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COIN

Coinbase Global, Inc.

COIN

Coinbase Global, Inc. • NASDAQ
$273.81 ▲ 3.34% (+8.84)
Market Cap $70.06 B
52w High $444.65
52w Low $142.58
Dividend Yield 0%
P/E 23.65
Volume 8.84M
Outstanding Shares 255.88M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.869B ▲ $1.135B ▲ $432.552M ▼ 23.147% ▼ $1.65 ▼ $554.263M ▼
Q2-2025 $1.497B ▼ $1.096B ▲ $1.429B ▲ 95.438% ▲ $5.6 ▲ $1.878B ▲
Q1-2025 $2.034B ▼ $825.848M ▲ $65.608M ▼ 3.225% ▼ $0.26 ▼ $136.3M ▼
Q4-2024 $2.272B ▲ $682.407M ▼ $1.291B ▲ 56.839% ▲ $5.13 ▲ $1.55B ▲
Q3-2024 $1.205B $686.145M $75.495M 6.264% $0.3 $119.806M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $12.452B ▲ $31.351B ▲ $15.328B ▲ $16.023B ▲
Q2-2025 $9.547B ▼ $23.476B ▲ $11.381B ▲ $12.095B ▲
Q1-2025 $10.148B ▲ $21.731B ▼ $11.263B ▼ $10.468B ▲
Q4-2024 $9.548B ▲ $22.542B ▼ $12.265B ▼ $10.277B ▲
Q3-2024 $8.485B $290.559B $281.83B $8.728B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $432.552M ▼ $-784.515M ▼ $-735.574M ▼ $3.181B ▲ $1.671B ▲ $-784.515M ▼
Q2-2025 $1.429B ▲ $328.474M ▲ $-685.156M ▼ $-391.137M ▲ $-669.629M ▲ $328.474M ▲
Q1-2025 $65.608M ▼ $-182.727M ▼ $-231.653M ▼ $-893.802M ▼ $-1.307B ▼ $-182.727M ▼
Q4-2024 $1.291B ▲ $964.618M ▲ $-49.416M ▲ $2.146B ▲ $2.993B ▲ $964.618M ▲
Q3-2024 $75.495M $696.544M $-88.677M $-311.325M $342.129M $696.544M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Bank Servicing Consumer Net
Bank Servicing Consumer Net
 $1.35Bn ▲$1.10Bn ▼$650.00M ▼$840.00M ▲
Bank Servicing Institutional
Bank Servicing Institutional
 $140.00M ▲$100.00M ▼$60.00M ▼$140.00M ▲
Bank Servicing Other
Bank Servicing Other
 $70.00M ▲$70.00M ▲$50.00M ▼$70.00M ▲
Other Revenue
Other Revenue
 $70.00M ▲$70.00M ▲$80.00M ▲$80.00M ▲
Subscription and Circulation Blockchain Infrastructure Service
Subscription and Circulation Blockchain Infrastructure Service
 $210.00M ▲$200.00M ▼$140.00M ▼$180.00M ▲
Subscription and Circulation Other
Subscription and Circulation Other
 $90.00M ▲$140.00M ▲$120.00M ▼$140.00M ▲
Subscription and Circulation Stablecoin
Subscription and Circulation Stablecoin
 $230.00M ▲$300.00M ▲$330.00M ▲$350.00M ▲
Subscription and Circulation Custodial Fee
Subscription and Circulation Custodial Fee
 $40.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Coinbase’s income statement shows a very cyclical business tied closely to the health of the crypto market. Revenue surged in the boom period, fell sharply when the market cooled, and has recently rebounded to strong levels again. Profitability has followed the same pattern: very profitable in strong markets, loss-making when trading volumes collapsed, and back to solid profits more recently. This highlights both the earnings power of the model in good times and the risk of large swings in results when crypto sentiment turns. Overall, the company has demonstrated that it can generate high margins when activity is strong, but investors should expect volatility rather than smooth, predictable growth.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid and more resilient than during the early years. Cash levels are high compared with the company’s debt, and shareholder equity has been rebuilt after earlier stress in the downturn. The large rise and subsequent drop in total assets mainly reflects the changing value and structure of crypto-related and custodial assets, rather than a traditional industrial asset base. Today, Coinbase appears to have a good cushion of financial resources, reasonable leverage, and enough flexibility to keep investing and to weather future market cycles, although this stability is still ultimately tied to the broader crypto environment.

Cash Flow

Cash Flow Cash generation has been strong in boom periods, weaker or negative in downturns, again mirroring the crypto cycle. The company has moved from very healthy operating and free cash flow during peak activity, to outflows when volumes fell, and back to solid inflows more recently. Capital spending has been modest, which means the business is relatively asset-light and can convert a good portion of its operating performance into free cash when conditions are favorable. The key message is that Coinbase can produce a lot of cash in strong markets, but its cash flow is not yet consistently steady across cycles.

Competitive Edge

Competitive Edge Coinbase holds a leading position among regulated crypto platforms, especially in the United States, with a brand strongly associated with security, compliance, and ease of use. Its scale, deep liquidity, and reputation help attract both retail users and institutions, reinforcing network effects that are hard for smaller rivals to match. The company also benefits from a broad product set spanning spot trading, custody, institutional prime services, and various on-ramps into crypto. However, it faces intense global competition from other exchanges, pressure on fees, rapid innovation from decentralized platforms, and ongoing regulatory uncertainty. Its edge rests on trust, regulation, and ecosystem breadth, but that edge needs continuous investment to stay ahead.

Innovation and R&D

Innovation and R&D Innovation is a central part of Coinbase’s strategy. The company is pushing beyond simple trading into infrastructure, on-chain applications, and new financial products. Its Base network aims to make blockchain use cheaper and easier for developers, potentially anchoring a large ecosystem of applications. Coinbase is also expanding into derivatives, on-chain consumer finance, and payments, while offering tools like Coinbase Cloud for developers and institutions. Heavy focus on security technology and open-sourced cryptography underpins its trust positioning. The opportunity is to diversify revenue away from pure trading and become a key gateway to the broader on-chain economy, but many of these initiatives are still developing and their ultimate scale and profitability remain uncertain.

Summary

Coinbase today looks like a scaled, financially stronger platform that is tightly linked to the broader fate of the crypto market. Its earnings and cash flows can be very powerful in upcycles but have proven vulnerable in downcycles, so results are inherently volatile. The balance sheet and cash position provide a buffer, and the company has rebuilt profitability after a difficult period. Competitively, Coinbase stands out in the regulated, Western market with a trusted brand, strong institutional presence, and a growing ecosystem, though it must continually defend this position against global rivals and shifting regulation. Its innovation efforts—particularly around Base, derivatives, DeFi-enabled services, and developer infrastructure—aim to broaden the business beyond trading fees and deepen its moat. Overall, Coinbase combines meaningful strengths in brand, compliance, and technology with significant exposure to market cycles and regulatory and competitive risks.

NEWS

November 19, 2025 · 6:00 PM UTC

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November 3, 2025 · 8:30 AM UTC

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October 29, 2025 · 7:00 AM UTC

Galaxy Integrates with Coinbase Prime to Expand Institutional Access to Secure and Scalable Staking Solutions

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October 28, 2025 · 8:00 AM UTC

Coinbase Prime and Figment Expand Diversified Institutional Staking Access

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