COIN

MKT CAP:$54B

Coinbase Global, Inc.

Market Cap

$54B

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

Financials·Financial·🇺🇸·NASDAQ

Stock Price

$200.88-$35.65 (-15.07%)

Apr 24, 2026

Company Details

Coinbase Global, Inc. provides financial infrastructure and technology for the cryptoeconomy in the United States and internationally. It offers the primary financial account in the cryptoeconomy for consumers; a marketplace with a pool of ...

CEO

Brian Armstrong

IPO Date

Apr 14, 2021

Website

www.coinbase.com

Key Metrics TTM

Revenue

$6.4B

-2.0% YoY

Net Income

$1.3B

EPS (Diluted)

$4.39

Free Cash Flow

$2.4B

Revenue / Share

$23.98

Gross Margin

77.1%

Operating Margin

11.2%

Net Margin

19.6%

FCF Margin

37.7%

P/S

8.4x

P/E

43.0x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 12, 2026

$7.2B+9.4%EPS $4.45

Q4 2025

Feb 12, 2026

$1.0B-54.6%EPS -$2.49

Q3 2025

Oct 30, 2025

$1.9B+55.1%EPS $1.50

Q2 2025

Jul 31, 2025

$1.5B+3.3%EPS $5.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1.2B	$889M	-$554M
Q2 22	$808M	$641M	-$1.0B
Q3 22	$590M	$305M	-$556M
Q4 22	$629M	$546M	-$555M
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 22	6.1x	18.1x
Q2 22	2.1x	—
Q3 22	2.9x	—
Q4 22	2.8x	—
Q1 23	5.3x	—
Q2 23	7.0x	—
Q3 23	6.5x	—
Q4 23	12.5x	408.0x
Q1 24	15.6x	46.0x
Q2 24	12.3x	39.1x
Q3 24	8.5x	28.7x
Q4 24	9.8x	24.9x
Q1 25	6.3x	29.9x
Q2 25	13.1x	32.2x
Q3 25	11.4x	27.3x
Q4 25	9.6x	48.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$91M	-$102M
Q2 22	-$351M	-$377M
Q3 22	-$397M	-$413M
Q4 22	$3.2B	$3.2B
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

Quarter	CapEx
Q1 22	$10M
Q2 22	$26M
Q3 22	$16M
Q4 22	$12M
Q1 23	$50.0K
Q2 23	$50.0K
Q3 23	$154.0K
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-35.2%	+111.6%
Q2 22	-63.7%	+36.9%
Q3 22	-55.0%	+12.4%
Q4 22	-74.8%	-24.9%
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 22	$352M	30.2%
Q2 22	$391M	48.4%
Q3 22	$391M	66.3%
Q4 22	$431M	68.5%
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 22	$571M	$414M	$200M
Q2 22	$609M	$470M	$141M
Q3 22	$556M	$188M	$44M
Q4 22	$590M	$378M	$93M
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 22	$211M	$956M
Q2 22	$141M	$667M
Q3 22	$88M	$502M
Q4 22	$70M	$559M
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 22	$6.1B	$180M	$6.3B
Q2 22	$5.7B	$362M	$6.0B
Q3 22	$5.0B	$368M	$5.4B
Q4 22	$4.4B	$861M	$5.3B
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	217M	-7.6%	+9.2%
Q2 22	221M	+1.6%	-10.9%
Q3 22	224M	+1.3%	-10.6%
Q4 22	223M	-0.4%	-5.2%
Q1 23	231M	+3.7%	+6.4%
Q2 23	235M	+1.4%	+6.2%
Q3 23	237M	+1.1%	+6.0%
Q4 23	261M	+10.1%	+17.0%
Q1 24	268M	+2.6%	+15.7%
Q2 24	267M	-0.4%	+13.7%
Q3 24	267M	+0.2%	+12.7%
Q4 24	277M	+3.5%	+6.0%
Q1 25	271M	-2.0%	+1.2%
Q2 25	279M	+2.8%	+4.5%
Q3 25	292M	+4.7%	+9.2%
Q4 25	268M	-8.1%	-3.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$312.7K	4K
Q2 22	$216.7K	4K
Q3 22	$158.3K	4K
Q4 22	$139.5K	5K
Q1 23	$171.3K	5K
Q2 23	$157.0K	5K
Q3 23	$149.5K	5K
Q4 23	$279.2K	3K
Q1 24	$479.4K	3K
Q2 24	$424.4K	3K
Q3 24	$352.8K	3K
Q4 24	$602.2K	4K
Q1 25	$539.3K	4K
Q2 25	$396.9K	4K
Q3 25	$495.4K	4K
Q4 25	$208.5K	5K

Revenue / Employee