Market capitalisation
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Share price multiplied by shares outstanding. It does not measure company cash.
Company analysis·COIN
Preparing the analysis
We’re preparing the company’s analysis.
NASDAQ·COIN
Coinbase Global, Inc.
Share price$134.76Price as of: Nov 6, 2026
Coinbase Global, Inc. (COIN) is a company listed on NASDAQ, classified under Financial - Data & Stock Exchanges.
Coinbase Global, Inc.
Revenue · FY 2025
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Sales generated during the period, before costs and expenses.
Net margin · FY 2025
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Net income as a proportion of revenue.
“Our take” and other explanations are generated with artificial intelligence from the data, without human review of each text. They are descriptive, not recommendations. Learn more
Explore questions
P1 · What does it do and how does it make money?
Of every $100 it takes in,46 come from Bank Servicing, Consumer, Net.
Bank Servicing, Consumer, Net is its largest source of revenue (46.3%), followed by Subscription and Circulation, Stablecoin (18.8%). Here you will see what it sells, where, and how that mix is changing.
$7,181mrevenue in FY 2025
7business lines with data
84%of sales, in UNITED STATES
Full fiscal year ended Dec 31, 2025
After that close
Q3 2026, ended Sep 30, 2026: total revenue −35.0% against the same quarter a year earlier.
This is the revenue of the whole company. The split by lines and regions on this page is still that of the full fiscal year.01How it makes money
The data does not separate products from services.
Not all revenue behaves the same way. A one-off sale depends on someone buying again; a service is billed again and again while the customer stays.
Its business lines · FY 2025
02Where revenue comes from
One line weighs far more than the rest.
Each rectangle is a business line and its size is the share of revenue it brings in. Select one to see the detail.
3.4%
Area = share of total revenue for the year. It does not show profit: the company does not report what each line earns.
$247m (3.4%) of revenue has no segment assigned in the published data.
What is a segment's weight?
The part of everything the company takes in that comes from that line. If a line weighs 49%, then of every 100 in sales, 49 come from it.
How to read it
The more a line weighs, the more revenue depends on it. A high weight is neither good nor bad by itself: it shows where to look first.
03Where sales come from
It depends on one main market.
UNITED STATES is its largest market, with 83.7% of sales. Each square is a region and its area is what it sells there.
Regions from largest to smallest · FY 2025
04How the mix is changing
Bank Servicing, Consumer, Net is losing weight.
Weight of each part in 2024 and in 2025. A line gains weight when it grows faster than the total.
pp = percentage points: the difference between two percentages (from 25% to 27% is 2 pp).
05Read with care
What we can deduce from the data. And what we cannot.
We can deduceWe cannot conclude
01
FY 2025 revenue growth relied mainly on Subscription and Circulation, Stablecoin, which brought 71.0% of the increase while being just 13.9% of revenue.
That the business has a diversified growth base: without Stablecoin, overall growth was minimal and two major lines subtracted from it.
02
83.7% of revenue and 89.1% of FY 2025 growth came from the US: international expansion weighs little on overall sales and gains.
That international sales could offset the US market if it stagnated: international growth contributed little in FY 2025.
03
Two key lines subtracted from FY 2025 revenue (Bank Servicing, Consumer, Net and Blockchain Infrastructure Service); gains depended on a few specific lines.
That all lines made progress: several merely offset drops in larger lines, with no broad uplift.
Our take
FY 2025 growth rested on a single business line and the US market, with the rest just offsetting setbacks.
- 01Shown by the figures
Growth is highly concentrated
FY 2025 revenue gains were driven almost entirely by Subscription and Circulation, Stablecoin. Without it, company-wide growth was marginal, with major lines like Bank Servicing, Consumer, Net, declining.
What is not proven
It is unknown whether the fastest-growing lines have higher margins than those that shrank; if so, dependence on Stablecoin or the US would be even more crucial.
See the calculations behind it
- Subscription and Circulation, Stablecoin brought $438.4M of the $617.3M by which revenue grew in FY 2025 (71.0%), although it weighed 13.9%. Without that line, the rest grew 3.2%.
- Dependence on Bank Servicing, Consumer, Net falls: from 52.3% of revenue in FY 2024 to 46.3% in FY 2025.
- Bank Servicing, Consumer, Net and Subscription and Circulation, Blockchain Infrastructure Service took away $135.8M in FY 2025; the other lines made up for it and revenue still rose $617.3M.
- United States brings 83.7% of sales (83.2% in FY 2024).
- Subscription and Circulation, Stablecoin accounts for 71.0% of the change in revenue in FY 2025 and weighed 13.9%.
- United States brought 89.1% of the growth in sales by region in FY 2025, weighing 83.2%.
With data to Nov 4, 2026. Analysis written by a language model from our calculations, which supply every figure. It is not investment advice.
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