What is Coinbase Global's operating income?

Coinbase Global's total operating income in 2025 was $1.44 billion, based on the following breakdown: Total Gross Profit: $7.18 billion Total Operating Expenses: $5.75 billion

Coinbase Global (COIN) Financials

$148.31 -2.24 (-1.49%)

As of 12:25 PM Eastern

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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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-30	322	3,624	-2,625	95	2,578	1,260
Consolidated Net Income / (Loss)	-30	322	3,624	-2,625	95	2,579	1,260
Net Income / (Loss) Continuing Operations	-30	322	3,624	-2,625	95	2,579	1,260
Total Pre-Tax Income	-45	409	3,027	-3,065	-77	2,943	1,522
Total Operating Income	-46	409	3,077	-2,710	-162	2,307	1,435
Total Gross Profit	534	1,277	7,839	3,194	3,108	6,564	7,181
Total Revenue	534	1,277	7,839	3,194	3,108	6,564	7,181
Operating Revenue	534	1,277	7,839	3,194	3,108	6,564	7,181
Total Cost of Revenue	0.00	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	5,746
Selling, General & Admin Expense	232	280	909	1,601	1,074	1,300	1,620
Marketing Expense	24	57	664	510	332	654	1,059
Research & Development Expense	185	272	1,292	2,326	1,325	1,468	1,671
Other Operating Expenses / (Income)	128	260	1,745	704	431	834	1,397
Impairment Charge	-	-	153	722	-35	0.00	0.00
Restructuring Charge	10	0.00	0.00	41	143	0.00	0.00
Total Other Income / (Expense), net	0.37	0.25	-50	-354	85	635	87
Interest Expense	-	0.00	29	89	83	81	85
Interest & Investment Income	-	-	-	0.00	0.00	687	-529
Other Income / (Expense), net	0.37	0.25	-20	-265	168	29	701
Income Tax Expense	-15	87	-597	-440	-172	364	262
Basic Earnings per Share	($0.50)	$1.58	$17.47	($11.81)	$0.40	$10.42	$4.85
Weighted Average Basic Shares Outstanding	61.32M	68.67M	177.32M	222.31M	235.80M	247.37M	260.09M
Diluted Earnings per Share	($0.50)	$1.40	$14.50	($11.83)	$0.37	$9.48	$4.45
Weighted Average Diluted Shares Outstanding	61.32M	91.21M	219.97M	222.34M	254.39M	273.38M	287.21M
Weighted Average Basic & Diluted Shares Outstanding	-	-	219.48M	231.47M	242.28M	253.88M	264.08M

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 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	273	1,175	36	75	1,291	66	1,429	433	-667	-394	-359
Consolidated Net Income / (Loss)	273	1,176	36	75	1,291	66	1,429	433	-667	-394	-359
Net Income / (Loss) Continuing Operations	273	1,176	36	75	1,291	66	1,429	433	-667	-394	-359
Total Pre-Tax Income	133	1,437	-60	69	1,497	82	1,824	502	-886	-465	-395
Total Operating Income	116	760	343	170	1,034	706	-25	481	274	-21	-113
Total Gross Profit	954	1,638	1,450	1,205	2,272	2,034	1,497	1,869	1,781	1,413	1,220
Total Revenue	954	1,638	1,450	1,205	2,272	2,034	1,497	1,869	1,781	1,413	1,220
Operating Revenue	954	1,638	1,450	1,205	2,272	2,034	1,497	1,869	1,781	1,413	1,220
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	838	877	1,107	1,036	1,238	1,328	1,522	1,388	1,507	1,434	1,334
Selling, General & Admin Expense	314	287	320	330	363	394	354	418	453	376	357
Marketing Expense	106	99	165	165	226	247	236	260	315	267	240
Research & Development Expense	323	358	364	377	369	355	387	431	497	526	473
Other Operating Expenses / (Income)	147	133	257	163	281	331	545	279	242	266	212
Restructuring Charge	-	-	-	-	-	-	0.00	-	-	-	52
Total Other Income / (Expense), net	17	677	-403	-101	463	-623	1,848	22	-1,160	-443	-282
Interest Expense	19	19	21	21	21	21	21	22	23	23	23
Interest & Investment Income	-	650	-319	-	476	-597	362	-	-	-482	-209
Other Income / (Expense), net	36	46	-64	-80	7.19	-6.19	1,507	43	-843	62	-50
Income Tax Expense	-141	261	-96	-6.91	206	17	395	70	-220	-71	-36
Basic Earnings per Share	$1.17	$4.84	$0.15	$0.30	$5.13	$0.26	$5.60	$1.65	($2.66)	($1.49)	($1.36)
Weighted Average Basic Shares Outstanding	235.80M	242.79M	246.30M	248.83M	247.37M	253.88M	255.19M	262.83M	260.09M	264.78M	263.41M
Diluted Earnings per Share	$1.14	$4.40	$0.14	$0.28	$4.66	$0.24	$5.14	$1.50	($2.43)	($1.49)	($1.36)
Weighted Average Diluted Shares Outstanding	254.39M	267.95M	266.83M	267.44M	273.38M	271.25M	278.91M	291.96M	287.21M	264.78M	263.41M
Weighted Average Basic & Diluted Shares Outstanding	242.28M	245.57M	248.48M	250.35M	253.88M	254.70M	256.94M	269.64M	264.08M	263.46M	263.84M

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	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-203	3,074	12,890	-8,088	-371	5,806	1,117
Net Cash From Operating Activities	-81	294	4,038	-1,585	673	3,104	2,426
Net Cash From Continuing Operating Activities	-81	294	4,038	-1,585	673	3,104	2,426
Net Income / (Loss) Continuing Operations	-30	322	3,624	-2,625	95	2,579	1,260
Consolidated Net Income / (Loss)	-30	322	3,624	-2,625	95	2,579	1,260
Depreciation Expense	17	31	64	154	140	128	188
Non-Cash Adjustments To Reconcile Net Income	-41	71	762	2,300	340	212	766
Changes in Operating Assets and Liabilities, net	-26	-131	-411	-1,415	99	185	212
Net Cash From Investing Activities	-105	51	-1,125	-664	-206	-201	-2,050
Net Cash From Continuing Investing Activities	-105	51	-1,125	-664	-206	-201	-2,050
Acquisitions	-5.70	34	-71	-186	-31	0.00	-742
Purchase of Investments	-7.94	-10	-327	-	-19	-60	-1,165
Sale and/or Maturity of Investments	0.37	0.30	-	-	3.54	5.00	490
Other Investing Activities, net	1.48	46	-644	-478	-160	-146	-633
Net Cash From Financing Activities	-17	2,729	9,976	-5,839	-838	2,903	740
Net Cash From Continuing Financing Activities	-17	2,729	9,976	-5,839	-838	2,903	740
Repayment of Debt	-	0.00	0.43	-167	-339	-32	-548
Repurchase of Common Equity	-21	-1.93	-	-	0.00	0.00	-790
Issuance of Debt	0.00	0.00	3,400	191	32	1,369	3,584
Other Financing Activities, net	4.35	2,731	6,556	-5,863	-530	1,566	-1,506

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 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	1,008	2,214	-468	297	3,061	-180	-748	1,661	1,512	-921	-2,773
Net Cash From Operating Activities	-5.19	411	484	697	965	853	328	-785	3,065	183	197
Net Cash From Continuing Operating Activities	-5.19	411	484	697	965	853	328	-785	3,065	183	197
Net Income / (Loss) Continuing Operations	273	1,176	36	75	1,291	66	1,429	433	-667	-394	-359
Consolidated Net Income / (Loss)	273	1,176	36	75	1,291	66	1,429	433	-667	-394	-359
Depreciation Expense	29	29	35	31	33	33	34	50	71	68	64
Non-Cash Adjustments To Reconcile Net Income	-53	-512	574	373	-260	818	-1,650	649	945	719	514
Changes in Operating Assets and Liabilities, net	-255	-282	-160	217	-99	-65	516	-1,916	2,716	-210	-21
Net Cash From Investing Activities	91	-126	-19	-89	-49	-125	-685	-736	-397	-239	-261
Net Cash From Continuing Investing Activities	91	-126	-19	-89	-49	-125	-685	-736	-397	-239	-261
Purchase of Investments	-	-	-	-	-	-27	-	-221	-485	-217	-201
Sale and/or Maturity of Investments	-	-	-	-	-	5.14	-	-	-	129	25
Other Investing Activities, net	121	-126	-19	-89	-49	-87	-226	173	-348	-128	-107
Net Cash From Financing Activities	923	1,928	-934	-311	2,146	-907	-391	3,181	-1,156	-865	-2,708
Net Cash From Continuing Financing Activities	923	1,928	-934	-311	2,146	-907	-391	3,181	-1,156	-865	-2,708
Repayment of Debt	-110	50	7.45	5.82	3.16	-190	42	27	-635	-83	-1,505
Repurchase of Common Equity	-	-	-	-	-	0.00	-	-	-	-1,062	-181
Issuance of Debt	32	1,246	-	-	-	195	-	2,957	626	244	257
Other Financing Activities, net	1,002	632	-936	-317	2,143	-912	-433	197	-357	37	-1,280

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	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	5,855	21,274	89,725	14,754	22,542	29,672
Total Current Assets	5,134	18,374	86,448	11,357	18,113	20,388
Cash & Equivalents	1,062	7,123	4,425	5,139	9,308	11,285
Restricted Cash	3,794	31	26	23	347	334
Short-Term Investments	-	-	-	-	0.00	310
Accounts Receivable	-	-	-	362	909	1,662
Other Current Assets	49	10,718	81,315	5,759	7,465	6,676
Other Current Nonoperating Assets	-	-	-	74	83	121
Plant, Property, & Equipment, net	49	59	172	193	0.00	0.00
Total Noncurrent Assets	672	2,841	3,105	3,205	4,429	9,283
Long-Term Investments	-	-	-	-	374	623
Goodwill	77	626	1,074	1,140	1,140	4,169
Intangible Assets	61	177	135	86	247	1,398
Noncurrent Deferred & Refundable Income Taxes	-	-	1,047	1,272	941	571
Other Noncurrent Operating Assets	534	2,039	849	706	1,727	2,523
Total Liabilities & Shareholders' Equity	5,855	21,274	89,725	14,754	22,542	29,672
Total Liabilities	4,329	14,893	84,270	8,472	12,265	14,879
Total Current Liabilities	4,247	11,419	80,815	5,485	7,941	8,701
Short-Term Debt	-	-	-	-	374	1,722
Accrued Expenses	89	440	331	457	553	805
Other Current Liabilities	4,146	10,940	80,428	4,989	6,951	6,174
Total Noncurrent Liabilities	83	3,474	3,455	2,987	4,324	6,177
Long-Term Debt	0.00	3,385	3,393	2,980	4,234	5,937
Other Noncurrent Operating Liabilities	83	89	62	7.22	90	240
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	964	6,382	5,455	6,282	10,277	14,793
Total Preferred & Common Equity	964	6,382	5,455	6,282	10,277	14,793
Preferred Stock	-	-	0.00	0.00	0.00	0.00
Total Common Equity	964	6,382	5,455	6,282	10,277	14,793
Common Stock	231	2,035	3,768	4,492	5,366	8,567
Retained Earnings	726	4,350	1,725	1,820	4,961	6,221
Accumulated Other Comprehensive Income / (Loss)	6.26	-3.40	-39	-30	-50	4.97

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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	139,302	137,651	127,306	348,036	286,959	290,559	21,731	23,476	31,351	28,849	26,460
Total Current Assets	135,844	134,262	123,919	343,841	282,887	286,426	17,454	17,491	22,093	19,680	17,489
Cash & Equivalents	5,018	5,167	5,101	6,711	7,226	7,724	8,051	7,539	8,676	10,205	8,614
Restricted Cash	27	21	26	33	34	32	5,426	69	79	295	276
Short-Term Investments	-	-	-	-	-	-	-	-	1,093	233	175
Accounts Receivable	-	-	-	280	677	187	700	1,026	308	1,741	1,906
Other Current Assets	130,031	128,407	118,167	336,816	274,950	278,483	3,210	8,730	11,775	7,115	6,433
Other Current Nonoperating Assets	-	-	-	-	-	-	67	126	161	91	86
Plant, Property, & Equipment, net	173	186	202	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	3,285	3,203	3,184	4,196	4,073	4,133	4,277	5,986	9,258	9,169	8,971
Long-Term Investments	-	-	-	-	-	-	-	1,934	402	832	840
Goodwill	1,140	1,140	1,140	1,140	1,140	1,140	1,154	1,154	4,004	4,208	4,139
Intangible Assets	130	108	95	-	-	-	-	-	1,418	1,365	1,319
Noncurrent Deferred & Refundable Income Taxes	-	-	-	880	1,010	1,033	996	541	324	648	682
Other Noncurrent Operating Assets	2,016	1,955	1,949	2,176	1,923	1,960	2,128	2,357	3,110	2,116	1,990
Total Liabilities & Shareholders' Equity	139,302	137,651	127,306	348,036	286,959	290,559	21,731	23,476	31,351	28,849	26,460
Total Liabilities	133,627	131,896	121,384	339,965	278,588	281,830	11,263	11,381	15,328	15,368	13,381
Total Current Liabilities	130,203	128,539	118,299	335,735	274,354	277,588	6,933	8,231	9,189	9,191	7,219
Short-Term Debt	-	-	-	-	-	-	-	1,267	1,268	1,836	539
Accrued Expenses	275	262	374	438	448	501	662	601	835	727	724
Other Current Liabilities	129,904	128,249	117,888	335,296	273,906	277,088	6,271	6,363	7,086	6,628	5,956
Total Noncurrent Liabilities	3,424	3,357	3,086	4,231	4,235	4,242	4,329	3,150	6,139	6,177	6,162
Long-Term Debt	3,396	3,334	3,077	4,225	4,228	4,231	4,237	2,974	5,933	5,941	5,944
Other Noncurrent Operating Liabilities	28	23	9.09	5.87	6.67	11	92	177	205	237	217
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,675	5,755	5,921	8,071	8,371	8,728	10,468	12,095	16,023	13,481	13,080
Total Preferred & Common Equity	5,675	5,755	5,921	8,071	8,371	8,728	10,468	12,095	16,023	13,481	13,080
Preferred Stock	-	-	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00
Total Common Equity	5,675	5,755	5,921	8,071	8,371	8,728	10,468	12,095	16,023	13,481	13,080
Common Stock	4,057	4,239	4,418	4,550	4,817	5,087	5,484	5,640	9,132	7,667	7,710
Retained Earnings	1,647	1,549	1,547	3,558	3,594	3,670	5,027	6,455	6,888	5,827	5,468
Accumulated Other Comprehensive Income / (Loss)	-28	-34	-44	-37	-40	-29	-42	-0.06	3.54	-13	-98

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

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	139.35%	513.66%	-59.25%	-2.69%	111.17%	9.40%
EBITDA Growth	0.00%	1,642.37%	608.78%	-190.44%	105.16%	1,592.57%	-5.64%
EBIT Growth	0.00%	1,001.00%	646.85%	-197.37%	100.20%	39,356.75%	-8.56%
NOPAT Growth	0.00%	1,105.12%	1,043.52%	-151.50%	94.04%	1,886.88%	-41.22%
Net Income Growth	0.00%	1,160.71%	1,024.40%	-172.43%	103.61%	2,618.50%	-51.13%
EPS Growth	0.00%	380.00%	935.71%	-181.59%	103.13%	2,462.16%	-53.06%
Operating Cash Flow Growth	0.00%	464.23%	1,275.64%	-139.26%	158.22%	177.03%	-21.83%
Free Cash Flow Firm Growth	0.00%	0.00%	-161.84%	-63.04%	107.03%	-22.12%	-399.50%
Invested Capital Growth	0.00%	0.00%	178.44%	68.34%	-8.46%	45.23%	104.88%
Revenue Q/Q Growth	0.00%	0.00%	32.29%	-36.92%	11.66%	25.12%	-6.39%
EBITDA Q/Q Growth	0.00%	0.00%	28.46%	-104.81%	126.74%	56.87%	-42.14%
EBIT Q/Q Growth	0.00%	0.00%	28.58%	-96.49%	100.85%	61.50%	-44.76%
NOPAT Q/Q Growth	0.00%	0.00%	23.81%	-119.80%	80.57%	47.22%	-34.31%
Net Income Q/Q Growth	0.00%	0.00%	22.41%	-113.80%	112.90%	65.18%	-60.84%
EPS Q/Q Growth	0.00%	0.00%	18.27%	-97.83%	111.53%	59.06%	-61.44%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-43.79%	65.07%	405.17%	61.11%	644.63%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	24.20%	103.67%	396.22%	34.19%
Invested Capital Q/Q Growth	0.00%	0.00%	139.59%	268.91%	3.99%	12.34%	-23.69%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	100.00%	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%	32.37%
Operating Margin	-8.58%	32.01%	39.24%	-84.85%	-5.20%	35.15%	19.99%
EBIT Margin	-8.51%	32.03%	38.98%	-93.16%	0.19%	35.59%	29.75%
Profit (Net Income) Margin	-5.69%	25.23%	46.23%	-82.18%	3.05%	39.29%	17.55%
Tax Burden Percent	66.91%	78.77%	119.73%	85.65%	-123.46%	87.64%	82.80%
Interest Burden Percent	100.00%	100.00%	99.05%	102.99%	-1,297.84%	125.96%	71.25%
Effective Tax Rate	0.00%	21.23%	-19.73%	0.00%	0.00%	12.36%	17.20%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	-54.13%	-2.69%	40.97%	16.34%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	-23.98%	-15.24%	24.31%	14.97%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	9.78%	4.30%	-9.82%	-6.28%
Return on Equity (ROE)	0.00%	21.12%	91.66%	-44.35%	1.62%	31.15%	10.05%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-86.46%	-105.07%	6.15%	4.08%	-52.46%
Operating Return on Assets (OROA)	0.00%	6.99%	22.53%	-5.36%	0.01%	12.53%	8.18%
Return on Assets (ROA)	0.00%	5.50%	26.72%	-4.73%	0.18%	13.83%	4.83%
Return on Common Equity (ROCE)	0.00%	13.34%	85.14%	-44.35%	1.62%	31.15%	10.05%
Return on Equity Simple (ROE_SIMPLE)	0.00%	33.45%	56.79%	-48.12%	1.51%	25.10%	0.00%
Net Operating Profit after Tax (NOPAT)	-32	322	3,684	-1,897	-113	2,022	1,189
NOPAT Margin	-6.00%	25.22%	46.99%	-59.39%	-3.64%	30.81%	16.55%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.01%	-1.38%	-30.16%	12.56%	16.66%	1.36%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-21.44%	-1.22%	13.94%	5.29%
Cost of Revenue to Revenue	0.00%	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%	22.55%
R&D to Revenue	34.67%	21.27%	16.48%	72.83%	42.61%	22.37%	23.26%
Operating Expenses to Revenue	108.58%	67.99%	60.76%	184.85%	105.20%	64.85%	80.01%
Earnings before Interest and Taxes (EBIT)	-45	409	3,056	-2,976	5.92	2,336	2,136
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-29	440	3,120	-2,822	146	2,464	2,325
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	29.80	8.51	1.47	6.62	6.05	4.12
Price to Tangible Book Value (P/TBV)	0.00	34.78	9.73	1.89	8.23	6.84	6.80
Price to Revenue (P/Rev)	53.80	22.48	6.93	2.51	13.39	9.47	8.49
Price to Earnings (P/E)	0.00	89.08	14.99	0.00	439.14	24.11	48.38
Dividend Yield	0.00%	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%	2.07%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	19.35	1.59	9.80	9.89	5.74
Enterprise Value to Revenue (EV/Rev)	0.00	19.12	6.45	2.18	12.68	8.81	7.81
Enterprise Value to EBITDA (EV/EBITDA)	0.00	55.48	16.20	0.00	270.86	23.47	24.12
Enterprise Value to EBIT (EV/EBIT)	0.00	59.68	16.54	0.00	6,658.88	24.75	26.25
Enterprise Value to NOPAT (EV/NOPAT)	0.00	75.81	13.72	0.00	0.00	28.59	47.18
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	83.19	12.52	0.00	42.72	22.61	23.11
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	6.69	0.00	0.00	152.35	286.86	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.53	0.62	0.47	0.41	0.52
Long-Term Debt to Equity	0.00	0.00	0.53	0.62	0.47	0.41	0.40
Financial Leverage	0.00	-3.18	-1.09	-0.41	-0.28	-0.40	-0.42
Leverage Ratio	0.00	3.84	3.43	9.38	8.90	2.25	2.08
Compound Leverage Factor	0.00	3.84	3.40	9.66	-115.54	2.84	1.48
Debt to Total Capital	0.00%	0.00%	34.66%	38.35%	32.18%	29.18%	34.11%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.67%
Long-Term Debt to Total Capital	0.00%	0.00%	34.66%	38.35%	32.18%	29.18%	26.44%
Preferred Equity to Total Capital	0.00%	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%	0.00%
Common Equity to Total Capital	0.00%	63.14%	65.34%	61.65%	67.82%	70.82%	65.89%
Debt to EBITDA	0.00	0.00	1.09	-1.20	20.47	1.72	3.29
Net Debt to EBITDA	0.00	0.00	-1.21	0.37	-14.99	-1.76	-2.11
Long-Term Debt to EBITDA	0.00	0.00	1.09	-1.20	20.47	1.72	2.55
Debt to NOPAT	0.00	0.00	0.92	-1.79	-26.33	2.09	6.44
Net Debt to NOPAT	0.00	0.00	-1.02	0.56	19.29	-2.15	-4.12
Long-Term Debt to NOPAT	0.00	0.00	0.92	-1.79	-26.33	2.09	5.00
Altman Z-Score	0.00	4.78	3.71	0.09	3.81	4.52	3.70
Noncontrolling Interest Sharing Ratio	0.00%	36.86%	7.11%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	1.21	1.61	1.07	2.07	2.28	2.34
Quick Ratio	0.00	0.29	0.65	0.06	1.00	1.17	1.52
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	3,652	-2,259	-3,682	259	202	-3,817
Operating Cash Flow to CapEx	-86.14%	1,561.26%	4,872.72%	0.00%	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	-44.69
Operating Cash Flow to Interest Expense	0.00	0.00	138.48	-17.83	11.15	31.70	28.41
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	135.64	-17.83	11.15	31.70	28.41
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.22	0.58	0.06	0.06	0.35	0.28
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	11.91	5.59
Inventory Turnover	0.00	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	0.00
Accounts Payable Turnover	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	30.65	65.34
Days Inventory Outstanding (DIO)	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
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	30.65	65.34
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	-3,330	2,612	4,397	4,025	5,846	9,778
Invested Capital Turnover	0.00	-0.77	-21.84	0.91	0.74	1.33	0.99
Increase / (Decrease) in Invested Capital	0.00	-3,330	5,942	1,785	-372	1,821	5,006
Enterprise Value (EV)	0.00	24,419	50,542	6,975	39,427	57,814	56,083
Market Capitalization	28,713	28,713	54,311	8,032	41,610	62,162	60,977
Book Value per Share	$0.00	$14.03	$29.65	$24.03	$26.26	$41.05	$54.86
Tangible Book Value per Share	$0.00	$12.02	$25.93	$18.70	$21.13	$36.31	$33.24
Total Capital	0.00	1,526	9,766	8,848	9,262	14,511	22,452
Total Debt	0.00	0.00	3,385	3,393	2,980	4,234	7,659
Total Long-Term Debt	0.00	0.00	3,385	3,393	2,980	4,234	5,937
Net Debt	0.00	-4,856	-3,770	-1,057	-2,182	-4,348	-4,894
Capital Expenditures (CapEx)	94	19	83	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-3,969	-200	1,182	709	1,589	1,479
Debt-free Net Working Capital (DFNWC)	0.00	887	6,955	5,633	5,872	10,171	13,409
Net Working Capital (NWC)	0.00	887	6,955	5,633	5,872	10,171	11,687
Net Nonoperating Expense (NNE)	-1.66	-0.20	59	728	-208	-557	-72
Net Nonoperating Obligations (NNO)	0.00	-4,856	-3,770	-1,057	-2,256	-4,431	-5,015
Total Depreciation and Amortization (D&A)	17	31	64	154	140	128	188
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-310.68%	-2.55%	37.01%	22.82%	24.21%	20.60%
Debt-free Net Working Capital to Revenue	0.00%	69.44%	88.72%	176.35%	188.90%	154.96%	186.72%
Net Working Capital to Revenue	0.00%	69.44%	88.72%	176.35%	188.90%	154.96%	162.74%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$17.47	($11.81)	$0.40	$10.42	$4.85
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	177.32M	222.31M	235.80M	247.37M	260.09M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$14.50	($11.83)	$0.37	$9.48	$4.45
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	219.97M	222.34M	254.39M	273.38M	287.21M
Adjusted Basic & Diluted Earnings per Share	$0.00	$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	264.08M
Normalized Net Operating Profit after Tax (NOPAT)	-25	322	2,261	-1,363	-38	2,022	1,189
Normalized NOPAT Margin	-4.67%	25.22%	28.84%	-42.67%	-1.21%	30.81%	16.55%
Pre Tax Income Margin	-8.51%	32.03%	38.61%	-95.94%	-2.47%	44.83%	21.19%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	104.80	-33.47	0.07	28.97	25.01
NOPAT to Interest Expense	0.00	0.00	126.32	-21.34	-1.37	25.07	13.92
EBIT Less CapEx to Interest Expense	0.00	0.00	101.96	-33.47	0.07	28.97	25.01
NOPAT Less CapEx to Interest Expense	0.00	0.00	123.48	-21.34	-1.37	25.07	13.92
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	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%	62.70%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	264,075,169.00	263,460,766.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	264,075,169.00	263,460,766.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-1.49	-1.36
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	51.61%	111.98%	104.78%	78.77%	138.17%	24.23%	3.28%	55.05%	-21.59%	-30.54%	-18.51%
EBITDA Growth	135.58%	911.60%	1,666.68%	174.80%	493.27%	-12.26%	383.17%	379.10%	-141.71%	-85.23%	-106.53%
EBIT Growth	127.60%	659.22%	589.89%	277.81%	586.89%	-13.21%	430.72%	487.94%	-149.02%	-94.25%	-111.02%
NOPAT Growth	161.26%	817.64%	566.35%	3,477.27%	274.85%	-9.75%	-108.04%	121.83%	-78.52%	-102.67%	-311.34%
Net Income Growth	149.09%	1,590.88%	137.11%	3,433.11%	372.20%	-94.42%	3,852.70%	472.95%	-151.64%	-700.71%	-125.16%
EPS Growth	146.72%	1,394.12%	133.33%	2,900.00%	308.77%	-94.55%	3,571.43%	435.71%	-152.15%	-720.83%	-126.46%
Operating Cash Flow Growth	99.30%	-11.14%	220.40%	121.88%	18,700.42%	-144.41%	-32.16%	-212.63%	102.76%	-78.57%	-17.81%
Free Cash Flow Firm Growth	128.06%	91.31%	84.33%	82.28%	-252.25%	648.11%	-12.50%	-527.77%	-3,435.78%	-270.75%	-121.57%
Invested Capital Growth	-8.46%	37.90%	36.84%	34.44%	45.23%	-79.08%	24.87%	146.25%	104.88%	726.86%	43.58%
Revenue Q/Q Growth	41.48%	71.69%	-11.48%	-16.86%	88.49%	-10.45%	-26.40%	24.81%	-4.69%	-20.67%	-13.65%
EBITDA Q/Q Growth	107.06%	361.35%	-62.44%	-23.42%	347.02%	-31.77%	106.86%	-62.14%	-186.82%	121.72%	-191.47%
EBIT Q/Q Growth	173.22%	431.74%	-65.35%	-24.95%	396.74%	-32.81%	111.87%	-64.65%	-208.69%	107.06%	-506.26%
NOPAT Q/Q Growth	4,461.70%	161.52%	-61.40%	-22.31%	378.00%	-37.04%	-103.44%	2,243.31%	-53.71%	-107.82%	-429.80%
Net Income Q/Q Growth	12,172.27%	330.17%	-96.93%	108.84%	1,610.28%	-94.92%	2,077.94%	-69.73%	-254.14%	40.89%	8.79%
EPS Q/Q Growth	11,500.00%	285.96%	-96.82%	100.00%	1,564.29%	-94.85%	2,041.67%	-70.82%	-262.00%	38.68%	8.72%
Operating Cash Flow Q/Q Growth	-101.65%	8,034.54%	17.67%	43.86%	38.49%	-118.94%	279.76%	-338.84%	490.71%	-94.04%	7.97%
Free Cash Flow Firm Q/Q Growth	109.43%	-268.60%	-32.53%	4.26%	18.99%	633.23%	-127.20%	-434.24%	33.10%	-75.63%	64.70%
Invested Capital Q/Q Growth	3.99%	35.42%	-3.82%	-2.54%	12.34%	-80.14%	474.14%	92.20%	-23.69%	-1.81%	-0.31%
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	18.98%	51.01%	21.65%	19.94%	47.29%	36.03%	101.27%	30.72%	-27.98%	7.66%	-8.11%
Operating Margin	12.12%	46.44%	23.67%	14.07%	45.52%	34.70%	-1.65%	25.71%	15.37%	-1.52%	-9.30%
EBIT Margin	15.89%	49.22%	19.27%	17.39%	45.84%	34.39%	99.00%	28.04%	-31.97%	2.85%	-13.39%
Profit (Net Income) Margin	28.67%	71.83%	2.49%	6.26%	56.84%	3.23%	95.44%	23.15%	-37.43%	-27.89%	-29.46%
Tax Burden Percent	205.82%	81.83%	-60.01%	110.08%	86.26%	79.57%	78.35%	86.14%	75.23%	84.81%	90.91%
Interest Burden Percent	87.64%	178.33%	-21.57%	32.72%	143.76%	11.79%	123.04%	95.84%	155.64%	-1,155.41%	242.00%
Effective Tax Rate	-105.82%	18.17%	0.00%	-10.08%	13.74%	20.43%	21.65%	13.86%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	18.42%	31.53%	16.91%	17.90%	52.22%	57.26%	-1.51%	18.86%	10.62%	-1.29%	-5.04%
ROIC Less NNEP Spread (ROIC-NNEP)	16.27%	4.96%	25.26%	21.89%	40.28%	65.64%	-35.74%	18.31%	26.94%	4.46%	1.23%
Return on Net Nonoperating Assets (RNNOA)	-4.60%	-1.50%	-8.74%	-8.33%	-16.27%	-41.88%	14.78%	-4.98%	-11.30%	-2.45%	-0.44%
Return on Equity (ROE)	13.82%	30.03%	8.17%	9.57%	35.95%	15.38%	13.27%	13.88%	-0.68%	-3.75%	-5.47%
Cash Return on Invested Capital (CROIC)	6.15%	-18.51%	-7.43%	0.90%	4.08%	192.88%	3.76%	-64.39%	-52.46%	-146.04%	-30.44%
Operating Return on Assets (OROA)	0.95%	0.80%	0.43%	0.44%	16.13%	1.29%	4.47%	1.34%	-8.79%	0.74%	-3.37%
Return on Assets (ROA)	1.71%	1.17%	0.06%	0.16%	20.01%	0.12%	4.31%	1.10%	-10.30%	-7.24%	-7.41%
Return on Common Equity (ROCE)	13.82%	30.03%	8.17%	9.57%	35.95%	15.38%	13.27%	13.88%	-0.68%	-3.75%	-5.47%
Return on Equity Simple (ROE_SIMPLE)	0.00%	16.73%	17.72%	17.89%	0.00%	14.03%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	238	622	240	187	892	562	-19	414	192	-15	-79
NOPAT Margin	24.95%	38.00%	16.57%	15.48%	39.27%	27.61%	-1.29%	22.15%	10.76%	-1.06%	-6.51%
Net Nonoperating Expense Percent (NNEP)	2.14%	26.57%	-8.35%	-3.99%	11.94%	-8.39%	34.24%	0.55%	-16.32%	-5.75%	-6.27%
Return On Investment Capital (ROIC_SIMPLE)	2.57%	-	-	-	6.15%	3.82%	-0.12%	1.78%	0.85%	-0.07%	-0.41%
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	32.91%	17.54%	22.08%	27.41%	15.96%	19.38%	23.62%	22.39%	25.44%	26.62%	29.25%
R&D to Revenue	33.87%	21.85%	25.13%	31.32%	16.23%	17.47%	25.87%	23.04%	27.92%	37.20%	38.76%
Operating Expenses to Revenue	87.88%	53.56%	76.33%	85.93%	54.48%	65.30%	101.65%	74.29%	84.63%	101.52%	109.30%
Earnings before Interest and Taxes (EBIT)	152	806	279	210	1,041	700	1,482	524	-569	40	-163
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	181	835	314	240	1,074	733	1,516	574	-498	108	-99
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.62	7.86	6.52	5.07	6.05	4.18	7.38	5.41	4.12	3.42	2.94
Price to Tangible Book Value (P/TBV)	8.23	9.15	7.55	5.83	6.84	4.69	8.16	8.18	6.80	5.83	5.05
Price to Revenue (P/Rev)	13.39	15.96	11.57	8.44	9.47	6.28	12.74	11.30	8.49	7.03	6.13
Price to Earnings (P/E)	439.14	47.01	36.81	28.37	24.11	29.79	31.21	26.95	48.38	57.59	0.00
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	0.23%	2.13%	2.72%	3.52%	4.15%	3.36%	3.20%	3.71%	2.07%	1.74%	0.00%
Enterprise Value to Invested Capital (EV/IC)	9.80	10.97	9.65	7.83	9.89	29.70	12.60	6.53	5.74	4.41	3.67
Enterprise Value to Revenue (EV/Rev)	12.68	15.33	10.93	7.77	8.81	4.95	11.98	10.91	7.81	6.45	5.59
Enterprise Value to EBITDA (EV/EBITDA)	270.86	56.19	36.36	25.94	23.47	14.60	23.56	20.82	24.12	24.89	413.41
Enterprise Value to EBIT (EV/EBIT)	6,658.88	63.70	39.88	28.17	24.75	15.47	24.46	21.63	26.25	28.65	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	95.29	47.10	29.67	28.59	16.55	54.06	46.24	47.18	72.77	80.94
Enterprise Value to Operating Cash Flow (EV/OCF)	42.72	69.90	42.79	25.67	22.61	17.57	46.47	256.76	23.11	24.10	20.48
Enterprise Value to Free Cash Flow (EV/FCFF)	152.35	0.00	0.00	1,003.25	286.86	5.33	372.11	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.47	0.52	0.51	0.48	0.41	0.40	0.35	0.45	0.52	0.58	0.50
Long-Term Debt to Equity	0.47	0.52	0.51	0.48	0.41	0.40	0.25	0.37	0.40	0.44	0.45
Financial Leverage	-0.28	-0.30	-0.35	-0.38	-0.40	-0.64	-0.41	-0.27	-0.42	-0.55	-0.36
Leverage Ratio	8.90	35.45	30.06	28.52	2.25	19.95	15.17	13.01	2.08	2.11	1.98
Compound Leverage Factor	7.80	63.22	-6.48	9.33	3.24	2.35	18.66	12.47	3.24	-24.40	4.80
Debt to Total Capital	32.18%	34.36%	33.56%	32.65%	29.18%	28.81%	25.96%	31.01%	34.11%	36.58%	33.14%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.75%	5.46%	7.67%	8.64%	2.76%
Long-Term Debt to Total Capital	32.18%	34.36%	33.56%	32.65%	29.18%	28.81%	18.20%	25.55%	26.44%	27.95%	30.38%
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	67.82%	65.64%	66.44%	67.35%	70.82%	71.19%	74.04%	68.99%	65.89%	63.42%	66.86%
Debt to EBITDA	20.47	3.90	2.98	2.69	1.72	1.79	1.19	1.79	3.29	4.57	76.38
Net Debt to EBITDA	-14.99	-2.32	-2.14	-2.24	-1.76	-3.91	-1.49	-0.76	-2.11	-2.23	-40.31
Long-Term Debt to EBITDA	20.47	3.90	2.98	2.69	1.72	1.79	0.83	1.48	2.55	3.49	70.02
Debt to NOPAT	-26.33	6.61	3.86	3.08	2.09	2.03	2.73	3.98	6.44	13.37	14.95
Net Debt to NOPAT	19.29	-3.94	-2.77	-2.57	-2.15	-4.44	-3.41	-1.68	-4.12	-6.51	-7.89
Long-Term Debt to NOPAT	-26.33	6.61	3.86	3.08	2.09	2.03	1.91	3.28	5.00	10.21	13.71
Altman Z-Score	3.84	0.17	0.19	0.17	4.33	3.66	6.07	4.50	3.40	2.75	2.70
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	2.07	1.02	1.03	1.03	2.28	2.52	2.13	2.40	2.34	2.14	2.42
Quick Ratio	1.00	0.02	0.03	0.03	1.17	1.26	1.04	1.10	1.52	1.33	1.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	610	-903	-1,197	-1,146	-929	4,952	-1,347	-7,196	-4,814	-8,455	-2,985
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	32.55	-47.37	-58.38	-55.83	-45.22	241.41	-65.59	-330.48	-213.07	-374.62	-132.55
Operating Cash Flow to Interest Expense	-0.28	21.58	23.61	33.93	46.97	-8.91	16.00	-36.03	135.67	8.10	8.76
Operating Cash Flow Less CapEx to Interest Expense	-0.28	21.58	23.61	33.93	46.97	-8.91	16.00	-36.03	135.67	8.10	8.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.06	0.02	0.02	0.03	0.35	0.04	0.05	0.05	0.28	0.26	0.25
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	11.91	14.21	8.23	30.97	5.59	5.38	4.29
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	17.06	0.00	0.00	0.00	33.44	0.00	0.00	0.00	0.00	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	30.65	25.69	44.35	11.79	65.34	67.90	85.16
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	30.65	25.69	44.35	11.79	65.34	67.90	85.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,025	5,551	5,339	5,203	5,846	1,161	6,667	12,813	9,778	9,601	9,572
Invested Capital Turnover	0.74	0.83	1.02	1.16	1.33	2.07	1.17	0.85	0.99	1.22	0.77
Increase / (Decrease) in Invested Capital	-372	1,526	1,437	1,333	1,821	-4,390	1,328	7,610	5,006	8,440	2,905
Enterprise Value (EV)	39,427	60,909	51,541	40,747	57,814	34,486	83,969	83,665	56,083	42,321	35,094
Market Capitalization	41,610	63,429	54,573	44,271	62,162	43,726	89,272	86,714	60,977	46,110	38,515
Book Value per Share	$26.26	$33.24	$34.09	$35.13	$41.05	$41.23	$47.49	$62.36	$54.86	$51.05	$49.65
Tangible Book Value per Share	$21.13	$28.55	$29.45	$30.54	$36.31	$36.69	$42.96	$41.26	$33.24	$29.94	$28.93
Total Capital	9,262	12,296	12,599	12,959	14,511	14,705	16,335	23,225	22,452	21,257	19,563
Total Debt	2,980	4,225	4,228	4,231	4,234	4,237	4,240	7,202	7,659	7,776	6,483
Total Long-Term Debt	2,980	4,225	4,228	4,231	4,234	4,237	2,974	5,933	5,937	5,941	5,944
Net Debt	-2,182	-2,520	-3,032	-3,525	-4,348	-9,240	-5,302	-3,049	-4,894	-3,789	-3,422
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)	709	1,361	1,273	1,081	1,589	-2,956	2,918	4,323	1,479	1,592	1,745
Debt-free Net Working Capital (DFNWC)	5,872	8,106	8,533	8,837	10,171	10,520	10,526	14,172	13,409	12,325	10,810
Net Working Capital (NWC)	5,872	8,106	8,533	8,837	10,171	10,520	9,260	12,904	11,687	10,489	10,270
Net Nonoperating Expense (NNE)	-35	-554	204	111	-399	496	-1,448	-19	858	379	280
Net Nonoperating Obligations (NNO)	-2,256	-2,520	-3,032	-3,525	-4,431	-9,307	-5,428	-3,210	-5,015	-3,880	-3,508
Total Depreciation and Amortization (D&A)	29	29	35	31	33	33	34	50	71	68	64
Debt-free, Cash-free Net Working Capital to Revenue	22.82%	34.26%	27.00%	20.61%	24.21%	-42.47%	41.63%	56.35%	20.60%	24.26%	27.77%
Debt-free Net Working Capital to Revenue	188.90%	204.01%	180.97%	168.45%	154.96%	151.14%	150.20%	184.73%	186.72%	187.87%	172.05%
Net Working Capital to Revenue	188.90%	204.01%	180.97%	168.45%	154.96%	151.14%	132.12%	168.20%	162.74%	159.89%	163.47%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.17	$4.84	$0.15	$0.30	$5.13	$0.26	$5.60	$1.65	($2.66)	($1.49)	($1.36)
Adjusted Weighted Average Basic Shares Outstanding	235.80M	242.79M	246.30M	248.83M	247.37M	253.88M	255.19M	262.83M	260.09M	264.78M	263.41M
Adjusted Diluted Earnings per Share	$1.14	$4.40	$0.14	$0.28	$4.66	$0.24	$5.14	$1.50	($2.43)	($1.49)	($1.36)
Adjusted Weighted Average Diluted Shares Outstanding	254.39M	267.95M	266.83M	267.44M	273.38M	271.25M	278.91M	291.96M	287.21M	264.78M	263.41M
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	242.28M	245.57M	248.48M	250.35M	253.88M	254.70M	256.94M	269.64M	264.08M	263.46M	263.84M
Normalized Net Operating Profit after Tax (NOPAT)	45	622	240	119	892	562	-19	414	192	-15	-43
Normalized NOPAT Margin	4.69%	38.00%	16.57%	9.85%	39.27%	27.61%	-1.29%	22.15%	10.76%	-1.06%	-3.50%
Pre Tax Income Margin	13.93%	87.78%	-4.16%	5.69%	65.89%	4.05%	121.81%	26.87%	-49.76%	-32.89%	-32.41%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.09	42.27	13.62	10.21	50.70	34.11	72.18	24.06	-25.20	1.78	-7.26
NOPAT to Interest Expense	12.70	32.63	11.71	9.09	43.43	27.38	-0.94	19.01	8.48	-0.66	-3.53
EBIT Less CapEx to Interest Expense	8.09	42.27	13.62	10.21	50.70	34.11	72.18	24.06	-25.20	1.78	-7.26
NOPAT Less CapEx to Interest Expense	12.70	32.63	11.71	9.09	43.43	27.38	-0.94	19.01	8.48	-0.66	-3.53
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%	62.70%	231.38%	-205.89%

Financials Breakdown Chart

Key Financial Trends

Coinbase Global’s latest numbers show a company that has moved back into profitability at the operating level, but with some clear volatility quarter to quarter. In Q1 2026, Coinbase reported $1.41 billion in revenue, a slight step down from the strong Q4 2025 and Q3 2025 periods, and it posted a net loss of $394 million. Even so, the company generated positive operating cash flow, which remains an important sign of underlying business durability.

Over the last several years, Coinbase has shown a classic crypto-cycle pattern: periods of heavy profits when trading activity is strong, followed by sharp margin pressure when market conditions cool. The good news for investors is that revenue and earnings have improved dramatically versus 2022, when the company was frequently loss-making and cash flow was weak. The concern is that profitability is still not stable enough to look predictable from quarter to quarter.

Revenue remains well above 2024 levels. Q1 2026 revenue of $1.41 billion is lower than the peak 2025 quarters, but still far stronger than many quarters in 2024 and much better than the 2022 downturn.
Operating cash flow stayed positive in Q1 2026. Coinbase generated $182.7 million in operating cash flow, showing the business can still convert activity into cash even during a loss quarter.
Liquidity remains strong. The company ended Q1 2026 with about $10.2 billion in cash and equivalents and $19.7 billion in current assets.
Equity improved from a year ago. Total common equity rose to $13.5 billion in Q1 2026 from $10.5 billion in Q1 2025, reflecting a stronger balance sheet than earlier periods.
2025 showed a meaningful earnings rebound. Coinbase produced several profitable quarters in 2025, including Q2 and Q3, with strong EPS results when market activity picked up.
Operating leverage can be powerful here. When revenue rises, Coinbase can quickly swing from losses to strong operating income, as seen in Q3 and Q4 2025.
Balance sheet assets have been volatile quarter to quarter. This is partly tied to investments, customer-related balances, and market-driven fluctuations, so investors should expect some noise in the reported numbers.
Debt is manageable but not trivial. Coinbase had about $7.8 billion of total debt in Q1 2026, including $5.9 billion of long-term debt and $1.8 billion of short-term debt.
Share count has drifted higher over time. Weighted average diluted shares rose compared with earlier periods, which can limit per-share earnings growth.
Q1 2026 was a net loss quarter. Despite solid revenue, Coinbase posted a $394 million loss, reminding investors that profitability remains cyclical and inconsistent.
Operating expenses remain high. SG&A, marketing, R&D, and other operating costs totaled more than revenue in Q1 2026, putting pressure on margins.
Cash flow weakened versus Q4 2025. Operating cash flow fell sharply from $3.1 billion in Q4 2025 to $182.7 million in Q1 2026, reflecting normal seasonality but also a much softer quarter.
Crypto-market dependence remains the biggest risk. Coinbase’s results still swing heavily with trading volumes, market sentiment, and digital asset prices, making earnings less predictable than many other financial stocks.

Bottom line: Coinbase looks financially stronger than it did during the 2022 downturn and is still carrying a healthy liquidity cushion. But the latest quarter also shows that earnings remain highly sensitive to crypto market conditions. For retail investors, this is still a high-upside, high-volatility name where the key question is whether the company can maintain profitability through different market cycles.

08/18/26 12:15 PM ETAI Generated. May Contain Errors.

Coinbase Global Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Coinbase Global's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Coinbase Global's net income appears to be on an upward trend, with a most recent value of $1.26 billion in 2025, falling from -$30.39 million in 2019. The previous period was $2.58 billion in 2024. Check out Coinbase Global's forecast to explore projected trends and price targets.

Coinbase Global's total operating income in 2025 was $1.44 billion, based on the following breakdown:

Total Gross Profit: $7.18 billion
Total Operating Expenses: $5.75 billion

Over the last 6 years, Coinbase Global's total revenue changed from $533.74 million in 2019 to $7.18 billion in 2025, a change of 1,245.5%.

Coinbase Global's total liabilities were at $14.88 billion at the end of 2025, a 21.3% increase from 2024, and a 243.7% increase since 2020.

In the past 5 years, Coinbase Global's cash and equivalents has ranged from $1.06 billion in 2020 to $11.29 billion in 2025, and is currently $11.29 billion as of their latest financial filing in 2025.

Over the last 6 years, Coinbase Global's book value per share changed from 0.00 in 2019 to 54.86 in 2025, a change of 5,486.2%.

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Financial statements for NASDAQ:COIN last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Coinbase Global (COIN) Financials

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Coinbase Global (COIN) Financials

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