Coinbase Global (COIN) Financials

$308.47 -0.50 (-0.16%)

Closing price 04:00 PM Eastern

Extended Trading

$308.95 +0.48 (+0.16%)

As of 07:59 PM Eastern

Annual Income Statements for Coinbase Global

This table shows Coinbase Global's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-30	322	3,624	-2,625	95	2,578
Consolidated Net Income / (Loss)	-30	322	3,624	-2,625	95	2,579
Net Income / (Loss) Continuing Operations	-30	322	3,624	-2,625	95	2,579
Total Pre-Tax Income	-45	409	3,027	-3,065	-77	2,943
Total Operating Income	-46	409	3,077	-2,710	-162	2,307
Total Gross Profit	534	1,277	7,839	3,194	3,108	6,564
Total Revenue	534	1,277	7,839	3,194	3,108	6,564
Operating Revenue	534	1,277	7,839	3,194	3,108	6,564
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	580	869	4,763	5,904	3,270	4,257
Selling, General & Admin Expense	232	280	909	1,601	1,074	1,300
Marketing Expense	24	57	664	510	332	654
Research & Development Expense	185	272	1,292	2,326	1,325	1,468
Other Operating Expenses / (Income)	128	260	1,745	704	431	834
Impairment Charge	-	-	153	722	-35	0.00
Restructuring Charge	10	0.00	0.00	41	143	0.00
Total Other Income / (Expense), net	0.37	0.25	-50	-354	85	635
Interest Expense	-	0.00	29	89	83	81
Interest & Investment Income	-	-	-	0.00	0.00	687
Other Income / (Expense), net	0.37	0.25	-20	-265	168	29
Income Tax Expense	-15	87	-597	-440	-172	364
Basic Earnings per Share	($0.50)	$1.58	$17.47	($11.81)	$0.40	$10.42
Weighted Average Basic Shares Outstanding	61.32M	68.67M	177.32M	222.31M	235.80M	247.37M
Diluted Earnings per Share	($0.50)	$1.40	$14.50	($11.83)	$0.37	$9.48
Weighted Average Diluted Shares Outstanding	61.32M	91.21M	219.97M	222.34M	254.39M	273.38M
Weighted Average Basic & Diluted Shares Outstanding	-	-	219.48M	231.47M	242.28M	253.88M

This table shows Coinbase Global's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-557	-79	-97	-2.27	273	1,175	36	75	1,291	66	1,429
Consolidated Net Income / (Loss)	-557	-79	-97	-2.27	273	1,176	36	75	1,291	66	1,429
Net Income / (Loss) Continuing Operations	-557	-79	-97	-2.27	273	1,176	36	75	1,291	66	1,429
Total Pre-Tax Income	-571	-166	-79	35	133	1,437	-60	69	1,497	82	1,824
Total Operating Income	-555	-124	-74	-80	116	760	343	170	1,034	706	-25
Total Gross Profit	629	773	708	674	954	1,638	1,450	1,205	2,272	2,034	1,497
Total Revenue	629	773	708	674	954	1,638	1,450	1,205	2,272	2,034	1,497
Operating Revenue	629	773	708	674	954	1,638	1,450	1,205	2,272	2,034	1,497
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	1,184	896	781	754	838	877	1,107	1,036	1,238	1,328	1,522
Selling, General & Admin Expense	378	249	259	253	314	287	320	330	363	394	354
Marketing Expense	93	64	84	78	106	99	165	165	226	247	236
Research & Development Expense	590	358	321	323	323	358	364	377	369	355	387
Other Operating Expenses / (Income)	-586	63	127	94	147	133	257	163	281	331	545
Total Other Income / (Expense), net	-16	-42	-5.11	114	17	677	-403	-101	463	-623	1,848
Interest Expense	22	22	22	21	19	19	21	21	21	21	21
Interest & Investment Income	-	-	0.00	0.00	-	650	-319	-121	476	-597	362
Other Income / (Expense), net	5.59	-20	17	135	36	46	-64	40	7.19	-6.19	1,507
Income Tax Expense	-14	-87	19	37	-141	261	-96	-6.91	206	17	395
Basic Earnings per Share	($2.45)	($0.34)	($0.42)	($0.01)	$1.17	$4.84	$0.15	$0.30	$5.13	$0.26	$5.60
Weighted Average Basic Shares Outstanding	222.31M	231.49M	234.61M	237.27M	235.80M	242.79M	246.30M	248.83M	247.37M	253.88M	255.19M
Diluted Earnings per Share	($2.44)	($0.34)	($0.42)	($0.01)	$1.14	$4.40	$0.14	$0.28	$4.66	$0.24	$5.14
Weighted Average Diluted Shares Outstanding	222.34M	231.49M	234.64M	237.27M	254.39M	267.95M	266.83M	267.44M	273.38M	271.25M	278.91M
Weighted Average Basic & Diluted Shares Outstanding	231.47M	234.56M	237.18M	239.25M	242.28M	245.57M	248.48M	250.35M	253.88M	254.70M	256.94M

This table details how cash moves in and out of Coinbase Global's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-203	3,074	12,890	-8,088	117	5,103
Net Cash From Operating Activities	-81	294	4,038	-1,585	923	2,557
Net Cash From Continuing Operating Activities	-81	294	4,038	-1,585	923	2,557
Net Income / (Loss) Continuing Operations	-30	322	3,624	-2,625	95	2,579
Consolidated Net Income / (Loss)	-30	322	3,624	-2,625	95	2,579
Depreciation Expense	17	31	64	154	140	128
Non-Cash Adjustments To Reconcile Net Income	-41	71	762	2,300	481	173
Changes in Operating Assets and Liabilities, net	-26	-131	-411	-1,415	207	-323
Net Cash From Investing Activities	-105	51	-1,125	-664	5.39	-282
Net Cash From Continuing Investing Activities	-105	51	-1,125	-664	5.39	-282
Acquisitions	-5.70	34	-71	-186	-31	0.00
Other Investing Activities, net	1.48	46	-644	-478	36	-282
Net Cash From Financing Activities	-17	2,729	9,976	-5,839	-811	2,829
Net Cash From Continuing Financing Activities	-17	2,729	9,976	-5,839	-811	2,829
Repayment of Debt	-	0.00	0.43	-167	-339	16
Issuance of Debt	0.00	0.00	3,400	191	32	1,246
Other Financing Activities, net	4.35	2,731	6,556	-5,863	-504	1,566

This table details how cash moves in and out of Coinbase Global's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-2,404	897	-1,438	-350	1,008	2,214	-468	297	3,061	-1,308	-748
Net Cash From Operating Activities	-745	463	151	314	-5.19	411	484	697	965	-183	328
Net Cash From Continuing Operating Activities	-745	463	151	314	-5.19	411	484	697	965	-183	328
Net Income / (Loss) Continuing Operations	-557	-79	-97	-2.27	273	1,176	36	75	1,291	66	1,429
Consolidated Net Income / (Loss)	-557	-79	-97	-2.27	273	1,176	36	75	1,291	66	1,429
Depreciation Expense	40	41	37	32	29	29	35	31	33	33	34
Non-Cash Adjustments To Reconcile Net Income	568	288	140	106	-53	-512	574	373	-260	822	-1,650
Changes in Operating Assets and Liabilities, net	-789	213	71	178	-255	-282	-160	217	-99	-1,103	516
Net Cash From Investing Activities	-26	-26	13	-72	91	-126	-19	-89	-49	-232	-685
Net Cash From Continuing Investing Activities	-26	-26	13	-72	91	-126	-19	-89	-49	-232	-685
Other Investing Activities, net	-134	-26	13	-72	121	-126	-19	-89	-49	-232	-226
Net Cash From Financing Activities	-1,633	460	-1,602	-592	923	1,928	-934	-311	2,146	-894	-391
Net Cash From Continuing Financing Activities	-1,633	460	-1,602	-592	923	1,928	-934	-311	2,146	-894	-391
Repayment of Debt	-0.23	-20	-36	-172	-110	50	7.45	5.82	3.16	18	42
Other Financing Activities, net	-1,658	476	-1,561	-420	1,002	632	-936	-317	2,143	-912	-433

This table presents Coinbase Global's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	5,855	21,274	89,725	14,754	22,542
Total Current Assets	5,134	18,374	86,448	11,357	18,113
Cash & Equivalents	1,062	7,123	4,425	5,139	8,544
Restricted Cash	3,794	31	26	23	39
Accounts Receivable	-	-	-	362	741
Other Current Assets	49	10,718	81,315	5,759	8,707
Other Current Nonoperating Assets	-	-	-	74	83
Plant, Property, & Equipment, net	49	59	172	193	0.00
Total Noncurrent Assets	672	2,841	3,105	3,205	4,429
Long-Term Investments	-	-	-	-	374
Goodwill	77	626	1,074	1,140	1,140
Noncurrent Deferred & Refundable Income Taxes	-	-	1,047	1,272	941
Other Noncurrent Operating Assets	534	2,039	849	706	1,974
Total Liabilities & Shareholders' Equity	5,855	21,274	89,725	14,754	22,542
Total Liabilities	4,329	14,893	84,270	8,472	12,265
Total Current Liabilities	4,247	11,419	80,815	5,485	7,941
Short-Term Debt	-	-	-	-	0.00
Accrued Expenses	89	440	331	457	690
Other Current Liabilities	4,146	10,940	80,428	4,989	7,251
Total Noncurrent Liabilities	83	3,474	3,455	2,987	4,324
Long-Term Debt	0.00	3,385	3,393	2,980	4,234
Other Noncurrent Operating Liabilities	83	89	62	7.22	90
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	964	6,382	5,455	6,282	10,277
Total Preferred & Common Equity	964	6,382	5,455	6,282	10,277
Preferred Stock	-	-	0.00	0.00	0.00
Total Common Equity	964	6,382	5,455	6,282	10,277
Common Stock	231	2,035	3,768	4,492	5,366
Retained Earnings	726	4,350	1,725	1,820	4,961
Accumulated Other Comprehensive Income / (Loss)	6.26	-3.40	-39	-30	-50

This table presents Coinbase Global's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	111,168	139,302	137,651	127,306	348,036	286,959	290,559	21,731	23,476
Total Current Assets	107,680	135,844	134,262	123,919	343,841	282,887	286,426	17,454	17,491
Cash & Equivalents	5,007	5,018	5,167	5,101	6,711	7,226	7,724	8,051	7,539
Restricted Cash	6,614	27	21	26	33	34	32	5,426	69
Accounts Receivable	-	-	-	-	280	677	187	700	1,026
Other Current Assets	95,481	130,031	128,407	118,167	336,816	274,950	278,483	3,210	8,730
Other Current Nonoperating Assets	-	-	-	-	-	-	-	67	126
Plant, Property, & Equipment, net	171	173	186	202	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	3,317	3,285	3,203	3,184	4,196	4,073	4,133	4,277	5,986
Long-Term Investments	-	-	-	-	-	-	-	-	1,934
Goodwill	1,074	1,140	1,140	1,140	1,140	1,140	1,140	1,154	1,154
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	880	1,010	1,033	996	541
Other Noncurrent Operating Assets	2,082	2,016	1,955	1,949	2,176	1,923	1,960	2,128	2,357
Total Liabilities & Shareholders' Equity	111,168	139,302	137,651	127,306	348,036	286,959	290,559	21,731	23,476
Total Liabilities	105,542	133,627	131,896	121,384	339,965	278,588	281,830	11,263	11,381
Total Current Liabilities	102,073	130,203	128,539	118,299	335,735	274,354	277,588	6,933	8,231
Short-Term Debt	-	-	-	-	-	-	-	-	1,267
Accrued Expenses	298	275	262	374	438	448	501	662	601
Other Current Liabilities	101,713	129,904	128,249	117,888	335,296	273,906	277,088	6,271	6,363
Total Noncurrent Liabilities	3,469	3,424	3,357	3,086	4,231	4,235	4,242	4,329	3,150
Long-Term Debt	3,391	3,396	3,334	3,077	4,225	4,228	4,231	4,237	2,974
Other Noncurrent Operating Liabilities	78	28	23	9.09	5.87	6.67	11	92	177
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,626	5,675	5,755	5,921	8,071	8,371	8,728	10,468	12,095
Total Preferred & Common Equity	5,626	5,675	5,755	5,921	8,071	8,371	8,728	10,468	12,095
Preferred Stock	-	-	-	-	0.00	0.00	0.00	-	0.00
Total Common Equity	5,626	5,675	5,755	5,921	8,071	8,371	8,728	10,468	12,095
Common Stock	3,380	4,057	4,239	4,418	4,550	4,817	5,087	5,484	5,640
Retained Earnings	2,282	1,647	1,549	1,547	3,558	3,594	3,670	5,027	6,455
Accumulated Other Comprehensive Income / (Loss)	-36	-28	-34	-44	-37	-40	-29	-42	-0.06

This table displays calculated financial ratios and metrics derived from Coinbase Global's official financial filings.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	139.35%	513.66%	-59.25%	-2.69%	111.17%
EBITDA Growth	0.00%	1,642.37%	608.78%	-190.44%	105.16%	1,592.57%
EBIT Growth	0.00%	1,001.00%	646.85%	-197.37%	100.20%	39,356.75%
NOPAT Growth	0.00%	1,105.12%	1,043.52%	-151.50%	94.04%	1,886.88%
Net Income Growth	0.00%	1,160.71%	1,024.40%	-172.43%	103.61%	2,618.50%
EPS Growth	0.00%	380.00%	935.71%	-181.59%	103.13%	2,462.16%
Operating Cash Flow Growth	0.00%	464.23%	1,275.64%	-139.26%	158.22%	177.03%
Free Cash Flow Firm Growth	0.00%	0.00%	-161.84%	-63.04%	107.03%	-22.12%
Invested Capital Growth	0.00%	0.00%	178.44%	68.34%	-8.46%	45.23%
Revenue Q/Q Growth	0.00%	0.00%	32.29%	-36.92%	11.66%	25.12%
EBITDA Q/Q Growth	0.00%	0.00%	28.46%	-104.81%	126.74%	56.87%
EBIT Q/Q Growth	0.00%	0.00%	28.58%	-96.49%	100.85%	61.50%
NOPAT Q/Q Growth	0.00%	0.00%	23.81%	-119.80%	80.57%	47.22%
Net Income Q/Q Growth	0.00%	0.00%	22.41%	-113.80%	112.90%	65.18%
EPS Q/Q Growth	0.00%	0.00%	18.27%	-97.83%	111.53%	59.06%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-43.79%	65.07%	405.17%	61.11%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	24.20%	103.67%	396.22%
Invested Capital Q/Q Growth	0.00%	0.00%	139.59%	268.91%	3.99%	12.34%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-5.35%	34.46%	39.80%	-88.34%	4.68%	37.53%
Operating Margin	-8.58%	32.01%	39.24%	-84.85%	-5.20%	35.15%
EBIT Margin	-8.51%	32.03%	38.98%	-93.16%	0.19%	35.59%
Profit (Net Income) Margin	-5.69%	25.23%	46.23%	-82.18%	3.05%	39.29%
Tax Burden Percent	66.91%	78.77%	119.73%	85.65%	-123.46%	87.64%
Interest Burden Percent	100.00%	100.00%	99.05%	102.99%	-1,297.84%	125.96%
Effective Tax Rate	0.00%	21.23%	-19.73%	0.00%	0.00%	12.36%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	-54.13%	-2.69%	40.97%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	-23.98%	-15.24%	24.31%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	9.78%	4.30%	-9.82%
Return on Equity (ROE)	0.00%	21.12%	91.66%	-44.35%	1.62%	31.15%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-86.46%	-105.07%	6.15%	4.08%
Operating Return on Assets (OROA)	0.00%	6.99%	22.53%	-5.36%	0.01%	12.53%
Return on Assets (ROA)	0.00%	5.50%	26.72%	-4.73%	0.18%	13.83%
Return on Common Equity (ROCE)	0.00%	13.34%	85.14%	-44.35%	1.62%	31.15%
Return on Equity Simple (ROE_SIMPLE)	0.00%	33.45%	56.79%	-48.12%	1.51%	25.10%
Net Operating Profit after Tax (NOPAT)	-32	322	3,684	-1,897	-113	2,022
NOPAT Margin	-6.00%	25.22%	46.99%	-59.39%	-3.64%	30.81%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.01%	-1.38%	-30.16%	12.56%	16.66%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-21.44%	-1.22%	13.94%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	43.45%	21.91%	11.60%	50.11%	34.56%	19.81%
R&D to Revenue	34.67%	21.27%	16.48%	72.83%	42.61%	22.37%
Operating Expenses to Revenue	108.58%	67.99%	60.76%	184.85%	105.20%	64.85%
Earnings before Interest and Taxes (EBIT)	-45	409	3,056	-2,976	5.92	2,336
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-29	440	3,120	-2,822	146	2,464
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	29.80	8.51	1.47	6.62	6.05
Price to Tangible Book Value (P/TBV)	0.00	34.78	9.73	1.89	8.23	6.84
Price to Revenue (P/Rev)	53.80	22.48	6.93	2.51	13.39	9.47
Price to Earnings (P/E)	0.00	89.08	14.99	0.00	439.14	24.11
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	1.12%	6.67%	0.00%	0.23%	4.15%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	19.35	1.59	9.80	9.89
Enterprise Value to Revenue (EV/Rev)	0.00	19.12	6.45	2.18	12.68	8.81
Enterprise Value to EBITDA (EV/EBITDA)	0.00	55.48	16.20	0.00	270.86	23.47
Enterprise Value to EBIT (EV/EBIT)	0.00	59.68	16.54	0.00	6,658.88	24.75
Enterprise Value to NOPAT (EV/NOPAT)	0.00	75.81	13.72	0.00	0.00	28.59
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	83.19	12.52	0.00	42.72	22.61
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	6.69	0.00	0.00	152.35	286.86
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.53	0.62	0.47	0.41
Long-Term Debt to Equity	0.00	0.00	0.53	0.62	0.47	0.41
Financial Leverage	0.00	-3.18	-1.09	-0.41	-0.28	-0.40
Leverage Ratio	0.00	3.84	3.43	9.38	8.90	2.25
Compound Leverage Factor	0.00	3.84	3.40	9.66	-115.54	2.84
Debt to Total Capital	0.00%	0.00%	34.66%	38.35%	32.18%	29.18%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	34.66%	38.35%	32.18%	29.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	36.86%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	63.14%	65.34%	61.65%	67.82%	70.82%
Debt to EBITDA	0.00	0.00	1.09	-1.20	20.47	1.72
Net Debt to EBITDA	0.00	0.00	-1.21	0.37	-14.99	-1.76
Long-Term Debt to EBITDA	0.00	0.00	1.09	-1.20	20.47	1.72
Debt to NOPAT	0.00	0.00	0.92	-1.79	-26.33	2.09
Net Debt to NOPAT	0.00	0.00	-1.02	0.56	19.29	-2.15
Long-Term Debt to NOPAT	0.00	0.00	0.92	-1.79	-26.33	2.09
Altman Z-Score	0.00	4.78	3.71	0.09	3.81	4.52
Noncontrolling Interest Sharing Ratio	0.00%	36.86%	7.11%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	1.21	1.61	1.07	2.07	2.28
Quick Ratio	0.00	0.29	0.65	0.06	1.00	1.17
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	3,652	-2,259	-3,682	259	202
Operating Cash Flow to CapEx	-86.14%	1,561.26%	4,872.72%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-77.45	-41.42	3.13	2.50
Operating Cash Flow to Interest Expense	0.00	0.00	138.48	-17.83	11.15	31.70
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	135.64	-17.83	11.15	31.70
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.22	0.58	0.06	0.06	0.35
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	11.91
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	25.94	144.53	27.65	17.06	33.44
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	30.65
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	30.65
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	-3,330	2,612	4,397	4,025	5,846
Invested Capital Turnover	0.00	-0.77	-21.84	0.91	0.74	1.33
Increase / (Decrease) in Invested Capital	0.00	-3,330	5,942	1,785	-372	1,821
Enterprise Value (EV)	0.00	24,419	50,542	6,975	39,427	57,814
Market Capitalization	28,713	28,713	54,311	8,032	41,610	62,162
Book Value per Share	$0.00	$14.03	$29.65	$24.03	$26.26	$41.05
Tangible Book Value per Share	$0.00	$12.02	$25.93	$18.70	$21.13	$36.31
Total Capital	0.00	1,526	9,766	8,848	9,262	14,511
Total Debt	0.00	0.00	3,385	3,393	2,980	4,234
Total Long-Term Debt	0.00	0.00	3,385	3,393	2,980	4,234
Net Debt	0.00	-4,856	-3,770	-1,057	-2,182	-4,348
Capital Expenditures (CapEx)	94	19	83	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-3,969	-200	1,182	709	1,589
Debt-free Net Working Capital (DFNWC)	0.00	887	6,955	5,633	5,872	10,171
Net Working Capital (NWC)	0.00	887	6,955	5,633	5,872	10,171
Net Nonoperating Expense (NNE)	-1.66	-0.20	59	728	-208	-557
Net Nonoperating Obligations (NNO)	0.00	-4,856	-3,770	-1,057	-2,256	-4,431
Total Depreciation and Amortization (D&A)	17	31	64	154	140	128
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-310.68%	-2.55%	37.01%	22.82%	24.21%
Debt-free Net Working Capital to Revenue	0.00%	69.44%	88.72%	176.35%	188.90%	154.96%
Net Working Capital to Revenue	0.00%	69.44%	88.72%	176.35%	188.90%	154.96%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$17.47	($11.81)	$0.40	$10.42
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	177.32M	222.31M	235.80M	247.37M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$14.50	($11.83)	$0.37	$9.48
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	219.97M	222.34M	254.39M	273.38M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	219.48M	231.47M	242.28M	253.88M
Normalized Net Operating Profit after Tax (NOPAT)	-25	322	2,261	-1,363	-38	2,022
Normalized NOPAT Margin	-4.67%	25.22%	28.84%	-42.67%	-1.21%	30.81%
Pre Tax Income Margin	-8.51%	32.03%	38.61%	-95.94%	-2.47%	44.83%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	104.80	-33.47	0.07	28.97
NOPAT to Interest Expense	0.00	0.00	126.32	-21.34	-1.37	25.07
EBIT Less CapEx to Interest Expense	0.00	0.00	101.96	-33.47	0.07	28.97
NOPAT Less CapEx to Interest Expense	0.00	0.00	123.48	-21.34	-1.37	25.07
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-68.97%	0.60%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Coinbase Global's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-74.82%	-33.77%	-12.42%	14.20%	51.61%	111.98%	104.78%	78.77%	138.17%	24.23%	3.28%
EBITDA Growth	-154.43%	81.41%	98.29%	115.08%	135.58%	911.60%	1,666.68%	174.80%	493.27%	-12.26%	383.17%
EBIT Growth	-160.23%	75.46%	95.32%	108.92%	127.60%	659.22%	589.89%	277.81%	586.89%	-13.21%	430.72%
NOPAT Growth	-144.63%	77.66%	92.96%	101.34%	161.26%	817.64%	566.35%	3,477.27%	274.85%	-9.75%	-108.04%
Net Income Growth	-166.29%	81.64%	91.09%	99.58%	149.09%	1,590.88%	137.11%	3,433.11%	372.20%	-94.42%	3,852.70%
EPS Growth	-171.55%	82.83%	91.57%	99.59%	146.72%	1,394.12%	133.33%	2,900.00%	308.77%	-94.55%	3,571.43%
Operating Cash Flow Growth	79.85%	606.89%	143.04%	178.98%	99.30%	-11.14%	220.40%	121.88%	18,700.42%	-144.41%	-32.16%
Free Cash Flow Firm Growth	57.15%	-2,429.33%	-74.91%	-47.54%	128.06%	91.31%	84.33%	82.28%	-252.25%	648.11%	-12.50%
Invested Capital Growth	68.34%	164.06%	205.74%	248.68%	-8.46%	37.90%	36.84%	34.44%	45.23%	-79.08%	24.87%
Revenue Q/Q Growth	6.57%	22.80%	-8.36%	-4.77%	41.48%	71.69%	-11.48%	-16.86%	88.49%	-10.45%	-26.40%
EBITDA Q/Q Growth	12.23%	79.77%	80.54%	536.61%	107.06%	361.35%	-62.44%	-23.42%	347.02%	-31.77%	106.86%
EBIT Q/Q Growth	11.72%	73.76%	60.45%	197.32%	173.22%	431.74%	-65.35%	-24.95%	396.74%	-32.81%	111.87%
NOPAT Q/Q Growth	0.29%	77.68%	40.61%	110.13%	4,461.70%	161.52%	-61.40%	-22.31%	378.00%	-37.04%	-103.44%
Net Income Q/Q Growth	-2.27%	85.84%	-23.46%	97.67%	12,172.27%	330.17%	-96.93%	108.84%	1,610.28%	-94.92%	2,077.94%
EPS Q/Q Growth	-0.41%	86.07%	-23.53%	97.62%	11,500.00%	285.96%	-96.82%	100.00%	1,564.29%	-94.85%	2,041.67%
Operating Cash Flow Q/Q Growth	-87.53%	162.12%	-67.37%	107.73%	-101.65%	8,034.54%	17.67%	43.86%	38.49%	-118.94%	279.76%
Free Cash Flow Firm Q/Q Growth	50.43%	-378.32%	26.48%	15.36%	109.43%	-268.60%	-32.53%	4.26%	18.99%	633.23%	-127.20%
Invested Capital Q/Q Growth	268.91%	-8.45%	-3.08%	-0.79%	3.99%	35.42%	-3.82%	-2.54%	12.34%	-80.14%	474.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-80.90%	-13.32%	-2.83%	12.97%	18.98%	51.01%	21.65%	19.94%	47.29%	36.03%	101.27%
Operating Margin	-88.20%	-16.04%	-10.39%	-11.84%	12.12%	46.44%	23.67%	14.07%	45.52%	34.70%	-1.65%
EBIT Margin	-87.31%	-18.66%	-8.05%	8.23%	15.89%	49.22%	19.27%	17.39%	45.84%	34.39%	99.00%
Profit (Net Income) Margin	-88.54%	-10.21%	-13.76%	-0.34%	28.67%	71.83%	2.49%	6.26%	56.84%	3.23%	95.44%
Tax Burden Percent	97.57%	47.62%	123.79%	-6.53%	205.82%	81.83%	-60.01%	110.08%	86.26%	79.57%	78.35%
Interest Burden Percent	103.93%	114.94%	138.01%	62.47%	87.64%	178.33%	-21.57%	32.72%	143.76%	11.79%	123.04%
Effective Tax Rate	0.00%	0.00%	0.00%	106.53%	-105.82%	18.17%	0.00%	-10.08%	13.74%	20.43%	21.65%
Return on Invested Capital (ROIC)	-56.27%	0.00%	-185.50%	3.40%	18.42%	31.53%	16.91%	17.90%	52.22%	57.26%	-1.51%
ROIC Less NNEP Spread (ROIC-NNEP)	-49.29%	0.00%	-184.70%	3.54%	16.27%	4.96%	25.26%	21.89%	40.28%	65.64%	-35.74%
Return on Net Nonoperating Assets (RNNOA)	20.10%	0.00%	181.31%	-3.16%	-4.60%	-1.50%	-8.74%	-8.33%	-16.27%	-41.88%	14.78%
Return on Equity (ROE)	-36.17%	-37.37%	-4.19%	0.24%	13.82%	30.03%	8.17%	9.57%	35.95%	15.38%	13.27%
Cash Return on Invested Capital (CROIC)	-105.07%	-295.75%	-218.05%	-182.31%	6.15%	-18.51%	-7.43%	0.90%	4.08%	192.88%	3.76%
Operating Return on Assets (OROA)	-5.03%	-0.65%	-0.18%	0.19%	0.95%	0.80%	0.43%	0.44%	16.13%	1.29%	4.47%
Return on Assets (ROA)	-5.10%	-0.36%	-0.31%	-0.01%	1.71%	1.17%	0.06%	0.16%	20.01%	0.12%	4.31%
Return on Common Equity (ROCE)	-36.17%	-37.37%	-4.19%	0.24%	13.82%	30.03%	8.17%	9.57%	35.95%	15.38%	13.27%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-40.07%	-22.21%	-12.42%	0.00%	16.73%	17.72%	17.89%	0.00%	14.03%	0.00%
Net Operating Profit after Tax (NOPAT)	-388	-87	-52	5.22	238	622	240	187	892	562	-19
NOPAT Margin	-61.74%	-11.22%	-7.28%	0.77%	24.95%	38.00%	16.57%	15.48%	39.27%	27.61%	-1.29%
Net Nonoperating Expense Percent (NNEP)	-6.99%	0.11%	-0.81%	-0.15%	2.14%	26.57%	-8.35%	-3.99%	11.94%	-8.39%	34.24%
Return On Investment Capital (ROIC_SIMPLE)	-4.39%	-	-	-	2.57%	-	-	-	6.15%	3.82%	-0.12%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	60.03%	32.20%	36.58%	37.47%	32.91%	17.54%	22.08%	27.41%	15.96%	19.38%	23.62%
R&D to Revenue	93.80%	46.35%	45.30%	47.88%	33.87%	21.85%	25.13%	31.32%	16.23%	17.47%	25.87%
Operating Expenses to Revenue	188.20%	116.04%	110.39%	111.84%	87.88%	53.56%	76.33%	85.93%	54.48%	65.30%	101.65%
Earnings before Interest and Taxes (EBIT)	-549	-144	-57	55	152	806	279	210	1,041	700	1,482
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-509	-103	-20	87	181	835	314	240	1,074	733	1,516
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.47	2.76	2.92	3.01	6.62	7.86	6.52	5.07	6.05	4.18	7.38
Price to Tangible Book Value (P/TBV)	1.89	3.55	3.72	3.80	8.23	9.15	7.55	5.83	6.84	4.69	8.16
Price to Revenue (P/Rev)	2.51	5.59	6.22	6.40	13.39	15.96	11.57	8.44	9.47	6.28	12.74
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	439.14	47.01	36.81	28.37	24.11	29.79	31.21
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.23%	2.13%	2.72%	3.52%	4.15%	3.36%	3.20%
Enterprise Value to Invested Capital (EV/IC)	1.59	3.48	3.83	4.07	9.80	10.97	9.65	7.83	9.89	29.70	12.60
Enterprise Value to Revenue (EV/Rev)	2.18	5.00	5.53	5.66	12.68	15.33	10.93	7.77	8.81	4.95	11.98
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	270.86	56.19	36.36	25.94	23.47	14.60	23.56
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	6,658.88	63.70	39.88	28.17	24.75	15.47	24.46
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	95.29	47.10	29.67	28.59	16.55	54.06
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	86.24	42.72	69.90	42.79	25.67	22.61	17.57	46.47
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	152.35	0.00	0.00	1,003.25	286.86	5.33	372.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.62	0.60	0.58	0.52	0.47	0.52	0.51	0.48	0.41	0.40	0.35
Long-Term Debt to Equity	0.62	0.60	0.58	0.52	0.47	0.52	0.51	0.48	0.41	0.40	0.25
Financial Leverage	-0.41	-1.19	-0.98	-0.89	-0.28	-0.30	-0.35	-0.38	-0.40	-0.64	-0.41
Leverage Ratio	9.38	13.16	21.02	20.65	8.90	35.45	30.06	28.52	2.25	19.95	15.17
Compound Leverage Factor	9.75	15.13	29.01	12.90	7.80	63.22	-6.48	9.33	3.24	2.35	18.66
Debt to Total Capital	38.35%	37.44%	36.68%	34.19%	32.18%	34.36%	33.56%	32.65%	29.18%	28.81%	25.96%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.75%
Long-Term Debt to Total Capital	38.35%	37.44%	36.68%	34.19%	32.18%	34.36%	33.56%	32.65%	29.18%	28.81%	18.20%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.65%	62.56%	63.32%	65.81%	67.82%	65.64%	66.44%	67.35%	70.82%	71.19%	74.04%
Debt to EBITDA	-1.20	-1.43	-2.75	-5.65	20.47	3.90	2.98	2.69	1.72	1.79	1.19
Net Debt to EBITDA	0.37	0.70	1.53	3.77	-14.99	-2.32	-2.14	-2.24	-1.76	-3.91	-1.49
Long-Term Debt to EBITDA	-1.20	-1.43	-2.75	-5.65	20.47	3.90	2.98	2.69	1.72	1.79	0.83
Debt to NOPAT	-1.79	-2.13	-3.64	-5.28	-26.33	6.61	3.86	3.08	2.09	2.03	2.73
Net Debt to NOPAT	0.56	1.03	2.02	3.52	19.29	-3.94	-2.77	-2.57	-2.15	-4.44	-3.41
Long-Term Debt to NOPAT	-1.79	-2.13	-3.64	-5.28	-26.33	6.61	3.86	3.08	2.09	2.03	1.91
Altman Z-Score	0.17	0.15	0.16	0.18	3.84	0.17	0.19	0.17	4.33	3.66	6.07
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.07	1.04	1.04	1.05	2.07	1.02	1.03	1.03	2.28	2.52	2.13
Quick Ratio	0.06	0.04	0.04	0.05	1.00	0.02	0.03	0.03	1.17	1.26	1.04
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,173	-10,396	-7,643	-6,469	610	-903	-1,197	-1,146	-929	4,952	-1,347
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-100.62	-482.73	-352.66	-310.68	32.55	-47.37	-58.38	-55.83	-45.22	241.41	-65.59
Operating Cash Flow to Interest Expense	-34.51	21.50	6.97	15.08	-0.28	21.58	23.61	33.93	46.97	-8.91	16.00
Operating Cash Flow Less CapEx to Interest Expense	-34.51	21.50	6.97	15.08	-0.28	21.58	23.61	33.93	46.97	-8.91	16.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.04	0.02	0.02	0.06	0.02	0.02	0.03	0.35	0.04	0.05
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.91	14.21	8.23
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	27.65	23.46	16.45	14.92	17.06	0.00	0.00	0.00	33.44	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	30.65	25.69	44.35
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	30.65	25.69	44.35
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,397	4,025	3,902	3,871	4,025	5,551	5,339	5,203	5,846	1,161	6,667
Invested Capital Turnover	0.91	-2.48	25.50	4.39	0.74	0.83	1.02	1.16	1.33	2.07	1.17
Increase / (Decrease) in Invested Capital	1,785	10,309	7,591	6,474	-372	1,526	1,437	1,333	1,821	-4,390	1,328
Enterprise Value (EV)	6,975	13,991	14,930	15,757	39,427	60,909	51,541	40,747	57,814	34,486	83,969
Market Capitalization	8,032	15,641	16,783	17,807	41,610	63,429	54,573	44,271	62,162	43,726	89,272
Book Value per Share	$24.03	$24.52	$24.53	$24.97	$26.26	$33.24	$34.09	$35.13	$41.05	$41.23	$47.49
Tangible Book Value per Share	$18.70	$19.03	$19.21	$19.76	$21.13	$28.55	$29.45	$30.54	$36.31	$36.69	$42.96
Total Capital	8,848	9,071	9,089	8,998	9,262	12,296	12,599	12,959	14,511	14,705	16,335
Total Debt	3,393	3,396	3,334	3,077	2,980	4,225	4,228	4,231	4,234	4,237	4,240
Total Long-Term Debt	3,393	3,396	3,334	3,077	2,980	4,225	4,228	4,231	4,234	4,237	2,974
Net Debt	-1,057	-1,650	-1,853	-2,051	-2,182	-2,520	-3,032	-3,525	-4,348	-9,240	-5,302
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,182	596	536	493	709	1,361	1,273	1,081	1,589	-2,956	2,918
Debt-free Net Working Capital (DFNWC)	5,633	5,641	5,723	5,620	5,872	8,106	8,533	8,837	10,171	10,520	10,526
Net Working Capital (NWC)	5,633	5,641	5,723	5,620	5,872	8,106	8,533	8,837	10,171	10,520	9,260
Net Nonoperating Expense (NNE)	169	-7.82	46	7.48	-35	-554	204	111	-399	496	-1,448
Net Nonoperating Obligations (NNO)	-1,057	-1,650	-1,853	-2,051	-2,256	-2,520	-3,032	-3,525	-4,431	-9,307	-5,428
Total Depreciation and Amortization (D&A)	40	41	37	32	29	29	35	31	33	33	34
Debt-free, Cash-free Net Working Capital to Revenue	37.01%	21.28%	19.84%	17.72%	22.82%	34.26%	27.00%	20.61%	24.21%	-42.47%	41.63%
Debt-free Net Working Capital to Revenue	176.35%	201.45%	211.98%	201.91%	188.90%	204.01%	180.97%	168.45%	154.96%	151.14%	150.20%
Net Working Capital to Revenue	176.35%	201.45%	211.98%	201.91%	188.90%	204.01%	180.97%	168.45%	154.96%	151.14%	132.12%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.45)	($0.34)	($0.42)	($0.01)	$1.17	$4.84	$0.15	$0.30	$5.13	$0.26	$5.60
Adjusted Weighted Average Basic Shares Outstanding	222.31M	231.49M	234.61M	237.27M	235.80M	242.79M	246.30M	248.83M	247.37M	253.88M	255.19M
Adjusted Diluted Earnings per Share	($2.44)	($0.34)	($0.42)	($0.01)	$1.14	$4.40	$0.14	$0.28	$4.66	$0.24	$5.14
Adjusted Weighted Average Diluted Shares Outstanding	222.34M	231.49M	234.64M	237.27M	254.39M	267.95M	266.83M	267.44M	273.38M	271.25M	278.91M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	231.47M	234.56M	237.18M	239.25M	242.28M	245.57M	248.48M	250.35M	253.88M	254.70M	256.94M
Normalized Net Operating Profit after Tax (NOPAT)	-389	27	-58	-51	45	622	240	119	892	562	-19
Normalized NOPAT Margin	-61.80%	3.50%	-8.17%	-7.63%	4.69%	38.00%	16.57%	9.85%	39.27%	27.61%	-1.29%
Pre Tax Income Margin	-90.74%	-21.45%	-11.11%	5.14%	13.93%	87.78%	-4.16%	5.69%	65.89%	4.05%	121.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-25.43	-6.69	-2.63	2.66	8.09	42.27	13.62	10.21	50.70	34.11	72.18
NOPAT to Interest Expense	-17.98	-4.03	-2.38	0.25	12.70	32.63	11.71	9.09	43.43	27.38	-0.94
EBIT Less CapEx to Interest Expense	-25.43	-6.69	-2.63	2.66	8.09	42.27	13.62	10.21	50.70	34.11	72.18
NOPAT Less CapEx to Interest Expense	-17.98	-4.03	-2.38	0.25	12.70	32.63	11.71	9.09	43.43	27.38	-0.94
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Coinbase Global (NASDAQ: COIN) has shown notable financial trends over the past four years, with data highlights from Q2 2022 through Q2 2025. Here are some key observations and trends from the income statements, cash flow statements, and balance sheets.

Strong Net Income Growth: Coinbase reported consolidated net income of $1.43 billion in Q2 2025, a significant increase from losses in 2022 and positive income in 2023 and 2024, reflecting profitability improvement.
Increasing Operating Revenues: Operating revenues rose from approximately $590 million in Q3 2022 to nearly $1.5 billion by Q2 2025, indicating solid top-line expansion.
Robust Cash & Equivalents Position: Cash and equivalents have increased to $7.54 billion in Q2 2025 from around $5 billion in 2022, showcasing strengthened liquidity.
Improving Operating Cash Flow: Net cash from continuing operating activities bounced back from negative cash flow in 2022 to a positive $328 million in Q2 2025, pointing towards operational cash flow recovery.
Reduced Debt Levels: Long-term debt reduced significantly from over $4 billion in early 2023 to about $2.97 billion in Q2 2025, reflecting active debt management.
Rising Operating Expenses: Total operating expenses have generally increased over the years, including significant other operating expenses ($544 million in Q2 2025), which could pressure margins.
Investment Activities Impact Cash: Net cash used in investing activities remained negative (e.g., -$685 million in Q2 2025) reflecting ongoing investments.
Fluctuating Interest & Investment Income: The company experienced swings in interest and investment income, notably a high $1.5 billion other income in Q2 2025 boosting pre-tax income significantly.
Significant Non-Cash Adjustments Volatility: The large swings in non-cash adjustments to net income, oscillating between positive and negative amounts, introduce some earnings quality concerns.
High Current Liabilities Compared to Assets: Total current liabilities remain very high (around $8.2 billion Q2 2025) relative to current assets, suggesting working capital constraints and potential liquidity risk.

In summary, Coinbase has demonstrated strong revenue growth and steadily improved profitability into 2025 after periods of losses in 2022. The company has bolstered its cash reserves and reduced debt levels significantly, signaling a healthier financial position. However, rising operating expenses and volatile non-cash adjustments warrant monitoring, as does the company's large current liabilities base. Overall, Coinbase’s financial trends indicate improving fundamentals with some potential risks to watch.

08/28/25 09:31 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Coinbase Global's Financials

When does Coinbase Global's fiscal year end?

According to the most recent income statement we have on file, Coinbase Global's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Coinbase Global's net income changed over the last 5 years?

Coinbase Global's net income appears to be on an upward trend, with a most recent value of $2.58 billion in 2024, falling from -$30.39 million in 2019. The previous period was $94.87 million in 2023. Check out Coinbase Global's forecast to explore projected trends and price targets.

What is Coinbase Global's operating income?

Coinbase Global's total operating income in 2024 was $2.31 billion, based on the following breakdown:

Total Gross Profit: $6.56 billion
Total Operating Expenses: $4.26 billion

How has Coinbase Global's revenue changed over the last 5 years?

Over the last 5 years, Coinbase Global's total revenue changed from $533.74 million in 2019 to $6.56 billion in 2024, a change of 1,129.8%.

How much debt does Coinbase Global have?

Coinbase Global's total liabilities were at $12.27 billion at the end of 2024, a 44.8% increase from 2023, and a 183.3% increase since 2020.

How much cash does Coinbase Global have?

In the past 4 years, Coinbase Global's cash and equivalents has ranged from $1.06 billion in 2020 to $8.54 billion in 2024, and is currently $8.54 billion as of their latest financial filing in 2024.

How has Coinbase Global's book value per share changed over the last 5 years?

Over the last 5 years, Coinbase Global's book value per share changed from 0.00 in 2019 to 41.05 in 2024, a change of 4,105.0%.

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This page (NASDAQ:COIN) was last updated on 8/28/2025 by MarketBeat.com Staff

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Coinbase Global (COIN) Financials

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Coinbase Global (COIN) Financials

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