Key Highlights from Coinbase's Income Statement
| Fiscal Year | TTM (Mar '25) | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|
| Revenue | $6.66B | $6.29B | $2.93B | $3.15B | $7.84B |
| Gross Profit | $5.68B | $5.40B | $2.51B | $2.52B | $6.57B |
| Net Income | $1.47B | $2.58B | $94.9M | -$2.63B | $3.62B |
| Profit Margin | 22.02% | 40.96% | 3.24% | -83.36% | 39.52% |
Revenue Breakdown and Trends
Coinbase's revenue growth shows dramatic year-over-year changes:
- 115.04% growth in FY2024
- 514.76% surge in FY2021
- 59.82% decline in FY2022
The cost of revenue remained stable at 12-20% of total revenue, indicating scalable operations despite market volatility.
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Profitability Metrics
Key margins to watch:
- Gross margin: Consistently strong at 80-89%
- Operating margin: Recovered to 32.36% in FY2024
- EBITDA margin: From -81.33% (2022) to 34.38% (2024)
The effective tax rate dropped to 7.51% in TTM period, significantly boosting net income.
Shareholder Value Indicators
- EPS (Diluted): $9.48 (2024) vs $0.37 (2023)
- Free cash flow per share: $9.35 (2024)
- Shares outstanding: 4.06% YoY increase in TTM
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FAQ: Coinbase Financials
Q: Why did Coinbase's 2022 results show massive losses?
A: The crypto winter caused trading volume declines and asset write-downs, reflected in the -83.36% profit margin.
Q: What drove the 2024 revenue recovery?
A: Institutional adoption and new product offerings (staking services, derivatives) contributed to 115% revenue growth.
Q: How does Coinbase's 85% gross margin compare to competitors?
A: This exceeds traditional brokerages (60-70%) but aligns with top crypto exchanges due to low transaction costs.
Q: Is the share count increase concerning?
A: The 7.46% dilution in 2024 primarily financed strategic acquisitions, offset by strong EPS growth.
Conclusion
Coinbase demonstrates remarkable resilience with:
- Revenue diversification beyond trading fees
- Cost control during market downturns
- ROI-positive expansion (evident in 2024 results)
Data current as of May 2025. Methodology follows GAAP reporting standards.