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Coinbase cash flow statement

In fiscal 2025, Coinbase's operations generated $2.43bn of cash; it spent $0 on capital projects, leaving free cash flow of $2.43bn. It returned $790m through buybacks.

Cash flow statement

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

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations−812944,038−1,5856733,1042,4261,409
Depreciation and amortisation173164154140128188265
Stock-based pay31718211,566781913839950
Capital spending3410330000
Free cash flow−1142844,035−1,5886733,1042,4261,409
Free cash flow after stock pay−1452133,215−3,154−1072,1911,587459
Share buybacks21200007902,039

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Coinbase's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Coinbase.