Revenue is highly volatile, with non-interest income dominating (65.2% of total in 2026Q2) but net income has been negative for three of the last four quarters, including a -$359.5M loss in 2026Q2, while the efficiency ratio deteriorated to 90.5%.
Coinbase Global, Inc. (COIN) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Net Interest Income | 2.12B | -85.41M | -80.64M | -82.77M | -88.9M | -29.16M | 0 | 0 |
| NII Growth % | 10702% | -5.91% | 2.56% | 6.9% | -204.87% | - | - | - |
| Net Interest Margin % | 8% | -0.29% | -0.36% | -0.56% | -0.1% | -0.14% | 0% | 0% |
| Interest Income | 2.21B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 89.45M | 85.41M | 80.64M | 82.77M | 88.9M | 29.16M | 0 | 0 |
| Loan Loss Provision | 1.07B | 1.74B | 1.58B | 1.05B | 540.98M | 1.71B | 135.51M | 82.06M |
| Non-Interest Income | 3.33B | 7.18B | 6.56B | 3.11B | 3.19B | 7.84B | 1.28B | 533.74M |
| Non-Interest Income % | 61.14% | 101.2% | 101.24% | 102.74% | 102.86% | 100.37% | 100% | 100% |
| Total Net Revenue | 5.44B | 7.1B | 6.48B | 3.03B | 3.11B | 7.81B | 1.28B | 533.74M |
| Revenue Growth % | -21.39% | 9.45% | 114.28% | -2.57% | -60.24% | 511.38% | 139.35% | - |
| Non-Interest Expense | 4.4B | 3.92B | 2.6B | 2.13B | 5.27B | 3.02B | 733.02M | 487.32M |
| Efficiency Ratio | 80.74% | 55.31% | 40.09% | 70.55% | 169.86% | 38.72% | 57.38% | 91.3% |
| Operating Income | -23.63M | 1.44B | 2.31B | -161.66M | -2.71B | 3.08B | 408.95M | -35.64M |
| Operating Margin % | -0.43% | 20.23% | 35.59% | -5.34% | -87.28% | 39.39% | 32.01% | -6.68% |
| Operating Income Growth % | - | -37.78% | 1527.15% | 94.04% | -188.09% | 652.31% | 1247.35% | - |
| Pretax Income | -1.24B | 1.52B | 2.94B | -76.84M | -3.06B | 3.03B | 409.2M | -45.42M |
| Pretax Margin % | -22.85% | 21.45% | 45.39% | -2.54% | -98.69% | 38.76% | 32.03% | -8.51% |
| Income Tax | -256.51M | 261.74M | 363.58M | -171.72M | -439.63M | -597.17M | 86.88M | -15.03M |
| Effective Tax Rate % | 20.62% | 17.2% | 12.36% | 223.46% | 14.35% | -19.73% | 21.23% | 33.09% |
| Net Income | -987.77M | 1.26B | 2.58B | 94.87M | -2.62B | 3.62B | 322.32M | -30.39M |
| Net Margin % | -18.14% | 17.76% | 39.78% | 3.14% | -84.53% | 46.4% | 25.23% | -5.69% |
| Net Income Growth % | -134.52% | -51.13% | 2618.5% | 103.61% | -172.43% | 1024.4% | 1160.71% | - |
| Net Income (Continuing) | -987.77M | 1.26B | 2.58B | 94.87M | -2.62B | 3.62B | 322.32M | -30.39M |
| EPS (Diluted) | -3.75 | 4.45 | 9.48 | 0.37 | -11.83 | 14.50 | 0.58 | -0.45 |
| EPS Growth % | -137.14% | -53.06% | 2462.16% | 103.13% | -181.59% | 2400% | 228.89% | - |
| EPS (Basic) | - | 4.85 | 10.42 | 0.40 | -11.84 | 17.47 | 0.58 | -0.46 |
| Diluted Shares Outstanding | 263.41M | 287.21M | 273.38M | 254.39M | 222.34M | 219.97M | 185.99M | 66.99M |
Quick answers to the most common questions about buying COIN stock.
For fiscal year 2025, Coinbase Global, Inc. (COIN) reported total revenue of $7.10B. This represents a 1229.5% increase compared to $533.7M in 2019.
Coinbase Global, Inc. (COIN) is profitable, generating $1.26B in net income for the fiscal year ending 2025 with a net profit margin of 17.6%.
Coinbase Global, Inc. (COIN) reported an operating income of $1.44B, resulting in an operating profit margin of 20.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Coinbase Global, Inc. (COIN) generated $5.36B in gross profit for the year, representing a gross profit margin of 74.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory and revenue volatility
Metrics are mathematically derived from official filings.
Interest Income Swings Sharply
Net interest income swung from $1.8B in 2025Q4 to negative $22.6M in 2026Q1, reflecting volatile stablecoin and fiat interest earnings, as per quarterly disclosures.
The dramatic collapse in NII from 2025Q4 to 2026Q1 suggests a sharp decline in interest-earning asset yields or a reduction in average balances, possibly tied to USDC market cap fluctuations. The negative NII in recent quarters indicates that funding costs exceeded interest income, a rare occurrence for a financial platform, and may reflect elevated expenses on customer balances. Investors should monitor the sustainability of interest income, as it appears highly sensitive to both rate policy and stablecoin adoption.
Margin Compression Amid Revenue Mix Shift
Net interest margin fell from 5.9% in 2025Q4 to -0.1% in 2026Q1, while efficiency ratio spiked to 90.5% in 2026Q2, indicating severe margin pressure, per financial statements.
The negative NIM in recent quarters suggests that the cost of funding customer deposits or stablecoin reserves exceeded the yield on interest-earning assets, a condition that is unsustainable if prolonged. The efficiency ratio of 90.5% in 2026Q2 implies that operating expenses consumed nearly all revenue, leaving minimal pre-provision profit. This margin compression appears driven by a mix shift toward lower-margin institutional trading and higher fixed costs, which may persist if retail volumes remain subdued.
Operating Leverage Turns Negative
Efficiency ratio deteriorated from 28.6% in 2024Q1 to 90.5% in 2026Q2, indicating that expenses grew faster than revenue, eroding operating leverage, as reported in quarterly results.
The sharp rise in the efficiency ratio suggests that the company's cost base, including technology and compliance, has become less flexible relative to revenue swings. In 2026Q2, operating income was negative despite positive revenue, implying that fixed costs overwhelmed variable income. This trend may indicate that the company has not fully adjusted its cost structure to the lower trading volumes, and investors should watch for further cost rationalization or revenue recovery to restore profitability.
Provision Expense Remains Elevated
Provision for credit losses totaled $167.3M in 2026Q2, down from $406.0M in 2026Q1, yet still significant relative to revenue, based on reported figures.
The provision expense, though reduced, continues to absorb a meaningful portion of revenue, suggesting ongoing credit risk in the company's lending or custodial activities. The elevated provisions may reflect counterparty risks or loan losses in its financing operations, which could be tied to crypto market volatility. Investors should monitor the adequacy of reserves and the trajectory of provisions, as a further increase could pressure earnings.
Fee Income Dominates but Volatile
Non-interest income accounted for 65.2% of total revenue in 2026Q2, down from 100% in prior quarters, indicating a shift in revenue mix, as per financial data.
The decline in fee income share suggests that interest income has become more significant, but the overall revenue base remains heavily dependent on transaction fees, which are highly sensitive to crypto trading volumes. The negative non-interest income in 2025Q4 (-$748.9M) highlights the volatility of this stream, possibly due to mark-to-market losses on crypto assets or customer-related liabilities. This dependency on trading activity exposes the company to sharp revenue declines during market downturns, as seen in the latest quarter.
2026Q2 Marks Earnings Inflection
Net income swung to -$359.5M in 2026Q2 from -$394.1M in 2026Q1, with EPS at -$1.36, reflecting persistent losses and a potential turning point, per quarterly reports.
The consecutive quarterly losses in 2026Q1 and Q2, following a profitable 2025Q3, suggest a deterioration in the company's earnings power, possibly due to declining trading volumes and margin compression. The absence of forward guidance in the latest report adds uncertainty, and the EPS miss versus consensus indicates that analysts had expected a smaller loss. This inflection may signal a prolonged period of reduced profitability unless market conditions improve or cost measures take effect.
Earnings Quality Under Scrutiny
Despite reported revenue, net income has been negative for three of the last four quarters, raising questions about earnings quality, as per financial disclosures.
The company's reliance on volatile non-interest income and the impact of SAB 121, which inflates balance sheet assets without affecting cash flows, may distort the true economic performance. The negative net income in recent quarters, despite positive revenue, suggests that operating expenses and provisions are outpacing income generation. Investors should be cautious about the sustainability of any reported profits, as they may be influenced by one-time items or accounting adjustments, and should focus on cash flow metrics and pre-provision earnings.