Coinbase Global (COIN) Financials

$201.16 +8.20 (+4.25%)

Closing price 04:00 PM Eastern

Extended Trading

$200.62 -0.53 (-0.27%)

As of 06:50 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	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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-2.27	273	1,175	36	75	1,291	66	1,429	433	-667	-394
Consolidated Net Income / (Loss)	-2.27	273	1,176	36	75	1,291	66	1,429	433	-667	-394
Net Income / (Loss) Continuing Operations	-2.27	273	1,176	36	75	1,291	66	1,429	433	-667	-394
Total Pre-Tax Income	35	133	1,437	-60	69	1,497	82	1,824	502	-886	-465
Total Operating Income	-80	116	760	343	170	1,034	706	-25	481	274	-21
Total Gross Profit	674	954	1,638	1,450	1,205	2,272	2,034	1,497	1,869	1,781	1,413
Total Revenue	674	954	1,638	1,450	1,205	2,272	2,034	1,497	1,869	1,781	1,413
Operating Revenue	674	954	1,638	1,450	1,205	2,272	2,034	1,497	1,869	1,781	1,413
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	754	838	877	1,107	1,036	1,238	1,328	1,522	1,388	1,507	1,434
Selling, General & Admin Expense	253	314	287	320	330	363	394	354	418	453	376
Marketing Expense	78	106	99	165	165	226	247	236	260	315	267
Research & Development Expense	323	323	358	364	377	369	355	387	431	497	526
Other Operating Expenses / (Income)	94	147	133	257	163	281	331	545	279	242	266
Total Other Income / (Expense), net	114	17	677	-403	-101	463	-623	1,848	22	-1,160	-443
Interest Expense	21	19	19	21	21	21	21	21	22	23	23
Interest & Investment Income	0.00	-	650	-319	-	476	-597	362	-	-	-482
Other Income / (Expense), net	135	36	46	-64	-80	7.19	-6.19	1,507	43	-843	62
Income Tax Expense	37	-141	261	-96	-6.91	206	17	395	70	-220	-71
Basic Earnings per Share	($0.01)	$1.17	$4.84	$0.15	$0.30	$5.13	$0.26	$5.60	$1.65	($2.66)	($1.49)
Weighted Average Basic Shares Outstanding	237.27M	235.80M	242.79M	246.30M	248.83M	247.37M	253.88M	255.19M	262.83M	260.09M	264.78M
Diluted Earnings per Share	($0.01)	$1.14	$4.40	$0.14	$0.28	$4.66	$0.24	$5.14	$1.50	($2.43)	($1.49)
Weighted Average Diluted Shares Outstanding	237.27M	254.39M	267.95M	266.83M	267.44M	273.38M	271.25M	278.91M	291.96M	287.21M	264.78M
Weighted Average Basic & Diluted Shares Outstanding	239.25M	242.28M	245.57M	248.48M	250.35M	253.88M	254.70M	256.94M	269.64M	264.08M	263.46M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	-350	1,008	2,214	-468	297	3,061	-180	-748	1,661	1,512	-921
Net Cash From Operating Activities	314	-5.19	411	484	697	965	853	328	-785	3,065	183
Net Cash From Continuing Operating Activities	314	-5.19	411	484	697	965	853	328	-785	3,065	183
Net Income / (Loss) Continuing Operations	-2.27	273	1,176	36	75	1,291	66	1,429	433	-667	-394
Consolidated Net Income / (Loss)	-2.27	273	1,176	36	75	1,291	66	1,429	433	-667	-394
Depreciation Expense	32	29	29	35	31	33	33	34	50	71	68
Non-Cash Adjustments To Reconcile Net Income	106	-53	-512	574	373	-260	818	-1,650	649	945	719
Changes in Operating Assets and Liabilities, net	178	-255	-282	-160	217	-99	-65	516	-1,916	2,716	-210
Net Cash From Investing Activities	-72	91	-126	-19	-89	-49	-125	-685	-736	-397	-239
Net Cash From Continuing Investing Activities	-72	91	-126	-19	-89	-49	-125	-685	-736	-397	-239
Acquisitions	-	-	-	-	-	-	-17	-	-	-54	-22
Purchase of Investments	-	-	-	-	-	-	-27	-	-221	-485	-217
Sale and/or Maturity of Investments	-	-	-	-	-	-	5.14	-	-	-	129
Other Investing Activities, net	-72	121	-126	-19	-89	-49	-87	-226	173	-348	-128
Net Cash From Financing Activities	-592	923	1,928	-934	-311	2,146	-907	-391	3,181	-1,156	-865
Net Cash From Continuing Financing Activities	-592	923	1,928	-934	-311	2,146	-907	-391	3,181	-1,156	-865
Repayment of Debt	-172	-110	50	7.45	5.82	3.16	-190	42	27	-635	-83
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-1,062
Issuance of Debt	-	32	1,246	-	-	-	195	-	2,957	626	244
Other Financing Activities, net	-420	1,002	632	-936	-317	2,143	-912	-433	197	-357	37
Cash Income Taxes Paid	9.01	-	-	76	32	-	36	-	-	-	14

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
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	9/30/2025	3/31/2026
Total Assets	111,168	139,302	137,651	127,306	348,036	286,959	290,559	21,731	23,476	31,351	28,849
Total Current Assets	107,680	135,844	134,262	123,919	343,841	282,887	286,426	17,454	17,491	22,093	19,680
Cash & Equivalents	5,007	5,018	5,167	5,101	6,711	7,226	7,724	8,051	7,539	8,676	10,205
Restricted Cash	6,614	27	21	26	33	34	32	5,426	69	79	295
Short-Term Investments	-	-	-	-	-	-	-	-	-	1,093	233
Accounts Receivable	-	-	-	-	280	677	187	700	1,026	308	1,741
Other Current Assets	95,481	130,031	128,407	118,167	336,816	274,950	278,483	3,210	8,730	11,775	7,115
Other Current Nonoperating Assets	-	-	-	-	-	-	-	67	126	161	91
Plant, Property, & Equipment, net	171	173	186	202	0.00	0.00	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	9,258	9,169
Long-Term Investments	-	-	-	-	-	-	-	-	1,934	402	832
Goodwill	1,074	1,140	1,140	1,140	1,140	1,140	1,140	1,154	1,154	4,004	4,208
Intangible Assets	162	130	108	95	-	-	-	-	-	1,418	1,365
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	880	1,010	1,033	996	541	324	648
Other Noncurrent Operating Assets	2,082	2,016	1,955	1,949	2,176	1,923	1,960	2,128	2,357	3,110	2,116
Total Liabilities & Shareholders' Equity	111,168	139,302	137,651	127,306	348,036	286,959	290,559	21,731	23,476	31,351	28,849
Total Liabilities	105,542	133,627	131,896	121,384	339,965	278,588	281,830	11,263	11,381	15,328	15,368
Total Current Liabilities	102,073	130,203	128,539	118,299	335,735	274,354	277,588	6,933	8,231	9,189	9,191
Short-Term Debt	-	-	-	-	-	-	-	-	1,267	1,268	1,836
Accrued Expenses	298	275	262	374	438	448	501	662	601	835	727
Other Current Liabilities	101,713	129,904	128,249	117,888	335,296	273,906	277,088	6,271	6,363	7,086	6,628
Total Noncurrent Liabilities	3,469	3,424	3,357	3,086	4,231	4,235	4,242	4,329	3,150	6,139	6,177
Long-Term Debt	3,391	3,396	3,334	3,077	4,225	4,228	4,231	4,237	2,974	5,933	5,941
Other Noncurrent Operating Liabilities	78	28	23	9.09	5.87	6.67	11	92	177	205	237
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	5,626	5,675	5,755	5,921	8,071	8,371	8,728	10,468	12,095	16,023	13,481
Total Preferred & Common Equity	5,626	5,675	5,755	5,921	8,071	8,371	8,728	10,468	12,095	16,023	13,481
Preferred Stock	-	-	-	-	0.00	0.00	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	16,023	13,481
Common Stock	3,380	4,057	4,239	4,418	4,550	4,817	5,087	5,484	5,640	9,132	7,667
Retained Earnings	2,282	1,647	1,549	1,547	3,558	3,594	3,670	5,027	6,455	6,888	5,827
Accumulated Other Comprehensive Income / (Loss)	-36	-28	-34	-44	-37	-40	-29	-42	-0.06	3.54	-13

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	264,075,169.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	264,075,169.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-1.49
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.20%	51.61%	111.98%	104.78%	78.77%	138.17%	24.23%	3.28%	55.05%	-21.59%	-30.54%
EBITDA Growth	115.08%	135.58%	911.60%	1,666.68%	174.80%	493.27%	-12.26%	383.17%	379.10%	-141.71%	-85.23%
EBIT Growth	108.92%	127.60%	659.22%	589.89%	277.81%	586.89%	-13.21%	430.72%	487.94%	-149.02%	-94.25%
NOPAT Growth	101.34%	161.26%	817.64%	566.35%	3,477.27%	274.85%	-9.75%	-108.04%	121.83%	-78.52%	-102.67%
Net Income Growth	99.58%	149.09%	1,590.88%	137.11%	3,433.11%	372.20%	-94.42%	3,852.70%	472.95%	-151.64%	-700.71%
EPS Growth	99.59%	146.72%	1,394.12%	133.33%	2,900.00%	308.77%	-94.55%	3,571.43%	435.71%	-152.15%	-720.83%
Operating Cash Flow Growth	178.98%	99.30%	-11.14%	220.40%	121.88%	18,700.42%	-144.41%	-32.16%	-212.63%	102.76%	-78.57%
Free Cash Flow Firm Growth	-47.54%	128.06%	91.31%	84.33%	82.28%	-252.25%	648.11%	-12.50%	-527.77%	-3,435.78%	-270.75%
Invested Capital Growth	248.68%	-8.46%	37.90%	36.84%	34.44%	45.23%	-79.08%	24.87%	146.25%	104.88%	726.86%
Revenue Q/Q Growth	-4.77%	41.48%	71.69%	-11.48%	-16.86%	88.49%	-10.45%	-26.40%	24.81%	-4.69%	-20.67%
EBITDA Q/Q Growth	536.61%	107.06%	361.35%	-62.44%	-23.42%	347.02%	-31.77%	106.86%	-62.14%	-186.82%	121.72%
EBIT Q/Q Growth	197.32%	173.22%	431.74%	-65.35%	-24.95%	396.74%	-32.81%	111.87%	-64.65%	-208.69%	107.06%
NOPAT Q/Q Growth	110.13%	4,461.70%	161.52%	-61.40%	-22.31%	378.00%	-37.04%	-103.44%	2,243.31%	-53.71%	-107.82%
Net Income Q/Q Growth	97.67%	12,172.27%	330.17%	-96.93%	108.84%	1,610.28%	-94.92%	2,077.94%	-69.73%	-254.14%	40.89%
EPS Q/Q Growth	97.62%	11,500.00%	285.96%	-96.82%	100.00%	1,564.29%	-94.85%	2,041.67%	-70.82%	-262.00%	38.68%
Operating Cash Flow Q/Q Growth	107.73%	-101.65%	8,034.54%	17.67%	43.86%	38.49%	-118.94%	279.76%	-338.84%	490.71%	-94.04%
Free Cash Flow Firm Q/Q Growth	15.36%	109.43%	-268.60%	-32.53%	4.26%	18.99%	633.23%	-127.20%	-434.24%	33.10%	-75.63%
Invested Capital Q/Q Growth	-0.79%	3.99%	35.42%	-3.82%	-2.54%	12.34%	-80.14%	474.14%	92.20%	-23.69%	-1.81%
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	12.97%	18.98%	51.01%	21.65%	19.94%	47.29%	36.03%	101.27%	30.72%	-27.98%	7.66%
Operating Margin	-11.84%	12.12%	46.44%	23.67%	14.07%	45.52%	34.70%	-1.65%	25.71%	15.37%	-1.52%
EBIT Margin	8.23%	15.89%	49.22%	19.27%	17.39%	45.84%	34.39%	99.00%	28.04%	-31.97%	2.85%
Profit (Net Income) Margin	-0.34%	28.67%	71.83%	2.49%	6.26%	56.84%	3.23%	95.44%	23.15%	-37.43%	-27.89%
Tax Burden Percent	-6.53%	205.82%	81.83%	-60.01%	110.08%	86.26%	79.57%	78.35%	86.14%	75.23%	84.81%
Interest Burden Percent	62.47%	87.64%	178.33%	-21.57%	32.72%	143.76%	11.79%	123.04%	95.84%	155.64%	-1,155.41%
Effective Tax Rate	106.53%	-105.82%	18.17%	0.00%	-10.08%	13.74%	20.43%	21.65%	13.86%	0.00%	0.00%
Return on Invested Capital (ROIC)	3.40%	18.42%	31.53%	16.91%	17.90%	52.22%	57.26%	-1.51%	18.86%	10.62%	-1.29%
ROIC Less NNEP Spread (ROIC-NNEP)	3.54%	16.27%	4.96%	25.26%	21.89%	40.28%	65.64%	-35.74%	18.31%	26.94%	4.46%
Return on Net Nonoperating Assets (RNNOA)	-3.16%	-4.60%	-1.50%	-8.74%	-8.33%	-16.27%	-41.88%	14.78%	-4.98%	-11.30%	-2.45%
Return on Equity (ROE)	0.24%	13.82%	30.03%	8.17%	9.57%	35.95%	15.38%	13.27%	13.88%	-0.68%	-3.75%
Cash Return on Invested Capital (CROIC)	-182.31%	6.15%	-18.51%	-7.43%	0.90%	4.08%	192.88%	3.76%	-64.39%	-52.46%	-146.04%
Operating Return on Assets (OROA)	0.19%	0.95%	0.80%	0.43%	0.44%	16.13%	1.29%	4.47%	1.34%	-8.79%	0.74%
Return on Assets (ROA)	-0.01%	1.71%	1.17%	0.06%	0.16%	20.01%	0.12%	4.31%	1.10%	-10.30%	-7.24%
Return on Common Equity (ROCE)	0.24%	13.82%	30.03%	8.17%	9.57%	35.95%	15.38%	13.27%	13.88%	-0.68%	-3.75%
Return on Equity Simple (ROE_SIMPLE)	-12.42%	0.00%	16.73%	17.72%	17.89%	0.00%	14.03%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	5.22	238	622	240	187	892	562	-19	414	192	-15
NOPAT Margin	0.77%	24.95%	38.00%	16.57%	15.48%	39.27%	27.61%	-1.29%	22.15%	10.76%	-1.06%
Net Nonoperating Expense Percent (NNEP)	-0.15%	2.14%	26.57%	-8.35%	-3.99%	11.94%	-8.39%	34.24%	0.55%	-16.32%	-5.75%
Return On Investment Capital (ROIC_SIMPLE)	-	2.57%	-	-	-	6.15%	3.82%	-0.12%	1.78%	0.85%	-0.07%
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	37.47%	32.91%	17.54%	22.08%	27.41%	15.96%	19.38%	23.62%	22.39%	25.44%	26.62%
R&D to Revenue	47.88%	33.87%	21.85%	25.13%	31.32%	16.23%	17.47%	25.87%	23.04%	27.92%	37.20%
Operating Expenses to Revenue	111.84%	87.88%	53.56%	76.33%	85.93%	54.48%	65.30%	101.65%	74.29%	84.63%	101.52%
Earnings before Interest and Taxes (EBIT)	55	152	806	279	210	1,041	700	1,482	524	-569	40
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	87	181	835	314	240	1,074	733	1,516	574	-498	108
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.01	6.62	7.86	6.52	5.07	6.05	4.18	7.38	5.41	4.12	3.42
Price to Tangible Book Value (P/TBV)	3.80	8.23	9.15	7.55	5.83	6.84	4.69	8.16	8.18	6.80	5.83
Price to Revenue (P/Rev)	6.40	13.39	15.96	11.57	8.44	9.47	6.28	12.74	11.30	8.49	7.03
Price to Earnings (P/E)	0.00	439.14	47.01	36.81	28.37	24.11	29.79	31.21	26.95	48.38	57.59
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%	0.23%	2.13%	2.72%	3.52%	4.15%	3.36%	3.20%	3.71%	2.07%	1.74%
Enterprise Value to Invested Capital (EV/IC)	4.07	9.80	10.97	9.65	7.83	9.89	29.70	12.60	6.53	5.74	4.41
Enterprise Value to Revenue (EV/Rev)	5.66	12.68	15.33	10.93	7.77	8.81	4.95	11.98	10.91	7.81	6.45
Enterprise Value to EBITDA (EV/EBITDA)	0.00	270.86	56.19	36.36	25.94	23.47	14.60	23.56	20.82	24.12	24.89
Enterprise Value to EBIT (EV/EBIT)	0.00	6,658.88	63.70	39.88	28.17	24.75	15.47	24.46	21.63	26.25	28.65
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	95.29	47.10	29.67	28.59	16.55	54.06	46.24	47.18	72.77
Enterprise Value to Operating Cash Flow (EV/OCF)	86.24	42.72	69.90	42.79	25.67	22.61	17.57	46.47	256.76	23.11	24.10
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	152.35	0.00	0.00	1,003.25	286.86	5.33	372.11	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.52	0.47	0.52	0.51	0.48	0.41	0.40	0.35	0.45	0.52	0.58
Long-Term Debt to Equity	0.52	0.47	0.52	0.51	0.48	0.41	0.40	0.25	0.37	0.40	0.44
Financial Leverage	-0.89	-0.28	-0.30	-0.35	-0.38	-0.40	-0.64	-0.41	-0.27	-0.42	-0.55
Leverage Ratio	20.65	8.90	35.45	30.06	28.52	2.25	19.95	15.17	13.01	2.08	2.11
Compound Leverage Factor	12.90	7.80	63.22	-6.48	9.33	3.24	2.35	18.66	12.47	3.24	-24.40
Debt to Total Capital	34.19%	32.18%	34.36%	33.56%	32.65%	29.18%	28.81%	25.96%	31.01%	34.11%	36.58%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.75%	5.46%	7.67%	8.64%
Long-Term Debt to Total Capital	34.19%	32.18%	34.36%	33.56%	32.65%	29.18%	28.81%	18.20%	25.55%	26.44%	27.95%
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	65.81%	67.82%	65.64%	66.44%	67.35%	70.82%	71.19%	74.04%	68.99%	65.89%	63.42%
Debt to EBITDA	-5.65	20.47	3.90	2.98	2.69	1.72	1.79	1.19	1.79	3.29	4.57
Net Debt to EBITDA	3.77	-14.99	-2.32	-2.14	-2.24	-1.76	-3.91	-1.49	-0.76	-2.11	-2.23
Long-Term Debt to EBITDA	-5.65	20.47	3.90	2.98	2.69	1.72	1.79	0.83	1.48	2.55	3.49
Debt to NOPAT	-5.28	-26.33	6.61	3.86	3.08	2.09	2.03	2.73	3.98	6.44	13.37
Net Debt to NOPAT	3.52	19.29	-3.94	-2.77	-2.57	-2.15	-4.44	-3.41	-1.68	-4.12	-6.51
Long-Term Debt to NOPAT	-5.28	-26.33	6.61	3.86	3.08	2.09	2.03	1.91	3.28	5.00	10.21
Altman Z-Score	0.18	3.84	0.17	0.19	0.17	4.33	3.66	6.07	4.50	3.40	2.75
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	1.05	2.07	1.02	1.03	1.03	2.28	2.52	2.13	2.40	2.34	2.14
Quick Ratio	0.05	1.00	0.02	0.03	0.03	1.17	1.26	1.04	1.10	1.52	1.33
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6,469	610	-903	-1,197	-1,146	-929	4,952	-1,347	-7,196	-4,814	-8,455
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	-310.68	32.55	-47.37	-58.38	-55.83	-45.22	241.41	-65.59	-330.48	-213.07	-374.62
Operating Cash Flow to Interest Expense	15.08	-0.28	21.58	23.61	33.93	46.97	-8.91	16.00	-36.03	135.67	8.10
Operating Cash Flow Less CapEx to Interest Expense	15.08	-0.28	21.58	23.61	33.93	46.97	-8.91	16.00	-36.03	135.67	8.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.02	0.06	0.02	0.02	0.03	0.35	0.04	0.05	0.05	0.28	0.26
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	11.91	14.21	8.23	30.97	5.59	5.38
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	14.92	17.06	0.00	0.00	0.00	33.44	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	0.00	30.65	25.69	44.35	11.79	65.34	67.90
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	30.65	25.69	44.35	11.79	65.34	67.90
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,871	4,025	5,551	5,339	5,203	5,846	1,161	6,667	12,813	9,778	9,601
Invested Capital Turnover	4.39	0.74	0.83	1.02	1.16	1.33	2.07	1.17	0.85	0.99	1.22
Increase / (Decrease) in Invested Capital	6,474	-372	1,526	1,437	1,333	1,821	-4,390	1,328	7,610	5,006	8,440
Enterprise Value (EV)	15,757	39,427	60,909	51,541	40,747	57,814	34,486	83,969	83,665	56,083	42,321
Market Capitalization	17,807	41,610	63,429	54,573	44,271	62,162	43,726	89,272	86,714	60,977	46,110
Book Value per Share	$24.97	$26.26	$33.24	$34.09	$35.13	$41.05	$41.23	$47.49	$62.36	$54.86	$51.05
Tangible Book Value per Share	$19.76	$21.13	$28.55	$29.45	$30.54	$36.31	$36.69	$42.96	$41.26	$33.24	$29.94
Total Capital	8,998	9,262	12,296	12,599	12,959	14,511	14,705	16,335	23,225	22,452	21,257
Total Debt	3,077	2,980	4,225	4,228	4,231	4,234	4,237	4,240	7,202	7,659	7,776
Total Long-Term Debt	3,077	2,980	4,225	4,228	4,231	4,234	4,237	2,974	5,933	5,937	5,941
Net Debt	-2,051	-2,182	-2,520	-3,032	-3,525	-4,348	-9,240	-5,302	-3,049	-4,894	-3,789
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)	493	709	1,361	1,273	1,081	1,589	-2,956	2,918	4,323	1,479	1,592
Debt-free Net Working Capital (DFNWC)	5,620	5,872	8,106	8,533	8,837	10,171	10,520	10,526	14,172	13,409	12,325
Net Working Capital (NWC)	5,620	5,872	8,106	8,533	8,837	10,171	10,520	9,260	12,904	11,687	10,489
Net Nonoperating Expense (NNE)	7.48	-35	-554	204	111	-399	496	-1,448	-19	858	379
Net Nonoperating Obligations (NNO)	-2,051	-2,256	-2,520	-3,032	-3,525	-4,431	-9,307	-5,428	-3,210	-5,015	-3,880
Total Depreciation and Amortization (D&A)	32	29	29	35	31	33	33	34	50	71	68
Debt-free, Cash-free Net Working Capital to Revenue	17.72%	22.82%	34.26%	27.00%	20.61%	24.21%	-42.47%	41.63%	56.35%	20.60%	24.26%
Debt-free Net Working Capital to Revenue	201.91%	188.90%	204.01%	180.97%	168.45%	154.96%	151.14%	150.20%	184.73%	186.72%	187.87%
Net Working Capital to Revenue	201.91%	188.90%	204.01%	180.97%	168.45%	154.96%	151.14%	132.12%	168.20%	162.74%	159.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	$1.17	$4.84	$0.15	$0.30	$5.13	$0.26	$5.60	$1.65	($2.66)	($1.49)
Adjusted Weighted Average Basic Shares Outstanding	237.27M	235.80M	242.79M	246.30M	248.83M	247.37M	253.88M	255.19M	262.83M	260.09M	264.78M
Adjusted Diluted Earnings per Share	($0.01)	$1.14	$4.40	$0.14	$0.28	$4.66	$0.24	$5.14	$1.50	($2.43)	($1.49)
Adjusted Weighted Average Diluted Shares Outstanding	237.27M	254.39M	267.95M	266.83M	267.44M	273.38M	271.25M	278.91M	291.96M	287.21M	264.78M
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	239.25M	242.28M	245.57M	248.48M	250.35M	253.88M	254.70M	256.94M	269.64M	264.08M	263.46M
Normalized Net Operating Profit after Tax (NOPAT)	-51	45	622	240	119	892	562	-19	414	192	-15
Normalized NOPAT Margin	-7.63%	4.69%	38.00%	16.57%	9.85%	39.27%	27.61%	-1.29%	22.15%	10.76%	-1.06%
Pre Tax Income Margin	5.14%	13.93%	87.78%	-4.16%	5.69%	65.89%	4.05%	121.81%	26.87%	-49.76%	-32.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.66	8.09	42.27	13.62	10.21	50.70	34.11	72.18	24.06	-25.20	1.78
NOPAT to Interest Expense	0.25	12.70	32.63	11.71	9.09	43.43	27.38	-0.94	19.01	8.48	-0.66
EBIT Less CapEx to Interest Expense	2.66	8.09	42.27	13.62	10.21	50.70	34.11	72.18	24.06	-25.20	1.78
NOPAT Less CapEx to Interest Expense	0.25	12.70	32.63	11.71	9.09	43.43	27.38	-0.94	19.01	8.48	-0.66
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%	62.70%	231.38%

Financials Breakdown Chart

Key Financial Trends

Here is a concise trend analysis of Coinbase Global, Inc. (COIN) using the quarterly data provided for the last four years, focusing on how operating results, cash flow, and the balance sheet have evolved. The emphasis is on trends likely to matter to retail investors.

Cash flow from continuing operating activities in Q4 2025 was strong, totaling about $3.07 billion, signaling robust cash generation from Coinbase’s core business.
Operating income in Q4 2025 was $273.8 million, with Q3 2025 at $480.5 million, indicating positive profitability from ongoing operations across these quarters.
Net income from continuing operations was positive in several 2025 quarters (Q2: $1.43B; Q3: $432.6M; Q1: $65.6M), showing earning power despite quarterly fluctuations.
The balance sheet shows ample liquidity, with cash and equivalents around $8B in mid-2025 and a solid equity base (total equity around $16B in mid-2025), supporting flexibility for operations and strategic moves.
Total equity substantially exceeds total liabilities in mid-2025 (approx. $16.0B equity vs. $9.2B–$15.3B liabilities across the period), suggesting a solid capitalization position.
Revenue has shown quarter-to-quarter variation in 2025 (roughly $1.5B to $1.87B in recent quarters), reflecting sensitivity to crypto market cycles rather than a smooth-growth trajectory.
Q4 2025 includes a large non-operating hit (Other Income / (Expense), net: about -$843M; Total Other Income / (Expense), net: about -$1.16B), which creates a one-off earnings swing despite positive operating performance.
Total assets and liabilities expanded into mid-2025, consistent with balance-sheet growth and liquidity positioning, though this raises the need to monitor market-related exposure and funding needs over time.
Expense levels remain meaningful relative to revenue, with SG&A and R&D totaling roughly $0.95B in Q4 2025, indicating ongoing investment in growth that weighs on quarterly margins.
Net income attributable to common shareholders in Q4 2025 was negative (-$666.7M), and basic/diluted earnings per share were negative (-$2.66 / -$2.43), highlighting a quarterly earnings setback despite strong cash flow.

05/08/26 04:25 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 financial year ends in December. Their financial 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. View Coinbase Global's forecast to see where analysts expect Coinbase Global to go next.

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%.

Related Companies

Financial statements for NASDAQ:COIN last updated on 5/8/2026 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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