← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Coinbase grew revenue +9.4%, but net income -51.1% and operating margin -1516 bps show how cyclical the model remains.
The read at a glance✓ Audited against SEC data
- Growth — Revenue +9.4% to $7.18BOK
- Profitability — Net income -51.1% to $1.26BWatch
- Cash quality — OCF -21.8% to $2.43BWatch
- Margins — Operating margin -1516 bps; net -2174 bpsWatch
- Balance sheet — Debt +70.2% to $7.21BWatch
- Insiders — 0 buys / 62 sellsWatch
Business
Coinbase is a crypto and broader trading platform serving consumers, institutions, and developers. It makes money from transaction fees and from subscription and services products, including stablecoin revenue, blockchain rewards, custody, and developer tools.
Where the revenue comes from
Fiscal 2025, as Coinbase Global, Inc. reports it. History and quarterly detail are in the app.
- Net revenue$6.9B
- Other revenue$297.9M
Leadership changes
From Coinbase Global, Inc.'s own filings, the day they're filed.
- Paul Grewal · Chief Legal Officer · departureeff. 2026-07-31
- Paul Clement · Directors · departureeff. 2026-04-07
- Kathryn Haun · Directors · departureeff. 2024-04-18
Latest filings
- 8-K · Company announcement2026-09-02
- 10-Q · Quarterly report2026-07-30
- 8-K · Company announcement2026-07-30
- 8-K · Company announcement2026-07-23
- 8-K · Company announcement2026-07-09
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about Coinbase Global, Inc., every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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