COINCoinbase
We are working to update the century-old financial system by providing a trusted platform that makes it easy for our customers to engage with crypto assets. 10-K, Item 1
- Employees
- 4,951
- Headquarters
- New York, NY
- Next results
- around Feb 11, 2027
The biggest changes in the 10-K filed 2026-02-12, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Operating margin
35.1% → 20.0% (-15.2 pts) Big change FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Net income
-51.1% Big change FY to 2025-12-31 vs 2024-12-31“For the year ended December 31, 2025 as compared to 2024, the decrease in provision for income taxes was primarily due to lower pretax income, partially offset by lower tax benefits from stock-based compensation.”
Read it in the 10-K ↗
Cash from operations
-21.8% Big change FY to 2025-12-31 vs 2024-12-31“Net cash provided by operating activities decreased by $677.6 million for the year ended December 31, 2025 as compared to 2024 primarily due to:”
Read it in the 10-K ↗
Revenue
+9.4% FY to 2025-12-31 vs 2024-12-31“Transaction revenue increased for the year ended December 31, 2025 as compared to 2024, primarily reflecting:”
Read it in the 10-K ↗
“an increase in institutional transaction revenue driven by an increase of $152.0 million attributed to derivatives trading, due mainly to the acquisition of Deribit.”
Read it in the 10-K ↗
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
Work on COIN in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/COIN/export.csv") into a cell.