Coinbase Global, Inc.

COIN 10-K · FY 2025
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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 7,181,325 6,564,028 +9.4%
Show Product Lines breakouts
Net revenue 6,883,438 6,293,246 +9.4%
Other revenue 297,887 270,782 +10.0%
Show Geography breakouts
Non Us 1,170,718 1,103,208 +6.1%
US 6,010,607 5,460,820 +10.1%
Show Related Party Transactions By Related Party breakouts
Related Party 9.6 22.7 -57.7%
Information Technology And Data Processing 1,020,230 897,707 +13.6%
Research & Development 1,670,605 1,468,252 +13.8%
Sales & Marketing 1,058,577 654,444 +61.8%
General & Administrative 1,619,642 1,300,257 +24.6%
Show Related Party Transactions By Related Party breakouts
Related Party 0.1 1.4 -92.9%
Crypto Asset Realized And Unrealized Gain Loss Operating 20,704 -71,725 +128.9%
Other Operating Income Expense Net 356,126 7,933 +4389.2%
Operating Expenses 5,745,884 4,256,868 +35.0%
Operating Income 1,435,441 2,307,160 -37.8%
Interest Expense 85,413 80,645 +5.9%
Crypto Asset Realized And Unrealized Gain Loss Nonoperating 528,857 -687,055 +177.0%
Other Non-Operating Income (Expense) -700,894 -29,074 -2310.7%
Income Before Taxes 1,522,065 2,942,644 -48.3%
Income Tax Expense (Benefit) 261,738 363,578 -28.0%
Net Income 1,260,327 2,579,066 -51.1%
Show Equity Components breakouts
Retained Earnings 1,260,327 2,579,066 -51.1%
Net Income Loss Available To Common Stockholders Basic 1,260,327 2,577,755 -51.1%
Net Income Loss Available To Common Stockholders Diluted 1,277,314 2,591,248 -50.7%
EPS (Basic) 4.85 10.42 -53.5%
EPS (Diluted) 4.45 9.48 -53.1%
Wtd Avg Shares (Basic) 260,088 247,374 +5.1%
Wtd Avg Shares (Diluted) 287,209 273,377 +5.1%
Revenue (FY) — — —
Show Product Lines breakouts
Bank Servicing 4,055,390 3,986,113 +1.7%
Blockchain rewards 677,405 705,757 -4.0%
Consumer, net 3,322,835 3,430,322 -3.1%
Institutional, net 479,667 345,598 +38.8%
Other subscription and services revenue 554,775 425,113 +30.5%
Other transaction revenue 252,888 210,193 +20.3%
Stablecoin revenue 1,348,821 910,464 +48.1%
Subscription And Circulation 2,828,048 2,307,133 +22.6%
Comprehensive Income 1,315,351 2,559,285 -48.6%
Other Comprehensive Income 55,024 -19,781 +378.2%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 55,024 -19,781 +378.2%
Professional Fees 292,599 202,956 +44.2%
Interest And Other Income (FY) — — —
Show Product Lines breakouts
Corporate interest and other income 297,887 270,782 +10.0%
Interest Income Operating 247,047 265,799 -7.1%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 11,285,452 9,308,266 +21.2%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 6,088,290 6,607,023 -7.9%
Show Cash And Cash Equivalents breakouts
Cash Held at Venues 110.8 88.2 +25.6%
Deposits Held at Banks 5.2 2.7 +92.6%
Restricted Cash And Cash Equivalents At Carrying Value 334,318 347,169 -3.7%
Client Custodial Funds Current 5,347,428 6,158,949 -13.2%
Show Related Party Transactions By Related Party breakouts
Related Party 11 44 -75.0%
Crypto Asset Fair Value Operations 120,831 82,781 +46.0%
Show Crypto Asset breakouts
Bitcoin 43,282 5,473 +690.8%
Crypto Asset Other 39,751 36,941 +7.6%
Ethereum 31,174 27,122 +14.9%
Solana 6,624 13,245 -50.0%
Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss Current 1,354,692 644,165 +110.3%
Crypto Asset Fair Value Held As Collateral 822,827 767,484 +7.2%
Show Crypto Asset breakouts
Bitcoin · Crypto Assets 756,447 647,568 +16.8%
Ethereum · Crypto Assets 66,380 111,445 -40.4%
Show Fair Value By Asset Class breakouts
Fiat and Payment Stablecoins 4,056 24,641 -83.5%
Crypto Asset Fair Value Borrowed 318,849 261,052 +22.1%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 318,849 261,052 +22.1%
Show Crypto Asset breakouts
Bitcoin 167,989 179,480 -6.4%
Crypto Asset Other 21,698 23,583 -8.0%
Ethereum 129,162 57,989 +122.7%
Accounts Receivable 307,119 265,251 +15.8%
Marketable Securities (Current) 309,765 — —
Other Assets Current 187,164 277,536 -32.6%
Total Current Assets 20,388,445 18,112,653 +12.6%
Non-Current Assets
Crypto Asset Fair Value Noncurrent 1,998,871 1,552,995 +28.7%
Deferred Tax Assets 570,819 941,298 -39.4%
Goodwill 4,168,967 1,139,670 +265.8%
Other Non-Current Assets 259,378 174,290 +48.8%
Total Assets 29,671,832 22,541,951 +31.6%
Show Crypto Asset breakouts
Payment stablecoins · Asset Pledged As Collateral Without Right 236,308 308,650 -23.4%
Property, Plant & Equipment 264,573 200,080 +32.2%
Operating Lease Right-of-Use Assets 141,631 81,151 +74.5%
Intangible Assets 1,369,794 — —
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 1,036,865 9,722 +10565.1%
Developed Technology Rights 287,442 8,738 +3189.6%
Trade name and other 45,487 94 +48290.4%
Other Assets
Equity Securities Fv Ni And Without Readily Determinable Fair Value 622,985 374,161 +66.5%
Capitalized Computer Software Net 264,573 200,080 +32.2%
Intangible Assets Net Excluding Goodwill 1,397,794 46,804 +2886.5%
Current Liabilities
Custodial Cash Liabilities Current 5,347,428 6,158,949 -13.2%
Show Related Party Transactions By Related Party breakouts
Related Party 11 44 -75.0%
Accounts Payable 117,605 63,316 +85.7%
Current Portion of Long-Term Debt 1,269,585 — —
Short Term Borrowings 452,105 374,268 +20.8%
Show Short Term Debt Type breakouts
Crypto Asset Holdings 452,105 374,268 +20.8%
Obligation To Return Collateral 826,883 792,125 +4.4%
Accrued Liabilities 687,676 552,662 +24.4%
Total Current Liabilities 8,701,282 7,941,320 +9.6%
Non-Current Liabilities
Long-Term Debt 5,937,034 4,234,081 +40.2%
Other Non-Current Liabilities 240,458 89,708 +168.0%
Total Liabilities 14,878,774 12,265,109 +21.3%
Long-Term Debt 7,206,619 4,234,081 +70.2%
Show Debt Instrument breakouts
2028 Senior Notes · Senior Notes 995,155 993,438 +0.2%
2029 Convertible Notes · Senior Notes 1,480,620 — —
2030 Convertible Notes · Convertible Debt 1,249,316 1,245,678 +0.3%
2031 Senior Notes · Senior Notes 732,184 731,347 +0.1%
2032 Convertible Notes · Senior Notes 1,479,759 — —
Convertible Senior Notes due 2026 [Member] · Convertible Debt 1,269,585 1,263,618 +0.5%
Operating Lease Liabilities 172,735 85,789 +101.3%
Stockholders' Equity
Common Stock 3 2 +50.0%
Additional Paid In Capital Common Stock 8,566,854 5,365,990 +59.7%
Accumulated Other Comprehensive Income 4,973 -50,051 +109.9%
Retained Earnings 6,221,228 4,960,901 +25.4%
Total Stockholders' Equity 14,793,058 10,276,842 +43.9%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 4,973 -50,051 +109.9%
Additional Paid In Capital 8,566,854 5,365,990 +59.7%
Common Stock 3 2 +50.0%
Retained Earnings 6,221,228 4,960,901 +25.4%
Total Liabilities & Equity 29,671,832 22,541,951 +31.6%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 188,428 127,518 +47.8%
Stock-Based Compensation 839,440 912,838 -8.0%
Deferred Income Taxes And Tax Credits 238,308 151,315 +57.5%
Gain Loss On Investments -680,520 11,553 -5990.4%
Gains Losses On Extinguishment Of Debt (FY) — — —
Show Debt Instrument breakouts
2031 Senior Notes · Senior Notes -81.6 — —
Other Operating Activities Cash Flow Statement 62,246 11,336 +449.1%
Change in Accounts Receivable -1,983 -100,568 +98.0%
Increase Decrease In Customer Assets 57,152 46,829 +22.0%
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable -147,449 77,099 -291.2%
Increase Decrease In Other Operating Assets -47,228 48,564 -197.2%
Increase Decrease In Other Operating Liabilities 108,101 -2,835 +3913.1%
Net Cash from Operations 2,426,383 3,103,935 -21.8%
Deferred Income Taxes 238,308 151,315 +57.5%
Investing Activities
Payment For Origination Loans -12,453,223 -7,364,193 -69.1%
Proceeds From Collection Of Loans 11,664,530 7,189,488 +62.2%
Payments For Collateral Pledged On Borrowings -16,009 -100,929 +84.1%
Proceeds From Return Of Collateral Pledged On Borrowings 16,188 147,096 -89.0%
Payments To Acquire Businesses Net Of Cash Acquired -742,038 — —
Payments To Acquire Indefinite Lived Intangible Crypto Assets -787,821 -35,182 -2139.3%
Proceeds From Disposal Of Indefinite Lived Crypto Assets 266,546 91,925 +190.0%
Payments To Acquire Other Investments -377,426 -59,915 -529.9%
Proceeds From Sale Of Other Investments 490,298 5,001 +9704.0%
Other Investing Activities -110,595 -74,294 -48.9%
Net Cash from Investing -2,049,550 -201,003 -919.7%
Financing Activities
Proceeds From Stock Options Exercised 78,286 126,140 -37.9%
Proceeds From Convertible Debt 2,957,135 1,246,025 +137.3%
Share Repurchases -790,195 — —
Payments For Capped Calls Purchase Financing Activities -224,250 -104,110 -115.4%
Increase Decrease In Deposits -936,205 1,638,087 -157.2%
Proceeds From Assets Received As Collateral 871,389 567,806 +53.5%
Payments For Collateral Assets Returned -891,967 -544,228 -63.9%
Tax Withholding for Share Compensation -402,791 -117,225 -243.6%
Proceeds From Short Term Debt 626,428 122,566 +411.1%
Repayments Of Short Term Debt -580,664 -48,407 -1099.5%
Proceeds From Payments For Other Financing Activities 33,116 16,424 +101.6%
Net Cash from Financing 740,282 2,903,078 -74.5%
Supplemental
Income Taxes Paid 164,868 140,341 +17.5%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect 1,117,115 5,806,010 -80.8%
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 92,850 -48,367 +292.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 16,893,420 15,683,455 +7.7%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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