Company / Operating Margin
Coinbase Operating Margin History
FY2019-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest Operating Margin
20.0%
FY2025
5-year range
-84.9% / 39.2%
FY2021-FY2025
Trend
-43.1%
vs FY2024
Sector context
#54 of 105
Financials
What the data says
At 20.0%, Coinbase's operating margin ranks #54 of 105 in the Financials sector. Operating Margin has fluctuated over the past 7 years, ranging from -84.9% in FY2022 to 39.2% in FY2021.
Based on SEC 10-K filings.
20.0% in FY2025 with a 5-year CAGR of -12.0%.
Improved from -5.2% to 20.0% over the past 2 years.
Financials sector context is included.
Operating Margin over time
Growth rates
- 3-Year Change
- +104.8pp
- 5-Year Change
- -12.0pp
- 10-Year Change
- -
Sector benchmark
#54 of 105 in FinancialsTop 51% of 105This company 20.0% Sector average -49.0%
▼
+140.8% above sector average
Key checks
Key Insights
- In FY2025, operating margin decreased 43.1% year-over-year.
- Currently 69.0pp above the Financials sector average.
- Peak operating margin was recorded in FY2021.
- Lowest operating margin in the period was in FY2022.
Company context
Key Data Points
- Strong profit margin: 41.9%
- High earnings quality (cash-backed earnings)
- Strong return on equity: 20.1%
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | Operating MarginValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | 20.0% | -43.1% |
| FY2024 | 35.1% | +776.0% |
| FY2023 | -5.2% | +93.9% |
| FY2022 | -84.9% | -316.2% |
| FY2021 | 39.2% | +22.6% |
| FY2020 | 32.0% | +473.2% |
| FY2019 | -8.6% | - |
As of FY2025 · SEC 10-K · Updated Feb 28, 2026