How Coinbase (COIN) Makes Money: A Visual Guide
Coinbase (COIN) generated $6.43B in revenue (TTM through Q4 2025), earning $1.26B in net profit (19.6% margin). Its largest revenue source is Bank Servicing, Consumer, Net (47.9% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.
Coinbase (COIN) Income Statement Flow
Frequently asked questions
How does Coinbase (COIN) make money?
- Coinbase (COIN) primarily makes money through Bank Servicing, Consumer, Net, which accounts for 47.9% of total revenue. For TTM through Q4 2025, Coinbase generated $6.43B in total revenue with a net profit margin of 19.6%.
What is Coinbase (COIN) gross profit margin?
- Coinbase (COIN) reported a gross profit margin of 77.1% for TTM through Q4 2025, equivalent to $4.96B in gross profit. This means Coinbase retains 77.1% of each revenue unit after direct costs of production.
What is Coinbase (COIN) operating profit margin?
- Coinbase (COIN) reported an operating profit margin of 11.2% for TTM through Q4 2025, equivalent to $717.28M in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is Coinbase (COIN) net profit margin?
- Coinbase (COIN) reported a net profit margin of 19.6% for TTM through Q4 2025, equivalent to $1.26B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does Coinbase (COIN) invest in R&D?
- Coinbase (COIN) invested $1.67B in research and development in TTM through Q4 2025 (26.0% of total revenue). R&D spending reflects investment in future products, services, and technologies.
What is Coinbase (COIN) free cash flow?
- Coinbase (COIN) generated $2.43B in free cash flow for TTM through Q4 2025 (37.7% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.
What is Coinbase (COIN) effective tax rate?
- Coinbase (COIN) had an effective tax rate of 17.2% for TTM through Q4 2025. This is the actual percentage of pre-tax income paid as income taxes.
About this data
- What is a Sankey diagram?
- A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
- How is the data calculated?
- We use the income statement from company filings. For TTM (Trailing Twelve Months), we sum the last four quarters. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
- When was this data last updated?
- Based on company filings through TTM through Q4 2025.