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Coinbase Global, Inc. COIN Subscription and Circulation — Revenue

Other product segments

Consumer, net
$566.9M-48.3%
Stablecoin revenue
$305.44M+11.5%
Institutional, net
$135.73M+37.3%
Other subscription and services revenue
$109.43M-22.3%
Blockchain rewards
$100.85M-48.7%
Other transaction revenue
$53.2M-21.6%

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Other financials

Income statement

See full
Revenue$1.4B-30.5%
Operating income-$21.4M-103%
Net income-$394.1M-701%
EPS (diluted)-$1.49-721%

Balance sheet

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Cash & equivalents$10.2B-23.3%
Total debt$6.5B+50.5%
Total equity$13.5B+28.8%
Total assets$28.8B+32.8%

Cash flow

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Operating cash flow$182.7M-78.6%
CapEx$154.0K+2,467%
Free cash flow$313.8M+179%

Valuation

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Market cap$37.55B-52.2%
Enterprise value$33.85B-51.3%
P/E24.5×-1.1×
P/S5.7×-5.6×

Profitability

See full
Operating margin10.8%-21.6pp
Net margin41.9%+12.2pp
FCF margin6.6%—

Returns & leverage

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Return on equity26%+4.7pp
Debt / equity0.5×+0.1×
Current ratio2.1×-0.4×

Where this comes from

Reported directly by Coinbase Global, Inc. in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: Coinbase Global, Inc.’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Coinbase Global, Inc.'s subscription and circulation — revenue?
Coinbase Global, Inc. (COIN) reported subscription and circulation — revenue of $583.52M in Q1 2026.
How has Coinbase Global, Inc.'s subscription and circulation — revenue changed year-over-year?
Coinbase Global, Inc.'s subscription and circulation — revenue decreased by 13.5% year-over-year, from $674.61M to $583.52M.
What is the long-term trend for Coinbase Global, Inc.'s subscription and circulation — revenue?
Over 4 years (2021 to 2025), Coinbase Global, Inc.'s subscription and circulation — revenue has grown at a 52.6% compound annual growth rate (CAGR), from $517.49M to $2.8B.
What does subscription and circulation — revenue mean?
This metric represents revenue generated from non-transactional services, including blockchain rewards, custodial fees, and subscription-based products. It reflects the company's efforts to diversify income streams beyond volatile trading commissions by providing recurring value-added services to crypto-asset holders. This segment is critical for assessing the stability and predictability of the firm's long-term business model.