TTM
0.4%
YoY change
−15.16pp
Trough year (2022)
-84.8%
Peak year (2021)
39.2%
Latest annual
20.0%
Operating Margin history chart for Coinbase (COIN) from 2019 to 2025
Latest: 20.0%
Operating Margin change chart for Coinbase (COIN) from 2019 to 2025
Latest: −15.16pp
Operating Margin history table for Coinbase (COIN) from 2019 to 2025
| 2025 | 20.0% | -15.16pp | ||
| 2024 | 35.1% | +40.35pp | ||
| 2023 | -5.2% | +79.65pp | ||
| 2022 | -84.8% | -124.09pp | ||
| 2021 | 39.2% | +7.23pp | ||
| 2020 | 32.0% | +38.69pp | ||
| 2019 | -6.7% | — |
- 202520.0%-15.16pp
- 202435.1%+40.35pp
- 2023-5.2%+79.65pp
- 2022-84.8%-124.09pp
- 202139.2%+7.23pp
- 202032.0%+38.69pp
- 2019-6.7%—
Operating Margin values are taken from Coinbase's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About Operating Margin at Coinbase (COIN)
According to Coinbase's latest reported financial statements, the company's latest reported operating margin is 0.4%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
The 2025 reading of Coinbase (COIN) operating margin is 19.99% – contracted 15.2 percentage points year-over-year.
The record annual operating margin stands at 39.24%, reached in 2021; the historical low of -84.85% was recorded in 2022.
Coinbase Operating Margin by Year
Coinbase Operating Margin 2025: 20.0%
In 2025, Coinbase reported operating margin of 19.99%, contracted 15.2 percentage points from 2024.
Coinbase Operating Margin 2024: 35.1%
Coinbase operating margin in 2024 was 35.15%, expanded 40.3 percentage points from 2023.
Coinbase Operating Margin 2023: -5.2%
2023's operating margin for Coinbase came in at -5.20%, expanded 79.6 percentage points from 2022.
Coinbase Operating Margin 2022: -84.8%
Coinbase posted operating margin of -84.85% in 2022, contracted 124.1 percentage points from 2021. This figure represents the lowest annual value in the available history.
Coinbase Operating Margin 2021: 39.2%
Coinbase operating margin in 2021 was 39.24%.
See more financial history for Coinbase (COIN).
Sector peers by Operating Margin
Financial Services peers of Coinbase (COIN), ranked by their latest operating margin
| 61.1% | |
| 59.4% | |
| 26.2% | |
| 22.9% | |
| 20.5% | |
| 20.5% | |
| 19.5% | |
| 16.1% |
- 61.1%
- 59.4%
- 26.2%
- 20.5%
- 20.5%
- 19.5%
Frequently asked questions
Coinbase (COIN) Key Financials
Charts, filings, and peer comparison for every metric
Explore more
Deep-dives across the income statement, cash flow, capital return, and valuation