Coinbase Global, Inc.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
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19. Net Income Per Share
- NET INCOME PER SHARE
The computation of Net income per share, including the weighted-average shares outstanding (“WASO”) used in the computation, is as follows (in thousands, except per share amounts):
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Numerators | |||
| Net income | $1,260,327 | $2,579,066 | $94,871 |
| Less: net income allocated to participating shares | — | (1,311) | (119) |
| Net income attributable to common shareholders, basic | $1,260,327 | $2,577,755 | $94,752 |
| Net income | $1,260,327 | $2,579,066 | $94,871 |
| Add: interest on convertible notes, net of tax | 16,987 | 13,375 | — |
| Less: net income allocated to participating shares | — | (1,193) | (120) |
| Net income attributable to common shareholders, diluted | $1,277,314 | $2,591,248 | $94,751 |
| Denominators | |||
| WASO - basic | 260,088 | 247,374 | 235,796 |
| Weighted-average effect of potentially dilutive shares: | |||
| Stock options | 15,494 | 16,958 | 16,845 |
| Convertible notes | 10,049 | 6,462 | — |
| Restricted stock units | 962 | 1,933 | 1,447 |
| Performance restricted stock units | 497 | 369 | 158 |
| Restricted stock | 119 | 281 | 145 |
| WASO - diluted | 287,209 | 273,377 | 254,391 |
| Net income per share attributable to common shareholders: | |||
| Basic | $4.85 | $10.42 | $0.40 |
| Diluted | $4.45 | $9.48 | $0.37 |
The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. As a result, the undistributed earnings are allocated on a proportionate basis and the resulting income or loss per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis.
The following potenti ally dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive, or in the case of performance awards, as the issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the reporting period (in thousands):
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Equity awards(1) | 4,276 | 6,582 | 9,175 |
| Convertible notes | — | — | 3,437 |
| Total | 4,276 | 6,582 | 12,612 |
(1)Includes shares under the ESPP.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.