Earnings quality
Compare earnings and operating cash flow for earnings quality.
Coinbase Global, Inc.
Ticker COIN · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-12 · Period end 2025-12-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 20.0%; equity ratio is 49.9%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin20.0%
Equity ratio49.9%
Last priceUSD 136.82
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
Coinbase Global, Inc. is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 3026365401 · As of filing date 2026-02-12
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $6.6B | $7.2B |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | $2.3B | $1.4B |
| Income tax | $363.6M | $261.7M |
| Net income | $2.6B | $1.3B |
| Basic EPS | — | — |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $9.3B | $11.3B |
| Current assets | $18.1B | $20.4B |
| Non-current assets* | $4.4B | $9.3B |
| Total assets | $22.5B | $29.7B |
| Current liabilities | $7.9B | $8.7B |
| Non-current liabilities* | $4.3B | $6.2B |
| Total liabilities | $12.3B | $14.9B |
| Stockholders’ equity | $10.3B | $14.8B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $3.1B | $2.4B |
| Investing cash flow | -$201.0M | -$2.0B |
| Financing cash flow | $2.9B | $740.3M |
| Cash at end of period | $9.3B | $11.3B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $7.8B | $3.2B | $3.1B | $6.6B | $7.2B | |
| Operating profit | $3.1B | -$2.7B | -$161.7M | $2.3B | $1.4B | |
| Net income | $3.6B | -$2.6B | $94.9M | $2.6B | $1.3B | |
| Total assets | $21.3B | $89.7B | $14.8B | $22.5B | $29.7B | |
| Cash & equivalents | $7.1B | $4.4B | $5.5B | $9.3B | $11.3B | |
| Stockholders’ equity | $6.4B | $5.5B | $6.3B | $10.3B | $14.8B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $6.6B to $7.2B (▲ +9.4%). Operating profit went from $2.3B to $1.4B (▼ -37.8%).
Operating cash flow was $2.4B (prior $3.1B), with cash on the balance sheet at $11.3B versus $9.3B.
Liquidity & leverage
Cash moved from $9.3B to $11.3B; current liabilities $8.7B.
Capital buffer
Stockholders’ equity moved from $10.3B to $14.8B.
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Source: SEC EDGAR 0001679788-26-000015
(Coinbase Global, Inc.), period end 2025-12-31.