Coinbase Global, Inc.

COIN 10-Q · Q3 2025

COIN Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Revenue 1,868,693 1,205,193 +55.1%
Show Product Lines breakouts
Net revenue 1,792,984 1,128,597 +58.9%
Other revenue 75,709 76,596 -1.2%
Show Geography breakouts
Non Us 349,899 167,488 +108.9%
US 1,518,794 1,037,705 +46.4%
Show Related Party Transactions By Related Party breakouts
Related Party 3.1 5.1 -39.2%
Information Technology And Data Processing 253,318 171,781 +47.5%
Research & Development 430,585 377,440 +14.1%
Sales & Marketing 260,272 164,770 +58.0%
General & Administrative 418,446 330,387 +26.7%
Crypto Asset Realized And Unrealized Gain Loss Operating -35,740 -142 -25069.0%
Other Operating Income Expense Net 61,280 -8,556 +816.2%
Operating Expenses 1,388,161 1,035,680 +34.0%
Operating Income 480,532 169,513 +183.5%
Interest Expense 21,774 20,530 +6.1%
Crypto Asset Realized And Unrealized Gain Loss Nonoperating -423,903 120,507 -451.8%
Other Non-Operating Income (Expense) 380,518 -40,105 +1048.8%
Income Before Taxes 502,143 68,581 +632.2%
Income Tax Expense (Benefit) 69,591 -6,914 +1106.5%
Net Income 432,552 75,495 +473.0%
Show Equity Components breakouts
Retained Earnings 432,552 75,495 +473.0%
Net Income Loss Available To Common Stockholders Basic 432,552 75,455 +473.3%
Net Income Loss Available To Common Stockholders Diluted 437,095 75,459 +479.2%
EPS (Basic) 1.65 0.3 +450.0%
EPS (Diluted) 1.5 0.28 +435.7%
Wtd Avg Shares (Basic) 262,831 248,834 +5.6%
Wtd Avg Shares (Diluted) 291,958 267,440 +9.2%
Revenue (Q) — — —
Show Product Lines breakouts
Bank Servicing 1,046,260 572,504 +82.8%
Blockchain rewards 184,647 154,815 +19.3%
Consumer, net 843,544 483,261 +74.6%
Institutional, net 135,009 55,293 +144.2%
Other subscription and services revenue 142,658 90,435 +57.7%
Other transaction revenue 67,707 33,950 +99.4%
Stablecoin revenue 354,661 246,856 +43.7%
Subscription And Circulation 746,724 556,093 +34.3%
Comprehensive Income 436,150 86,923 +401.8%
Other Comprehensive Income 3,598 11,428 -68.5%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 3,598 11,428 -68.5%
Interest And Other Income (Q) — — —
Show Product Lines breakouts
Corporate interest and other income 75,709 76,596 -1.2%
Interest Income Operating 64,758 63,987 +1.2%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Cash & Cash Equivalents 8,676,275 7,723,806 +12.3%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 7,041,586 6,087,747 +15.7%
Show Cash And Cash Equivalents breakouts
Cash Held at Venues 1.6 92 -98.3%
Deposits Held at Banks 1.6 1.5 +6.7%
Restricted Cash And Cash Equivalents At Carrying Value 78,867 31,881 +147.4%
Crypto Currency Current 3,696,441 871,425 +324.2%
Client Custodial Funds Current 5,672,037 — —
Show Related Party Transactions By Related Party breakouts
Related Party 15.7 — —
Crypto Asset Fair Value Operations 161,145 — —
Show Crypto Asset breakouts
Bitcoin 55,252 — —
Crypto Asset Other 46,954 — —
Ethereum 36,169 — —
Solana 22,770 — —
Financing Receivable Excluding Accrued Interest Before Allowance For Credit Loss Current 859,056 398,239 +115.7%
Crypto Asset Fair Value Held As Collateral 1,017,382 — —
Show Crypto Asset breakouts
Bitcoin · Crypto Assets 864,359 — —
Ethereum · Crypto Assets 153,023 — —
Crypto Asset Fair Value Borrowed 346,008 — —
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 346,008 — —
Show Crypto Asset breakouts
Bitcoin 125,966 — —
Crypto Asset Other 27,849 — —
Ethereum 192,193 — —
Accounts Receivable 308,423 187,004 +64.9%
Marketable Securities (Current) 1,093,395 — —
Other Assets Current 184,160 255,975 -28.1%
Total Current Assets 22,093,189 286,425,567 -92.3%
Non-Current Assets
Crypto Asset Fair Value Noncurrent 2,597,277 1,260,718 +106.0%
Deferred Tax Assets 324,096 1,032,959 -68.6%
Goodwill 4,004,112 — —
Other Non-Current Assets 513,142 699,694 -26.7%
Total Assets 31,351,367 290,558,608 -89.2%
Show Crypto Asset breakouts
USDC · Asset Pledged As Collateral Without Right 423,036 241,145 +75.4%
Property, Plant & Equipment 262,591 193,000 +36.1%
Operating Lease Right-of-Use Assets 136,526 — —
Intangible Assets 1,389,823 — —
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 1,055,284 — —
Developed Technology Rights 292,241 — —
Trade name and other 42,298 — —
Other Assets
Equity Securities Fv Ni And Without Readily Determinable Fair Value 401,728 — —
Intangible Assets Net Excluding Goodwill 1,417,823 — —
Current Liabilities
Custodial Cash Liabilities Current 5,672,037 — —
Show Related Party Transactions By Related Party breakouts
Related Party 15.7 — —
Current Portion of Long-Term Debt 1,268,081 — —
Crypto Asset Fair Value Borrowings 386,823 265,259 +45.8%
Show Crypto Asset breakouts
Bitcoin 152,737 173,703 -12.1%
Crypto Asset Other 35,340 24,434 +44.6%
Ethereum 198,746 62,154 +219.8%
Obligation To Return Collateral 1,026,945 118,224 +768.6%
Show Fair Value By Asset Class breakouts
Fiat 9,563 118,224 -91.9%
Accrued Liabilities 835,468 500,603 +66.9%
Total Current Liabilities 9,189,354 277,588,438 -96.7%
Accounts Payable 85,863 39,375 +118.1%
Non-Current Liabilities
Long-Term Debt 5,933,447 4,231,047 +40.2%
Other Non-Current Liabilities 205,342 — —
Total Liabilities 15,328,143 281,830,486 -94.6%
Long-Term Debt 7,201,528 4,231,047 +70.2%
Show Debt Instrument breakouts
2029 Convertible Notes · Senior Notes 1,479,337 — —
2030 Convertible Notes · Convertible Debt 1,248,404 1,244,771 +0.3%
2032 Convertible Notes · Senior Notes 1,479,014 — —
Convertible Senior Notes due 2026 [Member] · Convertible Debt 1,268,081 1,262,114 +0.5%
Senior Notes Due 2028 [Member] · Senior Notes 994,720 993,019 +0.2%
Senior Notes Due 2031 [Member] · Senior Notes 731,972 731,143 +0.1%
Operating Lease Liabilities 170,108 — —
Stockholders' Equity
Common Stock 3 — —
Additional Paid In Capital Common Stock 9,131,722 5,087,238 +79.5%
Accumulated Other Comprehensive Income 3,538 -28,843 +112.3%
Retained Earnings 6,887,961 3,669,725 +87.7%
Total Stockholders' Equity 16,023,224 8,728,122 +83.6%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 3,538 -28,843 +112.3%
Additional Paid In Capital 9,131,722 5,087,238 +79.5%
Common Stock 3 2 +50.0%
Retained Earnings 6,887,961 3,669,725 +87.7%
Total Liabilities & Equity 31,351,367 290,558,608 -89.2%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Depreciation & Amortization 117,312 94,523 +24.1%
Stock-Based Compensation 608,958 690,854 -11.9%
Deferred Income Taxes And Tax Credits 486,498 61,075 +696.6%
Equity Securities Fv Ni Gain Loss -1,075,198 15,141 -7201.2%
Other Operating Activities Cash Flow Statement 6,830 31,745 -78.5%
Increase Decrease In Operating Capital -2,510,846 -322,616 -678.3%
Net Cash from Operations -638,768 1,592,226 -140.1%
Investing Activities
Payments To Issue Loans -1,246,352 -1,270,063 +1.9%
Proceeds From Collection Of Loans 819,455 1,075,000 -23.8%
Payments To Acquire Businesses Net Of Cash Acquired -687,634 — —
Payments To Acquire Indefinite Lived Intangible Crypto Assets -679,931 -18,486 -3578.1%
Proceeds From Disposal Of Indefinite Lived Crypto Assets 226,371 52,586 +330.5%
Other Investing Activities -84,292 -72,006 -17.1%
Net Cash from Investing -1,652,383 -232,969 -609.3%
Financing Activities
Proceeds From Convertible Debt 2,957,135 1,246,025 +137.3%
Payments For Capped Calls Purchase Financing Activities -224,250 -104,110 -115.4%
Increase Decrease In Deposits -600,398 -550,776 -9.0%
Proceeds From Assets Received As Collateral 499,417 525,699 -5.0%
Payments For Collateral Assets Returned -514,494 -410,438 -25.4%
Tax Withholding for Share Compensation -308,803 -117,225 -163.4%
Proceeds From Payments For Other Financing Activities 87,489 93,488 -6.4%
Net Cash from Financing 1,896,096 682,663 +177.7%
Supplemental
Income Taxes Paid 147,999 113,107 +30.8%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect -395,055 2,041,920 -119.3%
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 89,868 19,664 +357.0%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 14,305,255 11,617,013 +23.1%

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

This table is rendered from the same JSON returned by /api/financials.

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