COIN Coinbase

XNGS Down Alert

Financials

· How we analyze

About the company

Coinbase runs a crypto exchange in the US. Private customers and institutions trade and store Bitcoin and other crypto assets there. The company earns trading fees, custody and staking income and interest income from the digital currency USDC, and it runs the Base network. As of Oct 13, 2026

Fact sheet (from the annual report) Other financial services · New York, USA

Coinbase runs a platform on which private customers can hold, invest in and trade crypto assets. In December 2025 the company expanded its offering to include company shares, commodity futures and contracts on the outcome of events. Besides individuals, institutions such as market makers, asset managers, hedge funds and banks also use its offerings, as do companies that develop their own crypto products on the platform. Revenue comes from fees on trades as well as from subscription and services products, such as stablecoin offerings. For large clients, Coinbase holds crypto assets for a fee based on the stored holdings. In addition, the company receives a fixed share of the rewards that customers receive for staking crypto assets, as well as interest on customer balances.

Automatically summarized from SEC annual report (10-K, filed Feb 12, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 15, 2026

Price performance at a glance

Last 30 trading days
  • Today −3.0%
  • 7 days −5.3%
  • 30 days −18.2%
  • 1 year −55.0%
Day range (last trading day)
−2.7%Price at 60% of the range+1.8%
52-week range
−12.8%Price at 9% of the range+133.9%
Distance from the all-time high
−64.1%

Our own calculation from the exchange’s daily candles, as of Oct 26, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.

Gap with volume · Analysis method

This method currently detects no pattern for COIN. The check runs daily after the close.

You see new patterns immediately from Watcher, on the free plan 2 days after they form. Plans and pricing

What does the pattern show?

What is this? After strong news, usually earnings, the price opened above the previous day’s high and closed much higher on heavy volume. Such moves often continue for a few more days.

This is a calculated analysis, not a forecast and not a call to buy. Risk notice and investment advice

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Symbol on TradingView: NASDAQ:COIN

Fundamental analysis

Coinbase · Sector Financials · amounts in USD

Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 12, 2026.

Quality checks

Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.

Fiscal year to Dec 31, 2025

Quality Profitability, consistency, balance sheet · 3 without data 3 of 5 criteria met Growth Revenue and earnings per share · 2 without data 4 of 5 criteria met Dividend Level, consistency, coverage · 6 without data 0 of 1 criteria met Financial strength Piotroski, debt, liquidity · 3 without data 3 of 3 criteria met

Quality 3 of 5 met · 3 without data

  • no data: Gross margin above 40% not stated in the SEC filings
  • met: Operating margin above 15% 20.0%
  • met: Net margin above 10% 17.6%
  • not met: Return on equity above 15% 8.5%
  • no data: Free cash flow margin above 10% not stated in the SEC filings
  • not met: Profit in each of the last 5 fiscal years 4 of 5
  • no data: Free cash flow positive in each of the last 3 fiscal years not stated in the SEC filings
  • met: Equity ratio above 30% 49.9%
Operating margin

20.0% Fiscal year 2025

No rank: too few peers or not computed yet.

Operating income divided by revenue: what the core business earns before interest and taxes.

Net margin

17.6% Fiscal year 2025

No rank: too few peers or not computed yet.

Profit after all costs, interest and taxes divided by revenue.

Return on equity

8.5% Fiscal year 2025

No rank: too few peers or not computed yet.

Net income divided by equity at fiscal year end.

Return on assets

4.2% Fiscal year 2025 (total assets at year end)

No rank: too few peers or not computed yet.

Net income divided by total assets at fiscal year end.

Equity ratio

49.9% Fiscal year 2025

No rank: too few peers or not computed yet.

Equity as a share of total assets. Usually low for banks.

Growth 4 of 5 met · 2 without data

  • met: Over 3 years, revenue grew by more than 5% per year +31.0%
  • met: Over 5 years, revenue grew by more than 5% per year +41.2%
  • no data: Over 10 years, revenue grew by more than 5% per year no comparable figures over 10 years
  • no data: Over 3 years, EPS grew by more than 5% per year not computable (loss in the first or last year, or figures missing)
  • met: Over 5 years, EPS grew by more than 5% per year +26.0%
  • not met: Revenue rose in at least 4 of the last 5 fiscal years 3 of 5
  • met: Revenue rose in the last fiscal year +9.4%
Revenue growth 3 years

+31.0% per year

No rank: too few peers or not computed yet.

Average growth per year over 3 fiscal years.

Revenue growth 5 years

+41.2% per year

No rank: too few peers or not computed yet.

Average growth per year over 5 fiscal years.

EPS growth 5 years

+26.0% per year

No rank: too few peers or not computed yet.

Growth of earnings per share per year, adjusted for stock splits.

Dividend 0 of 1 met · 6 without data

  • not met: Pays a dividend no dividend per share reported for the last fiscal year
  • no data: Payout ratio at most 60% of earnings pays no dividend
  • no data: Dividend paid in each of the last 5 fiscal years pays no dividend
  • no data: Dividend per share never lowered in the last 5 fiscal years pays no dividend
  • no data: Dividend per share higher than 5 years ago pays no dividend
  • no data: Free cash flow per share covers the dividend pays no dividend
  • no data: Dividends paid over the last 5 years covered by free cash flow pays no dividend

Financial strength 3 of 3 met · 3 without data

  • no data: Piotroski F-Score at least 7 of 9 not meaningful for banks and insurers
  • met: Long-term debt no higher than equity 0.40
  • met: Current assets cover current liabilities 2.34
  • met: Positive equity 14.8B USD
  • no data: In 5 years, share count up by at most 5% no comparable share count 5 years ago
  • no data: Free cash flow positive in the last fiscal year capital expenditure or operating cash flow not reported
Debt / equity

0.40 at fiscal year end

No rank: too few peers or not computed yet.

Long-term financial debt divided by equity.

Liquidity (current ratio)

2.34 at fiscal year end

No rank: too few peers or not computed yet.

Current assets divided by current liabilities.

Change in share count

+29.2% in 3 years

No rank: too few peers or not computed yet.

Change in diluted share count. Negative = share buybacks, positive = new shares.

Banks and insurers usually do not report gross margin, current assets or capital expenditure – those criteria then do not count. Debt is part of their business.

Price-based criteria (P/E, dividend yield) are shown to signed-in users.

Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock.

In short

  • Light green: Revenue grew over 5 years (+41.2% per year), at least as fast as the sector median.
  • Light green: Net income (total) grew over 5 years (+31.4% per year), at least as fast as the sector median; per share +26.0% per year.
  • Light yellow: Net margin 17.6%, below the sector median (19.4%).
  • Light green: Debt not higher than usual in the sector.
  • Light red: Profit in 5 of 7 fiscal years.

Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.

RevenueNet income Net margin (below) in USD
  1. Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 533.7M USD · Net income −30.4M USD · Net margin −5.7%
  2. Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 1.3B USD · Net income 322.3M USD · Net margin 25.2%
  3. Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 7.8B USD · Net income 3.6B USD · Net margin 46.2%
  4. Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 3.2B USD · Net income −2.6B USD · Net margin −82.2%
  5. Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 3.1B USD · Net income 94.9M USD · Net margin 3.1%
  6. Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 6.6B USD · Net income 2.6B USD · Net margin 39.3%
  7. Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 7.2B USD · Net income 1.3B USD · Net margin 17.6%

Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 7.2B USD · Net income 1.3B USD · Net margin 17.6%

Figures over time

Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.

Money flow in fiscal year 2025

Of 100 USD of revenue, 20.0 USD operating income and 17.6 USD net income remained.

Money flow as a table
Fiscal year 2025, amounts in USD, share of revenue
ItemAmountof revenue
Revenue7.2B USD100.0%
Operating income1.4B USD20.0%
Research & development1.7B USD23.3%
Remaining cost of revenue and operating expenses4.1B USD56.7%
Net income1.3B USD17.6%
Interest expense85.4M USD1.2%
Taxes & other (net)89.7M USD1.2%

Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.

Margins

The operating margin fell in 5 years from 32.0% to 20.0%.

Operating marginNet margin
  1. Fiscal year 2019: Operating margin −8.6% · Net margin −5.7%
  2. Fiscal year 2020: Operating margin 32.0% · Net margin 25.2%
  3. Fiscal year 2021: Operating margin 39.2% · Net margin 46.2%
  4. Fiscal year 2022: Operating margin −84.8% · Net margin −82.2%
  5. Fiscal year 2023: Operating margin −5.2% · Net margin 3.1%
  6. Fiscal year 2024: Operating margin 35.1% · Net margin 39.3%
  7. Fiscal year 2025: Operating margin 20.0% · Net margin 17.6%

Returns

Return on equity fell in 5 years from 33.4% to 8.5%.

Return on equityReturn on assets Return on equity hidden where equity is below 5% of total assets.
  1. Fiscal year 2019: Return on equity −6.1% · Return on assets not available
  2. Fiscal year 2020: Return on equity 33.4% · Return on assets 5.5%
  3. Fiscal year 2021: Return on equity 56.8% · Return on assets 17.0%
  4. Fiscal year 2022: Return on equity −48.1% · Return on assets −2.9%
  5. Fiscal year 2023: Return on equity not available · Return on assets 0.0%
  6. Fiscal year 2024: Return on equity 25.1% · Return on assets 11.4%
  7. Fiscal year 2025: Return on equity 8.5% · Return on assets 4.2%

Equity and long-term debt

The equity ratio rose in 5 years from 16.5% to 49.9%.

EquityLong-term debt in USD Long-term debt, depending on the filing, includes the current portion or leases.
  1. Fiscal year 2019: Equity 497.1M USD · Long-term debt not available
  2. Fiscal year 2020: Equity 963.6M USD · Long-term debt 0.0 USD
  3. Fiscal year 2021: Equity 6.4B USD · Long-term debt 3.4B USD
  4. Fiscal year 2022: Equity 5.5B USD · Long-term debt 3.4B USD
  5. Fiscal year 2023: Equity 6.3B USD · Long-term debt 3.0B USD
  6. Fiscal year 2024: Equity 10.3B USD · Long-term debt 4.2B USD
  7. Fiscal year 2025: Equity 14.8B USD · Long-term debt 5.9B USD

Liquidity (current ratio)

The current ratio rose in 5 years from 1.21 to 2.34.

Current ratio
  1. Fiscal year 2019: Current ratio not available
  2. Fiscal year 2020: Current ratio 1.21
  3. Fiscal year 2021: Current ratio 1.61
  4. Fiscal year 2022: Current ratio 1.07
  5. Fiscal year 2023: Current ratio 1.03
  6. Fiscal year 2024: Current ratio 2.28
  7. Fiscal year 2025: Current ratio 2.34

Share count

The share count rose in 4 years by 30.6% – more new shares were issued than repurchased (dilution).

Diluted share count
  1. Fiscal year 2019: Diluted share count 61.3M
  2. Fiscal year 2020: Diluted share count not available
  3. Fiscal year 2021: Diluted share count 220.0M
  4. Fiscal year 2022: Diluted share count 222.3M
  5. Fiscal year 2023: Diluted share count 254.4M
  6. Fiscal year 2024: Diluted share count 273.4M
  7. Fiscal year 2025: Diluted share count 287.2M

Banks and insurers: gross margin, current assets and capital expenditure are usually not reported and cash flow is not meaningful there – those lines and charts are omitted.

From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.

Dividends and share repurchases

How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.

Dividend per share
none pays no dividend
To shareholders (5 years)
790.2M USD 100% through repurchases

What goes back to shareholders

Over 5 years, 790.2M USD went back to shareholders, 100% of it through share repurchases.

Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in USD
  1. Fiscal year 2019: Dividends paid not available · Share repurchases 21.0M USD · New shares issued (including employee plans) not available · Free cash flow −114.1M USD
  2. Fiscal year 2020: Dividends paid not available · Share repurchases 1.9M USD · New shares issued (including employee plans) not available · Free cash flow 3.0B USD
  3. Fiscal year 2021: Dividends paid not available · Share repurchases 0.0 USD · New shares issued (including employee plans) not available · Free cash flow 10.7B USD
  4. Fiscal year 2022: Dividends paid not available · Share repurchases 0.0 USD · New shares issued (including employee plans) not available · Free cash flow −1.6B USD
  5. Fiscal year 2023: Dividends paid not available · Share repurchases 0.0 USD · New shares issued (including employee plans) not available · Free cash flow 923.0M USD
  6. Fiscal year 2024: Dividends paid not available · Share repurchases 0.0 USD · New shares issued (including employee plans) not available · Free cash flow not available
  7. Fiscal year 2025: Dividends paid not available · Share repurchases 790.2M USD · New shares issued (including employee plans) not available · Free cash flow not available

For banks and insurers free cash flow is not meaningful; ratios to free cash flow are usually omitted.

Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.

Valuation over time

Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users.

Key figures with traffic lights

Each light follows a simple, disclosed rule. The comparison is with the sector median of all 79 symbols in the Financials sector on our list (current members of the S&P 500 and other lists).

Revenue growth

Light green: above sector

+41.2% per year, last 5 years

Sector Financials: median +8.8% (73 symbols)

What does this mean? Revenue: over 5 years it grew by 41.2% per year on average – at least as fast as the median company in the sector (+8.8%).

Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.

Net income (total)

Light green: above sector

+31.4% per year, last 5 years

Sector Financials: median +13.8% (71 symbols)

per share: +26.0% per year (5 years, split-adjusted)

What does this mean? Total net income: over 5 years it grew by 31.4% per year on average – at least as fast as the median company in the sector (+13.8%).

Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.

Net margin

Light yellow: below sector

17.6% last fiscal year

Sector Financials: median 19.4% (75 symbols)

What does this mean? Of every 100 USD in revenue, 17.55 USD remained as profit – less than the median company in the sector (19.4%). Five years ago the margin was 25.2%.

Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.

Debt / equity

Light green: lower than sector

0.45 latest balance sheet

Sector Financials: median 0.63 (47 symbols)

What does this mean? For every 1 USD of equity there is 0.45 USD of financial debt – no more than the median company in the sector (0.63). For banks and insurers, debt is part of the business – so the comparison is only with their own sector.

Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.

Payout ratio

Light gray: none found

– Dividend / earnings per share

Sector Financials: median 34% (58 symbols)

What does this mean? The loaded SEC filings of the last two fiscal years contain no dividend per share. Either the company pays none, or it reports it under a different tag.

Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.

Profitable years

Light red: 2 loss years

5 of 7 fiscal years with a profit

What does this mean? In 5 of the last 7 fiscal years the bottom line showed a profit. 2 years ended with a loss.

Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).

Last fiscal year and 13F

Information, not a trading signal · Source: SEC EDGAR
Revenue (FY)
7.2B USD
Revenue vs. prior year
+9.4%
Net income (FY)
1.3B USD
Net income vs. prior year
−51.1%
EPS (FY)
4.45 USD
13F funds with a position
1 of 9
Funds vs. prior quarter
±0
Shares held vs. prior quarter
0.0%
Fiscal year to Dec 31, 2025 · 10-K filed Feb 12, 2026 · Balance sheet Jun 30, 2026 (filed Jul 30, 2026) · Price-based figures (P/E, P/S, dividend yield, market cap) only when logged in. · Values as first reported; debt = reported financial debt (US GAAP: long-term). 13F: reporting date Jun 30, 2026, 9 tracked funds have filed (latest Aug 14, 2026), filed with up to 45 days of delay. Stock positions only; comparison with Mar 31, 2026 only across funds that filed for both quarters.
All figures as a table
Fiscal years (amounts in USD, per share in USD)
YearEndRevenueNet income MarginEarnings per shareDividend per sharePayout
2025Dec 31, 2025 7.2B1.3B 17.6% 4.45 – –
2024Dec 31, 2024 6.6B2.6B 39.3% 9.48 – –
2023Dec 31, 2023 3.1B94.9M 3.1% 0.37 – –
2022Dec 31, 2022 3.2B−2.6B −82.2% −11.83 – –
2021Dec 31, 2021 7.8B3.6B 46.2% 14.50 – –
2020Dec 31, 2020 1.3B322.3M 25.2% 1.40 – –
2019Dec 31, 2019 533.7M−30.4M −5.7% −0.50 – –
Quarters (amounts in USD, per share in USD)
QuarterEndRevenueNet income MarginEarnings per shareDividend per sharePayout
Q2/26Jun 30, 2026 1.2B−359.5M −29.5% −1.36 – –
Q1/26Mar 31, 2026 1.4B−394.1M −27.9% −1.49 – –
Q4/25*Dec 31, 2025 1.8B−666.7M −37.4% – – –
Q3/25Sep 30, 2025 1.9B432.6M 23.1% 1.50 – –
Q2/25Jun 30, 2025 1.5B1.4B 95.4% 5.14 – –
Q1/25Mar 31, 2025 2.0B65.6M 3.2% 0.24 – –
Q4/24*Dec 31, 2024 2.3B1.3B 56.8% – – –
Q3/24Sep 30, 2024 1.2B75.5M 6.3% 0.28 – –
Q2/24Jun 30, 2024 1.4B36.2M 2.5% 0.14 – –
Q1/24Mar 31, 2024 1.6B1.2B 71.8% 4.40 – –
Q4/23*Dec 31, 2023 953.8M273.4M 28.7% – – –
Q3/23Sep 30, 2023 674.1M−2.3M −0.3% −0.01 – –

* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.

How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.

Insiders

All insider transactions
Insider purchases and sales on the market over 3, 6 and 12 months
PeriodPurchasesSalesNet
3 months $00 people $23.0M4 people −$23.0M
6 months $00 people $30.4M6 people −$30.4M
12 months $00 people $327.2M9 people −$327.2M

Latest transactions

  • Oct 2, 2026 Andreessen Marc L Director Open-market sale · 10b5-1 plan 6,838 shares · $1.4M · SEC
  • Oct 1, 2026 Andreessen Marc L Director Open-market sale · 10b5-1 plan 13,676 shares · $2.5M · SEC
  • Sep 21, 2026 Haas Alesia J Chief financial officer (CFO) Open-market sale · 10b5-1 plan 1,371 shares · $283.9K · SEC
  • Sep 21, 2026 Haas Alesia J Chief financial officer (CFO) Open-market sale · 10b5-1 plan 1,409 shares · $290.8K · SEC
  • Sep 21, 2026 Haas Alesia J Chief financial officer (CFO) Open-market sale · 10b5-1 plan 35,840 shares · $7.4M · SEC
  • Sep 21, 2026 Haas Alesia J Chief financial officer (CFO) Open-market sale · 10b5-1 plan 410 shares · $83.5K · SEC

Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.

Trend score -45

Price vs. EMA 50-15
Price vs. EMA 200-15
EMA 50 vs. EMA 200-20
ADX (trend strength)+0
Highs and lows-10
Relative strength+15

Volatility and trend strength

ADX 14 (trend strength)18.2
Rel. strength 60 d+6.5%

ATR and moving averages as price values only when logged in.

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