Coinbase vs Intercontinental Exchange
Intercontinental Exchange reported revenue of $12.6 billion in fiscal 2025, 1.8 times Coinbase's $7.2 billion in fiscal 2025. Coinbase's revenue grew 9.4% in its latest year, and Intercontinental Exchange's grew 7.5%. Coinbase had an operating margin of 20.0%, against 39.0% at Intercontinental Exchange. Free cash flow was $2.3 billion at Coinbase and $4.3 billion at Intercontinental Exchange.
Side by side
| Coinbase | Intercontinental Exchange | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $7.2B | $12.6B |
| Revenue growth | 9.4% | 7.5% |
| Revenue growth a year, last 5 years | 41.2% | 8.9% |
| Gross margin | — | — |
| Operating margin | 20.0% | 39.0% |
| Net margin | 17.6% | 26.2% |
| Free cash flow | $2.3B | $4.3B |
| Free cash flow margin | 31.9% | 33.9% |
| Return on capital | 14.5% | 7.7% |
| Net debt to EBITDA | −2.4x | 3.1x |
| Dividends and buybacks | $790M | $2.4B |
| Change in diluted share count | 5.1% | −0.2% |
| Last close | $159.60 | $160.05 |
| P/E at the last close | — | 22.6× |
| Insider trades, last 12 months | sold $327.2 million | sold $91.3 million |
| Piotroski F-score | 4 of 8 | 8 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CoinbaseIntercontinental Exchange
Operating margin
Percent of revenue
CoinbaseIntercontinental Exchange
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CoinbaseIntercontinental Exchange
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Coinbase and Intercontinental Exchange pages.