Coinbase Global, Inc. (COIN) closed fiscal year 2025 with a gross margin of 74.6 % and a net margin of 17.6 %.
Coinbase Global, Inc. (COIN) closed fiscal year 2025 with a gross margin of 74.6 % and a net margin of 17.6 %. The same year shows an EBITDA margin of 22.6 % and an EBIT margin of 20.0 %. The free cash flow margin was 33.8 %. Against the previous year the gross margin moved −0.1 pp and the net margin −21.7 pp. Across the period the gross margin ranges between 63.5 % in 2023 and 80.3 % in 2022. The series covers 7 fiscal years, from 2019 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|
| Gross margin (%) | — | — | — | 80.28 % | 63.47 % | 74.78 % | 74.64 % |
| EBITDA margin (%) | -5.42 % | 34.44 % | 40.06 % | -80.02 % | -0.71 % | 37.09 % | 22.61 % |
| EBIT margin (%) | -8.58 % | 32.01 % | 39.24 % | -84.85 % | -5.20 % | 35.15 % | 19.99 % |
| Net margin (%) | -5.69 % | 25.23 % | 46.23 % | -82.18 % | 3.05 % | 39.29 % | 17.55 % |
| FCF margin (%) | -21.38 % | 22.20 % | 51.47 % | -49.73 % | 21.66 % | 47.29 % | 33.79 % |
