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Financials · NASDAQ: COIN

Coinbase: how the business works

Coinbase runs a crypto trading app, exchanges and custody services, earning $7.18 billion of total revenue in FY2025 from trading fees, USDC and staking.

By · Checked against filings: . Editorial policy. Corrections

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Coinbase Global, Inc. · Remote-first; no headquarters (incorporated in Texas) · Founded 2012

Updated for Q3 FY2026 · checked

Total revenue, FY2025
$7.18B
Net income, FY2025
$1.26B
Customers' crypto it holds the keys to, Sep 30, 2026
$376.6B
Employees, Dec 31, 2025
4,951
CEO Brian Armstrong's share of votes, Mar 31, 2026
49.6%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Coinbase in 5 points

  1. 1 · What it sells

    Coinbase runs a crypto trading app, four exchanges, custody and staking services, and shares in USDC income, with total revenue of $7.18 billion in FY2025.

    More: what it sells

  2. 2 · Who pays it

    In FY2025, consumers' trading fees were 46.3% of revenue, stablecoin revenue from Circle 18.8%, staking rewards 9.4%, institutions' trading fees 6.7%, and interest, custody, subscriptions and other sources 18.8% (Cityfort calculation from the FY2025 10-K).

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, Coinbase kept $16.0 as net income, which includes $701 million of other income and $529 million of crypto investment losses; operating income was $20.0 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Coinbase reports one operating segment, so it gives no split of its $1.44 billion of FY2025 operating income by product or country.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Total revenue fell to $1.22 billion in Q3 FY2026 from $1.87 billion a year earlier, while one counterparty's share of revenue rose to 27% from 19%.

    More: the one thing to watch

Sources: From Coinbase's FY2025 10-K, Q3 FY2026 10-Q and Oct 29, 2026 earnings presentation · checked

See the full receipt and the management scorecard below

Sources (2)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Coinbase's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Coinbase · FY2025

Receipt for every $100

Where $100 of Coinbase's money went in FY2025
Technology and development$21.2
General and administrative$20.6
Sales and marketing (including USDC rewards)$13.4
Transaction expense$12.9
Data theft losses and other operating items$4.8
Losses on crypto held for investment$6.7
Interest and income tax$4.4
Kept as net income$16.0
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (total revenue plus $701 million of other income): each line = line ÷ $7,882 million × 100, rounded so the lines add to 100. Coinbase kept $16.0 as net income. Operating income was $20.0 per $100 of revenue. Stock-based pay of $839 million sits inside the cost lines.

Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Coinbase do?

Crypto traders pay Coinbase fees and Circle shares USDC income with it; staff, technology and marketing are its biggest costs, and $16.0 of every $100 that came in was left as net income in FY2025.

  • In FY2025, transaction revenue was 56.5% of total revenue, subscription and services 39.4%, and other revenue 4.1%.
  • Revenue follows crypto trading: total revenue fell 35% to $1.22 billion in Q3 FY2026, from $1.87 billion a year earlier.
Next: Who pays it

03Who pays it

Who pays Coinbase?

  • Consumers (trading fees)

    46%

    of revenue

    People trading crypto in the Coinbase app, and since 2025 also stocks, futures and prediction markets.

  • Circle (stablecoin revenue)

    19%

    of revenue

    Circle shares the income from the reserves behind USDC under the Circle Agreement.

  • Blockchain networks (staking rewards)

    9%

    of revenue

    Networks such as Ethereum pay rewards on staked crypto. Coinbase passes most of them to customers, an expense, and keeps a commission.

  • Institutions (trading fees)

    7%

    of revenue

    Market makers, hedge funds, asset managers and others trading through Coinbase Prime and its exchanges.

  • Other sources

    19%

    of revenue

    Other transaction revenue (3.5%), interest and finance fees (3.4%), custody, Coinbase One and other services (7.7%), and interest on Coinbase's own cash (4.1%); the parts are rounded separately. Shares are a Cityfort calculation from the FY2025 10-K.

  • Consumers (trading fees)46%
  • Circle (stablecoin revenue)19%
  • Blockchain networks (staking rewards)9%
  • Institutions (trading fees)7%
  • Other sources19%

Customer concentration

The FY2025 10-K says one counterparty was 19% of FY2025 revenue (14% in FY2024 and 22% in FY2023). Coinbase's Q3 FY2025 10-Q ties that counterparty to stablecoin revenue. One counterparty was 27% of Q3 FY2026 revenue.

Largest customer
19%
Sources (3)
Next: Why it makes money

04Why it makes money

Why does Coinbase make money?

Coinbase's costs move slowly while its revenue follows crypto trading, so profit swings more than revenue.

Total revenue fell 59% in FY2022, and operating income went from $39.2 per $100 of revenue in FY2021 to −$84.8. By FY2025 revenue was $7.18 billion and operating income $20.0 per $100. Subscription and services, 39.4% of FY2025 revenue, moves less with trading; Coinbase says stablecoin revenue depends on interest rates and USDC in circulation.

Operating income per $100 of revenue

$39.2$20.0

FY2021 to FY2025

  1. Crypto prices rise and people trade more
  2. Trading fees and assets on the platform grow
  3. Staff, technology and marketing costs change more slowly
  4. More of each dollar reaches operating income
  5. When prices and trading fall, most costs remain
  6. Stablecoin and staking income soften the swing

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025; revenue by type, not segments

Which businesses make up Coinbase?

  • Transaction

    57%

    Coinbase reports one operating segment, so these are revenue types with no profit split. Trading fees: consumers $3.32 billion, institutions $480 million, other transaction products $253 million.

    Revenue $4.1B

  • Stablecoin

    19%

    Coinbase's share of the income from the reserves behind USDC, under the Circle Agreement.

    Revenue $1.3B

  • Blockchain rewards

    9%

    Staking rewards on customers' crypto; most are passed on to customers as an expense.

    Revenue $677M

  • Other subscription and services

    11%

    Interest and finance fees ($247 million), plus custody, Coinbase One and other services ($555 million).

    Revenue $802M

  • Other revenue

    4%

    Mostly interest on Coinbase's own cash. FY2021 also held $483 million of crypto asset sales.

    Revenue $298M

How the mix changed

  • Transaction
  • Stablecoin
  • Blockchain rewards
  • Other subscription and services
  • Other revenue

Revenue by segment, FY2021 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearTransactionStablecoinBlockchain rewardsOther subscription and servicesOther revenue
FY2021$6.8B$10M$223M$285M$485M
FY2022$2.4B$246M$276M$271M$45M
FY2023$1.5B$694M$331M$382M$182M
FY2024$4.0B$911M$706M$691M$271M
FY2025$4.1B$1.3B$677M$802M$298M
Sources (2)
Next: How has it done

06The numbers · Consolidated · US$

How has Coinbase done?

Revenue

$7.2BFY2025

Total revenue fell 59% to $3.19 billion in FY2022, rose to $7.18 billion by FY2025, and was $1.22 billion in Q3 FY2026, down 35% from a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$7.8B
FY2022$3.2B
FY2023$3.1B
FY2024$6.6B
FY2025$7.2B
Q4 FY2024$2.3B
Q1 FY2025$2.0B
Q2 FY2025$1.5B
Q3 FY2025$1.9B
Q4 FY2025$1.8B
Q1 FY2026$1.4B
Q2 FY2026$1.2B
Q3 FY2026$1.2B

Net profit

$1.3BFY2025

Net income moves with crypto prices and investment gains: Q3 FY2026's $719 million included a $715 million gain on crypto held for investment against $62 million of operating income, and Q2 FY2025 included gains on Circle shares.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$3.1B$14.50
FY2022−$2.6B−$11.83
FY2023$95M$0.37
FY2024$2.6B$9.48
FY2025$1.3B$4.45
Q4 FY2024$1.3B$4.68
Q1 FY2025$66M$0.24
Q2 FY2025$1.4B$5.14
Q3 FY2025$433M$1.50
Q4 FY2025−$667M−$2.49
Q1 FY2026−$394M−$1.49
Q2 FY2026−$360M−$1.36
Q3 FY2026$719M$2.51

Profit kept per $100 of revenue

$17.6FY2025

Operating income per $100 of revenue went from $39.2 in FY2021 to −$84.8 in FY2022 and $20.0 in FY2025, and stock-based pay was $11.7 per $100 of revenue in FY2025.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202139.5%40.1%
FY2022−82.2%−80.0%
FY20233.1%−0.7%
FY202439.3%37.1%
FY202517.6%22.6%
See all yearly numbers
Coinbase annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Net income, total (US$)Operating cashCapexFree cash
FY2021$7.8B$3.1B$3.1B$14.50$3.6B$4.0B––
FY2022$3.2B−$2.6B−$2.6B−$11.83–−$1.6B––
FY2023 (restated)$3.1B−$22M$95M$0.37–$673M––
FY2024 (restated)$6.6B$2.4B$2.6B$9.48–$3.1B––
FY2025$7.2B$1.6B$1.3B$4.45–$2.4B––

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Dec 31; Coinbase's fiscal year is the calendar year, so Q3 FY2026 is July to September 2026). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Net income to common stockholders ($3,097 million) is below total net income ($3,624 million) because preferred shares from before the April 2021 listing shared in the year's earnings.

Download Coinbase's yearly and quarterly numbers (CSV, with source ids)

Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares

Sources (8)
Next: What they said, and what happened

07Who runs it

Who runs Coinbase, and did they deliver?

  • Brian Armstrong

    Co-founder, Chair and CEO · since 2012

    CEO since the founding in May 2012 and Chair since February 2021. 2025 total pay was $9.71 million, about 45 times the median employee's $217,526.

  • Emilie Choi

    President and Chief Operating Officer · since 2019

    Chief Operating Officer since June 2019 and President since November 2020. Formerly at LinkedIn.

  • Alesia Haas

    Chief Financial Officer · since 2018

    CFO since April 2018. Formerly CFO of Sculptor Capital Management.

  • Fred Ehrsam

    Co-founder and director · since 2012

    Coinbase's President from November 2012 to January 2017. Holds 13.4% of Class B shares.

What they said, and what happened

3 delivered · 2 too early to tell

  1. Said on Feb 12, 2026

    Coinbase said it expected Q1 FY2026 subscription and services revenue of $550 to $630 million.

    What happened

    Reported $583.5 million.

    Delivered

  2. Said on May 5, 2026

    Coinbase said its May 2026 restructuring would cost about $50 to $60 million, mostly in Q2 FY2026.

    What happened

    It booked $52.4 million in Q2 FY2026, then reversed $4.6 million in Q3 FY2026.

    Delivered

  3. Said on Jul 30, 2026

    Coinbase said in July 2026 that it expected Q3 FY2026 subscription and services revenue of $500 to $580 million and adjusted expenses of $980 to $1,080 million.

    What happened

    Subscription and services revenue was $570 million. Adjusted expenses were $975 million, below the range.

    Delivered

  4. Said on Oct 29, 2026

    Coinbase's Oct 29, 2026 presentation says it will "maintain our commitment to generate positive Adjusted EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. in all market conditions".

    What happened

    Adjusted EBITDA, a company measure, was $332.9 million in Q3 FY2026, its 15th positive quarter in a row. GAAP operating income was negative in Q1 and Q2 FY2026.

    Too early to tell

  5. Said on Oct 29, 2026

    Coinbase said it expected 2026 adjusted expenses of $4,150 to $4,300 million, narrowed from $4,250 to $4,600 million at the start of the year.

    What happened

    Adjusted expenses were $3,142.7 million in the first nine months of 2026 (Cityfort calculation from the Q3 FY2026 earnings presentation).

    Too early to tell
Sources (7)
Next: What could go wrong

08What could go wrong

What could go wrong for Coinbase?

  • Demand

    Revenue follows crypto prices and trading

    Total revenue fell 35% to $1.22 billion in Q3 FY2026, and transaction revenue fell 43.6%. Crypto spot trading volume on Coinbase was $134.5 billion, against $294.3 billion a year earlier. Monthly transacting users fell to 7.4 million from 9.3 million.

    Watch Transaction revenue and trading volumes in each quarterly release.

  • Concentration

    Reliance on Circle and USDC

    One counterparty was 19% of FY2025 revenue and 27% of Q3 FY2026 revenue; the Q3 FY2025 10-Q ties it to stablecoin revenue. That revenue comes from the Circle Agreement, and Coinbase says it depends on interest rates and USDC in circulation.

    Watch Stablecoin revenue, average USDC held in Coinbase products, and any change to the Circle Agreement.

  • Governance

    Founders control the votes

    Class B shares carry 20 votes each and were 78.6% of votes on Oct 22, 2026, on 15.5% of shares. On Mar 31, 2026, Brian Armstrong had 49.6% of votes, trusts he set up 18.9%, and officers and directors as a group 60.4%.

    Watch The voting power column in each proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more, and Class B share counts on each 10-Q cover.

  • Other

    Crypto price swings move net income

    Coinbase holds crypto as an investment at fair value, $2.22 billion at Sep 30, 2026, and books price changes below operating income. That produced a $715.0 million gain in Q3 FY2026 and a $718.2 million loss in Q4 FY2025.

    Watch Gains and losses on crypto held for investment in each 10-Q.

  • Technology

    Security of customer assets and data

    Coinbase held the keys to $376.6 billion of customers' crypto and stablecoins at Sep 30, 2026 and may be liable for losses from theft. The May 2025 data theft cost $345.2 million net in FY2025.

    Watch Any new Form 8-K under Item 1.05 (cybersecurity incidents), and data theft losses or recoveries in each 10-Q.

  • Legal

    Lawsuits and regulators

    State actions alleging that staking broke securities laws are still open in some states, and the Underwood class action continues on part of its claims. Coinbase has received subpoenas about asset listings, staking and stablecoin and yield products, and says it cannot estimate the possible impact of the open cases.

    Watch The legal note in each 10-Q and 10-K.

  • Debt

    Debt rated below investment grade

    Coinbase had $6.0 billion of debt principal at Sep 30, 2026, maturing from 2028 to 2032. S&P rated it BB- at Dec 31, 2025, and Moody's B1 for the company after an August 2025 upgrade.

    Watch Rating actions, note repurchases under the buyback program, and cash against debt in each 10-Q.

Sources (6)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Total revenue rose from $3.11 billion in FY2023 to $7.18 billion in FY2025.
  • Subscription and services revenue was 39.4% of FY2025 revenue, from stablecoins, staking, custody and interest.
  • Cash and cash equivalents of $8.60 billion exceeded debt and short-term borrowings of $6.70 billion at Sep 30, 2026.
  • Derivatives trading volume was $985.9 billion in Q3 FY2026, up from $845.8 billion a year earlier.
  • Average USDC held in Coinbase products reached $22 billion in Q3 FY2026, up from $15 billion.

What critics point to

  • Total revenue fell 35% in Q3 FY2026, and GAAP operating income was negative in Q1 and Q2 FY2026.
  • Q3 FY2026 net income of $718.7 million rested on a $715.0 million crypto gain; operating income was $61.7 million.
  • One counterparty was 27% of Q3 FY2026 revenue.
  • Officers and directors had 60.4% of the votes on Mar 31, 2026.
  • Stock-based pay was $839 million in FY2025, $11.7 per $100 of revenue.
Next: What to watch next

10What to watch next

What should you watch next at Coinbase?

Next event

Q4 FY2026 results

Date not announced yet.

  • Q4 FY2026 against the outlook

    Coinbase's Oct 29, 2026 outlook: subscription and services revenue of $550 to $630 million, and about $165 million of transaction revenue in October through Oct 25.

  • USDC balances and stablecoin revenue

    Stablecoin revenue was $307 million in Q3 FY2026, with $22 billion of average USDC held in Coinbase products.

  • Open legal matters

    New Jersey said on Oct 29, 2026 it intends to rescind its staking order, and the Underwood class action continues on part of its claims.

Next: Key dates

11Key dates

What are the key dates for Coinbase?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Coinbase
EventDateSource
Estimated start of CEO Brian Armstrong's pre-arranged share sale planUp to 8,167,446 Class A shares from vested options, through Oct 22, 2027, if price thresholds are met.Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
Estimated start of Fred Ehrsam's trust's pre-arranged share sale planUp to 3,866,620 Class A shares, through Jun 7, 2027, if price thresholds are met.Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026)
3.38% senior notes mature ($1.0 billion)Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
0% convertible notes mature ($1.5 billion)Form 10-K, fiscal year 2025 (year ended Dec 31, 2025); Form 8-K, Item 1.01: 2029 and 2032 convertible notes
0.25% convertible notes mature ($1.27 billion)Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
3.63% senior notes mature ($738 million)Form 10-K, fiscal year 2025 (year ended Dec 31, 2025)
0% convertible notes mature ($1.5 billion)Form 10-K, fiscal year 2025 (year ended Dec 31, 2025); Form 8-K, Item 1.01: 2029 and 2032 convertible notes
Sources (3)
Next: Key facts

12Key facts

Key facts about Coinbase

What does Coinbase do?
Coinbase Global runs a crypto trading app, four crypto exchanges, custody for institutions and staking services, and shares in income from the USDC stablecoin. Coinbase's total revenue was $7.18 billion in FY2025 (calendar 2025), and it held the keys to $376.6 billion of customers' crypto and stablecoins at Sep 30, 2026.
How does Coinbase make money, and what is its business model?
Coinbase earns fees when people and institutions trade, and income from services built around the crypto they hold. In FY2025, transaction revenue was 56.5% of Coinbase's $7.18 billion total revenue, subscription and services 39.4%, and other revenue 4.1%. Consumers' trading fees alone were 46.3%.
Is Coinbase profitable?
Coinbase's net income was $1.26 billion in FY2025 and $2.58 billion in FY2024, after a net loss of $2.62 billion in FY2022. In Q3 FY2026, Coinbase's operating income was $61.7 million, and its net income of $718.7 million included a $715.0 million gain on crypto it holds as an investment.
What is Coinbase's revenue by segment?
Coinbase reports one operating segment, so it has no segment revenue. By type in FY2025, Coinbase earned $4.06 billion from transactions (56.5%), $1.35 billion from stablecoins (18.8%), $677 million from blockchain rewards (9.4%), $802 million from other subscriptions and services (11.2%) and $298 million of other revenue (4.1%).
How much does Coinbase earn from crypto trading fees?
Coinbase's transaction revenue was $4.06 billion in FY2025, of which consumers paid $3.32 billion and institutions $480 million. In Q3 FY2026, Coinbase's transaction revenue was $590 million, down 43.6% from $1.05 billion a year earlier.
How much does Coinbase earn from USDC and stablecoins?
Coinbase's stablecoin revenue was $1.35 billion in FY2025, 18.8% of total revenue. Coinbase earns it under an agreement with Circle, the issuer of the USDC stablecoin, which shares the income from the reserves backing USDC. Coinbase's stablecoin revenue was $307 million in Q3 FY2026.
How much does Coinbase earn from staking?
Coinbase's blockchain rewards revenue was $677 million in FY2025, 9.4% of total revenue. Coinbase stakes customers' crypto on networks such as Ethereum and Solana and keeps a fixed percentage commission on the rewards. Coinbase's blockchain rewards revenue was $86 million in Q3 FY2026.
Who are Coinbase's customers?
Coinbase serves consumers who buy, hold and trade crypto; institutions such as market makers, hedge funds, asset managers and banks; and developers who build on its Base network. Coinbase had 7.4 million monthly transacting users, a company measure, in Q3 FY2026, down from 9.3 million a year earlier.
Who owns Coinbase?
Coinbase's Class B shares carry 20 votes each and are held almost entirely by co-founders Brian Armstrong and Fred Ehrsam and trusts set up by Armstrong. On Mar 31, 2026, Coinbase CEO Brian Armstrong had 49.6% of the votes, and officers and directors together 60.4%. Vanguard Capital Management reported 7.32% of Class A shares at Mar 31, 2026.
Sources (5)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Coinbase sell?

Coinbase is a crypto platform: an app where people buy, sell and store crypto, plus exchanges and custody for institutions. It earns trading fees, a share of the income from the USDC stablecoin, and commissions on staking rewards. Since December 2025 its app also offers stocks, futures and prediction markets.

  • Consumer trading ($3.32B in FY2025)

    Buying and selling crypto in the Coinbase app, through a Simple or an Advanced view. Coinbase charges fees and a spread; Simple trading fees are generally higher.

  • Institutional trading ($480M)

    Coinbase Prime, a full-service brokerage for institutions, plus four exchanges: Coinbase Exchange, Coinbase International Exchange, Coinbase Derivatives Exchange and Deribit. Each charges a fee per trade.

  • Stablecoins ($1.35B)

    USDC is a stablecoin issued by Circle and redeemable one-to-one for US dollars. Under their agreement, Coinbase shares the income from the reserves behind USDC, on and off its platform.

  • Staking ($677M of blockchain rewards)

    Coinbase stakes customers' crypto to help validate networks such as Ethereum and Solana, and keeps a fixed percentage commission on the rewards.

  • Custody, Coinbase One and other services ($555M)

    Custody fees from institutions, including several Bitcoin and Ethereum ETF issuers, plus Coinbase One, a paid monthly or annual subscription with lower trading fees and USDC rewards.

  • Interest and finance fees ($247M)

    Interest on customer cash held at banks and on loans to institutional customers.

  • Other transaction products ($253M)

    Includes Base, Coinbase's own blockchain network, where Coinbase earns a sequencer fee on each transaction processed.

What it does

  • Does: Holds the keys to $376.6 billion of customers' crypto and stablecoins (Sep 30, 2026)
  • Does: Runs four exchanges for spot and derivatives trading, including Deribit for crypto options
  • Does: Pays USDC rewards to Coinbase One subscribers and institutions: $441 million in FY2025, counted in sales and marketing
  • Does: Lends to institutional customers: loan receivables were $1.98 billion at Sep 30, 2026

What it does not do

  • Does not: Does not issue USDC: Circle does, and Coinbase shares in the income
  • Does not: Does not count customers' crypto as its own assets or debts on the balance sheet
  • Does not: Does not charge consumers a separate fee to store crypto
  • Does not: Has no headquarters: it is a remote-first company
  • Does not: Does not publish a free cash flow figure
Sources (1)
14How the money flows

14How the money flows · FY2025

How does money flow through Coinbase?

Money in

  • Transaction revenue (consumer, institutional, other)$4.1B
  • Subscription and services revenue (stablecoins, staking, custody, interest)$2.8B
  • Other revenue (interest on its own cash and other)$298M
  • Other income (mostly investment gains)$701M

The company

Coinbase

$7.9B came in

Money out

  • Technology and development$1.7B
  • General and administrative$1.6B
  • Sales and marketing (including USDC rewards)$1.1B
  • Transaction expense (network fees, staking rewards passed on, payment processing)$1.0B
  • Data theft losses and other operating items$377M
  • Crypto investment losses, interest and tax$876M
  • Net income$1.3B
  1. Consumers, Circle, blockchain networks and institutions paid Coinbase $7.18 billion of total revenue in FY2025.
  2. Technology took $1.67 billion, general and administrative costs $1.62 billion, and sales and marketing $1.06 billion, including $441 million of USDC rewards.
  3. Transaction expense took $1.02 billion, and data theft losses and other operating items $377 million.
  4. That left $1.44 billion of operating income. Other income of $701 million, mostly investment gains, came in, and $529 million of crypto investment losses went out.
  5. After $85 million of interest and $262 million of income tax, $1.26 billion was left as net income.
Sources (1)
15What it needs to run

15What it needs to run

What does Coinbase need to run?

  • Licenses

    Coinbase says it holds more than 80 licenses. Its two main custody units are examined by the New York State Department of Financial Services and state money-transmission regulators.

  • Custody systems

    It keeps most customer crypto in offline (cold) storage and aims to hold no more than 2% of assets under custody in online (hot) wallets.

  • Banks for customer cash

    US customers' dollar cash sits at FDIC-insured banks, credit unions and money market funds. Customer custodial funds were $4.46 billion at Sep 30, 2026.

  • The Circle Agreement

    Stablecoin revenue comes from Coinbase's agreement with Circle, which renews for three-year terms if set conditions are met.

  • People

    4,951 employees at Dec 31, 2025. In May 2026 Coinbase announced a cut of about 700 roles, about 14% of its workforce.

Sources (4)
16Where it sells

16Where it sells · FY2025

Where does Coinbase sell?

  • United States84%
  • International16%
Sources (1)
17Where growth could come from

17Where growth could come from

Where could Coinbase's growth come from?

Coinbase said on Oct 29, 2026 that it expects Q4 FY2026 subscription and services revenue of $550 to $630 million and adjusted expenses of $1,007 to $1,157 million, a company measure. It said transaction revenue was about $165 million in October through Oct 25. It narrowed its 2026 adjusted expenses outlook to $4,150 to $4,300 million.
Management statement, Oct 29, 2026. Reported as a statement, not our forecast.

  • Derivatives and Deribit

    Working

    $985.9B derivatives volume, Q3 FY2026

    Derivatives trading volume, a company measure, rose from $845.8 billion a year earlier. Coinbase bought Deribit in August 2025 and says it finished joining it with its International Exchange in October 2026.

    Status: Working, on track against what the company said.

  • Prediction markets

    New

    Over $200M annualized revenue

    Coinbase said on Oct 29, 2026 that prediction markets passed $200 million of annualized revenue, a company measure based on one quarter. It does not report the product's revenue in its 10-Q.

    Status: New, recently announced.

  • USDC and stablecoins

    Mixed

    $22B average USDC in Coinbase products, Q3 FY2026

    Up from $15 billion a year earlier, but stablecoin revenue fell to $307 million from $325 million.

    Status: Mixed, partly on track.

  • Lending to institutions

    Working

    $1.98B loan receivables, Sep 30, 2026

    Up from $859 million a year earlier. Interest and finance fee income was $69 million in Q3 FY2026, up from $65 million.

    Status: Working, on track against what the company said.

  • Stocks and the "Everything Exchange"

    Early

    Launched December 2025

    Coinbase added stocks, commodity futures, perpetual futures and prediction markets to its app. It reports no separate revenue for stocks.

    Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (4)
18The company's own measures (non-GAAP)

18The company's own measures · FY2025 and Q3 FY2026

What do Coinbase's own measures show?

Adjusted (non-GAAP) figures and user counts are Coinbase's own measures, shown next to the official (GAAP) number. They are never added to GAAP figures.

  • Official (GAAP): Net income, FY2025

    $1.3B

    Company's own measure: Adjusted EBITDA, FY2025

    $2.8B

    Coinbase adds back tax, interest, depreciation and amortization, stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more, data theft losses, gains and losses on crypto held for investment, and other income and expense. The EBITDA in "The numbers" does not add back stock-based pay ($1,624 million).

  • Official (GAAP): Net income, Q3 FY2026

    $719M

    Company's own measure: Adjusted EBITDA, Q3 FY2026

    $333M

    Same definition. It leaves out the $715 million gain on crypto held for investment and adds back $233 million of stock-based pay.

  • Official (GAAP): Net income, Q3 FY2026

    $719M

    Company's own measure: Adjusted net income, Q3 FY2026

    $78M

    Leaves out gains and losses on crypto held for investment and on other investments, net of tax. Stock-based pay stays in.

  • Official (GAAP): Technology and development, general and administrative, and sales and marketing, Q3 FY2026

    $1.0B

    Company's own measure: Adjusted expenses, Q3 FY2026

    $975M

    The three expense lines without amortization of acquired intangible assets. The GAAP sum is a Cityfort calculation from the Q3 FY2026 10-Q.

  • Official (GAAP): Total revenue, Q3 FY2026

    $1.2B

    Company's own measure: Monthly transacting users (MTUs), Q3 FY2026

    7.4 million

    Consumers who made at least one revenue-generating transaction, such as a trade or earning staking or USDC rewards, in the month. Down from 9.3 million a year earlier.

  • Official (GAAP): Total assets on the balance sheet, Sep 30, 2026

    $27.4B

    Company's own measure: Assets on platform, Sep 30, 2026

    376.6 US$ billion

    The value of crypto and cash held for customers and by Coinbase on its platform. Most of it is customers' and is not on the balance sheet. It was $515.9 billion a year earlier.

  • Official (GAAP): Stablecoin revenue, Q3 FY2026

    $307M

    Company's own measure: Average USDC held in Coinbase products, Q3 FY2026

    22 US$ billion

    The average amount of USDC customers and Coinbase held in Coinbase products during the quarter. Average USDC in circulation was $73 billion.

  • Official (GAAP): Transaction revenue, Q3 FY2026

    $590M

    Company's own measure: Total trading volume, Q3 FY2026

    1,213.8 US$ billion

    Spot crypto ($134.5 billion), derivatives ($985.9 billion) and stablecoin trading on Coinbase. Coinbase changed the definition in Q4 FY2025, so older totals are not like for like.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (3)
19Financial strength and debt

19Financial strength · Sep 30, 2026

How much debt does Coinbase have?

Coinbase had $8.60 billion of cash and cash equivalents at Sep 30, 2026, against $6.70 billion of debt and short-term borrowings, so cash exceeded debt by $1.91 billion (Cityfort calculation from the Q3 FY2026 10-Q).
  • Total debt$6.7B
  • Cash and investments$8.6B
  • Net cash (cash minus debt)$1.9B
  • Net worth (shareholders' money)$13.9B
Debt to equity
0.48×
$ of debt for every $1 of shareholders' money
  • Debt is $5.95 billion of convertible and senior notes (carrying value) plus $749 million of short-term borrowings, mostly in crypto and stablecoins, that fund lending to institutions. Coinbase states debt principal of $6.0 billion, maturing from 2028 to 2032, after it repaid $1.27 billion of notes on Jun 1, 2026.
  • Cash includes $2.42 billion of stablecoins such as USDC, which Coinbase counts as cash from Dec 31, 2025. Coinbase states cash, cash equivalents and marketable investments of $8.8 billion.
  • Customer custodial funds of $4.46 billion sit in assets with an equal liability, so they are left out. Customers' crypto ($376.6 billion) is not on the balance sheet at all.
  • Coinbase's own crypto held for investment, $2.22 billion at fair value, is not counted as cash here.
  • Interest cover is left blank because operating income was negative in Q1 and Q2 FY2026.
Sources (2)
20Who owns it

20Who owns it · ownership as of Mar 31, 2026

Who owns Coinbase?

Brian Armstrong holds the largest block of votes: Class A has one vote a share and Class B has 20. On Mar 31, 2026, 14 directors and officers together had 60.4% of votes and 16.1% of shares (the 16.1% is a Cityfort calculation from the 2026 proxy statement: their 43,879,612 shares ÷ 273,274,001, the 263,411,114 shares outstanding plus the 9,862,887 they could acquire within 60 days).
Officers and directors (as a group), shares
16.1%
Officers and directors (as a group), votes
60.4%

Shares vs votes by class

Coinbase has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

  • Class A common stock: share of all votes21.4%
  • Class B common stock: share of all votes78.6%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes
Coinbase share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Class A common stock (Shares on Oct 22, 2026 (10-Q cover). Percentages are a Cityfort calculation from the Q3 FY2026 10-Q cover.)223.71Public and institutional investors; trades on Nasdaq as COIN84.5%21.4%Yes
Class B common stock (Shares on Oct 22, 2026 (10-Q cover). Percentages are a Cityfort calculation from the Q3 FY2026 10-Q cover.)4120Held almost entirely by co-founders Brian Armstrong and Fred Ehrsam and trusts set up by Armstrong15.5%78.6%No
Holders of 5% or more
Coinbase holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
Brian Armstrong, co-founder, Chair and CEO (% of Class B)62.5%49.6%Mar 31, 2026S1225,639,618 Class B shares and 8,167,972 Class A shares (3.5% of Class A), as counted in the 2026 proxy.
Trusts set up by Brian Armstrong, with an independent trustee (% of Class B)24.0%18.9%Mar 31, 2026S129,865,967 Class B shares. The trustee is Jeffrey Billings. These shares are not in Armstrong's own row.
Fred Ehrsam, co-founder and director (% of Class B)13.4%10.6%Mar 31, 2026S125,511,848 Class B shares and 11,881 Class A shares.
Vanguard Capital Management (% of Class A)7.3%–Apr 29, 2026S13, S1416,327,137 Class A shares at Mar 31, 2026, from its Schedule 13G. The Vanguard Group reported zero on Mar 26, 2026 after an internal realignment, and its units now report separately.
BlackRock, Inc. (% of Class A)6.6%1.4%Jun 30, 2025S1214,618,089 Class A shares, as listed in the 2026 proxy from BlackRock's Schedule 13G/A filed Jul 16, 2025.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes

Sources (4)
21What it does with profit

21What it does with profit

What does Coinbase do with its profit?

Coinbase pays no dividend. Its repurchase program covers Class A shares and its notes; the board raised it to $4.0 billion in January 2026, and about $2.0 billion was left at Sep 30, 2026. Stock-based pay was $839 million in FY2025. Coinbase also paid for Deribit partly with $3.57 billion of new Class A shares.

  • Buyback · Dec 31, 2025

    FY2025: about 3.0 million Class A shares.

    $790M

  • Buyback · Sep 30, 2026

    First nine months of 2026, Class A shares.

    $1.2B

  • Money raised · Dec 31, 2021

    FY2021: 0.50% convertible notes due 2026, net proceeds. The $1.27 billion left was repaid at maturity on Jun 1, 2026.

    $1.4B

  • Money raised · Dec 31, 2021

    FY2021: 3.38% senior notes due 2028 and 3.63% senior notes due 2031, net proceeds.

    $2.0B

  • Money raised · Dec 31, 2024

    FY2024: 0.25% convertible notes due 2030 ($1.27 billion principal), net proceeds.

    $1.2B

  • Money raised · Aug 8, 2025

    August 2025: 0% convertible notes due 2029 and 2032, $1.5 billion each, net proceeds.

    $3.0B

Sources (4)
22Governance signals

22Governance signals

What do Coinbase's governance filings show?

Auditor
Deloitte & Touche LLP, since 2020
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Some directors, officers and major holders use Coinbase's platform; revenue from them was $3.5 million in the first nine months of 2026. Coinbase also made $6.9 million of strategic investments in that period in companies where related parties held more than 10%.
Credit rating
S&P Global Ratings and Moody's Ratings (as stated in Coinbase's FY2025 10-K) BB- issuer credit and senior unsecured (S&P, at Dec 31, 2025) / B1 corporate family and Ba2 guaranteed senior unsecured notes (Moody's, upgraded from B2 and B1 in August 2025) (not stated in the 10-K), Dec 31, 2025

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Flags to know about

  • other

    Founder voting control

    Class B shares carry 20 votes each against one for Class A. Class B was 15.5% of shares and 78.6% of votes on Oct 22, 2026 (Cityfort calculation from the Q3 FY2026 10-Q cover).

  • other · Dec 15, 2025

    Moved from Delaware to Texas

    Coinbase changed its state of incorporation to Texas on Dec 15, 2025, so Texas law now governs its internal affairs. It said the move changed nothing in its business, management or assets.

  • regulatory

    SEC case dismissed

    In June 2023 the SEC sued Coinbase, alleging it acted as an unregistered securities exchange, broker and clearing agency. Coinbase and the SEC jointly agreed to dismiss the case with prejudice on Feb 28, 2025.

  • regulatory

    State actions on staking

    In June 2023, ten state securities regulators took actions alleging Coinbase's staking service broke state securities laws. Five withdrew or dismissed theirs in March and April 2025, and New Jersey said on Oct 29, 2026 that it intends to rescind its order. Coinbase disputes the claims.

  • other

    Securities class action

    A 2021 class action (Underwood) alleges Coinbase sold unregistered securities, under federal and some state laws. On Jul 30, 2026 the court ruled for Coinbase on claims about most of the trades at issue; the rest continue.

  • other · May 15, 2025

    May 2025 data theft

    Coinbase disclosed on May 15, 2025 that support staff and contractors outside the US were paid by a criminal to take customer data; no passwords or private keys were taken. Net losses were $345.2 million in FY2025.

  • other

    Senior changes in 2026

    Chief Legal Officer Paul Grewal stepped down on Jul 31, 2026 and Chief People Officer Lawrence Brock on Aug 17, 2026. Chief Accounting Officer Jennifer Jones plans to retire. Director Paul Clement left at the 2026 meeting, and Anthony Armstrong joined the board on Sep 1, 2026.

  • other

    Pre-arranged share sale plans

    Under Rule 10b5-1 plansAn insider's trading plan, set up in advance, that buys or sells shares on a schedule. Learn more adopted in Q3 FY2026, CEO Brian Armstrong may sell up to 8,167,446 Class A shares from vested options, Fred Ehrsam's trust up to 3,866,620, and President Emilie Choi up to 1,560,453 plus shares from future stock awards, if set price thresholds are met.

  • other

    Hedging and collateral policy

    Coinbase's policy bars hedging, and bars officers and directors from using shares as loan collateral unless the Chief Legal Officer approves. The 2026 proxy's ownership notes list no shares used as collateral.

  • disclosure

    What Coinbase does not report

    Filings give no profit by product and no free cash flowCash from operations minus spending on buildings and equipment. Learn more, and from FY2024 no separate capital spending line. USDC counts as cash from Dec 31, 2025, and corporate stablecoin income moved to other revenue from Q1 FY2026; both changes restate earlier periods.

Sources (12)
23What the market paid

23What the market paid · price as of Nov 5, 2026

What did the market pay for Coinbase on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Coinbase's Class A shares closed at $136.82 on Nasdaq. Market value of about $36.2 billion (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q3 FY2026 10-Q cover) = $136.82 × 264.76 million Class A and Class B shares (Oct 22, 2026); unlisted Class B shares are valued at the Class A price. P/E (price ÷ earnings per share) is left blank: diluted EPS for the four quarters to Sep 30, 2026 adds to a loss of $2.83. Price to book is market value ÷ shareholders' equity: 2.6 on $13.94 billion at Sep 30, 2026. EV/EBITDA is left blank.

Share price
$136.82
Market value (market cap)
$36.2B
P/B
2.6×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 264.76 million ($136.82 × 264.76 million shares ≈ $36.2B). Source: Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Definitive proxy statement (DEF 14A), 2026 annual meeting

Source: COIN historical daily prices, Nasdaq (close of Nov 5, 2026: $136.82); Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026); Form 10-Q, Q2 fiscal 2026 (quarter ended Jun 30, 2026) and 2 more

Sources (7)
24How it got here

24How it got here

How did Coinbase get here?

  1. 2012

    Milestone

    Founded

    Brian Armstrong and Fred Ehrsam started Coinbase in May 2012.

  2. 2018

    Business-model change

    USDC with Circle

    Coinbase partnered with Circle to launch USDC. A new agreement in August 2023 shares USDC reserve income on and off Coinbase.

  3. 2021

    Milestone

    Listed on Nasdaq

    Class A shares began trading on Nasdaq on Apr 14, 2021, through a direct listing. FY2021 total revenue was $7.84 billion.

  4. 2022

    Crisis

    Crypto downturn

    Total revenue fell 59% to $3.19 billion and the net loss was $2.62 billion, including $722 million of crypto impairments.

  5. 2023

    Crisis

    SEC and state lawsuits

    The SEC sued in June 2023, as did ten state regulators over staking. The SEC case was dismissed with prejudice in February 2025.

  6. 2025

    Crisis

    Data theft

    Criminals paid support staff to take customer data, costing $345.2 million net in FY2025.

  7. 2025

    Business-model change

    Deribit and the "Everything Exchange"

    Coinbase bought the Deribit crypto options exchange for $4.3 billion on Aug 14, 2025. In December it added stocks, futures and prediction markets, and moved to Texas.

  8. 2026

    Crisis

    Job cuts as revenue fell

    Coinbase cut about 700 roles in May 2026. Q3 FY2026 revenue was $1.22 billion, down 35% from a year earlier.

Sources (10)

25Sources and changes

Where every number on this page comes from

Sources (25 documents)
  1. S1Form 10-K, fiscal year 2025 (year ended Dec 31, 2025) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
  2. S2Form 10-K, fiscal year 2024 (year ended Dec 31, 2024) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 13, 2025
  3. S3Form 10-K, fiscal year 2023 (year ended Dec 31, 2023) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 15, 2024
  4. S4Form 10-K, fiscal year 2022 (year ended Dec 31, 2022) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2023
  5. S5Form 10-Q, Q3 fiscal 2026 (quarter ended Sep 30, 2026) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  6. S6Form 10-Q, Q2 fiscal 2026 (quarter ended Jun 30, 2026) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
  7. S7Form 10-Q, Q1 fiscal 2026 (quarter ended Mar 31, 2026) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2026
  8. S8Form 10-Q, Q3 fiscal 2025 (quarter ended Sep 30, 2025) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2025
  9. S9Q3 2026 earnings presentation (8-K Ex. 99.1) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2026
  10. S10Q4 2025 shareholder letter (8-K Ex. 99.1) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 12, 2026
  11. S11Q4 2024 shareholder letter (8-K Ex. 99.1) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 13, 2025
  12. S12Definitive proxy statement (DEF 14A), 2026 annual meeting · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 24, 2026
  13. S13Schedule 13G, Vanguard Capital Management (Class A, as of Mar 31, 2026) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
  14. S14Schedule 13G/A, The Vanguard Group (0%, event Mar 13, 2026) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
  15. S15Form 8-K, Item 1.01: agreement to acquire Deribit · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 8, 2025
  16. S16Form 8-K, Item 1.05: material cybersecurity incident (data theft) · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 15, 2025
  17. S17Form 8-K, Item 1.01: 2029 and 2032 convertible notes · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 8, 2025
  18. S18Form 8-K, Item 8.01: reincorporation from Delaware to Texas · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 16, 2025
  19. S19Form 8-K, Item 2.05: May 2026 restructuring plan · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 5, 2026
  20. S20COIN historical daily prices, Nasdaq (close of Nov 5, 2026: $136.82) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
  21. S21Form 8-K, Item 5.02: director Paul Clement not standing for re-election · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 10, 2026
  22. S22Form 8-K, Item 5.02: Chief Legal Officer Paul Grewal to step down · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 9, 2026
  23. S23Form 8-K, Item 5.02: Chief People Officer Lawrence Brock to step down · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 23, 2026
  24. S24Form 8-K, Item 5.02: Anthony Armstrong appointed director · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 2, 2026
  25. S25Form 8-K, Item 5.02: Chief Accounting Officer Jennifer Jones to retire · Coinbase Global, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 2, 2026
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.

All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.

Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.