Coinbase Global, Inc.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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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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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| 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 amortization | 188,428 | 127,518 | 139,642 |
| Stock-based compensation expense | 839,440 | 912,838 | 780,668 |
| Deferred income taxes | 238,308 | 151,315 | (216,334) |
| Losses (gains) on crypto assets held for operations, net | 20,704 | (71,725) | — |
| Losses (gains) on crypto assets held for investment, net | 528,857 | (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, net | 62,246 | 11,336 | 151,118 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (1,983) | (100,568) | 84,021 |
| Customer custodial funds in transit | 57,152 | 46,829 | (115,391) |
| Income taxes, net | (147,449) | 77,099 | 8,547 |
| Other current and non-current assets | (47,228) | 48,564 | 28,033 |
| Other current and non-current liabilities | 108,101 | (2,835) | 43,442 |
| Net cash provided by operating activities | 2,426,383 | 3,103,935 | 673,376 |
| Cash flows from investing activities | |||
| Loans originated | (12,453,223) | (7,364,193) | (923,336) |
| Proceeds from repayment of loans | 11,664,530 | 7,189,488 | 647,448 |
| Assets pledged as collateral | (16,009) | (100,929) | (159,835) |
| Return of assets pledged as collateral | 16,188 | 147,096 | 196,028 |
| 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 investment | 266,546 | 91,925 | — |
| Purchase of investments | (377,426) | (59,915) | (18,835) |
| Dispositions of investments | 490,298 | 5,001 | 3,543 |
| 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 repurchases | 78,286 | 126,140 | 47,944 |
| Issuances of convertible senior notes, net | 2,957,135 | 1,246,025 | — |
| 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 received | 871,389 | 567,806 | 321,398 |
| 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 borrowings | 626,428 | 122,566 | 31,640 |
| Repayments of short-term borrowings | (580,664) | (48,407) | (52,122) |
| Other financing activities, net | 33,116 | 16,424 | 16,297 |
| Net cash provided by (used in) financing activities | 740,282 | 2,903,078 | (838,205) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents | 1,117,115 | 5,806,010 | (371,005) |
| Effect of exchange rates on cash, cash equivalents, and restricted cash and cash equivalents | 92,850 | (48,367) | 8,772 |
| Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period | 15,683,455 | 9,925,812 | 10,288,045 |
| Cash, cash equivalents, and restricted cash and cash equivalents, end of period | $16,893,420 | $15,683,455 | $9,925,812 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.