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Coinbase Global, Inc.

For the period ended Dec 31, 2025. Filed Feb 12, 2026.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 12, 2026

COIN$132.13-2.9%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

Year Ended December 31,
202520242023
Cash flows from operating activities
Net income$1,260,327$2,579,066$94,871
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization188,428127,518139,642
Stock-based compensation expense839,440912,838780,668
Deferred income taxes238,308151,315(216,334)
Losses (gains) on crypto assets held for operations, net20,704(71,725)—
Losses (gains) on crypto assets held for investment, net528,857(687,055)—
(Gains) losses on investments, net(680,520)11,553(24,368)
Gains on extinguishment of long-term debt, net——(117,383)
Gains on crypto assets held, net (pre ASU 2023-08)——(117,650)
Crypto asset impairment expense (pre ASU 2023-08)——96,783
Crypto assets received as revenue (pre ASU 2023-08)——(460,878)
Crypto asset payments for expenses (pre ASU 2023-08)——298,255
Other operating activities, net62,24611,336151,118
Changes in operating assets and liabilities:
Accounts receivable, net(1,983)(100,568)84,021
Customer custodial funds in transit57,15246,829(115,391)
Income taxes, net(147,449)77,0998,547
Other current and non-current assets(47,228)48,56428,033
Other current and non-current liabilities108,101(2,835)43,442
Net cash provided by operating activities2,426,3833,103,935673,376
Cash flows from investing activities
Loans originated(12,453,223)(7,364,193)(923,336)
Proceeds from repayment of loans11,664,5307,189,488647,448
Assets pledged as collateral(16,009)(100,929)(159,835)
Return of assets pledged as collateral16,188147,096196,028
Business combinations, net of cash and cash equivalents acquired(742,038)—(30,730)
Purchases of crypto assets held for investment(787,821)(35,182)—
Dispositions of crypto assets held for investment266,54691,925—
Purchase of investments(377,426)(59,915)(18,835)
Dispositions of investments490,2985,0013,543
Purchase of crypto assets held (pre ASU 2023-08)——(279,868)
Sale of crypto assets held (pre ASU 2023-08)——466,299
Other investing activities, net(110,595)(74,294)(106,890)
Net cash used in investing activities(2,049,550)(201,003)(206,176)
Cash flows from financing activities
Issuance of common stock upon exercise of stock options, net of repurchases78,286126,14047,944
Issuances of convertible senior notes, net2,957,1351,246,025—
Repurchase of common stock(790,195)——
Repayment of long-term debt——(303,533)
Purchases of capped calls(224,250)(104,110)—
Customer custodial fund liabilities(936,205)1,638,087(274,822)
Customer collateral received871,389567,806321,398
Return of customer collateral(891,967)(544,228)(347,209)
Taxes paid related to net share settlement of equity awards(402,791)(117,225)(277,798)
Proceeds from short-term borrowings626,428122,56631,640
Repayments of short-term borrowings(580,664)(48,407)(52,122)
Other financing activities, net33,11616,42416,297
Net cash provided by (used in) financing activities740,2822,903,078(838,205)
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents1,117,1155,806,010(371,005)
Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents92,850(48,367)8,772
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period15,683,4559,925,81210,288,045
Cash, cash equivalents, and restricted cash and cash equivalents, end of period$16,893,420$15,683,455$9,925,812
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.