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
                    
                    n/a
                    
                    Net income
                    FY2025
                
$1.3B
                    Net margin +17.6%
                    
                    P38
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$29.7B
                    ROA +4.2%
                    
                    P67
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$2.4B
                    
                    n/a

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

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 1 year

Total assets $29.7B

Total liabilities $14.9B

Shareholders equity $14.8B

Account	2025	Trend
Assets
Cash and Cash Equivalents	157.1%
Short Term Investments	0.0%
Accounts Receivable	4.3%
Prepaid Expenses	1.3%
Other Current Assets	2.6%
Total Current Assets	283.9%
Property,Plant and Equipment	3.7%
Operating Lease Assets	2.0%
Goodwill	58.1%
Intangible Assets	19.5%
Deferred Tax Assets	7.9%
Other Noncurrent Assets	3.6%
Total Assets	413.2%
Liabilities
Accounts Payable	1.6%
Accrued Liabilities	9.6%
Current Portion of Long Term Debt	17.7%
Other Current Liabilities	3.3%
Total Current Liabilities	121.2%
Long Term Debt	82.7%
Operating Lease Liabilities Noncurrent	2.4%
Other Noncurrent Liabilities	3.3%
Total Liabilities	207.2%
Equity
Additional Paid In Capital	119.3%
Retained Earnings	86.6%
Accumulated Other Comprehensive Income	0.1%
Total Stockholders Equity	206.0%
Total Liabilitiesand Equity	413.2%

Income Statement

Revenue, expense, and profitability

17 accounts · 1 year

Revenue $7.2B

Operating income $1.4B

Net income $1.3B

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	100.0%
Expenses Research and Development	23.3%
Expenses Selling,General and Administrative	22.6%
Expenses Depreciation and Amortization	0.9%
Expenses Share Based Compensation	11.7%
Expenses Restructuring and Asset Impairment	0.0%
Expenses Operating Expenses	80.0%
Other Income Expense Operating Income	20.0%
Other Income Expense Other Income/expense	9.8%
Other Income Expense Income Before Tax	21.2%
Income Tax Income Tax Expense	3.6%
net Income net Income	17.6%
net Income Comprehensive Income	18.3%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Basic	3.6%
Earnings Per Share Weighted Average Shares Diluted	4.0%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 1 year

Operating cash flow $2.4B

Investing cash flow $-2.0B

Financing cash flow $740.3M

Account	2025	Trend
CashFlow
Operating Activities net Income	17.6%
Operating Activities Depreciation and Amortization	0.9%
Operating Activities Stock Based Compensation	11.7%
Operating Activities Deferred Income Taxes	3.3%
Operating Activities Changes In Operating Assets and Liabilities	0.0%
Operating Activities Other Non Cash Items	0.9%
Operating Activities net Cash From Operating Activities	33.8%
Investing Activities Business Acquisitions	10.3%
Investing Activities Other Investing Activities	1.5%
Investing Activities net Cash From Investing Activities	-28.5%
Financing Activities Repayment of Debt	0.0%
Financing Activities Repurchase of Common Stock	11.0%
Financing Activities Proceeds From Stock Issuance	1.1%
Financing Activities Tax Withholding On Stock Based Compensation	5.6%
Financing Activities Other Financing Activities	0.5%
Financing Activities net Cash From Financing Activities	10.3%
Cash Reconciliation Effect of Exchange Rate On Cash	1.3%
Cash Reconciliation net Change In Cash	15.6%
Cash Reconciliation Cash At Beginning of Period	235.2%
Cash Reconciliation Cash At End of Period	235.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	—
Operating margin	+20.0%
Net margin	+17.6%
FCF margin	—
Growth
Revenue CAGR (3y)	+31.0%
Returns
ROE	+8.5%
ROA	+4.2%
ROIC	+11.1%
Liquidity
Current ratio	2.34x
Quick ratio	1.33x
Leverage
D/E	1.01x
Interest coverage	—
Efficiency
Asset turnover	0.24x
Cash conversion cycle	—

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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Revenue, expense, and profitability

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