Coinbase Global, Inc.

COIN 10-K · Q4 2025
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COIN Q4 2025 request

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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 1,781,129 2,271,637 -21.6%
Show Product Lines breakouts
Net revenue 1,710,039 2,197,030 -22.2%
Other revenue 71,090 74,607 -4.7%
Show Geography breakouts
Non Us 286,584 434,588 -34.1%
US 1,494,545 1,837,049 -18.6%
Show Related Party Transactions By Related Party breakouts
Related Party 1.3 4 -67.5%
Information Technology And Data Processing 218,625 317,042 -31.0%
Research & Development 497,330 368,691 +34.9%
Sales & Marketing 314,777 225,827 +39.4%
General & Administrative 453,143 362,519 +25.0%
Crypto Asset Realized And Unrealized Gain Loss Operating 30,781 -16,241 +289.5%
Other Operating Income Expense Net -7,280 -20,270 +64.1%
Operating Expenses 1,507,376 1,237,568 +21.8%
Operating Income 273,753 1,034,069 -73.5%
Interest Expense 22,593 20,537 +10.0%
Crypto Asset Realized And Unrealized Gain Loss Nonoperating 718,162 -476,153 +250.8%
Other Non-Operating Income (Expense) 419,305 -7,191 +5931.0%
Income Before Taxes -886,307 1,496,876 -159.2%
Income Tax Expense (Benefit) -219,574 205,700 -206.7%
Net Income -666,733 1,291,176 -151.6%
Show Equity Components breakouts
Retained Earnings -666,733 1,291,176 -151.6%
Net Income Loss Available To Common Stockholders Basic -666,733 1,290,649 -151.7%
Net Income Loss Available To Common Stockholders Diluted -661,498 1,294,299 -151.1%
EPS (Basic) -2.64 5.19 -150.9%
EPS (Diluted) -2.4 4.72 -150.8%
Wtd Avg Shares (Basic) 2,756 1,388 +98.6%
Wtd Avg Shares (Diluted) 4,044 1,138 +255.4%
Revenue (Q) — — —
Show Product Lines breakouts
Bank Servicing 982,652 1,555,966 -36.8%
Blockchain rewards 151,631 214,874 -29.4%
Consumer, net 733,877 1,347,077 -45.5%
Institutional, net 184,951 141,289 +30.9%
Other subscription and services revenue 151,741 134,586 +12.7%
Other transaction revenue 63,824 67,600 -5.6%
Stablecoin revenue 364,128 225,855 +61.2%
Subscription And Circulation 727,387 641,064 +13.5%
Comprehensive Income -665,298 1,269,968 -152.4%
Other Comprehensive Income 1,435 -21,208 +106.8%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 1,435 -21,208 +106.8%
Interest And Other Income (Q) — — —
Show Product Lines breakouts
Corporate interest and other income 71,090 74,607 -4.7%
Interest Income Operating 59,887 65,749 -8.9%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 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 YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation & Amortization 71,116 32,995 +115.5%
Stock-Based Compensation 230,482 221,984 +3.8%
Deferred Income Taxes And Tax Credits -248,190 90,240 -375.0%
Other Operating Activities Cash Flow Statement 55,416 -20,409 +371.5%
Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable -5,101 96,440 -105.3%
Increase Decrease In Other Operating Assets 17,730 89,390 -80.2%
Increase Decrease In Other Operating Liabilities -29,814 -34,490 +13.6%
Net Cash from Operations 3,065,151 1,511,709 +102.8%
Investing Activities
Proceeds From Collection Of Loans 10,845,075 6,114,488 +77.4%
Payments To Acquire Indefinite Lived Intangible Crypto Assets -107,890 -16,696 -546.2%
Proceeds From Disposal Of Indefinite Lived Crypto Assets 40,175 39,339 +2.1%
Other Investing Activities -26,303 -2,288 -1049.6%
Net Cash from Investing -397,167 31,966 -1342.5%
Financing Activities
Proceeds From Convertible Debt 0 0 —
Payments For Capped Calls Purchase Financing Activities 0 0 —
Increase Decrease In Deposits -335,807 2,188,863 -115.3%
Proceeds From Assets Received As Collateral 371,972 42,107 +783.4%
Payments For Collateral Assets Returned -377,473 -133,790 -182.1%
Tax Withholding for Share Compensation -93,988 0 —
Proceeds From Payments For Other Financing Activities -54,373 -77,064 +29.4%
Net Cash from Financing -1,155,814 2,220,415 -152.1%
Supplemental
Income Taxes Paid 16,869 27,234 -38.1%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect 1,512,170 3,764,090 -59.8%
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 2,982 -68,031 +104.4%
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.

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

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