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Coinbase Global, Inc. operates platform for crypto assets in the United States and internationally. It provides the primary financial account in the crypto economy for consumers; a brokerage platform with a pool of liquidity across the crypto marketplace for institutions; and a suite of products granting access to build onchain for developers. The company was founded in 2012 and is based in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $7.2B | $1.8B | $1.3B | $2.4B | 8.5% | 9.4% | -51.1% |
| 2024 | $6.6B | $3.2B | $2.6B | $3.1B | 25.1% | 111.2% | 2618.5% |
| 2023 | $3.1B | $146M | $95M | $673M | 1.5% | -2.7% | -103.6% |
| 2022 | $3.2B | $-2.8B | $-2.6B | $-1.6B | -48.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,194.21 | 3,108.38 | 6,564.03 | 7,181.32 |
| Cost Of Revenue | - | 629.88 | 1,135.55 | 1,655.30 | 1,821.22 |
| Gross Profit | - | 2,564.33 | 1,972.83 | 4,908.73 | 5,360.10 |
| Operating Expense | - | 4,511.62 | 2,026.58 | 2,673.30 | 3,903.96 |
| Operating Income | - | -1,947.29 | -53.74 | 2,235.44 | 1,456.14 |
| EBITDA | - | -2,821.61 | 145.56 | 3,150.81 | 1,795.91 |
| EBIT | - | -2,975.68 | 5.92 | 3,023.29 | 1,607.48 |
| Pretax Income | - | -3,064.58 | -76.84 | 2,942.64 | 1,522.06 |
| Tax Provision | - | -439.63 | -171.72 | 363.58 | 261.74 |
| Net Income | - | -2,624.95 | 94.87 | 2,579.07 | 1,260.33 |
| Net Income Common Stockholders | - | -2,624.95 | 94.75 | 2,577.76 | 1,260.33 |
| Total Expenses | - | 5,141.50 | 3,162.13 | 4,328.59 | 5,725.18 |
| Interest Expense | - | 88.90 | 82.77 | 80.64 | 85.41 |
| Research And Development | - | 2,326.35 | 1,324.54 | 1,468.25 | 1,670.60 |
| Selling General And Administration | - | 2,110.68 | 691.78 | 1,197.11 | 1,877.23 |
| Normalized EBITDA | - | -1,795.73 | 229.11 | 2,403.58 | 1,664.95 |
| Normalized Income | - | -1,746.28 | 160.88 | 1,924.20 | 1,151.89 |
| Market Cap | 52,754.30 | 52,754.30 | 52,754.30 | 52,754.30 | 52,754.30 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Coinbase Global, Inc.this co. | COIN | $51.9B | 41.86↑ premium | 3.57 | 8.5% | 27.45 |
| Aflac Incorporated | AFL | $61.1B | 16.20 | 2.00 | 12.4% | - |
| The Allstate Corporation | ALL | $56.8B | 5.35 | 1.92 | 35.9% | - |
| Arthur J. Gallagher & Co. | AJG | $55.2B | 37.06 | 2.37 | 6.4% | 18.57 |
| MetLife, Inc. | MET | $54.2B |
| - |
| - |
| - |
| - |
| - |
| - |
| 14.99 |
| 1.78 |
| 11.9% |
| - |
| PayPal Holdings, Inc. | PYPL | $48.4B | 8.68 | 2.24 | 25.8% | 6.15 |
| State Street Corporation | STT | $46.5B | 14.27 | 1.73 | 12.1% | - |
| MSCI Inc. | MSCI | $45.3B | 35.85 | -16.24 | -45.3% | 25.43 |
| Ameriprise Financial, Inc. | AMP | $44.9B | 11.74 | 6.39 | 54.4% | - |
| Peer Median | - | 14.63 | 1.96 | 12.2% | 18.57 | |