Q'26
Payables	39	63	118	—
ST’ Debt	4,571	6,533	7,069	4,838
Other	418	792	827	1,657
	5,485	7,941	8,701	7,219

Compound Annual Growth %

	10y	5y	3y
Sales	29.68%	41.24%	31.00%
Cash Flow	0.00%	52.57%	0.00%
Earnings	0.00%	31.35%	0.00%
Book Value	30.13%	57.51%	39.45%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.16 Actual 0.28

−0.59 −0.16 0.27 0.69 1.12

Q4 FY25 Miss −0.26

Q1 FY26 Miss −0.53

Q2 FY26 Miss −0.53

Q3 FY26 Beat +0.44

Q4 FY26 — Feb 11

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q4 FY25	0.92	0.66	Miss by 0.26
Q1 FY26	0.36	−0.17	Miss by 0.53
Q2 FY26	0.14	−0.39	Miss by 0.53
Q3 FY26	−0.16	0.28	Beat by 0.44
Q4 FY26	0.17	—	Reports 11 February 2027

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(1.49)	(1.36)	—	—	—
’25	0.24	5.14	1.50	(2.49)	4.45
’24	4.40	0.14	0.28	4.68	9.48
’23	(0.34)	(0.42)	(0.01)	1.04	0.37
’22	(1.98)	(4.98)	(2.43)	(2.46)	(11.83)
’21	3.05	6.42	1.62	3.32	14.50
’20	0.48	0.48	0.90	1.68	3.53

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,413	1,220	—	—	—
’25	2,034	1,497	1,869	1,781	7,181
’24	1,638	1,450	1,205	2,272	6,564
’23	773	708	674	954	3,108
’22	1,166	808	590	629	3,194
’21	1,801	2,228	1,312	2,498	7,839
’20	191	186	315	585	1,277

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	183	197	—	—	—
’25	853	240	(1,732)	3,065	2,426
’24	411	484	697	1,512	3,104
’23	463	151	314	(255)	673
’22	(91)	(351)	(397)	(745)	(1,585)
’21	3,412	3,983	342	(3,699)	4,038
’20	470	167	208	2,158	294

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	119	46	—	—	—
’25	716	(160)	(1,802)	2,997	1,905
’24	463	485	678	1,534	3,161
’23	475	152	287	(246)	797
’22	(758)	(164)	(415)	(740)	(2,077)
’22	—	—	—	—	(727)
’21	3,400	3,798	288	(3,965)	3,520

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	—	—	—	—	—	208.00	31.83	31.55	114.51	142.58		(9.0%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	—	—	—	—	—	429.54	258.81	187.39	349.75	444.65		+0.9%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	—	—	—	—	1,249	3,730	4,510	3,416	3,772	4,951		+31.7%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	—	—	—	0.00	1.02	2.10	0.71	0.91	1.74	1.45		n/m	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	—	—	—	534	1,277	7,839	3,194	3,108	6,564	7,181		+54.2%	3,726	4,811	5,694	(7.4%)
	Gross margin, %	—	—	—	84.63	89.39	83.83	80.28	86.47	86.32	85.79		+1.2 pt	Powerpack Coinbase Global, Inc.’s next three years, line by line Analysts expect revenue to shrink 7.4% a year to 2028 — slower than the 54.2% of the last 6 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	—	—	—	(45)	409	3,027	(3,065)	(77)	2,943	1,522		n/m
	EBT margin, %	—	—	—	(8.51)	32.03	38.61	(95.94)	(2.47)	44.83	21.19		+29.7 pt
	Net income	—	0	—	(30)	322	3,624	(2,625)	95	2,579	1,260		n/m
	Depreciation	—	—	—	17	31	64	154	140	128	188		+49.5%
Per share, $
Per share, $	Revenue	—	—	—	8.70	18.60	44.21	14.37	13.18	26.53	27.61		+21.2%
	Earnings	—	—	—	(0.50)	4.69	17.47	(11.81)	0.40	10.42	4.85		n/m
	Cash flow	—	—	—	(1.31)	4.27	22.77	(7.13)	2.86	12.55	9.33		n/m
	Capex	—	—	—	(1.50)	0.89	(2.92)	(2.21)	0.52	0.23	(2.00)		+4.9%
	Free cash flow	—	—	—	(2.82)	5.16	19.85	(9.34)	3.38	12.78	7.32		n/m
	Book value	—	—	—	17.32	22.22	35.99	24.54	26.64	41.54	56.88		+21.9%
	Shares, m	—	—	—	61	69	177	222	236	247	260		+27.2%
Valuation, ×
Valuation, ×	P/E	—	—	—	40.95	40.95	14.51	0.00	424.00	23.83	45.05		84.2
	P/S	—	—	—	9.02	9.02	5.71	2.34	11.90	9.36	8.19		7.9
	P/B	—	—	—	11.31	11.31	7.01	1.37	5.89	5.98	3.98		6.7
	EV/Sales	—	—	—	10.48	10.48	6.55	3.25	12.48	9.53	8.34		8.7
	EV/FCF	—	—	—	5.07	5.07	14.59	(5.00)	58.10	21.06	37.30		19.5
Cash, $m
Cash, $m	Operating cash flow	—	—	—	(81)	294	4,038	(1,585)	673	3,104	2,426		n/m
	Capex	—	—	—	(92)	61	(518)	(492)	123	57	(521)		+33.5%
	Free cash flow	—	—	—	(173)	354	3,520	(2,077)	797	3,161	1,905		n/m
Balance, $m
Balance, $m	Working capital	—	—	—	764	887	6,955	5,633	5,872	10,171	11,687		+57.6%
	Total debt	—	—	—	1,107	3,849	13,865	8,223	7,551	10,767	13,006		+50.8%
	Net debt	—	—	—	435	2,708	6,611	2,911	1,812	1,112	1,077		+16.3%
	Shareholders’ equity	—	—	—	1,062	1,526	6,382	5,455	6,282	10,277	14,793		+55.1%
Returns, %
Returns, %	ROA	—	—	—	(1.27)	7.82	26.72	(4.73)	0.18	13.83	4.83		+6.1 pt
	ROIC	—	—	—	(1.91)	6.04	14.80	(20.25)	(1.25)	12.66	5.65		+7.6 pt
	ROE	—	—	—	(6.11)	44.13	98.68	(44.35)	1.62	31.15	10.05		+16.2 pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by regions, and margins
U.S.	6,011	83.70%
International	1,171	16.30%
Gross margin		85.79%
Operating margin		19.99%
Pre-tax margin		21.19%

Revenue by segment since 2019

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
SPGI S&P Global Inc.	$133.6B	28.4×	28.2×	+10.41% (above 0%: growing)	+16.57% (above 0%: growing)	+1.23% (above 0%: growing)	71.90%	43.70%	Compare
CME CME Group Inc.	$106.1B	25.5×	25.4×	+0.84% (above 0%: growing)	+2.85% (above 0%: growing)	−11.21% (below 0%: shrinking)	100.00%	64.89%	Compare
ICE Intercontinental Exchange Inc.	$91.1B	23.7×	22.7×	+4.84% (above 0%: growing)	+14.09% (above 0%: growing)	+29.65% (above 0%: growing)	98.61%	52.18%	Compare
MCO Moody's Corporation	$84.3B	31.2×	30.3×	+15.12% (above 0%: growing)	+56.52% (above 0%: growing)	+47.01% (above 0%: growing)	76.29%	47.87%	Compare
NDAQ Nasdaq, Inc.	$58.6B	30.7×	29.4×	+20.51% (above 0%: growing)	+13.92% (above 0%: growing)	−7.71% (below 0%: shrinking)	59.24%	28.12%	Compare
MSCI MSCI Inc	$44.2B	34.1×	31.4×	+12.20% (above 0%: growing)	+19.90% (above 0%: growing)	+8.19% (above 0%: growing)	82.71%	56.23%	Compare
COIN Coinbase Global, Inc.	$42.4B	— (loss-making)	— (loss-making)	−18.51% (below 0%: shrinking)	n/m	+128.50% (above 0%: growing)	84.44%	(9.30%)
CBOE Cboe Global Markets, Inc.	$32.8B	25.9×	—	+22.95% (above 0%: growing)	+50.67% (above 0%: growing)	−270.85% (below 0%: shrinking)	50.71%	32.99%	Compare
TRU TransUnion	$14.4B	20.2×	17.7×	+14.91% (above 0%: growing)	+33.93% (above 0%: growing)	+42.65% (above 0%: growing)	58.41%	19.70%	Compare
Median of peers	$71.4B	27.2×	28.2×	+13.56%	+18.24%	+4.71%	74.10%	45.79%

All 14 Financial Data & Stock Exchanges stocks →

Business profile

Updated 31 October 2026

Coinbase Global operates a platform for buying, selling, storing and using crypto assets. It serves individual consumers, institutions and developers, with products ranging from trading interfaces to custody and infrastructure for building applications on blockchains. Coinbase was founded in 2012 and is led by Chief Executive Officer Brian Armstrong. It is a remote-first company and does not maintain a headquarters.

Consumers can buy and sell crypto through a simple interface or use an advanced interface with order books, charts and other trading tools. Coinbase has also expanded beyond spot crypto trading into stocks, futures and prediction markets. Its aim is to offer an “Everything Exchange” where customers can trade different types of assets on one platform.

Read the full business profile →

From the latest earnings call

Updated 26 October 2026

Brian Armstrong said Coinbase would continue investing in USDC and pursue economic arrangements across major stablecoins as it develops a multi-stablecoin platform.
Alesia Haas said recent marketing efforts in prediction markets, crypto trading and derivatives had shown a one-year payback, with early signs of incremental spot trading.

Read the Earnings & Analysis →

Analyst rating changes each firm’s latest, last six months

Firm	Date	Action	Rating	Target
Jefferies	Oct 30, 2026	Target cut	—	183.00 → 174.00
Compass Point	Oct 30, 2026	Target cut	—	187.00 → 165.00
Mizuho	Oct 30, 2026	Target cut	—	145.00
Canaccord	Oct 30, 2026	Reiterated	—	275.00
JPMorgan	Oct 30, 2026	Target cut	—	—
Rosenblatt	Oct 30, 2026	Target cut	—	—
Needham	Oct 30, 2026	Target cut	Buy	205.00 → 197.00
Wells Fargo	Oct 30, 2026	Target cut	Hold	200.00 → 174.00
Barclays	Oct 30, 2026	Target cut	Underperform	149.00 → 120.00
Citi	Oct 22, 2026	Target raised	—	230.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 54.57%

Held by the ten largest 29.11%

Holder	Shares	Stake	Change
Vanguard	26.02m	9.86%	+148.05k
BlackRock	16.71m	6.33%	−34.62k
State Street	9.56m	3.62%	+201.98k
Geode Capital Management	6.15m	2.33%	+24.62k
Morgan Stanley	3.80m	1.44%	+3.62k
UBS	3.52m	1.34%	−125.45k
Paradigm Operations LP	3.19m	1.21%	−404.13k
Norges Bank	2.79m	1.06%	+2.79m
Goldman Sachs	2.54m	0.96%	+34.22k
ARK Investment Management LLC	2.51m	0.95%	+138.44k

13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 24 April 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	9.71m	37.24m	69.00
2024	7.24m	523.64m	76.00
2023	4.70m	680.88m	53.00
2022	7.47m	(1.36b)	11.00
2021	3.27m	2.12b	77.00

Ownership

Directors and executive officers, together 60.40% of the votes

Brian Armstrong 49.60% of the votes

Entities affiliated with and trusts established by Brian Armstrong with Independent Trustee 18.90% of the votes

Frederick Ernest Ehrsam III 10.60% of the votes

BlackRock, Inc. 1.40% of the votes

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement