# Coinbase Global Inc. (COIN) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/COIN/thesis · /stocks/COIN/memo

## Financial Snapshot

---
ticker: COIN
step: 04
generated: 2026-05-13
source: quick-research
---

### Coinbase Global, Inc. (COIN) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $3.194B | $3.108B | $6.564B | +111% |
| Gross Margin | ~80% | ~64% | ~75% | recovering |
| Operating Income | -$1.947B | -$0.054B | +$2.235B | profitable |
| GAAP Net Income | -$3.065B | +$0.095B | +$2.578B | |
| Diluted EPS | ~-$12.60 | ~+$0.38 | ~+$10.17 | |

*FY2025: Revenue $7.181B (+9.4% YoY); net income significantly positive. Subscription & services $2.9B (+24% YoY, 41% of revenue). Transaction revenue 59% of total. Q4 2025: Consumer spot trading -6% QoQ; Q1 2026 subscription guidance $550–630M (headwinds from lower rates + lower crypto prices). Operating expenses grew 35% YoY in FY2025 while revenue grew 9.7% — significant margin compression concern. S&P 500 added May 2025. Deribit acquisition $2.9B closed Aug 2025.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$3.5B |
| Free Cash Flow | ~$3.0–3.5B |
| Cash & Equivalents | ~$8–9B (corporate + crypto holdings) |
| Total Debt | ~$4–5B (senior notes) |
| Assets Under Custody | ~$330B+ (client crypto) |

*Coinbase holds Bitcoin on its balance sheet (conviction investment) alongside client crypto assets in custody. The $2.9B Deribit acquisition was primarily cash-funded. Balance sheet is strong but cash position reduced by Deribit. FCF strongly positive in FY2024 but compressed in FY2025 as opex grew 35%.*

#### Key Ratios (approximate)
- P/E: ~20x (FY2024 GAAP, highly cyclical) | P/Sales: ~7x (FY2025)
- Revenue Growth: +111% (FY2024), +9% (FY2025) — extreme cyclicality
- Gross Margin: ~75% | Subscription & Services revenue: $2.9B (+24% YoY in FY2025)

#### Growth Profile
Coinbase's revenue swings dramatically with crypto market cycles: FY2021 peak ($7.84B), FY2022 crash (-59% to $3.19B), FY2023 flat ($3.11B), FY2024 doubling (+111% to $6.56B), FY2025 modest growth (+9%). The strategic narrative is transitioning from crypto exchange to diversified financial platform — the 41% subscription revenue share is structural de-risking that didn't exist at the 2021 peak. Deribit adds ~$100M+ in immediate revenue and positions Coinbase as the global #1 in crypto derivatives.

#### Forward Estimates
- FY2026: Revenue ~$7–9B (range depends heavily on crypto market); subscription & services ~$3.2–3.5B
- Analyst median PT: ~$227 (range $120–$420); 48 analysts; 18 Buy / 12 Hold / 2 Sell
- OCC national trust charter (conditional approval April 2026): unlocks institutional custody mandates
- Base L2: growing developer ecosystem → CDP and staking revenue
- "Everything exchange" equities + prediction markets: regulatory complexity but large TAM

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/COIN/fundamental

## Navigation

- Overview: /stocks/COIN
- Financials (this page): /stocks/COIN/financials
- Thesis: /stocks/COIN/thesis
- Investment Memo: /stocks/COIN/memo
- Coverage universe: /stocks