Watch on earnings:Monthly transacting users (MTUs) and trading volume per user (retail engagement proxy)Transaction revenue per dollar of volume (take rate compression vs. mix shift)Subscription & services revenue growth (recurring revenue quality, USDC circulation)Adjusted EBITDA margins (operating leverage demonstration in volatile environment)Total trading volume split by asset class (Bitcoin, Ethereum, altcoins) and customer type (retail vs. institutional)
Key metrics:Bitcoin spot price and 30-day realized volatility (primary driver of retail trading activity) · Total cryptocurrency market capitalization (proxy for addressable market size) · Coinbase trading volume market share vs. centralized competitors (Binance, Kraken) and DEX volumes · USDC circulation and Coinbase's share of stablecoin reserves (subscription revenue sustainability)
⚠ Customer asset custody risk: $130B+ in crypto assets held on platform creates operational and reputational risk despite segregation—any security breach or loss would be catastrophic
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Cash & Equivalents
7,123
4,425↓37.9%
5,139↑16.1%
8,544↑66.2%
11,285↑32.1%
Total Current Assets
18,374
86,448↑370.5%
11,357↓86.9%
18,113↑59.5%
20,388↑12.6%
Total Assets
21,274
89,725↑321.7%
14,754↓83.6%
22,542↑52.8%
29,672↑31.6%
Total Current Liabilities
11,419
80,815↑607.7%
5,485↓93.2%
7,941↑44.8%
8,701↑9.6%
Total Liabilities
14,893
84,270↑465.8%
8,472↓89.9%
12,265↑44.8%
14,879↑21.3%
Total Equity
6,382
5,455↓14.5%
6,282↑15.2%
10,277↑63.6%
14,793↑43.9%
Total Debt
3,511
3,490↓0.6%
2,995↓14.2%
4,630↑54.6%
7,831↑69.2%
Net Debt
-3,612
-935↑74.1%
-2,145↓129.3%
-3,914↓82.5%
-3,454↑11.8%
Cash Flow Statement
Metric
Dec 21
Dec 22
Dec 23
Dec 24
Dec 25
Operating Cash Flow
4,038
-1,585↓139.3%
923↑158.2%
2,557↑177.0%
2,426↓5.1%
Capital Expenditure
-83
-3↑96.5%
0
0
0
Free Cash Flow
3,955
-1,585↓140.1%
923↑158.2%
2,557↑177.0%
2,426↓5.1%
Stock-Based Comp
821
1,566↑90.8%
781↓50.1%
913↑16.9%
839↓8.0%
Net Change in Cash
12,825
-8,251↓164.3%
126↑101.5%
5,055↑3918.8%
1,210↓76.1%
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down