COIN Coinbase Global, Inc.

Overview and Growth

Coinbase Global, Inc. generated $7.18B of revenue in fiscal 2025, with net income of $1.26B and an operating cash inflow of $2.43B. At $7.18B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $6.56B in fiscal 2024, revenue recorded a 9.4% year-over-year increase. Diluted earnings per share were $4.45, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 53.1% decrease from fiscal 2024 diluted EPS of $9.48. At period end, total assets were $29.67B, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.24x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The reported operating result was $1.44B, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 20.0%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $1.26B for the fiscal year. The final earnings result represented 17.6% of revenue, connecting the absolute net income figure with the company’s top-line scale. Before income taxes, the company reported $1.52B of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 21.2%, adding a pre-tax profitability layer between revenue and net income. The reported income-tax provision was $261.74M, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 17.2%, quantifying the portion of pre-tax earnings paid in income tax. Net income equaled 8.5% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 4.2% of period-end assets, placing the company’s bottom-line result against the total resource base employed. Against $2.58B in fiscal 2024, the current $1.26B bottom line finished below the prior-year result in absolute terms.

Liquidity and Capital Structure

At period end, the $29.67B asset base was financed through $14.88B of liabilities and $14.79B of equity. Current assets were $20.39B against $8.70B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 2.34x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $11.29B, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 129.7% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $7.21B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.49x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 24.3%, showing how much of the asset base was matched by borrowing. Liabilities represented 50.1% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 38.0%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 31.6% higher than fiscal 2024 assets of $22.54B, measuring the company’s own balance-sheet change. Against $10.28B of equity in fiscal 2024, the current book-equity balance moved 43.9% and ended higher. Cash and equivalents were 21.2% higher than fiscal 2024 cash of $9.31B, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Cash flow from operations was $2.43B, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 1.93x, comparing cash generated by operations with the bottom-line earnings result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.