What is the primary revenue source for Coinbase Global (COIN)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze COIN's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Coinbase Global's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Coinbase Global Makes Money: COIN Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Revenue: USD 2.63B
Largest revenue segment share (Subscription and Circulation): 43.25%
Selling, general and administrative: USD 1.24B
Research and development: USD 998.50M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Research and developmentTechnology and development · ResearchAndDevelopmentExpense
Largest revenue segment share (Subscription and Circulation)Subscription and Circulation · segment_value / revenue * 100
RevenueRevenue · Revenues
Selling, general and administrativesum(SellingAndMarketingExpense, GeneralAndAdministrativeExpense)

Assets

Where is the money tied up, and how is the company financed?

Steady

The company has a net cash position and relies primarily on its own capital.

Cash and cash equivalents: USD 8.61B
Goodwill: USD 4.14B
Accounts receivable: USD 333.19M
Total liabilities: USD 13.38B
Shareholder equity: USD 13.08B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

GoodwillGoodwill · Goodwill
Shareholder equityTotal shareholders’ equity · StockholdersEquity
Total liabilitiesTotal liabilities · Liabilities
Accounts receivableAccounts receivable, net · AccountsReceivableNetCurrent
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue

Cash

Did accounting profit ultimately turn into cash?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Operating cash flow: USD 380.05M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Operating cash flowsum(waterfull.operating)

Some conclusions lack complete source metrics and should be interpreted cautiously.

Capital expenditure data is missing, so free cash flow cannot be calculated.

Shareholders

Did the money earned actually make its way back to shareholders?

Neutral

The company returned cash to shareholders, but free cash flow data is missing, so coverage cannot be assessed.

Share repurchases: USD 1.24B
Net shareholder return: USD 1.24B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?