Coinbase Global
Financial Performance
Coinbase Revenue & Financials
Revenue
$7.2B (FY2025)
Market Cap
$52.6B
Employees
4,951
What is Coinbase's revenue?
Coinbase had $7.2B in revenue for fiscal year 2025, up 9.4% from 2024.
- Latest revenue
- $7.2B (FY2025)
- Year-over-year
- +9.4%
- Growth rate (CAGR)
- 54.2% over 6 years
- Peak revenue
- $7.8B (FY2021)
- Years of data
- 7
- Employees
- 4,951
- What is Coinbase's operating income?
- Coinbase reported operating income of $1.4B for fiscal year 2025. sec.gov
- How many employees does Coinbase have?
- Coinbase has about 4,951 employees.
Financial Analysis
Coinbase's results track the crypto cycle. Total revenue went from $1.28 billion in 2020 to $7.84 billion in 2021, fell to about $3.1 billion in both 2022 and 2023, then rebounded to $6.56 billion in 2024 and $7.18 billion in 2025, when net income was $1.26 billion. The 2026 downturn reversed that: Q1 revenue was $1.41 billion with a $394 million net loss, and Q2 revenue was $1.22 billion with a $360 million net loss. The cushion is the subscription and services line (USDC income, staking, custody, interest), which was $2.8 billion in 2025 and a record 48% of net revenue in Q2 2026, plus more than $10 billion of cash reported at the end of Q1 2026. Coinbase Global, Inc. operates as a massively profitable, publicly traded cryptocurrency exchange with a market valuation generally exceeding $40 billion.
Revenue Trend Analysis
YoY Change
+9.4%
6-Year CAGR
+54.2%
Peak Year
2021
Trend
Mostly Growing
Coinbase Global has 7 full fiscal year figures on this page, compounding at +54.2% annually over 6 years. The most recent year saw a 9.4% increase versus the prior year. Annual revenue peaked in fiscal year 2021 at $7.8B. Of 6 comparable year-over-year steps, 4 showed growth and 2 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $7.2B | $1.4Bfiling | — | +9.4% | data.sec.gov |
| FY2024 | $6.6B | $2.3Bfiling | — | +111.2% | data.sec.gov |
| FY2023 | $3.1B | -$161.7Mfiling | — | -2.7% | data.sec.gov |
| FY2022 | $3.2B | -$2.7Bfiling | — | -59.3% | data.sec.gov |
| FY2021 | $7.8B | $3.1Bfiling | — | +513.7% | data.sec.gov |
| FY2020 | $1.3B | $409Mfiling | — | +139.3% | data.sec.gov |
| FY2019 | $533.7M | -$45.8M | -$30.4M | — | Coinbase Global annual report (Form 10-K, SEC EDGAR, filed 2022-02-25) Fiscal year ended 2019-12-31. |
Click any row to see year details.
Coinbase Global balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $2.4B | — | $29.7B | $14.9B | $14.8B | — | Form 10-K |
| FY2024ended Dec 31, 2024 | $3.1B | — | $22.5B | $12.3B | $10.3B | — | Form 10-K |
| FY2023ended Dec 31, 2023 | $673.4M | — | $14.8B | $8.5B | $6.3B | — | Form 10-K |
| FY2022ended Dec 31, 2022 | -$1.6B | $2.9M | $89.7B | $84.3B | $5.5B | -$1.6B | Form 10-K |
| FY2021ended Dec 31, 2021 | $4B | $2.9M | $21.3B | $14.9B | $6.4B | $4B | Form 10-K |
| FY2020ended Dec 31, 2020 | $293.5M | $9.9M | $5.9B | $4.3B | $963.6M | $283.6M | Form 10-K |
Keep researching Coinbase
Coinbase Revenue and Financial FAQ
What were Coinbase's annual revenue and net income figures in recent fiscal years?
Coinbase reported total revenue of $3.11 billion and net income of $95 million in 2023, $6.56 billion and about $2.58 billion in 2024, and $7.18 billion and $1.26 billion in 2025. In 2026 it swung to net losses of $394 million in Q1 and $360 million in Q2.
How large is Coinbase's corporate balance sheet and cash position?
Coinbase reported more than $10 billion in cash and cash equivalents at the end of Q1 2026, about $12 billion including other liquid resources, alongside corporate bitcoin holdings it has been adding to.
What percentage of Coinbase's total revenue comes from Subscription and Services?
Subscription and services generated about $2.8 billion in FY2025, up 23%, and reached a record 48% of net revenue ($555 million) in Q2 2026.
How does Coinbase account for customer crypto assets safeguarded on its platform?
After the SEC rescinded SAB 121 in January 2025, Coinbase no longer records customer crypto as a balance-sheet asset and liability; it discloses assets on platform separately.
What is Coinbase's operating expense structure and cost discipline strategy?
Layoffs in 2022 and 2023 cut headcount to 3,416 by end-2023. After growing to 4,951 in 2025, Coinbase announced a further 14% cut in May 2026 and guided 2026 adjusted expenses to $4.3 to $4.6 billion.
How does Coinbase manage its corporate debt and convertible senior notes?
Coinbase manages long-term debt through low-coupon convertible senior notes maturing between 2026 and 2030, opportunistically repurchasing debt at discounts during market downturns and refinancing with new convertible offerings to optimize its capital structure.
What is Coinbase's market capitalization range on the NASDAQ?
Coinbase's market capitalization was about $52.6 billion on September 24, 2026, down from higher levels in 2025 as crypto prices fell.
Does Coinbase pay a dividend or execute share repurchases?
Coinbase does not pay a dividend. It has used share repurchase authorizations and convertible notes to manage its capital structure.
Is Coinbase a profitable company?
Their profitability is wildly volatile. During massive crypto bull markets (like 2021), they generate billions in pure profit; during "crypto winters" when retail trading dries up, they often suffer massive quarterly losses and execute heavy layoffs.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Coinbase Revenue & Financials." CorpDigest, https://corpdigest.com/company/coinbase/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Coinbase reported $7.2B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/coinbase/financials" target="_blank" rel="noopener">CorpDigest — Coinbase financials</a></div>Related Financial Audits
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