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Coinbase

COIN Clue Score41
United States Fiscal year ends December CIK 0001679788
$179.39 +4.30% Close, 9 Oct 2026
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Price $179.39 −30.06% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 14 Apr 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2019Revenue0.53Operating income−0.05Net income−0.03EPS, diluted−0.50Fiscal year 2020Revenue1.28 +139.3%Operating income0.41Net income0.32EPS, diluted1.40Fiscal year 2021Revenue7.84 +513.7%Operating income3.08Net income3.62 +1,024.4%EPS, diluted14.50Fiscal year 2022Revenue3.19 −59.3%Operating income−2.71Net income−2.62 −172.4%EPS, diluted−11.83Fiscal year 2023Revenue3.11 −2.7%Operating income−0.16Net income0.09EPS, diluted0.37Fiscal year 2024Revenue6.56 +111.2%Operating income2.31Net income2.58 +2,618.5%EPS, diluted9.48Fiscal year 2025Revenue7.18 +9.4%Operating income1.44Net income1.26 −51.1%EPS, diluted4.45
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.53 1.28 7.84 3.19 3.11 6.56 7.18
Growth +139.3% +513.7% −59.3% −2.7% +111.2% +9.4%
Operating income −0.05 0.41 3.08 −2.71 −0.16 2.31 1.44
Net income −0.03 0.32 3.62 −2.62 0.09 2.58 1.26
Growth +1,024.4% −172.4% +2,618.5% −51.1%
EPS, diluted −0.50 1.40 14.50 −11.83 0.37 9.48 4.45

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2019Operating margin−8.6%Net margin−5.7%Free cash flow margin−21.4%Fiscal year 2020Operating margin32.0%Net margin25.2%Free cash flow margin22.2%Fiscal year 2021Operating margin39.2%Net margin46.2%Free cash flow margin51.5%Fiscal year 2022Operating margin−84.8%Net margin−82.2%Free cash flow margin−49.7%Fiscal year 2023Operating margin−5.2%Net margin3.1%Fiscal year 2024Operating margin35.1%Net margin39.3%Fiscal year 2025Operating margin20.0%Net margin17.6%
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin −8.6% 32.0% 39.2% −84.8% −5.2% 35.1% 20.0%
Net margin −5.7% 25.2% 46.2% −82.2% 3.1% 39.3% 17.6%
Free cash flow margin −21.4% 22.2% 51.5% −49.7% n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2019Operating cash flow−0.08Capital expenditure−0.03Free cash flow−0.11Fiscal year 2020Operating cash flow0.29Capital expenditure−0.01Free cash flow0.28Fiscal year 2021Operating cash flow4.04Capital expenditure−0.00Free cash flow4.04 +1,322.7%Fiscal year 2022Operating cash flow−1.59Capital expenditure−0.00Free cash flow−1.59 −139.4%Fiscal year 2023Operating cash flow0.67Buybacks0.00Fiscal year 2024Operating cash flow3.10Buybacks0.00Fiscal year 2025Operating cash flow2.43Buybacks−0.79
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −0.08 0.29 4.04 −1.59 0.67 3.10 2.43
Capital expenditure −0.03 −0.01 −0.00 −0.00 n/a n/a n/a
Free cash flow −0.11 0.28 4.04 −1.59 n/a n/a n/a
Growth +1,322.7% −139.4%
Buybacks n/a n/a n/a n/a 0.00 0.00 −0.79

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2019Cash0.55Shareholders’ equity0.50Fiscal year 2020Cash1.06Total debt0.00Net cash (debt)1.06Shareholders’ equity0.96Debt to equity0.00Fiscal year 2021Cash7.12Total debt3.38Net cash (debt)3.74Shareholders’ equity6.38Debt to equity0.53Fiscal year 2022Cash4.43Total debt3.39Net cash (debt)1.03Shareholders’ equity5.45Debt to equity0.62Fiscal year 2023Cash5.49Total debt2.98Net cash (debt)2.51Shareholders’ equity6.28Debt to equity0.47Fiscal year 2024Cash9.31Total debt4.23Net cash (debt)5.07Shareholders’ equity10.28Debt to equity0.41Fiscal year 2025Cash11.29Total debt7.21Net cash (debt)4.08Shareholders’ equity14.79Debt to equity0.49
FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.55 1.06 7.12 4.43 5.49 9.31 11.29
Total debt n/a 0.00 3.38 3.39 2.98 4.23 7.21
Net cash (debt) n/a 1.06 3.74 1.03 2.51 5.07 4.08
Shareholders’ equity 0.50 0.96 6.38 5.45 6.28 10.28 14.79
Debt to equity n/a 0.00 0.53 0.62 0.47 0.41 0.49

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
−8.6% 32.0% 39.2% −84.8% −5.2% 35.1% 20.0%
−8.5% 32.0% 38.6% −95.9% −2.5% 44.8% 21.2%
−5.7% 25.2% 46.2% −82.2% 3.1% 39.3% 17.6%
−21.4% 22.2% 51.5% −49.7% n/a n/a n/a
Spending
34.7% 21.3% 16.5% 72.8% 42.6% 22.4% 23.3%
43.5% 21.9% 11.6% 50.1% 34.6% 19.8% 22.6%
6.3% 0.8% 0.0% 0.1% n/a n/a n/a
n/a 21.2% −19.7% n/a n/a 12.4% 17.2%
Returns
−6.1% 33.4% 56.8% −48.1% 1.5% 25.1% 8.5%
n/a 5.5% 17.0% −2.9% 0.6% 11.4% 4.2%
Balance and payout
n/a 0.00 0.53 0.62 0.47 0.41 0.49
n/a 73.9% 70.0% 93.9% 57.4% 54.4% 50.1%