CoinbaseCOIN

CoinbaseCOIN

Revenue: is the business selling more than it used to?

$7.2B+9% YoYFY 2025

→Revenue reached $7.2B in 2025, compounding +31% a year since 2022 though the pace has cooled. The last twelve months (-10%) ran below that pace, so growth is slowing. The trailing twelve months are already running at $6.3B, behind the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

Net income: how much of that revenue becomes profit?

$1.3B−50% YoYFY 2025

→Net income was $1.3B in 2025, against $2.6B the year before. Earnings per share moved -133% over the last twelve months. Trailing twelve-month profit stands at $-948M.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

How fast is it growing, year by year?

+9.4%revenue growth, FY 2025

→Revenue grew +9% in 2025 against a five-year average of +114%. Earnings went the other way (-50%) even as sales grew, so margins compressed: costs rose faster than revenue. 2021's +1017% earnings rebound off a collapsed base and 2024's +2500% earnings rebound off a collapsed base sits off the axis.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

Revenue per share: is your slice growing as fast as the company?

$25.00revenue per share, FY 2025

→Revenue per share reached $25.00 in 2025, compounding +20% a year against +31% for COIN as a whole. Dilution absorbed about 10.7 points of that growth. Free cash flow per share stands at $8.45.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

Free cash flow: what is left in real cash after everything?

$2.4B−22% YoYFY 2025

→Free cash flow was $2.4B in 2025. The trailing twelve months stand at $1.7B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

How much of every sales dollar ends up as free cash?

→34 cents of every sales dollar became free cash in 2025, up 84 points since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is research and development, at 23% of revenue (stock compensation 12%, capital spending 0%). That share has fallen since 2022, so the cost of competing is easing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin widened 105 points to 20% since 2022. After everything, 18 cents of each sales dollar reaches net profit. COIN doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

What does it earn on the money it uses?

→ROE of -7% and ROCE of 7% sit close together, so the returns come from the business itself rather than from borrowing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

What has the market paid for COIN over time?

7.8xP/S today

→At 7.8x sales, the market is paying about what it has typically paid COIN's own 5-year median of 7.5x. Neither a bargain nor a stretch by its own standard. Today's multiple is the lowest in the charted history.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

What cash return does the business throw off per dollar of market value?

3.5%FCF yield today

→Every dollar of market value currently buys 3.5% of annual free cash flow, right at COIN's 5-year median of 3.4%.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

Could it handle its debt if things went wrong?

→The company holds $8.6B in cash against $5.9B of debt - a net-cash balance sheet, which means a bad year is an inconvenience rather than a threat.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

Is the company's own capital growing?

→The company's own capital grew from $6.3B in 2023 to $13.1B (+108%). The business is building book value rather than consuming it.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

How much goes back, and how much leaks out as stock comp?

→Shareholders received $790M in buybacks in 2025. Stock compensation issued $839M of new shares in the same year, offsetting 100% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

How fast is your ownership being diluted - or concentrated?

→The share count grew 5.1% in 2025, averaging 9.0% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

Does COIN earn more on its capital than that capital costs?

→COIN earns 6.8% on the capital it employs, below the 10% most investors treat as the cost of capital.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

COIN has issued or retired shares - did shareholders end up better off?

→COIN's share count rose +368% from 2019 to 2025 while revenue per share grew +187%. Holders are further ahead than before, though the gain per share is smaller than the growth in the business.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

CoinbaseCOIN

Are the people running it buying or selling?

→Insiders sold $22M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 23 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30