Coinbase Global, Inc. (COIN) Income Statement
COIN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCOIN revenue and net income
Where COIN's revenue goes
2025Each bar shows an amount and its share of revenue. COIN kept 17.6% of revenue as net income.
COIN profit margins
COIN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.4% | +31.0% | +41.2% | — |
| Gross profit | +9.2% | +27.9% | +36.2% | — |
| Operating income | −36.9% | — | +28.9% | — |
| Net income | −51.1% | — | +31.4% | — |
| EPS (diluted) | −53.8% | — | +21.0% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
COIN quarterly EPS vs estimates
Coinbase beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: October 29, 2026 (estimate $-0.19).
COIN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $7.18B | $6.56B | $3.11B | $3.19B | $7.84B | $1.28B | $533.7M |
| Cost of revenue | $1.82B | $1.66B | $420.7M | $629.9M | $1.27B | $135.5M | $82.1M |
| Gross profit | $5.36B | $4.91B | $2.69B | $2.56B | $6.57B | $1.14B | $451.7M |
| Research & development | $1.67B | $1.47B | $1.32B | $2.33B | $1.29B | $271.7M | $185.0M |
| Sales, general & admin | $1.88B | $691.5M | $1.37B | $2.11B | $1.57B | $336.7M | $256.1M |
| Total operating expenses | $3.92B | $2.60B | $2.80B | $5.23B | $3.49B | $733.0M | $487.3M |
| Operating income | $1.46B | $2.31B | −$113.2M | −$2.67B | $3.08B | $409.0M | −$35.6M |
| Interest expense | $85.4M | $80.6M | $82.8M | $88.9M | $29.2M | $248,000 | $19.9M |
| Income before taxes | $1.52B | $2.94B | −$76.8M | −$3.06B | $3.03B | $409.2M | −$45.4M |
| Income taxes | $261.7M | $363.6M | −$171.7M | −$439.6M | −$597.2M | $86.9M | −$15.0M |
| Net income | $1.26B | $2.58B | $94.9M | −$2.62B | $3.62B | $322.3M | −$30.4M |
| EBITDA | $1.80B | $3.15B | $3.11B | $2.47B | $7.84B | $1.28B | $533.7M |
| EPS (diluted) | $4.39 | $9.50 | $0.27 | −$8.29 | $15.00 | $1.69 | −$0.32 |
| Gross margin | 74.6% | 74.7% | 86.5% | 80.3% | 83.8% | 89.4% | 84.6% |
| Operating margin | 20.3% | 35.1% | −3.6% | −83.6% | 39.2% | 32.0% | −6.7% |
| Net margin | 17.6% | 39.3% | 3.1% | −82.2% | 46.2% | 25.2% | −5.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.22B | $1.41B | $1.78B | $1.87B | $1.50B | $2.03B | $2.27B | $1.21B | $1.43B | $1.64B | $953.8M | $674.1M |
| Cost of revenue | $189.8M | $428.6M | $417.9M | $474.5M | $426.2M | $502.6M | $555.2M | $349.5M | $271.2M | $390.4M | $155.0M | $90.6M |
| Gross profit | $1.03B | $984.4M | $1.36B | $1.39B | $1.07B | $1.53B | $1.72B | $855.7M | $1.15B | $1.25B | $798.8M | $583.6M |
| Research & development | $472.8M | $525.6M | $497.3M | $430.6M | $387.3M | $355.4M | $368.7M | $377.4M | $364.3M | $357.9M | $323.1M | $322.8M |
| Sales, general & admin | $596.8M | $410.1M | $568.7M | $457.5M | $409.0M | $442.0M | $161.8M | $317.4M | $314.4M | $149.8M | $314.9M | $330.8M |
| Total operating expenses | $1.10B | $970.7M | $1.06B | $949.4M | $1.10B | $825.8M | $682.4M | $686.1M | $741.4M | $485.2M | $694.2M | $669.4M |
| Operating income | −$73.5M | $13.7M | $304.5M | $444.8M | −$24.6M | $705.8M | $1.03B | $169.5M | −$34.5M | $760.5M | $104.6M | −$79.8M |
| Interest expense | $22.5M | $22.6M | $22.6M | $21.8M | $20.5M | $20.5M | $20.5M | $20.5M | $20.5M | $19.1M | $18.7M | $20.8M |
| Income before taxes | −$395.4M | −$464.7M | −$886.3M | $502.1M | $1.82B | $82.5M | $1.50B | $68.6M | −$60.2M | $1.44B | $132.9M | $34.7M |
| Income taxes | −$35.9M | −$70.6M | −$219.6M | $69.6M | $394.9M | $16.8M | $205.7M | −$6.9M | −$96.4M | $261.2M | −$140.6M | $36.9M |
| 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 |
| EBITDA | −$49.1M | −$374.1M | −$792.6M | $574.0M | $1.88B | $136.3M | $1.55B | $119.8M | $4,000 | $789.8M | $134.1M | −$44.8M |
| EPS (diluted) | −$0.39 | −$1.49 | −$2.49 | $1.50 | $5.14 | $0.24 | $4.68 | $0.28 | $0.14 | $4.40 | $1.04 | −$0.01 |
| Gross margin | 84.4% | 69.7% | 76.5% | 74.6% | 71.5% | 75.3% | 75.6% | 71.0% | 81.0% | 76.2% | 83.7% | 86.6% |
| Operating margin | −6.0% | 1.0% | 17.1% | 23.8% | −1.6% | 34.7% | 45.5% | 14.1% | −2.4% | 46.4% | 11.0% | −11.8% |
| Net margin | −29.5% | −27.9% | −37.4% | 23.1% | 95.4% | 3.2% | 56.8% | 6.3% | 2.5% | 71.8% | 28.7% | −0.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in COIN's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
COIN financial results
In fiscal year 2025 (ended December 31, 2025), Coinbase reported revenue of $7.2 billion, up 9.4% from the year before. It had net income of $1.3 billion (down 51.1%), a net profit margin of 17.6%. Diluted earnings per share came to $4.39. Over five years revenue grew at an average rate of 41.2% a year.
See the COIN stock overview for the latest quote and news, or the COIN chart for price history and technical indicators.
COIN income statement FAQ
What is Coinbase's annual revenue?
Coinbase reported total revenue of $7.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 9.4% from $6.6 billion the previous year.
Is Coinbase profitable?
Yes. Coinbase reported net income of $1.3 billion in fiscal 2025, a net profit margin of 17.6%; its operating margin was 20.3%.
What is Coinbase's gross margin?
Coinbase's gross margin was 74.6% in fiscal 2025: for every $100 of revenue, Coinbase kept $75 after the direct cost of its products and services.
How much does Coinbase spend on research and development?
Coinbase spent $1.7 billion on research and development in fiscal 2025, 23.3% of revenue.
How fast is Coinbase growing?
Revenue grew 41.2% a year on average over the last five fiscal years, from $1.3 billion to $7.2 billion.
What are Coinbase's earnings per share?
Coinbase earned $4.39 per diluted share in fiscal 2025, compared with $9.50 a year earlier.
When will Coinbase report its next earnings?
Coinbase is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does Coinbase's fiscal year end?
Coinbase's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.