7 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $7.2B | $1.3B | 0.0% | 20.0% | 8.8% | 4.4% | — | $7.7B | $11.3B |
| 2024 | $6.6B | $2.6B | 0.0% | 35.1% | 25.3% | 11.5% | — | $4.6B | $9.3B |
| 2023 | $3.1B | $100M | 0.0% | -5.2% | 1.6% | 0.7% | — | $3.0B | $5.5B |
| 2022 | $3.2B | -$2.6B | 0.0% | -84.8% | -47.7% | -2.9% | -$1.6B | $3.4B | $4.4B |
| 2021 | $7.8B | $3.6B | 0.0% | 39.2% | 56.4% | 16.9% | $4.0B | $3.4B | $7.1B |
| 2020 | $1.3B | $322M | 0.0% | 32.0% | 33.4% | 5.5% | $284M | $0 | $1.1B |
| 2019 | $534M | -$30M | 0.0% | -8.6% | -6.1% | — | -$114M | — | $549M |
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | $1.2B | -$359M | 0.0% | -9.3% | -2.7% | -1.4% | — | $6.4B | $8.6B |
| Mar '26 | $1.4B | -$394M | 0.0% | -1.5% | -2.9% | -1.4% | — | $7.8B | $10.2B |
| Dec '25 | $1.8B | -$667M | 0.0% | 15.4% | -4.5% | -2.2% | — | $7.7B | $11.3B |
| Sep '25 | $1.9B | $433M | 0.0% | 25.7% | 2.7% | 1.4% | — | $7.2B | $8.7B |
| Jun '25 | $1.5B | $1.4B | 0.0% | -1.6% | 11.8% | 6.1% | — | $4.2B | $9.4B |
| Mar '25 | $2.0B | $66M | 0.0% | 34.7% | 0.6% | 0.3% | — | $4.2B | $10.0B |
| Dec '24 | $2.3B | $1.3B | 0.0% | 45.5% | 12.6% | 5.7% | — | $4.6B | $9.3B |
| Sep '24 | $1.2B | $75M | 0.0% | 14.1% | 0.9% | 0.0% | — | $4.2B | $7.7B |
| Jun '24 | $1.4B | $36M | 0.0% | 23.7% | 0.4% | 0.0% | — | $4.2B | $7.2B |
| Mar '24 | $1.6B | $1.2B | 0.0% | 46.4% | 14.6% | 0.3% | — | $4.2B | $6.7B |
| Dec '23 | $954M | $273M | 0.0% | 12.1% | 4.4% | 1.9% | — | $3.0B | $5.5B |
| Sep '23 | $674M | -$2M | 0.0% | -11.8% | -0.0% | -0.0% | $314M | $3.1B | $5.1B |
| Jun '23 | $708M | -$97M | 0.0% | -10.4% | -1.7% | -0.1% | $151M | $3.3B | $5.2B |
| Mar '23 | $773M | -$79M | 0.0% | -16.0% | -1.4% | -0.1% | $463M | $3.4B | $5.0B |
| Dec '22 | $629M | -$557M | 0.0% | -88.2% | -10.2% | -0.6% | -$745M | $3.4B | $4.4B |
| Sep '22 | $590M | -$545M | 0.0% | -94.3% | -9.7% | -0.5% | -$398M | $3.4B | $5.0B |
| Jun '22 | $808M | -$1.1B | 0.0% | -129.2% | -18.8% | -1.0% | -$354M | $3.4B | $5.7B |
| Mar '22 | $1.2B | -$430M | 0.0% | -47.5% | -6.6% | -2.1% | -$93M | $3.5B | $6.1B |
| Dec '21 | $2.5B | $840M | 0.0% | 36.9% | 13.2% | 3.9% | -$3.7B | $3.4B | $7.1B |
| Sep '21 | $1.3B | $406M | 0.0% | 22.2% | 7.6% | 2.2% | $341M | $3.4B | $6.4B |
How the market has priced COIN against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, Coinbase's revenue has grown 41.2% per year, and net income grown 32.2% per year. These are computed facts, not advice.
As of FY2025, Coinbase reported $7.7B of total debt against $11.3B of cash; operating income covered interest expense 17×.
In FY2025, gross margin was —, operating margin 20.0%, and net margin 18.1%.
As of Sep '26, Coinbase traded at a price-to-earnings ratio of about 38.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.