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Coinbase Global cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$405M in Q3 2026 · $1.4B over twelve months

Operating cash flow$405M
Free cash flow+$405M
Cash / net income0.6×

Analysis

In Q3 2026, Coinbase Global generated $405M of operating cash flow. That is $304M less than in Q3 2025 ($710M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.4B; the largest uses were other financing ($2.4B), buybacks ($2.0B), other investing ($1.5B); besides operations, cash came from net borrowing (+) / repaid (−) ($203M), shares issued ($18.8M); the cash balance fell by $4.9B.

Operating cash flow was $405M against net income of $719M — 0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: stock-based pay +$233M, deferred taxes +$98.6M, depreciation & amortization +$61.2M.

Free cash flow

Coinbase Global: free cash flow by quarterCoinbase Global: free cash flow by quarter$1.5BQ4 2024$853MQ1 2025$240MQ2 2025$710MQ3 2025$624MQ4 2025$183MQ1 2026$197MQ2 2026$405MQ3 2026
Operating cash flow less capital spending.
Coinbase Global: operating cash flow against capital spendingCoinbase Global: operating cash flow against capital spendingOperating cash flowCapital spending$1.5B$0Q4 2024$853M$0Q1 2025$240M$0Q2 2025$710M$0Q3 2025$624M$0Q4 2025$183M$0Q1 2026$197M$0Q2 2026$405M$0Q3 2026
Latest (Q3 2026): Operating cash flow $405M, Capital spending $0.

Capital allocation, year by year

Coinbase Global: where the cash came from (up) and went (down), by fiscal yearCoinbase Global: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $4.0BFY2021: Net borrowing $2.0BFY2021: Shares issued $217MFY2021: Asset sales $31KFY2021: Capital spending −$2.9MFY2021: Acquisitions −$70.9M$6.2BFY2021FY2022: Operating cash flow −$1.6BFY2022: Net borrowing −$117KFY2022: Shares issued $51.5MFY2022: Asset sales $83KFY2022: Capital spending −$2.9MFY2022: Acquisitions −$186M$51.6MFY2022FY2023: Operating cash flow $673MFY2023: Net borrowing −$324MFY2023: Shares issued $47.9MFY2023: Acquisitions −$30.7M$721MFY2023FY2024: Operating cash flow $3.1BFY2024: Net borrowing $1.3BFY2024: Shares issued $126M$4.6BFY2024FY2025: Operating cash flow $2.4BFY2025: Net borrowing $3.0BFY2025: Shares issued $78.3MFY2025: Acquisitions −$742MFY2025: Buybacks −$790M$5.5BFY2025
Over these 5 years operating cash flow totalled $8.7B; the largest uses were operating cash flow ($1.6B) and acquisitions ($1.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$8.8B
Debt$6.6B
Net cash$2.2B
Due within a year$749M

Coinbase Global funds itself: free cash flow was $1.4B over the last twelve months, and $8.8B of cash and investments stands against $6.6B of debt ($749M due within a year, 11.8× covered by cash).

Where the cash came from and went

Coinbase Global: sources (+) and uses (−) of cash, Q3 2026Coinbase Global: sources (+) and uses (−) of cash, Q3 2026Other investing−$525MOperating cash flow$405MOther financing$174MTaxes on employees’ shares−$79.0MNet borrowing (+) / repaid (−)$66.6MCash drawn (+) / kept (−)−$20.5MExchange rates−$15.7MBuybacks−$5.3M
Coinbase Global: sources (+) and uses (−) of cash, TTM to Q3 2026Coinbase Global: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$4.9BOther financing−$2.4BBuybacks−$2.0BOther investing−$1.5BOperating cash flow$1.4BTaxes on employees’ shares−$397MNet borrowing (+) / repaid (−)$203MAcquisitions−$98.4MExchange rates−$60.0MShares issued$18.8M

From profit to cash

Coinbase Global: net income to operating cash flow, Q3 2026Coinbase Global: net income to operating cash flow, Q3 2026Net income$719MDepreciation & amortization$61.2MStock-based pay$233MDeferred taxes$98.6MGains on investments−$39.2MPrepaid and other assets−$49.1MOther liabilities$30.8MIncome taxes payable−$24.2MOperating cash flow$405M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$405M—−$5.3M$66.6M—−$20.5M$405M
Q2 2026$197M—−$181M$13.4M—$2.8B$197M
Q1 2026$183M−$22.1M−$1.1B$142M—$959M$183M
Q4 2025$624M−$76.3M−$790M−$19.0M$1.7M$1.1B$624M
Q3 2025$710M——$3.0B—−$3.3B$710M
Q2 2025$240M——−$13.8M—$774M$240M
Q1 2025$853M−$16.7M—−$13.1M—$178M$853M
Q4 2024$1.5B———$45.9M−$3.7B$1.5B

Coinbase Global: income statement and cash flow

Coinbase Global, Q3 2026: revenue $1.2B (-35% year over year), operating margin 5.1%. The chart follows the revenue to costs, profit and cash.

Coinbase Global: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.