Coinbase Global, Inc. (COIN) financials
NASDAQ · Financial Services · Financial - Data & Stock Exchanges · 4,951 employees · CEO Brian Armstrong
- Price
- $143.54 -10.62%
- Market cap
- $38B
- Enterprise value
- $36.3B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-02-11 EPS est. $0.04
Revenue (TTM)$5.63B-26.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)5.4%-23.0 pp vs a year agoOperating income $306M
Net income (TTM)-$702M-121.8% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.85B+1,081.7% vs a year agoCapex $0
Diluted EPS (TTM)-$2.83-124.5% vs a year agoSum of the last 4 quarters
Net cash$1.94B-67.5% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $38B EV $36.3B
- Revenue
- $5.63B Trailing 12 months
- Revenue growth
- -28% FY2026 consensus
- Profit margin
- -12.5% Net income / revenue, TTM
- P/E
- -54.8× Forward -127.7× (FY2026)
- P/S
- 6.8× Price / sales, TTM
- EV / EBITDA
- -97.4× TTM
- Free cash flow
- $3.85B Trailing 12 months
- Net income
- -$702M Trailing 12 months
- Revenue estimate
- $5.19B FY2026 consensus
- Earnings
- 2027-02-11 Revenue est. $1.31B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue in line, EPS beat by 1,189.2%Revenue $1.22B vs $1.22B expected (0.0%); EPS $2.51 vs -$0.23 (+1,189.2%).
- Revenue growth slowing: -35.0% year on yearQ3 '26 revenue $1.22B, against an average of -3.9% over the four quarters before.
- Operating margin 5.4% (TTM), -23.0 pp on a year agoOperating income grew -86.0% while revenue grew -26.6%.
- Capex 0.0% of revenue (a year ago 0.0%)$0 invested in the last 4 quarters (– on a year earlier). Free cash flow $3.85B.
- Returned $1.73B to shareholders = 44.9% of free cash flowBuybacks $1.73B (a year earlier $309M), dividends $0, stock-based pay $950M (TTM).
- Diluted share count down 1.4% in a year288M diluted shares in Q3 '26, 292M a year earlier.
- Net cash $1.94BCash + short-term investments $8.82B, debt incl. leases $6.89B; a year ago net cash $5.96B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $1.22B | $1.87B | -35.0% |
| Gross margin | 84.0% | 74.6% | +9.4 pp |
| Operating income | $61.7M | $445M | -86.1% |
| Operating margin | 5.1% | 23.8% | -18.7 pp |
| Net income | $719M | $433M | +66.2% |
| Diluted EPS | $2.51 | $1.50 | +67.3% |
| Operating cash flow | $405M | -$785M | +151.7% |
| Capex | $0 | $0 | – |
| Free cash flow | $405M | -$785M | +151.7% |
| R&D | $447M | $431M | +3.9% |
| Stock-based compensation | $233M | $222M | +4.9% |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $1.22B | $1.22B | 0.0% |
| EPS (as estimated) | $2.51 | -$0.23 | +1,189.2% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Bank Servicing, Consumer, Net | $450M | -46.6% | 39.2% | $2.2B | -44.0% | |
| Subscription and Circulation, Stablecoin | $307M | -13.5% | 26.8% | $1.27B | +4.8% | |
| Subscription and Circulation, Blockchain Infrastructure Service | $85.7M | -53.6% | 7.5% | $422M | -43.1% | |
| Bank Servicing, Institutional | $91.7M | -32.1% | 8.0% | $512M | +17.5% | |
| Subscription and Circulation, Other | $109M | -23.6% | 9.5% | $484M | -2.2% | |
| Other Revenue | $55.1M | -27.2% | 4.8% | $266M | -11.9% | |
| Bank Servicing, Other | $48.5M | -28.4% | 4.2% | $213M | -17.1% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $1.02B | -33.1% | 83.6% | $4.73B | -25.5% | |
| Rest of the World | $199M | -43.0% | 16.4% | $898M | -31.9% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $3.85B
- Capex
- $0
- Buybacks
- -$1.73B
- Dividends
- $0
- Acquisitions
- -$76.5M
- Net debt issued
- $3.6B
- Stock-based compensation
- $950M
- Free cash flow
- $3.85B
- Returned to shareholders / FCF
- 44.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -54.8× | 129.9× 4 of 5 years | 14.4× – 434.8× |
| EV / EBITDA | -97.4× | 82.3× 4 of 5 years | 13.2× – 267.0× |
| EV / Sales | 6.4× | 7.3× | 2.2× – 12.5× |
| Price / FCF | 9.9× | 26.0× 4 of 5 years | 11.3× – 44.4× |
| Price / Book | 2.7× | 5.0× | 1.4× – 7.0× |
| FCF yield | 10.1% | -0.2% | -20.2% – 8.8% |
| Return on invested capital | 1.1% | 5.2% | -25.9% – 31.1% |
| Return on equity | -5.1% | 8.8% | -48.1% – 56.8% |
Analysts
Consensus target $208.79 (+45.5%)
range $110.00 – $330.00 · rating Buy
Strong buy0
Buy21
Hold16
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $5.19B | -27.8% | -$1.12 | -125.3% | -127.7× | 7 |
| FY2027 | $6.63B | +27.7% | $2.84 | +352.7% | 50.5× | 21 |
| FY2028 | $7.82B | +18.0% | $5.09 | +79.1% | 28.2× | 11 |
| FY2029 | $8.07B | +3.2% | $6.77 | +33.1% | 21.2× | 4 |
| FY2030 | $5.17B | -35.9% | $1.25 | -81.5% | 114.8× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 273 figures Coinbase Global, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $105M | $85.9M | +22.2% | $118M | $63.3M | +85.7% |
| Accounts Payable, Other, Current | $161M | $280M | -42.7% | $196M | $130M | +50.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $270M | $308M | -12.4% | $307M | $265M | +15.8% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $277M | $322M | -14.2% | $310M | $295M | +5.3% |
| Accrued Income Taxes, Current | $31.3M | $63.3M | -50.5% | $66M | $90.9M | -27.4% |
| Accrued Liabilities, Current | $754M | $835M | -9.7% | $688M | $553M | +24.4% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $272M2025-12-31 | $185M | +47.1% | $272M | $185M | +47.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$114M | $3.54M | -3,317.4% | $4.97M | -$50.1M | +109.9% |
| Additional Paid in Capital, Common Stock | $7.87B | $9.13B | -13.8% | $8.57B | $5.37B | +59.7% |
| Adjustments to Additional Paid in Capital, Other | – | – | – | -$10.5M2024-12-31 | – | – |
| Amortization of Intangible Assets | $33.8M | $20.8M | +62.2% | $67.1M | $27M | +148.2% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5.64M | 3.86M | +46.3% | 4.28M | 6.58M | -35.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $236M | $234M | +1.2% | $890M | $961M | -7.4% |
| Assets | $27.4B | $31.4B | -12.7% | $29.7B | $22.5B | +31.6% |
| Assets, Current | $17.6B | $22.1B | -20.1% | $20.4B | $18.1B | +12.6% |
| Capitalized Computer Software, Additions | – | – | – | $138M | $111M | +25.2% |
| Capitalized Computer Software, Net | $265M2025-12-31 | $200M | +32.2% | $265M | $200M | +32.2% |
| Cash and Cash Equivalents, at Carrying Value | $8.6B | $12B | -28.2% | $11.3B | $9.31B | +21.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $13.2B | $18B | -26.9% | $16.9B | $15.7B | +7.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $36.2M | $3.28B | -98.9% | $1.12B | $5.81B | -80.8% |
| Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | -$717M | $8.04M | -9,020.6% | $317M | -$31.3M | +1,115.6% |
| Common Stock, Shares Authorized | 10.5B | 10.5B | 0.0% | 10.5B | 10.5B | 0.0% |
| Common Stock, Shares, Issued | 265M | 269M | -1.5% | 268M | 254M | +5.6% |
| Common Stock, Shares, Outstanding | 265M | 269M | -1.5% | 268M | 254M | +5.6% |
| Common Stock, Value, Issued | $3K | $3K | 0.0% | $3K | $2K | +50.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $703M | $436M | +61.2% | $1.32B | $2.56B | -48.6% |
| CryptoAssetAddition | – | – | – | $1.2B | $108M | +1,011.5% |
| CryptoAssetDisposition | – | – | – | $265M | $244M | +8.9% |
| CryptoAssetFairValue | $2.22B | $2.6B | -14.3% | $2B | $1.55B | +28.7% |
| CryptoAssetFairValueNoncurrent | $2.22B | $2.6B | -14.3% | $2B | $1.55B | +28.7% |
| CryptoAssetFairValueRestricted | $158M | $115M | +37.6% | $68.3M | $202M | -66.1% |
| CryptoAssetRealizedAndUnrealizedGainLossNonoperating | $715M | $424M | +68.7% | -$529M | $687M | -177.0% |
| CryptoAssetRealizedAndUnrealizedGainLossOperating | $26.1M | $35.7M | -27.0% | -$20.7M | $71.7M | -128.9% |
| CryptoAssetRealizedAndUnrealizedGainNonoperating | – | – | – | $169M | $800M | -78.9% |
| CryptoAssetRealizedAndUnrealizedLossNonoperating | – | – | – | $697M | $113M | +518.6% |
| Current Federal Tax Expense (Benefit) | – | – | – | -$29.2M | $120M | -124.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $50.6M | $31.9M | +58.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $23.4M | $212M | -89.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.94M | $60M | -96.8% |
| Debt Instrument, Fair Value Disclosure | $5.4B | $7.88B | -31.5% | $6.9B | $4.21B | +63.9% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $68.9M2025-12-31 | $41.4M | +66.4% | $68.9M | $41.4M | +66.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $210M | $135M | +55.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$11.9M | -$5.78M | -105.2% |
| Deferred Income Tax Assets, Net | $584M | $324M | +80.3% | $571M | $941M | -39.4% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $238M | $151M | +57.5% |
| Deferred Income Taxes and Tax Credits | $98.6M | $86.5M | +13.9% | $238M | $151M | +57.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $40.2M | $22.4M | +79.6% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $02025-12-31 | $48.6M | -100.0% | $0 | $48.6M | -100.0% |
| Deferred Tax Assets, Gross | $1.14B2025-12-31 | $1.54B | -25.7% | $1.14B | $1.54B | -25.7% |
| Deferred Tax Assets, Net | $571M2025-12-31 | $941M | -39.4% | $571M | $941M | -39.4% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.01B2025-12-31 | $1.41B | -28.7% | $1.01B | $1.41B | -28.7% |
| Deferred Tax Assets, Operating Loss Carryforwards | $68.4M2025-12-31 | $53.1M | +28.9% | $68.4M | $53.1M | +28.9% |
| Deferred Tax Assets, Tax Credit Carryforwards | $151M2025-12-31 | $241M | -37.4% | $151M | $241M | -37.4% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $33.1M2025-12-31 | $30.7M | +8.0% | $33.1M | $30.7M | +8.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $36.7M2025-12-31 | $27.3M | +34.8% | $36.7M | $27.3M | +34.8% |
| Deferred Tax Assets, Valuation Allowance | $135M2025-12-31 | $124M | +9.0% | $135M | $124M | +9.0% |
| Deferred Tax Liabilities, Gross | $437M2025-12-31 | $473M | -7.5% | $437M | $473M | -7.5% |
| Deferred Tax Liabilities, Leasing Arrangements | $39.8M2025-12-31 | $20.4M | +95.4% | $39.8M | $20.4M | +95.4% |
| Deferred Tax Liabilities, Other | $12.4M2025-12-31 | $31.1M | -60.3% | $12.4M | $31.1M | -60.3% |
| Deferred Tax Liabilities, Other Finite-Lived Assets | $82.9M2025-12-31 | $0 | – | $82.9M | $0 | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02