Coinbase Global, Inc. (COIN) Cash Flow Statement
Where COIN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.43B −5.1% vs 2024
- Capital expenditures
- $0 0.0% of revenue
- Free cash flow
- $2.43B 33.8% margin
- Returned to shareholders
- $790.2M 33% of free cash flow
- Change in cash
- $1.21B cash at year-end $16.89B
Cash from operations
$2.43B
Investments (net)
−$408.4M
Acquisitions & other
−$1.64B
Share buybacks (net)
−$790.2M
Net borrowing (repayment)
+$3.00B
Other financing
−$1.47B
Currency & other
+$92.8M
Change in cash
$1.21B
Drawn to scale: where the cash came from and how it was used. Hover for values.
COIN operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
COIN cash flow trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$80.6M2019 | $2.43B2025 | — | |
| Capital expenditures | $40.5M2019 | $02025 | −100.0% | |
| Free cash flow | −$121.1M2019 | $2.43B2025 | — | |
| Free cash flow margin | −22.7%2019 | 33.8%2025 | +56.5 pts | |
| Operating cash flow / net income | 9.322020 | 1.932025 | −7.40 | |
| Stock-based compensation | $31.1M2019 | $839.4M2025 | +73.2%/yr | |
| Dividends paid | $27.6M2019 | $279.5M2022 | +116.3%/yr | |
| Share buybacks (net) | $21.0M2019 | $790.2M2025 | +83.1%/yr | |
| Capex / revenue | 7.6%2019 | 0.0%2025 | −7.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
COIN cash flow by activity
OperatingInvestingFinancingChange in cash
COIN net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
COIN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | $1.26B | $2.58B | $94.9M | −$2.62B | $3.62B | $322.3M | −$30.4M |
| Depreciation & amortization | $188.4M | $127.5M | $139.6M | $154.1M | $63.7M | $31.0M | $16.9M |
| Stock-based compensation | $839.4M | $912.8M | $780.7M | $1.57B | $820.7M | $70.5M | $31.1M |
| Change in working capital | −$31.4M | −$478.0M | $326.2M | −$1.03B | $141.4M | $2.62B | −$100.3M |
| Other non-cash items | $169.6M | −$584.6M | −$418.4M | $351.1M | −$611.7M | −$36.7M | $2.1M |
| Cash from operating activities | $2.43B | $2.56B | $923.0M | −$1.59B | $4.04B | $3.00B | −$80.6M |
| Investing activities | |||||||
| Capital expenditures | $0 | $0 | −$63.2M | −$2.9M | −$82.9M | −$18.8M | −$40.5M |
| Investments (net) | −$408.4M | −$282.4M | −$111.2M | −$61.5M | −$321.4M | −$10.0M | −$7.6M |
| Acquisitions & other investing | −$1.64B | $0 | $179.8M | −$599.4M | −$720.5M | $79.7M | −$57.3M |
| Cash from investing activities | −$2.05B | −$282.4M | $5.4M | −$663.8M | −$1.12B | $50.8M | −$105.4M |
| Financing activities | |||||||
| Dividends paid | — | — | — | −$279.5M | −$3.35B | −$6.2M | −$27.6M |
| Share repurchases & issuance (net) | −$790.2M | $0 | −$277.8M | −$351.9M | −$262.8M | −$1.9M | −$21.0M |
| Net borrowing (repayment) | $3.00B | $1.25B | −$324.0M | −$191.1M | $3.29B | $3.40B | $3.40B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$1.47B | $1.58B | −$209.5M | −$5.02B | $10.30B | −$3.37B | −$3.37B |
| Cash from financing activities | $740.3M | $2.83B | −$811.3M | −$5.84B | $9.98B | $18.8M | −$16.6M |
| Summary | |||||||
| Net change in cash | $1.21B | $5.06B | $125.8M | −$8.25B | $12.82B | $3.07B | −$202.7M |
| Cash at end of period | $16.89B | $14.61B | $9.56B | $9.43B | $17.68B | $4.86B | $1.78B |
| Free cash flow | $2.43B | $2.56B | $923.0M | −$1.59B | $3.96B | $2.99B | −$121.1M |
| Free cash flow margin | 33.8% | 39.0% | 29.7% | −49.6% | 50.5% | 233.7% | −22.7% |
| Capex / revenue | 0.0% | 0.0% | 2.0% | 0.1% | 1.1% | 1.5% | 7.6% |
| Operating cash flow / net income | 1.93 | 0.99 | 9.73 | — | 1.11 | 9.32 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$359.5M | −$394.1M | −$666.7M | $432.6M | $1.43B | $65.6M | $1.29B | $75.5M | $36.1M | $1.18B | $273.4M | −$2.3M |
| Depreciation & amortization | $64.4M | $68.0M | $71.1M | $50.1M | $33.9M | $33.3M | $33.0M | $30.7M | $34.5M | $29.3M | $29.5M | $32.0M |
| Stock-based compensation | $238.3M | $248.1M | $230.5M | $222.1M | $196.2M | $190.7M | $222.0M | $248.4M | $217.9M | $224.5M | $163.9M | $218.2M |
| Change in working capital | $156.2M | −$156.2M | $57.0M | $1.04B | $1.9M | −$1.13B | −$155.4M | $262.7M | $99.1M | −$474.0M | −$188.3M | $187.7M |
| Other non-cash items | $97.8M | $417.0M | $3.37B | −$2.53B | −$1.33B | $654.1M | −$426.2M | $79.2M | $96.5M | −$544.6M | −$283.6M | −$121.6M |
| Cash from operating activities | $197.3M | $182.7M | $3.07B | −$784.5M | $328.5M | −$182.7M | $964.6M | $696.5M | $484.2M | $411.5M | −$5.2M | $313.9M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$11.0M | −$154,000 |
| Investments (net) | −$78.1M | −$152.6M | $45.2M | −$735.6M | −$685.2M | −$231.7M | −$49.4M | −$88.7M | −$18.6M | −$125.7M | $90.5M | −$72.4M |
| Acquisitions & other investing | −$183.3M | −$86.5M | −$442.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $11.0M | $154,000 |
| Cash from investing activities | −$261.5M | −$239.1M | −$397.2M | −$735.6M | −$685.2M | −$231.7M | −$49.4M | −$88.7M | −$18.6M | −$125.7M | $90.5M | −$72.4M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$52.3M |
| Share repurchases & issuance (net) | −$181.3M | −$1.06B | −$481.4M | −$107.4M | −$101.1M | −$100.3M | — | — | — | −$117.2M | −$93.8M | −$68.6M |
| Net borrowing (repayment) | −$2.44B | $291.4M | $45.8M | $2.96B | $831.6M | −$831.6M | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$91.5M | −$94.1M | −$720.2M | $331.3M | −$1.12B | $38.1M | $2.15B | −$311.3M | −$933.7M | $2.04B | $1.02B | −$471.0M |
| Cash from financing activities | −$2.71B | −$864.9M | −$1.16B | $3.18B | −$391.1M | −$893.8M | $2.15B | −$311.3M | −$933.7M | $1.93B | $922.8M | −$591.9M |
| Summary | ||||||||||||
| Net change in cash | −$2.78B | −$959.4M | $2.59B | $1.67B | −$669.6M | −$1.31B | $2.99B | $342.1M | −$472.9M | $2.19B | $1.04B | −$373.3M |
| Cash at end of period | $13.15B | $15.93B | $16.89B | $14.31B | $12.63B | $13.30B | $14.61B | $11.62B | $11.27B | $11.75B | $9.56B | $8.51B |
| Free cash flow | $197.3M | $182.7M | $3.07B | −$784.5M | $328.5M | −$182.7M | $964.6M | $696.5M | $484.2M | $411.5M | −$16.2M | $313.9M |
| Free cash flow margin | 16.2% | 12.9% | 172.1% | −42.0% | 21.9% | −9.0% | 42.5% | 57.8% | 34.0% | 25.1% | −1.7% | 46.6% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.2% | 0.0% |
| Operating cash flow / net income | — | — | — | −1.81 | 0.23 | −2.79 | 0.75 | 9.23 | 13.39 | 0.35 | −0.02 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
COIN cash generation
In fiscal 2025 (ended December 31, 2025), Coinbase generated $2.4 billion of cash from operations (down 5.1%) and spent $0 on capital expenditures, leaving free cash flow of $2.4 billion, 33.8% of revenue. It returned $790.2 million to shareholders through dividends ($0) and net share buybacks ($790.2 million). Cash and equivalents rose by $1.2 billion over the year.
Related: COIN income statement, COIN balance sheet. See the COIN stock overview for the latest quote and news.
COIN cash flow FAQ
What is Coinbase's free cash flow?
Coinbase's free cash flow was $2.4 billion in fiscal 2025: $2.4 billion of operating cash flow minus $0 of capital expenditures It was $2.6 billion a year earlier..
How much cash does Coinbase generate from operations?
Coinbase generated $2.4 billion of cash from operating activities in fiscal 2025, 1.93 times its net income of $1.3 billion.
How much stock does Coinbase buy back?
Coinbase spent $790.2 million on net share repurchases in fiscal 2025.