COIN (Coinbase Global, Inc.) Stock Financials & Earnings | Market Cap Arena

COIN (Coinbase Global, Inc.) Stock Financials & Earnings | Market Cap Arena

COINCoinbase Global, Inc.

Mkt Cap$53B

Financial Services·Financial - Data & Stock Exchanges·🇺🇸 United States·NASDAQ

Revenue (TTM)$6.4B

Net Income (TTM)$1.3B

EPS (TTM)$4.39

Free Cash Flow (TTM)$2.4B

Gross Margin77.1%

Op. Margin11.2%

Net Margin19.6%

FCF Margin37.7%

P/S Ratio (TTM)8.3x

P/E Ratio (TTM)42.4x

YoY Rev Growth-2.0%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$773M	$518M	-$124M
Q2 23	$708M	$438M	-$74M
Q3 23	$674M	$411M	-$80M
Q4 23	$954M	$678M	$116M
Q1 24	$1.6B	$1.2B	$760M
Q2 24	$1.4B	$1.1B	$343M
Q3 24	$1.2B	$856M	$170M
Q4 24	$2.3B	$1.7B	$1.0B
Q1 25	$2.0B	$1.5B	$706M
Q2 25	$1.5B	$1.1B	-$25M
Q3 25	$1.9B	$1.6B	$481M
Q4 25	$1.0B	$742M	-$444M

Valuation

Quarter	P/S	P/E
Q1 23	19.1x	—
Q2 23	19.8x	—
Q3 23	19.2x	—
Q4 23	17.2x	563.3x
Q1 24	13.5x	39.6x
Q2 24	11.3x	36.0x
Q3 24	10.2x	34.2x
Q4 24	8.1x	20.7x
Q1 25	7.7x	36.4x
Q2 25	7.6x	18.7x
Q3 25	7.0x	16.6x
Q4 25	8.3x	42.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$463M	$463M
Q2 23	$151M	$151M
Q3 23	$314M	$314M
Q4 23	-$5M	-$16M
Q1 24	$411M	$411M
Q2 24	$484M	$484M
Q3 24	$697M	$697M
Q4 24	$965M	$965M
Q1 25	-$183M	-$183M
Q2 25	$328M	$328M
Q3 25	-$785M	-$785M
Q4 25	$3.1B	$3.1B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$50K
Q2 23	$50K
Q3 23	$154K
Q4 23	$11M
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-33.8%	-47.9%
Q2 23	-12.4%	-57.8%
Q3 23	+14.2%	-34.3%
Q4 23	+51.6%	-29.2%
Q1 24	+112.0%	-2.2%
Q2 24	+104.8%	+41.6%
Q3 24	+78.8%	+37.4%
Q4 24	+138.2%	+47.6%
Q1 25	+24.2%	+51.5%
Q2 25	+3.3%	+37.5%
Q3 25	+55.1%	+34.0%
Q4 25	-54.6%	+19.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$283M	36.6%
Q2 23	$200M	28.2%
Q3 23	$218M	32.4%
Q4 23	$164M	17.2%
Q1 24	$225M	13.7%
Q2 24	$218M	15.0%
Q3 24	$248M	20.6%
Q4 24	$222M	9.8%
Q1 25	$191M	9.4%
Q2 25	$196M	13.1%
Q3 25	$222M	11.9%
Q4 25	$230M	22.3%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$358M	$123M	$31M
Q2 23	$321M	$136M	$45M
Q3 23	$323M	$118M	$40M
Q4 23	$323M	$165M	$72M
Q1 24	$358M	$131M	$63M
Q2 24	$364M	$171M	$127M
Q3 24	$377M	$192M	$125M
Q4 24	$369M	$162M	$188M
Q1 25	$355M	$228M	$214M
Q2 25	$387M	$205M	$204M
Q3 25	$431M	$418M	$260M
Q4 25	$497M	$453M	$315M

Revenue Segments

Quarter	Bank Servicing, Consumer, Net	Bank Servicing, Institutional	Bank Servicing, Other	Other Revenue	Subscription and Circulation, Blockchain Infrastructure Service	Subscription and Circulation, Custodial Fee	Subscription and Circulation, Other	Subscription and Circulation, Stablecoin
Q1 24	$935M	$85M	$56M	$50M	$151M	$32M	$64M	$197M
Q2 24	$665M	$64M	$53M	$70M	$185M	$35M	$70M	$240M
Q4 24	$1.3B	$141M	$68M	$75M	$215M	$43M	$91M	$226M
Q1 25	$1.1B	$99M	$68M	$74M	$197M	—	$141M	$298M
Q2 25	$650M	$61M	$54M	$77M	$145M	—	$119M	$332M
Q3 25	$844M	$135M	$68M	$76M	$185M	—	$143M	$355M

Revenue by Geography

Quarter	Rest of the World	United States
Q1 23	$86M	$687M
Q2 23	$70M	$638M
Q3 23	$71M	$604M
Q4 23	$156M	$797M
Q1 24	$284M	$1.4B
Q2 24	$217M	$1.2B
Q3 24	$167M	$1.0B
Q4 24	$435M	$1.8B
Q1 25	$329M	$1.7B
Q2 25	$206M	$1.3B
Q3 25	$350M	$1.5B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$5.0B	$303M	$5.3B
Q2 23	$5.2B	$316M	$5.5B
Q3 23	$5.1B	$401M	$5.5B
Q4 23	$5.1B	$386M	$5.5B
Q1 24	$6.7B	$602M	$7.3B
Q2 24	$7.2B	$812M	$8.0B
Q3 24	$7.7B	$761M	$8.5B
Q4 24	$8.5B	$1.0B	$9.5B
Q1 25	$8.1B	$2.1B	$10.1B
Q2 25	$7.5B	$2.0B	$9.5B
Q3 25	$8.7B	$4.7B	$13.3B
Q4 25	$11.3B	$629M	$11.9B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	231M	+3.7%
Q2 23	235M	+1.4%
Q3 23	237M	+1.1%
Q4 23	261M	+10.1%
Q1 24	268M	+2.6%
Q2 24	267M	-0.4%
Q3 24	267M	+0.2%
Q4 24	277M	+3.5%
Q1 25	271M	-2.0%
Q2 25	279M	+2.8%
Q3 25	292M	+4.7%
Q4 25	268M	-8.1%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 19	—	—
FY 20	—	—
FY 21	$2M	4K
FY 22	$708K	5K
FY 23	$910K	3K
FY 24	$2M	4K
FY 25	$1M	5K