Coinbase Global (COIN) Gross Margin (2020 - 2026)
Coinbase Global (COIN) reported Gross Margin of 94.06% for Q1 2026, down 78.0% year-over-year from 427.55% in Q1 2025, and down 21.06% on a QoQ basis from 119.16% in Q4 2025.
Coinbase Global (COIN) has 7 years of Gross Margin data on file, last reported at 94.06% in Q1 2026.
- Quarterly Gross Margin fell 78.0% year-over-year to 94.06% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 96.35% (changed 0.0% YoY) and the FY2025 annual result came in at 94.39%, down 184.0% from the prior year.
- Gross Margin retreated to 94.06% in Q1 2026 per COIN's latest filing, from 119.16% in the prior quarter.
- Across five years, Gross Margin topped out at 119.16% in Q4 2025 and bottomed at 493.88% in Q4 2023.
- The 5-year median for Gross Margin is 88.15% (2023), against an average of 56.91%.
- The widest annual swing landed in 2023, when Gross Margin tumbled 57908 bps; it then soared 60187 bps in 2024.
- Tracing COIN's Gross Margin over 5 years: stood at 85.2% in 2022, then slumped by 680 bps to 493.88% in 2023, then jumped by 122 bps to 107.99% in 2024, then gained by 10 bps to 119.16% in 2025, then fell by 21 bps to 94.06% in 2026.
- Per Business Quant, the three latest COIN Gross Margin figures stand at 94.06% (Q1 2026), 119.16% (Q4 2025), and 86.07% (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 126.06 Bn | 129.16 Bn | 2.94 Bn | 70.39% |
| 2 | Cme | 98.29 Bn | 98.29 Bn | 1.83 Bn | 97.21% |
| 3 | Intercontinental Exchange | 83.83 Bn | 82.37 Bn | - | - |
| 4 | Moodys | 80.13 Bn | 78.77 Bn | 1.55 Bn | 74.46% |
| 5 | Nasdaq | 52.44 Bn | 51.76 Bn | 1.41 Bn | 65.84% |
| 6 | Coinbase Global | 50.05 Bn | 49.52 Bn | 1.33 Bn | 94.06% |
| 7 | Msci | 46.28 Bn | 45.89 Bn | 765.10 Mn | 89.93% |
| 8 | Cboe Global Markets | 34.92 Bn | 32.75 Bn | 728.90 Mn | 57.27% |
| 9 | TransUnion | 13.79 Bn | 13.22 Bn | 726.20 Mn | 58.30% |
| 10 | Factset Research Systems | 9.06 Bn | 8.78 Bn | 314.28 Mn | 51.43% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 94.06% |
| Dec 31, 2025 | 119.16% |
| Sep 30, 2025 | 86.07% |
| Jun 30, 2025 | 84.22% |
| Mar 31, 2025 | 94.84% |
| Dec 31, 2024 | 107.99% |
| Sep 30, 2024 | 86.33% |
| Jun 30, 2024 | 88.60% |
| Mar 31, 2024 | 93.98% |
| Dec 31, 2023 | -493.88% |
| Sep 30, 2023 | 88.40% |
| Jun 30, 2023 | 88.15% |
| Mar 31, 2023 | 91.72% |
| Dec 31, 2022 | 85.20% |
| Sep 30, 2022 | 87.15% |
| Jun 30, 2022 | 82.57% |
| Mar 31, 2022 | 82.84% |
| Dec 31, 2021 | 90.21% |
| Sep 30, 2021 | 91.97% |
| Jun 30, 2021 | 91.21% |
| Mar 31, 2021 | 93.45% |
| Dec 31, 2020 | 95.98% |
| Sep 30, 2020 | 96.20% |
| Jun 30, 2020 | 93.89% |
| Mar 31, 2020 | 94.80% |