Coinbase vs S&P Global
S&P Global reported revenue of $15.3 billion in fiscal 2025, 2.1 times Coinbase's $7.2 billion in fiscal 2025. Coinbase's revenue grew 9.4% in its latest year, and S&P Global's grew 7.9%. Coinbase had an operating margin of 20.0%, against 42.2% at S&P Global. Free cash flow was $2.3 billion at Coinbase and $5.5 billion at S&P Global.
Side by side
| Coinbase | S&P Global | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $7.2B | $15.3B |
| Revenue growth | 9.4% | 7.9% |
| Revenue growth a year, last 5 years | 41.2% | 15.6% |
| Gross margin | — | 70.2% |
| Operating margin | 20.0% | 42.2% |
| Net margin | 17.6% | 29.1% |
| Free cash flow | $2.3B | $5.5B |
| Free cash flow margin | 31.9% | 35.6% |
| Return on capital | 14.5% | 11.7% |
| Net debt to EBITDA | −2.4x | 1.5x |
| Dividends and buybacks | $790M | $6.2B |
| Change in diluted share count | 5.1% | −2.2% |
| Last close | $159.60 | $450.65 |
| P/E at the last close | — | 28.5× |
| Insider trades, last 12 months | sold $327.2 million | bought $3.6 million, sold $0 |
| Piotroski F-score | 4 of 8 | 7 of 9 |
Amounts in each company's own currency, US$ 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
CoinbaseS&P Global
Operating margin
Percent of revenue
CoinbaseS&P Global
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CoinbaseS&P Global
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 S&P Global pages.