Coinbase Global (COIN) Operating Margin (2020 - 2026)
Coinbase Global (COIN) posted quarterly Operating Margin of 9.3% for Q2 2026, down 766.0% year-over-year from 1.4% in Q2 2025, and down 513.57% quarter-over-quarter from 1.52% in Q1 2026.
Coinbase Global (COIN) Operating Margin (2020 - 2026) Analysis & Trends
Coinbase Global (COIN) has reported Operating Margin for 7 consecutive years, with 9.3% the latest figure, recorded in Q2 2026.
- In Q2 2026, Operating Margin fell 766.0% year-over-year to 9.3%; the TTM figure through Jun 2026 stood at 9.86% (down 1703.0% YoY), while the FY2025 annual figure was 19.99%, down 1516.0% from the prior year.
- Operating Margin eased to 9.3% in Q2 2026 per COIN's latest filing, from 1.52% in the prior quarter.
- Across five years, Operating Margin topped out at 645.88% in Q4 2023 and bottomed at 129.2% in Q2 2022.
- Historically, Operating Margin has averaged 24.52% across 5 years, with a median of 1.58% in 2025.
- Annual changes were most pronounced in 2023 — Operating Margin soared 73408 bps — and 2024, when it plunged 60036 bps.
- Coinbase Global's Operating Margin stood at 88.2% in 2022, then soared by 832 bps to 645.88% in 2023, then plunged by 93 bps to 45.52% in 2024, then slumped by 66 bps to 15.37% in 2025, then plunged by 161 bps to 9.3% in 2026.
- Business Quant data shows COIN's Operating Margin at 9.3% in Q2 2026, 1.52% in Q1 2026, and 15.37% in Q4 2025.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 127.61 Bn | 123.47 Bn | 2.98 Bn | 43.70% |
| 2 | Cme | 97.52 Bn | 97.52 Bn | 1.65 Bn | 64.89% |
| 3 | Intercontinental Exchange | 89.57 Bn | 87.62 Bn | - | 38.52% |
| 4 | Moodys | 86.76 Bn | 85.26 Bn | 1.67 Bn | 47.87% |
| 5 | Nasdaq | 54.95 Bn | 54.24 Bn | 1.50 Bn | 28.12% |
| 6 | Coinbase Global | 45.29 Bn | 36.50 Bn | 1.16 Bn | -9.30% |
| 7 | Msci | 41.31 Bn | 40.96 Bn | 717.10 Mn | 56.23% |
| 8 | Cboe Global Markets | 30.95 Bn | 28.56 Bn | 731.60 Mn | 32.99% |
| 9 | TransUnion | 16.34 Bn | 15.50 Bn | 765.00 Mn | 19.70% |
| 10 | Factset Research Systems | 10.81 Bn | 10.51 Bn | 310.73 Mn | 26.70% |
Historic Data
Download 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 | 645.88% |
| 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% |