Coinbase Global (COIN) Operating Margin (2020 - 2026)
Coinbase Global's Operating Margin was -9.30% in Q2 2026, down 7.66 percentage points from -1.65% a year earlier and down 7.79 percentage points from the prior quarter.
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Analysis
Coinbase Global (COIN) Operating Margin (2020 - 2026) Analysis & Trends
On a trailing twelve-month basis, Coinbase Global's Operating Margin was 9.86% through Jun 30, 2026, down 17.03 percentage points year-over-year; for FY2025, it came in at 19.99%, down 15.16 percentage points from FY2024.
- Operating Margin shows a five-year change of -12.02 percentage points (FY2020 to FY2025).
- In earlier years, Operating Margin was 35.15% in FY2024 (+40.35 pp), -5.20% in FY2023 (+79.65 pp), -84.85% in FY2022 (-124.09 pp) and 39.24% in FY2021 (+7.23 pp).
- The Q2 2026 figure marks the lowest quarterly Operating Margin since Q3 2023.
- Compared with a year earlier, Operating Margin has declined for three straight quarters, with an average year-over-year change of -5.02 percentage points over the last eight quarters.
- The best year-over-year quarter for Operating Margin over five years was Q2 2023 (a gain of 118.81 percentage points); the worst was Q2 2022 (a drop of 168.47 percentage points).
- Per Business Quant data, COIN's Operating Margin in the three quarters before Q2 2026 was -1.52% (Q1 2026), 15.37% (Q4 2025) and 25.71% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Coinbase Global | 50.12 Bn | 6.93 Bn | - | -9.30% |
| 2 | PayPal Holdings | 46.45 Bn | 4.68 Bn | - | 16.44% |
| 3 | Block | 44.49 Bn | 15.75 Bn | 3.17 Bn | 6.75% |
| 4 | Iren | 31.49 Bn | 19.08 Bn | 103.89 Mn | -452.09% |
| 5 | Corpay | 25.78 Bn | 15.98 Bn | - | 35.28% |
| 6 | Fiserv | 24.12 Bn | 20.82 Bn | 2.90 Bn | 19.18% |
| 7 | Global Payments | 22.15 Bn | 588.57 Mn | 2.03 Bn | 10.15% |
| 8 | Bitmine Immersion Technologies | 15.50 Bn | 12.88 Bn | 40.81 Mn | -25.50% |
| 9 | Guidewire Software | 11.68 Bn | 8.25 Bn | 269.68 Mn | 15.16% |
| 10 | Hut 8 | 11.44 Bn | 11.28 Bn | 48.04 Mn | -275.36% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -9.30% |
| Mar 31, 2026 | -1.52% |
| Dec 31, 2025 | 15.37% |
| Sep 30, 2025 | 25.71% |
| Jun 30, 2025 | -1.65% |
| Mar 31, 2025 | 34.70% |
| Dec 31, 2024 | 45.52% |
| Sep 30, 2024 | 14.07% |
| Jun 30, 2024 | 23.67% |
| Mar 31, 2024 | 46.44% |
| Dec 31, 2023 | 12.12% |
| Sep 30, 2023 | -11.84% |
| Jun 30, 2023 | -10.39% |
| Mar 31, 2023 | -16.03% |
| Dec 31, 2022 | -88.20% |
| Sep 30, 2022 | -94.27% |
| Jun 30, 2022 | -129.20% |
| Mar 31, 2022 | -47.53% |
| Dec 31, 2021 | 36.92% |
| Sep 30, 2021 | 22.24% |
API Access
Coinbase Global Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=COIN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "COIN", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=COIN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();