FINHUB Insights

COIN · Q4 FY24 · Oct 1 – Dec 31, 2024

Coinbase Q4 FY24: where the revenue came from and where it went

Coinbase Q4 FY24: revenue $2.3B (+138% year over year). Net profit $1.3B. Largest cohort Stablecoin revenue $0.9B. The whole income statement as a sankey diagram from the SEC filing.

Period
Oct 1 – Dec 31, 2024
Reported
Feb 13, 2025 10-K
Sankey diagram of Coinbase's income statement for Q4 FY24: revenue of $2.3 billion splits into segments and flows out into costs, taxes and net profit.

Tap the diagram to enlarge · figures in billions of dollars

Revenue$2.3B +138% year over year
Operating profit$1B 46% margin
Net profit$1.3B 58% margin

The numbers

All figures in billions of U.S. dollars, for Q4 FY24 (period ends Dec 31, 2024).
ItemValueShare of revenueYear over year
Revenue 2.3 100% +138%
Stablecoin revenue 0.9 39%
Institutional, net 0.3 13%
Other subscription and 0.3 13%
Other revenue 0.3 13%
Other transaction revenue 0.2 9%
Custodial fee revenue 0.1 4%
Other 0.1 4%
Research & development−0.316%−18pp
Sales & marketing−0.210%−1pp
G&A−0.416%−17pp
Other−0.312%+0pp
Operating profit146% margin+33pp
Tax−0.2
Net profit1.358%+29pp
Filing on EDGAR More quarters of COIN

Source of the numbers: tables in the filing (10-K). The diagram is generated automatically and checked against EDGAR before release. The fourth quarter has no column of its own in an annual report, so it is the full year minus the first nine months. How we calculate it → About and methodology.

Older quarters