Coinbase Global, Inc. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $7.2B |
| Gross margin | — not reported |
| Operating income | $1.4B |
| Net income | $1.3B |
| Diluted EPS | $4.45 |
| Cash & equivalents | $11.3B |
| Total assets | $29.7B |
| Long-term debt | $7.2B |
Key takeaway
Coinbase reported $7.18 billion in revenue and $1.26 billion in net income for fiscal 2025, with an operating margin of about 20%.
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Beneath the surface
Despite $11.29 billion in cash, the company disclosed $7.28 billion in aggregate principal debt across five note series (2026/2029/2030/2032 Convertible Notes and Senior Notes), leaving a net cash cushion of roughly $4 billion rather than the gross debt figure implying leverage stress.
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