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% quarter-over-quarter from 119.16% in Q4 2025.
Coinbase Global (COIN) Gross Margin (2020 - 2026) Analysis & Trends
Coinbase Global (COIN) has 7 years of Gross Margin data on file, last reported at 94.06% in Q1 2026.
- Gross Margin for Q1 2026 came in at 94.06%, down 78.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 96.35% (changed 0.0% YoY), and the FY2025 annual result was 94.39%, down 184.0% from the prior year.
- Gross Margin fell to 94.06% in Q1 2026 per COIN's latest filing, from 119.16% in the prior quarter.
- Over five years, Gross Margin peaked at 119.16% in Q4 2025 and troughed at 493.88% in Q4 2023.
- A 5-year average of 56.91% and a median of 88.15% in 2023 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2023 and 2024: Gross Margin sank 57908 bps in 2023, then surged 60187 bps in 2024.
- A 5-year view of Gross Margin shows it stood at 85.2% in 2022, then plunged by 680 bps to 493.88% in 2023, then soared by 122 bps to 107.99% in 2024, then climbed by 10 bps to 119.16% in 2025, then decreased by 21 bps to 94.06% in 2026.
- Business Quant data shows COIN's Gross Margin at 94.06% in Q1 2026, 119.16% in Q4 2025, and 86.07% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 122.27 Bn | 125.38 Bn | 2.94 Bn | 70.39% |
| 2 | Cme | 88.49 Bn | 88.49 Bn | 1.83 Bn | 97.21% |
| 3 | Moodys | 79.74 Bn | 78.38 Bn | 1.55 Bn | 74.46% |
| 4 | Intercontinental Exchange | 76.18 Bn | 74.71 Bn | - | - |
| 5 | Nasdaq | 46.59 Bn | 45.91 Bn | 1.41 Bn | 65.84% |
| 6 | Coinbase Global | 43.23 Bn | 42.70 Bn | 1.33 Bn | 94.06% |
| 7 | Msci | 42.63 Bn | 42.25 Bn | 765.10 Mn | 89.93% |
| 8 | Cboe Global Markets | 26.37 Bn | 24.20 Bn | 728.90 Mn | 57.27% |
| 9 | TransUnion | 12.50 Bn | 11.93 Bn | 726.20 Mn | 58.30% |
| 10 | Factset Research Systems | 8.21 Bn | 7.92 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% |