Coinbase Global, Inc（COIN）の決算・業績分析
Coinbase Global, Incの2025年有価証券報告書をAI分析。売上高$7.2B(+9.4%)。営業利益$1.4B。Financials。
目次
Coinbase Global, Incの2025年度 業績サマリー
Coinbase Global, Inc（証券コード: COIN）の2025年度決算・業績分析。売上高は$7.2B（前年比+9.4%）。営業利益は$1.4B（前年比-37.8%）。純利益は$1.3B（前年比-51.1%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
Coinbase Global, Incの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue fell 59.3% YoY to $3.2B (XBRL), driven by crypto market volatility and declining trading volumes.
- Operating losses widened to $2.7B (-188.1% YoY) (XBRL), with net losses of $2.6B (-172.4% YoY) (XBRL).
- Despite losses, Coinbase maintains strong liquidity with $4.4B in cash (XBRL) and a net debt position of -$1.4B (XBRL).
- 5-year revenue CAGR of +55.3% (XBRL) highlights long-term growth potential despite FY2024 challenges.
Coinbase Global, Incの売上高変化の要因
- •Total revenue was $3.2B (XBRL), a -59.3% YoY decline. The 10-K notes net revenue of $6.3B for FY2024 (vs. $2.9B in FY2023), but this may reflect non-GAAP measures. Segment breakdowns are not available in XBRL data. The 10-K highlights progress in crypto utility and institutional adoption as potential growth drivers, though specific product-level revenue figures are missing.
Coinbase Global, Incの営業利益変化の要因
- •Operating income fell to -$2.7B (-188.1% YoY) (XBRL), with EBITDA at -$2.6B (-80.0% YoY) (XBRL). Net income declined to -$2.6B (-172.4% YoY) (XBRL). Operating margin was -84.8% and net margin -82.2% (XBRL). Gross profit is N/A (XBRL). Cost of sales/revenue changes are not quantified in XBRL data.
Coinbase Global, Incの事業リスクと対応
Crypto price volatility and trading volume fluctuations significantly impact operating results (10-K).
Regulatory changes or scrutiny may restrict product offerings or increase compliance costs (10-K).
Reliance on third-party partnerships (e.g., Circle for USDC) introduces operational and financial risks (10-K).
Intense competition and rapid technological disruption threaten market position (10-K).
System failures, cybersecurity breaches, or third-party network outages could disrupt operations (10-K).
Significant financial declines: Revenue -59.3% YoY to $3.2B (XBRL), operating income -188.1% YoY to -$2.7B (XBRL).
Coinbase Global, Incの今後の見通し・業績予想
Coinbase Global, Incの事業内容
Coinbase generates revenue through transaction fees (consumer/institutional trading), subscription products (e.g., stablecoins), and blockchain infrastructure (e.g., Base Protocol sequencer fees). Key products include consumer trading platforms, institutional prime brokerage (Prime), spot/derivatives exchanges (Markets), L2 blockchain (Base Protocol), and self-custodial wallets (Coinbase Wallet). Competitive advantages include trust (secure, compliant platform), ease of use, and infrastructure for the onchain economy. No specific competitors are mentioned in the 10-K.
Coinbase Global, IncのAI業績分析レポート（2024年度）
Coinbase Global, Inc. (COIN) FY2024 Annual Report Analysis
Highlights
Business Overview
Coinbase generates revenue through transaction fees (consumer/institutional trading), subscription products (e.g., stablecoins), and blockchain infrastructure (e.g., Base Protocol sequencer fees). Key products include consumer trading platforms, institutional prime brokerage (Prime), spot/derivatives exchanges (Markets), L2 blockchain (Base Protocol), and self-custodial wallets (Coinbase Wallet). Competitive advantages include trust (secure, compliant platform), ease of use, and infrastructure for the onchain economy. No specific competitors are mentioned in the 10-K.
Revenue Analysis
Total revenue was $3.2B (XBRL), a -59.3% YoY decline. The 10-K notes net revenue of $6.3B for FY2024 (vs. $2.9B in FY2023), but this may reflect non-GAAP measures. Segment breakdowns are not available in XBRL data. The 10-K highlights progress in crypto utility and institutional adoption as potential growth drivers, though specific product-level revenue figures are missing.
Profitability Analysis
Operating income fell to -$2.7B (-188.1% YoY) (XBRL), with EBITDA at -$2.6B (-80.0% YoY) (XBRL). Net income declined to -$2.6B (-172.4% YoY) (XBRL). Operating margin was -84.8% and net margin -82.2% (XBRL). Gross profit is N/A (XBRL). Cost of sales/revenue changes are not quantified in XBRL data.
Balance Sheet Analysis
Cash reserves totaled $4.4B (XBRL), with long-term debt at $3.0B (XBRL) and net debt of -$1.4B (XBRL). Equity ratio was 43.2% (XBRL), debt-to-equity 1.33x (XBRL), and current ratio 2.07x (XBRL). Total assets declined to $14.8B (XBRL) from $89.7B in FY2023, while total equity rose to $6.4B (XBRL).
Cash Flow Analysis
Operating cash flow was -$1.6B (XBRL), contrasting with net income of -$2.6B (XBRL). Free cash flow was -$2.2B (XBRL). Investing cash flow was -$664M (XBRL), with no CapEx, acquisitions, or divestitures disclosed. Financing cash flow was -$5.8B (XBRL). No dividends or share repurchases were mentioned.
Working Capital Analysis
Receivables Days: 19 days (XBRL). Payables Days: 4 days (XBRL). Asset Turnover: 0.22x (XBRL). No data on inventory or cash conversion cycle (CCC) available.
Risks
Outlook
Management expects 2025 revenue growth across macroeconomic environments, with dynamic expense adjustments and modest Q1 2025 increases in technology/general and administrative expenses (10-K). Key trends include crypto utility, institutional adoption, and regulatory clarity. Future interest rate changes may impact subscription revenue (10-K).
Financialsの企業一覧
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