How does Coinbase (COIN) make money?

Coinbase (COIN) generates revenue primarily from Bank Servicing, Consumer, Net, which accounted for 44.3% of total revenue in TTM through Q1 2026. The company reported $5.81B in revenue and converted 13.8% of it into net profit, equivalent to roughly $800.60M in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Coinbase (COIN)?

Coinbase (COIN) reported a gross profit margin of 75.9% in TTM through Q1 2026, equivalent to $4.41B in gross profit on $5.81B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Coinbase (COIN)?

Coinbase (COIN) reported an operating profit margin of 0.4% in TTM through Q1 2026, equivalent to $25.20M in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Coinbase (COIN)?

Coinbase (COIN) reported a net profit margin of 13.8% in TTM through Q1 2026, equivalent to $800.60M in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Coinbase (COIN) profitable?

Yes. Coinbase (COIN) reported $800.60M in net income for TTM through Q1 2026, with a net profit margin of 13.8%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Coinbase (COIN) invest in research and development?

Coinbase (COIN) invested $1.84B in research and development during TTM through Q1 2026, roughly 31.7% of total revenue. R&D spending funds the company's future product pipeline and is expensed in full on the income statement rather than capitalised, which makes the operating margin sensitive to how aggressively management chooses to reinvest in innovation.

How much free cash flow does Coinbase (COIN) generate?

Coinbase (COIN) generated $2.79B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 48.0%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Coinbase (COIN)?

Coinbase (COIN) had an effective tax rate of 17.9% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Coinbase (COIN)?

Coinbase (COIN) reports revenue across 7 reportable product segments, led by Bank Servicing, Consumer, Net at 44.3% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

Where does Coinbase (COIN) generate most of its revenue?

UNITED STATES is the largest geographic market for Coinbase (COIN), accounting for 83.7% of revenue in the most recent annual filing. The complete regional split — including international markets and any Rest-of-World rollup — is shown in the revenue-by-geography table on this page.

How Coinbase Makes Money: 2026 Visual Revenue Map

Coinbase (COIN) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 7, 2026).

Coinbase (COIN) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Coinbase (COIN) in TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Bank Servicing, Consumer, Net	$2.57B	44.3%
Subscription and Circulation, Stablecoin	$1.25B	21.5%
Subscription and Circulation, Blockchain Infrastructure Service	$535.82M	9.2%
Subscription and Circulation, Other	$482.07M	8.3%
Bank Servicing, Institutional	$475.80M	8.2%
Other Revenue	$274.09M	4.7%
Bank Servicing, Other	$219.49M	3.8%
Total	$5.81B	100%

Bank Servicing, Consumer, Net$2.57B
Subscription and Circulation, Stablecoin$1.25B
Subscription and Circulation, Blockchain Infrastructure Service$535.82M
Subscription and Circulation, Other$482.07M
Bank Servicing, Institutional$475.80M
Other Revenue$274.09M
Bank Servicing, Other$219.49M
Total$5.81B

Coinbase (COIN) Revenue by Geography — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported regions changed mid-year.

Revenue contribution by geographic region for Coinbase (COIN), TTM through Q1 2026
Region	Revenue (USD)	% of total
UNITED STATES	$5.49B	83.7%
Rest of the World	$1.07B	16.3%
Total	$6.56B	100%

UNITED STATES
Rest of the World
Total

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Coinbase (COIN) reports revenue across 7 operating segments; the largest segment was Bank Servicing, Consumer, Net at 44.3%, followed by Subscription and Circulation, Stablecoin (21.5%) and Subscription and Circulation, Blockchain Infrastructure Service (9.2%). Separately, by end-market geography, UNITED STATES accounted for 83.7% of revenue, followed by Rest of the World (16.3%).

Frequently asked questions

Data & methodology

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

Overview

COIN Overview

Counters

Income Statement

Cash Flow

Capital Return

Buybacks3.79% TTM

Forecast & Valuation