Coinbase

Financials Financial Exchanges & Data New York City, New York Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$7.2B
                    3y CAGR +31.0%
                    
                    P86
                    
                    +9.4%
                    
                    Net income
                    FY2025
                
$1.3B
                    Net margin +17.6%
                    
                    P38
                    
                    -51.1%
                    
                    Total assets
                    FY2025
                
$29.7B
                    ROA +4.2%
                    
                    P67
                    
                    +31.6%
                    
                    Operating cash flow
                    FY2025
                
$2.4B
                    
                    -21.8%

7 yrs · FY2019–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 3 years

Total assets $29.7B

Total liabilities $14.9B

Shareholders equity $14.8B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	+48.2%	+66.2%	—
Short Term Investments	—	—	—
Accounts Receivable	+35.1%	+57.6%	—
Prepaid Expenses	+9.2%	+11.2%	—
Other Current Assets	+240.0%	+1614.1%	—
Total Current Assets	-68.3%	-91.1%	—
Property,Plant and Equipment	+17.2%	+3.9%	—
Operating Lease Assets	+233.5%	+537.1%	—
Goodwill	+91.3%	+0.0%	—
Intangible Assets	+302.2%	-45.8%	—
Deferred Tax Assets	-33.0%	-26.0%	—
Other Noncurrent Assets	-15.5%	+51.1%	—
Total Assets	-62.1%	-89.1%	—
Liabilities
Accounts Payable	+73.0%	+61.1%	—
Accrued Liabilities	+24.0%	+40.2%	—
Current Portion of Long Term Debt	—	—	—
Other Current Liabilities	+741.6%	+2542.4%	—
Total Current Liabilities	-79.0%	-96.0%	—
Long Term Debt	+41.1%	+42.1%	—
Operating Lease Liabilities Noncurrent	+572.4%	+2145.2%	—
Other Noncurrent Liabilities	+741.6%	+2542.4%	—
Total Liabilities	-72.8%	-93.9%	—
Equity
Additional Paid In Capital	+38.1%	+19.5%	—
Retained Earnings	+84.9%	+172.5%	—
Accumulated Other Comprehensive Income	—	—	—
Total Stockholders Equity	+53.5%	+63.6%	—
Total Liabilitiesand Equity	-62.1%	-89.1%	—

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $7.2B

Operating income $1.4B

Net income $1.3B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	+52.0%	+111.2%	—
Expenses Research and Development	+12.3%	+10.8%	—
Expenses Selling,General and Administrative	+22.8%	+21.0%	—
Expenses Depreciation and Amortization	-1.8%	-61.2%	—
Expenses Share Based Compensation	+3.7%	+16.9%	—
Expenses Restructuring and Asset Impairment	—	—	—
Expenses Operating Expenses	+32.6%	+30.2%	—
Other Income Expense Operating Income	—	—	—
Other Income Expense Other Income/expense	+104.5%	-82.7%	—
Other Income Expense Income Before Tax	—	—	—
Income Tax Income Tax Expense	—	—	—
net Income net Income	+264.5%	+2618.5%	—
net Income Comprehensive Income	+257.0%	+2379.8%	—
Earnings Per Share Basic Eps	+248.2%	+2505.0%	—
Earnings Per Share Diluted Eps	+246.8%	+2462.2%	—
Earnings Per Share Weighted Average Shares Basic	+5.0%	+4.9%	—
Earnings Per Share Weighted Average Shares Diluted	+6.3%	+7.5%	—

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 3 years

Operating cash flow $2.4B

Investing cash flow $-2.0B

Financing cash flow $740.3M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	+264.5%	+2618.5%	—
Operating Activities Depreciation and Amortization	-1.8%	-61.2%	—
Operating Activities Stock Based Compensation	+3.7%	+16.9%	—
Operating Activities Deferred Income Taxes	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	—
Operating Activities Other Non Cash Items	-35.8%	-92.5%	—
Operating Activities net Cash From Operating Activities	+89.8%	+361.0%	—
Investing Activities Business Acquisitions	+391.4%	—	—
Investing Activities Other Investing Activities	+1.7%	-30.5%	—
Investing Activities net Cash From Investing Activities	—	—	—
Financing Activities Repayment of Debt	—	—	—
Financing Activities Repurchase of Common Stock	—	—	—
Financing Activities Proceeds From Stock Issuance	+27.8%	+163.1%	—
Financing Activities Tax Withholding On Stock Based Compensation	+20.4%	-57.8%	—
Financing Activities Other Financing Activities	+42.5%	+0.8%	—
Financing Activities net Cash From Financing Activities	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	+225.3%	—	—
Cash Reconciliation net Change In Cash	—	—	—
Cash Reconciliation Cash At Beginning of Period	+33.0%	+64.1%	—
Cash Reconciliation Cash At End of Period	+33.0%	+64.1%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	+20.0%	+35.1%	-5.2%
Net margin	+17.6%	+39.3%	+3.1%
FCF margin	—	—	—
Growth
Revenue CAGR (3y)	+31.0%	-5.7%	+34.5%
Returns
ROE	+8.5%	+25.1%	+1.5%
ROA	+4.2%	+11.4%	+0.0%
ROIC	+11.1%	+33.9%	-3.9%
Liquidity
Current ratio	2.34x	2.28x	1.03x
Quick ratio	1.33x	1.11x	0.03x
Leverage
D/E	1.01x	1.19x	31.95x
Interest coverage	—	—	-1.95x
Efficiency
Asset turnover	0.24x	0.29x	0.02x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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