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Coinbase (COIN) stock

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NASDAQ: COIN Nasdaq Financial Exchanges & Data Next results ~February 11, 2027

E Fundamentals grade

Coinbase operates a platform for buying, selling and holding crypto assets, which in December 2025 it expanded to include stocks, commodity futures, perpetual futures and prediction markets. Consumers trade through two interfaces, Simple trade and Advanced trade, while related products include the Base layer-2 Ethereum blockchain, the self-custodial Base App (formerly Coinbase Wallet), stablecoins such as USDC and EURC issued under an agreement with Circle, and staking services.

The company serves three groups: retail consumers; institutions including market makers, asset managers, hedge funds and banks, served via the Coinbase Prime brokerage; and developers building on Base and the Coinbase Developer Platform. It earns money through volume-based transaction fees and spreads on trades, subscription products, blockchain sequencer fees, a commission on staking rewards, and payments tied to stablecoin circulation.

Coinbase runs four exchanges: the Coinbase Exchange, Coinbase International Exchange, Coinbase Derivatives Exchange and Deribit, together listing hundreds of assets. It supported eight staking assets as of 31 December 2025, with about $7.5 billion staked by consumers and over $15.2 billion by institutions. It sells globally, subject to local laws.

Based on Coinbase's 10-K filed February 12, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Cash-flow model

Base case. Range ~$100–$170 across our lower- and higher-growth cases (-1%–9% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 4% above our base value.

Price used: $137.83, November 2, 2026

Coinbase valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Coinbase files

10-Q filed October 29: Coinbase

Rating: Sell to Hold Model value +18.4%

Coinbase's revenue for the twelve months to September 2026 came in at $5.63bn, a 26.6% drop on the year before and a sharper decline than the 10.4% fall recorded a quarter earlier. Among the financial exchanges and data companies we cover, that leaves the firm last on growth, ranked 11 of 11. Profitability has also weakened: free-cash-flow margin slipped to 25.0% from 43.2% a year earlier, while operating margin narrowed to 3.6% from 28.6%. Despite this, our model value has risen, moving from $129 to $153 a share. The shares currently trade at $161, above our updated estimate. Given the improved valuation gap relative to where it stood previously, we move the rating from Sell to Hold.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Coinbase stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.28bn, down 10.4% on a year earlier, slower than -5.8% a quarter earlier. That puts it 8 of 8 for growth among the financial exchanges & data companies we cover. Free-cash-flow margin fell to 27.3% from 47.1% a year earlier. Operating margin narrowed to 9.9% from 26.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $117 a share, against a share price of $171.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Coinbase's trailing-twelve-month revenue fell 26.6% year on year, with a free-cash-flow margin of 25.0%. Where it stands out: days sales outstanding of 18 days ranks 1 of 6 financial exchanges & data companies we cover. Where it lags: revenue growth of -26.6% ranks 11 of 11 financial exchanges & data companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$100–$170 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -26.6% (-16.3pp vs the prior quarter), the 7th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 25.0% of revenue turned into free cash flow, against a median of 37.6% for financial exchanges & data companies we cover.
  • Net cash. Cash exceeds long-term debt by $2.7bn.

Things to watch

  • Revenue shrinking. Revenue fell 26.6% over the last 12 months.
  • Growth slowing. The growth rate is 16.3 points lower than a quarter earlier.
  • Margins narrowing. Operating margin is down 25.1 points on a year ago.
  • Heavy stock-based pay. Stock pay equals 16.9% of revenue, against a median of 2.9% for financial exchanges & data companies we cover: a real cost that cash-flow figures leave out.
  • Volatile shares. Over the past year the shares showed annualised volatility of 72% and a beta of 3.0 against the S&P 500.
  • Insiders selling. 9 insiders sold $327M of stock over the past 365 days and none bought (100% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$2.51 against an average estimate of $0.08: beat by 2976.0%
Revenue
$1.22bn, down 35.0% on a year earlier
Share reaction
-11.6% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
subscription and Services Revenue $550m to $630m (Q4’26 Outlook); adjusted Expenses $1,007m to $1,157m (Q4’26 Outlook)
Next report
October 29, 2026; average EPS estimate $0.20

Coinbase's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.0%
  • 1 week-13.6%
  • 1 month-24.7%
  • This year-39.1%
  • 1 year-59.9%
  • 5 years-60.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.6B
Operating margin
3.6%
Net margin
-12.5%
EPS (TTM, diluted)
$-2.50

Growth

Revenue growth
−26.6%
Change in growth rate
−16.3 pts
Share count change
−0.9%

Cash

Free cash flow (TTM)
$1.4B
FCF margin
25.0%
Stock pay % of revenue
16.9%

Earnings

Last results
October 29, 2026
Next results (est.)
February 11, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Guidance
  4. Results
  5. Leadership
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Insider trade
  10. Insider trade
  11. Leadership
  12. Insider trade
  13. Insider trade
  14. Announcement
  15. Results
  16. Leadership
  17. Results
  18. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Coinbase valuation models and calculator

What the price is pricing in

The share price implies about 14.0% a year of cash-flow growth for five years.That is faster than the -6.4% a year revenue growth Coinbase has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in14.0%
  • Last 12 months-26.6%
  • 3 years a year26.5%
  • 5 years a year-6.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($143.31, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$130
Price used
$143.31close November 3, 2026
Implied change
▼ 7%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Coinbase's free cash flow after stock-based pay with after-tax interest added back ($1.1B, FY2026 Q3 TTM), growing 12% and 13.7% in the next two years (forecasts, guidance and its record), then back to 4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$100–~$170 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Coinbase's free cash flow after stock-based pay ( $1.1B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Coinbase as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 11.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.53 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$100–$170 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$43 ~$34–$68 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$12 ~$7.7–$18 Left out: out of range vs price (0.09x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity below long-run growth
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$5.2 ~$54–$230 Left out: out of range vs price (0.04x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. — Does not apply: pays no regular dividend
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$100 ~$43–$130 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Coinbase with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −39%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $67$89$117$154$203$266
8.5% $53$69$89$116$151$195
10% $45$57$72$93$119$153

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$252.37$35.39$173.92$248.30$226.14$137.83
Market value$55.5bn$7.9bn$44.2bn$67.9bn$64.9bn$38.7bn
+ Net debt (− = net cash)−$3.7bn−$988m−$2.5bn−$4.7bn−$3.6bn−$1.9bn
Enterprise value$51.8bn$6.9bn$41.8bn$63.2bn$61.3bn$36.8bn
Multiples
Price / sales 7.1x2.5x14.2x10.3x9.0x6.9x
Price / earnings 15.3x—n/m26.3x51.5x—
Price / free cash flow 13.8x—65.7x21.9x26.8x27.5x
EV / EBITDA 16.5x——25.9x37.8x79.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

32 /100

Weak moat

How hard Coinbase's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -0.0% of total assets over 6 years.

  • Durability 4 / 20

    Operating margin has been a median 15.0%; its worst year was -29.9%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 5 of 6 years, at a median 25.3% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (37 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.69 −138% $5.3bn −26%
Next $3.02 +279% $6.9bn +30%

Next year's EPS estimate has moved −28.4% in 90 days, across 28 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +239.2% on 90 days ago. In the last 30 days, 4 analysts raised Coinbase's forecast and 1 cut it.

Consensus EPS forecast Coinbase, last 90 days
−$4.00 −$2.00 $0.00 $2.00 $4.00 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.50 Current fiscal year, 60 days ago: −$1.99 Current fiscal year, 30 days ago: −$2.03 Current fiscal year, 7 days ago: −$1.79 Current fiscal year, Now: −$1.69 −$1.69 Next fiscal year, 90 days ago: $4.21 Next fiscal year, 60 days ago: $2.85 Next fiscal year, 30 days ago: $2.84 Next fiscal year, 7 days ago: $3.03 Next fiscal year, Now: $3.02 $3.02

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.50$4.21
60 days ago −$1.99$2.85
30 days ago −$2.03$2.84
7 days ago −$1.79$3.03
Now −$1.69$3.02

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.08 $2.51 +2976.0%
Jun 2026 −$0.23 −$1.36 −487.5%
Mar 2026 $0.04 −$1.49 −3458.9%
Dec 2025 $0.94 −$2.49 −364.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Amortization of intangible assets FY'26 $140m to $150m Maintained vs 140m to 150m
    “We expect amortization of intangible assets of $140 million to $150 million for FY'26, implying GAAP Technology & Development, General & Administrative and Sales & Marketing expenses of $4,290 million to $4,450 million for FY'26.” source
  • GAAP Technology & Development, General & Administrative and Sales & Marketing expenses FY'26 $4,290m to $4,450m GAAP Lowered vs 4,340m to 4,600m
    “We expect amortization of intangible assets of $140 million to $150 million for FY'26, implying GAAP Technology & Development, General & Administrative and Sales & Marketing expenses of $4,290 million to $4,450 million for FY'26.” source
  • Subscription and Services Revenue · Subscription & Services Q4’26 Outlook $550m to $630m
    “$550-$630 million” source
  • Adjusted Expenses Q4’26 Outlook $1,007m to $1,157m Non-GAAP
    “$1,007-$1,157 million” source
  • Amortization of intangible assets Q4'26 $36m to $46m
    “We expect amortization of intangible assets of $36 million to $46 million for Q4'26, implying GAAP Technology & Development, General & Administrative and Sales & Marketing expenses of $1,043 million to $1,203 million for Q4'26.” source
  • GAAP Technology & Development, General & Administrative and Sales & Marketing expenses Q4'26 $1,043m to $1,203m GAAP
    “We expect amortization of intangible assets of $36 million to $46 million for Q4'26, implying GAAP Technology & Development, General & Administrative and Sales & Marketing expenses of $1,043 million to $1,203 million for Q4'26.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Coinbase's revenue by +12.0% next year and +13.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+15.4%, weight 70%) and the company's own record (+4.0%, weight 30%) . How the weights are set.

Analyst recommendations

38 analysts, Oct 2026
Buy2361%
Hold1334%
Sell25%

Monthly trend

  1. Oct 20264191338
  2. Sep 20264191237
  3. Aug 2026320935
  4. Jul 2026319934

Counts of recommendations published by analysts covering Coinbase, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.8%
of tradable shares
Days to cover
2.48
at average volume
Short interest, 1 month
−6%
to October 15, 2026
Held by institutions
69%
of shares
Held by insiders
1.3%
of shares
Employees
4,951
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −59.9%

$343.78 on October 31, 2025 to $137.83

ThenNowEffect
Revenue (last 12 months) $7.0bn $6.3bn −10.4%
P/S multiple 13.6x 6.2x −54.6%
Share count 277m 282m −1.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +60.6%

$85.80 on November 3, 2023 to $137.83

ThenNowEffect
Revenue (last 12 months) $2.7bn $6.3bn +132.7%
P/S multiple 7.3x 6.2x −15.2%
Share count 229m 282m −18.6%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
COIN−86%+391%+43%−9%−39%
Industry peers (median)−24%+31%+15%+6%+12%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
COIN33%75%50%58%36%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
COIN−87%−42%−47%−50%−46%
S&P 500−25%−10%−8%−19%−9%

Worst fall since April 14, 2021: 91% from November 9, 2021 to December 28, 2022. Getting back needed a 999% gain, reached on June 26, 2025, 911 days after the low.

Price behaviour

52-week range
$137.83 – $330.42
From 52-week high
−58.3%
vs 50-day average
−22.9%
vs 200-day average
−22.5%
Volatility (1 year)
72%
Beta vs S&P 500
2.96

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±7.9%
After a week
6 up, 5 down
typical move ±12.2%
After a month
6 up, 5 down
typical move ±25.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −11.6% −2.1% — —
July 30, 2026 −8.6% +2.4% −9.2% +11.6%
May 7, 2026 +1.6% +0.5% +7.1% −18.1%
February 12, 2026 +7.3% −1.5% +11.8% +32.7%
October 30, 2025 −1.4% −0.8% −15.3% −25.5%
July 31, 2025 −16.6% −2.0% −17.7% −19.3%
May 8, 2025 +1.4% +0.6% +24.4% +30.6%
February 13, 2025 −0.2% +1.1% −14.4% −31.3%
October 30, 2024 −18.4% −2.3% +15.8% +34.8%
August 1, 2024 −8.9% −3.3% −14.3% −18.3%
May 2, 2024 +6.3% +2.2% +0.2% +10.1%
February 15, 2024 +12.4% +0.2% +3.5% +49.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Coinbase’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look cheap

Option prices imply less movement than the shares have recently shown. Selling options pays little for the risk taken.

  • Implied is 0.93× the last 60 days’ realised volatility , richer than 10% of the 229 stocks we screen today.
  • Puts are priced 5 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: implied is below 60-day realised: selling options pays little for the risk taken.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade E (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

COIN Coinbase Grade E $136.64

Own 100 shares, sell the $140 call expiring December 4, 2026 (32 days) for $8.95 a share — $895 per contract.

Previous session · Bid $8.95, ask $11.30, quoted Mon 2 Nov, 17:19 New York time with COIN at $136.64. Option prices move with the shares: check the live chain at your broker before trading.

  • If COIN ends below $140: you keep your shares and the $895 — 6.5% extra on the position, 74.7% a year at that pace.
  • If it ends above $140: your shares are sold at $140, a total return of 9.0% including the premium — at or above our value of ~$130.
$1.2k $0 −$2.6k Break-even $127.69 Our value $130 Price $136.64
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$895
Annualised
74.7%
Break-even
$127.69
Max gain
$1,231
Chance of selling
~50%

Collar

Own the shares, buy the $120 put and sell the $140 call, both expiring December 4, 2026 (32 days).

  • Net credit of $4.40 a share ($440 per contract of 100 shares).
  • Worst case at expiry: -9.0%, if the shares fall below $120 (-12.2% from today).
  • Best case at expiry: +5.7%, if the shares rise above $140 (+2.5%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $130: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Coinbase in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Coinbase
$2B $4B $6B $8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.1B Revenue (TTM), FY24 Q1: $4B Revenue (TTM), FY24 Q2: $4.7B Revenue (TTM), FY24 Q3: $5.2B Revenue (TTM), FY24 Q4: $6.6B Revenue (TTM), FY25 Q1: $7B Revenue (TTM), FY25 Q2: $7B Revenue (TTM), FY25 Q3: $7.7B Revenue (TTM), FY25 Q4: $7.2B Revenue (TTM), FY26 Q1: $6.6B Revenue (TTM), FY26 Q2: $6.3B Revenue (TTM), FY26 Q3: $5.6B $5.6B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.1B
FY24 Q1 $4B
FY24 Q2 $4.7B
FY24 Q3 $5.2B
FY24 Q4 $6.6B
FY25 Q1 $7B
FY25 Q2 $7B
FY25 Q3 $7.7B
FY25 Q4 $7.2B
FY26 Q1 $6.6B
FY26 Q2 $6.3B
FY26 Q3 $5.6B
Revenue growth, TTM YoY Coinbase
-50% 0% 50% 100% 150% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -2.7% Revenue growth, TTM YoY, FY24 Q1: 41.9% Revenue growth, TTM YoY, FY24 Q2: 74.6% Revenue growth, TTM YoY, FY24 Q3: 88.5% Revenue growth, TTM YoY, FY24 Q4: 111.2% Revenue growth, TTM YoY, FY25 Q1: 75.2% Revenue growth, TTM YoY, FY25 Q2: 48.6% Revenue growth, TTM YoY, FY25 Q3: 46.2% Revenue growth, TTM YoY, FY25 Q4: 9.4% Revenue growth, TTM YoY, FY26 Q1: -5.8% Revenue growth, TTM YoY, FY26 Q2: -10.4% Revenue growth, TTM YoY, FY26 Q3: -26.6% -26.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -2.7%
FY24 Q1 41.9%
FY24 Q2 74.6%
FY24 Q3 88.5%
FY24 Q4 111.2%
FY25 Q1 75.2%
FY25 Q2 48.6%
FY25 Q3 46.2%
FY25 Q4 9.4%
FY26 Q1 -5.8%
FY26 Q2 -10.4%
FY26 Q3 -26.6%
Operating margin (TTM) Coinbase
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -5.2% Operating margin (TTM), FY24 Q1: 18.2% Operating margin (TTM), FY24 Q2: 24.2% Operating margin (TTM), FY24 Q3: 26.5% Operating margin (TTM), FY24 Q4: 35.1% Operating margin (TTM), FY25 Q1: 32.4% Operating margin (TTM), FY25 Q2: 26.9% Operating margin (TTM), FY25 Q3: 28.6% Operating margin (TTM), FY25 Q4: 20.0% Operating margin (TTM), FY26 Q1: 10.8% Operating margin (TTM), FY26 Q2: 9.9% Operating margin (TTM), FY26 Q3: 3.6% 3.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -5.2%
FY24 Q1 18.2%
FY24 Q2 24.2%
FY24 Q3 26.5%
FY24 Q4 35.1%
FY25 Q1 32.4%
FY25 Q2 26.9%
FY25 Q3 28.6%
FY25 Q4 20.0%
FY26 Q1 10.8%
FY26 Q2 9.9%
FY26 Q3 3.6%
FCF margin (TTM) Coinbase
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 21.7% FCF margin (TTM), FY24 Q1: 15.6% FCF margin (TTM), FY24 Q2: 20.3% FCF margin (TTM), FY24 Q3: 25.5% FCF margin (TTM), FY24 Q4: 47.3% FCF margin (TTM), FY25 Q1: 50.9% FCF margin (TTM), FY25 Q2: 47.1% FCF margin (TTM), FY25 Q3: 43.2% FCF margin (TTM), FY25 Q4: 33.8% FCF margin (TTM), FY26 Q1: 26.8% FCF margin (TTM), FY26 Q2: 27.3% FCF margin (TTM), FY26 Q3: 25.0% 25.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 21.7%
FY24 Q1 15.6%
FY24 Q2 20.3%
FY24 Q3 25.5%
FY24 Q4 47.3%
FY25 Q1 50.9%
FY25 Q2 47.1%
FY25 Q3 43.2%
FY25 Q4 33.8%
FY26 Q1 26.8%
FY26 Q2 27.3%
FY26 Q3 25.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Coinbase took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $7.2B
  2. Other income $86.6M · 1.2%
  3. Research and development $1.7B · 23.3%
  4. Selling, general and admin $2.7B · 37.3%
  5. Other operating costs $1.4B · 19.5%
  6. Operating income $1.4B · 20.0%
  7. Income tax $262M · 3.6%
  8. Net income $1.3B · 17.6%

Shares of revenue. Source: Coinbase's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.5 1.3 7.8 3.2 3.1 6.6 7.2 5.6
EBITDA −0.0 0.4 3.1 −2.6 −0.0 2.4 1.6 0.5
Operating income −0.0 0.4 3.1 −2.7 −0.2 2.3 1.4 0.2
Net income −0.0 0.3 3.6 −2.6 0.1 2.6 1.3 −0.7
Diluted EPS −$0.50 $1.40 $14.50 −$11.83 $0.37 $9.48 $4.45 −$2.50
Growth (year on year)
Revenue — +139.3% +513.7% −59.3% −2.7% +111.2% +9.4% −26.6%
EBITDA — — +613.8% −181.4% — — −33.3% −80.2%
Operating income — — +652.3% −188.1% — — −37.8% −90.9%
Net income — — +>999% −172.4% — +>999% −51.1% −121.8%
Diluted EPS — — +935.7% −181.6% — +>999% −53.1% −122.0%
Margins
EBITDA margin −5.4% 34.4% 40.1% −80.0% −0.7% 37.1% 22.6% 8.3%
Operating margin −8.6% 32.0% 39.2% −84.8% −5.2% 35.1% 20.0% 3.6%
Net margin −5.7% 25.2% 46.2% −82.2% 3.1% 39.3% 17.6% −12.5%
Free-cash-flow margin −21.4% 22.2% 51.5% −49.7% 21.7% 47.3% 33.8% 25.0%
Cash flow
Cash from operations −0.1 0.3 4.0 −1.6 0.7 3.1 2.4 1.4
Capital spending 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow −0.1 0.3 4.0 −1.6 0.7 3.1 2.4 1.4
Stock-based pay 0.0 0.1 0.8 1.6 0.8 0.9 0.8 0.9
Free cash flow after stock pay −0.1 0.2 3.2 −3.2 −0.1 2.2 1.6 0.5
Balance sheet
Cash 0.5 1.1 7.1 4.4 5.5 9.3 11.3 8.6
Total debt 0.0 0.0 3.4 3.4 3.0 4.6 7.7 6.7
Net debt (negative = net cash) −0.5 −1.1 −3.7 −1.0 −2.5 −4.7 −3.6 −1.9
Diluted shares 61m 91m 220m 222m 254m 273m 287m 281m
Returned to shareholders
Buybacks 0.0 0.0 0.0 0.0 0.0 0.0 0.8 2.0
Total returned 0.0 0.0 0.0 0.0 0.0 0.0 0.8 2.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · September 30, 2026
What it owns · $27.4bn
Short-term assets $17.6bnLonger-term assets $9.7bn
What it owes, and who funded it · $27.4bn
Short-term liabilities $7.3bnLonger-term liabilities $6.2bnShareholders' equity $13.9bn
  • Short-term assets cover short-term liabilities $17.6bn of assets due within a year against $7.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $17.6bn short-term assets against $6.2bn of longer-dated liabilities.
  • More cash than debt $8.6bn of cash against $5.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 43% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 52% to 43% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.4bn of operating cash flow against $5.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $201m against $87m of interest.

From Coinbase's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$2B
Returned to shareholders
145%
of free cash flow
Buybacks, last 3 fiscal years
$790M
Diluted share count
−0.9%
year over year
Total shareholder yield
5.6%
dividends 0.0% + buybacks 5.6% of market value
R&D spending
34.5%
of revenue
Days sales outstanding
18 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in financial exchanges & data
Last 12 months unless stated COIN CBOE CME MCO NDAQ MSCI Median
Revenue, last 12 months $5.6bn $5.3bn $7.0bn $8.2bn $9.1bn $3.4bn $5.3bn
Revenue growth, last 12 months −26.6% 14.3% 9.0% 9.0% 11.5% 12.3% 9.4%
Revenue growth, 3-year average 26.5% 11.5% 9.2% 12.6% 15.1% 12.4% 12.4%
Revenue growth, latest quarter −35.0% 19.0% 13.0% 0.8% 20.9% 12.4% 12.4%
Gross margin — 53.9% — 74.6% 63.2% 82.4% 63.1%
Operating margin 3.6% 36.4% 65.7% 44.6% 29.8% 55.7% 40.5%
Operating margin, 3-year average 19.6% 31.2% 64.8% 42.4% 26.7% 54.4% 38.4%
Net margin −12.5% 28.0% 63.5% 35.3% 22.8% 40.3% 29.6%
Cash from operations / revenue 25.0% 49.7% 63.5% 40.7% 27.8% 47.0% 40.7%
Free-cash-flow margin 25.0% 47.9% 62.1% 36.4% 24.7% 45.9% 36.4%
Free-cash-flow margin, 3-year average 31.2% 33.6% 62.0% 34.0% 23.7% 48.5% 34.0%
Stock pay / revenue 16.9% 1.0% 1.4% 2.9% 1.9% 3.7% 2.9%
Change in share count −0.9% −0.1% 0.2% −2.5% −1.7% −5.5% −1.7%

Median of all 11 companies we cover in financial exchanges & data. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

11 financial exchanges & data companies
Measure Company Peer median Rank
Revenue growth Growth -26.6% 9.4% 11 of 11
Change in growth rate Growth -16.3pp +0.4pp 11 of 11
Operating margin Profitability 3.6% 40.5% 11 of 11
Net margin Profitability -12.5% 29.6% 11 of 11
Free-cash-flow margin Cash generation 25.0% 37.6% 7 of 8
Stock pay as % of revenue Cash generation 16.9% 2.9% 11 of 11
Long-term debt as % of assets Balance sheet 21.7% 21.7% 5 of 8
Change in share count Balance sheet -0.9% -1.7% 9 of 11
Days sales outstanding Balance sheet 18 days 44 days 1 of 6

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Bank Servicing and Subscription and Circulation $6.9B ▲ 9.4%
Bank Servicing $4.1B ▲ 1.7%
Bank Servicing Consumer Net $3.3B ▼ 3.1%
Subscriptions $2.8B ▲ 22.6%
Subscription and Circulation Stablecoin $1.3B ▲ 48.1%
Subscription and Circulation Blockchain Infrastructure Service $677M ▼ 4.0%
Subscription and Circulation Other $555M ▲ 30.5%
Bank Servicing Institutional $480M ▲ 38.8%
Other Revenue $298M ▲ 10.0%
Bank Servicing Other $253M ▲ 20.3%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $6B 83.7% ▲ 10.1%
Outside the US $1.2B 16.3% ▲ 6.1%

From Coinbase's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$21.4B
Institutions reporting
1,110
Shares held vs prior quarter
▲ 2.4%
Positions opened / closed
91 / 163

Top buyers and sellers, Q2 2026: 440 institutions bought and 618 sold ; the biggest buyer was Nomura Holdings Inc (+803K shares) and the biggest seller FMR LLC (−980K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.4B 16.7M 11.4% ▼ 0.2%
Vanguard Capital Management LLC $2.1B 14.2M 9.7% ▲ 0.3%
Vanguard Portfolio Management LLC $1.4B 9.6M 6.5% ▲ 0.9%
State Street Corp $1.4B 9.6M 6.5% ▲ 2.2%
Geode Capital Management, LLC $946M 6.2M 4.4% ▲ 0.4%
Morgan Stanley $556M 3.8M 2.6% ▲ 0.1%
Paradigm Operations LP $466M 3.2M 2.2% ▼ 11.3%
Norges Bank $408M 2.8M 1.9% —
Goldman Sachs Group Inc $372M 2.5M 1.7% ▲ 1.4%
ARK Investment Management LLC $367M 2.5M 1.7% ▲ 5.8%
UBS Group AG $338M 2.3M 1.6% ▼ 8.0%
Clear Street Group Inc. $338M 2.3M 1.6% ▼ 9.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Coinbase's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $327M 256 trades by 9 insiders · 100% under pre-set plans
Net ▼ $327M net selling
Insider Date Trade Shares Price Value
Andreessen Marc L Director October 2, 2026 Sell pre-set plan 6,838 $198.00 $1.4M
Andreessen Marc L Director October 1, 2026 Sell pre-set plan 13,676 $186.18 $2.5M
Andreessen Marc L Director September 21, 2026 Sell pre-set plan 6,838 $205.05 $1.4M
Haas Alesia J Chief Financial Officer September 21, 2026 Sell pre-set plan 1,371 $207.10 $283,941
Haas Alesia J Chief Financial Officer September 21, 2026 Sell pre-set plan 1,409 $206.42 $290,843
Haas Alesia J Chief Financial Officer September 21, 2026 Sell pre-set plan 35,840 $205.14 $7.4M
Haas Alesia J Chief Financial Officer September 21, 2026 Sell pre-set plan 410 $203.67 $83,504
Andreessen Marc L Director September 8, 2026 Sell pre-set plan 13,676 $181.14 $2.5M
Wilson Frederick R Director September 1, 2026 Sell pre-set plan 992 $182.57 $181,109
Wilson Frederick R Director September 1, 2026 Sell pre-set plan 808 $181.92 $146,995
Wilson Frederick R Director September 1, 2026 Sell pre-set plan 1,317 $180.77 $238,071
Wilson Frederick R Director September 1, 2026 Sell pre-set plan 1,183 $179.99 $212,927

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 45 trades and filings

In the last 12 months, 2 members of Congress disclosed 4 purchases and 6 sales of Coinbase shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded August 18, 2026, filed September 10, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded July 17, 2026, filed September 4, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded June 16, 2026, filed July 2, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • May 7, 2026
  • February 12, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Coinbase was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Coinbase in brief

What does Coinbase do?
Coinbase is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.
What is Coinbase's stock ticker?
Coinbase trades under the ticker COIN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Coinbase's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Coinbase reported revenue of $5.6B, 26.6% lower than a year earlier, according to its SEC filings.
What is Coinbase's free cash flow?
Coinbase's free-cash-flow margin is 25.0% of revenue over the trailing twelve months, ranking 7 of the 8 financial exchanges & data companies we cover.
What is Coinbase's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Coinbase's free cash flow after stock-based pay gives ~$130 per share in the base case, and ~$100–$170 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Coinbase's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Coinbase buying back stock, and does it pay a dividend?
Coinbase spent $2B on share repurchases over the trailing twelve months, and its diluted share count fell 0.9% over the year.
What is Coinbase's market cap?
On November 2, 2026, Coinbase's market capitalisation was about $38.7B and net debt of -$1.9B. Market figures come from third-party market data and may be delayed.
How much debt does Coinbase have?
Coinbase's debt-to-equity ratio is 42.7%, from its latest balance sheet (52.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Coinbase's competitors?
In our Financial Exchanges & Data peer group, the companies closest to Coinbase are Cboe Global Markets, CME Group, Moody's Corporation, Nasdaq, Inc. and MSCI. The side-by-side comparison below sets their revenue, margins and growth against Coinbase's.
Are insiders buying or selling Coinbase stock?
Over the last 12 months, Coinbase's directors and officers reported 0 open-market purchases and 256 sales on Form 4. The insider trading page charts every trade.
When is Coinbase's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Coinbase announces its own schedule.