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Side-by-side financial comparison of Coinbase (COIN) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Coinbase is the larger business by last-quarter revenue ($1.8B vs $152.8M, roughly 11.7× Riot Platforms, Inc.). Coinbase runs the higher net margin — -37.4% vs -452.0%, a 414.5% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -21.6%). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 4.3%).
Coinbase Global, Inc. is an American cryptocurrency exchange. It was founded in 2012 by Brian Armstrong and Fred Ehrsam. Coinbase has over 100 million users, and is the largest U.S. based cryptocurrency exchange as well as the world's biggest bitcoin custodian, as of 2024. The company operates in more than 100 countries and holds nearly US$516 billion in assets, including nearly 12 percent of all bitcoin in existence and 11 percent of all staked Ether.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
COIN vs RIOT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.8B | $152.8M |
| Net Profit | $-666.7M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | 15.4% | -447.9% |
| Net Margin | -37.4% | -452.0% |
| Revenue YoY | -21.6% | 7.2% |
| Net Profit YoY | -151.6% | -606.3% |
| EPS (diluted) | $-2.43 | $-1.89 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.8B | $152.8M | ||
| Q3 25 | $1.9B | $180.2M | ||
| Q2 25 | $1.5B | $153.0M | ||
| Q1 25 | $2.0B | $161.4M | ||
| Q4 24 | $2.3B | $142.6M | ||
| Q3 24 | $1.2B | $84.8M | ||
| Q2 24 | $1.4B | $70.0M | ||
| Q1 24 | $1.6B | $79.3M |
| Q4 25 | $-666.7M | $-690.7M | ||
| Q3 25 | $432.6M | $104.5M | ||
| Q2 25 | $1.4B | $219.5M | ||
| Q1 25 | $65.6M | $-296.4M | ||
| Q4 24 | $1.3B | $136.4M | ||
| Q3 24 | $75.5M | $-154.4M | ||
| Q2 24 | $36.1M | $-84.4M | ||
| Q1 24 | $1.2B | $211.8M |
| Q4 25 | 15.4% | -447.9% | ||
| Q3 25 | 25.7% | 44.4% | ||
| Q2 25 | -1.6% | — | ||
| Q1 25 | 34.7% | -144.9% | ||
| Q4 24 | 45.5% | — | ||
| Q3 24 | 14.1% | -143.3% | ||
| Q2 24 | 23.7% | -167.2% | ||
| Q1 24 | 46.4% | — |
| Q4 25 | -37.4% | -452.0% | ||
| Q3 25 | 23.1% | 58.0% | ||
| Q2 25 | 95.4% | 143.4% | ||
| Q1 25 | 3.2% | -183.6% | ||
| Q4 24 | 56.8% | 95.7% | ||
| Q3 24 | 6.3% | -182.1% | ||
| Q2 24 | 2.5% | -120.6% | ||
| Q1 24 | 71.8% | 267.1% |
| Q4 25 | $-2.43 | $-1.89 | ||
| Q3 25 | $1.50 | $0.26 | ||
| Q2 25 | $5.14 | $0.58 | ||
| Q1 25 | $0.24 | $-0.90 | ||
| Q4 24 | $4.66 | $0.39 | ||
| Q3 24 | $0.28 | $-0.54 | ||
| Q2 24 | $0.14 | $-0.32 | ||
| Q1 24 | $4.40 | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $11.6B | $233.5M |
| Total DebtLower is stronger | $7.2B | $840.8M |
| Stockholders' EquityBook value | $14.8B | $2.9B |
| Total Assets | $29.7B | $3.9B |
| Debt / EquityLower = less leverage | 0.49× | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.6B | $233.5M | ||
| Q3 25 | $9.8B | $330.7M | ||
| Q2 25 | $7.5B | $255.4M | ||
| Q1 25 | $8.1B | $163.7M | ||
| Q4 24 | $8.5B | $277.9M | ||
| Q3 24 | $7.7B | $355.7M | ||
| Q2 24 | $7.2B | $481.2M | ||
| Q1 24 | $6.7B | $688.5M |
| Q4 25 | $7.2B | $840.8M | ||
| Q3 25 | $7.2B | $5.3M | ||
| Q2 25 | $4.2B | $5.3M | ||
| Q1 25 | $4.2B | $5.3M | ||
| Q4 24 | $4.2B | $584.6M | ||
| Q3 24 | $4.2B | $5.7M | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.2B | — |
| Q4 25 | $14.8B | $2.9B | ||
| Q3 25 | $16.0B | $3.5B | ||
| Q2 25 | $12.1B | $3.3B | ||
| Q1 25 | $10.5B | $2.9B | ||
| Q4 24 | $10.3B | $3.1B | ||
| Q3 24 | $8.7B | $2.7B | ||
| Q2 24 | $8.4B | $2.6B | ||
| Q1 24 | $8.1B | $2.5B |
| Q4 25 | $29.7B | $3.9B | ||
| Q3 25 | $31.4B | $4.5B | ||
| Q2 25 | $23.5B | $4.3B | ||
| Q1 25 | $21.7B | $3.7B | ||
| Q4 24 | $22.5B | $3.9B | ||
| Q3 24 | $290.6B | $2.9B | ||
| Q2 24 | $287.0B | $2.7B | ||
| Q1 24 | $348.0B | $2.6B |
| Q4 25 | 0.49× | 0.29× | ||
| Q3 25 | 0.45× | 0.00× | ||
| Q2 25 | 0.35× | 0.00× | ||
| Q1 25 | 0.40× | 0.00× | ||
| Q4 24 | 0.41× | 0.19× | ||
| Q3 24 | 0.48× | 0.00× | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 0.52× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.1B | $-572.9M |
| Free Cash FlowOCF − Capex | — | $-774.3M |
| FCF MarginFCF / Revenue | — | -506.6% |
| Capex IntensityCapex / Revenue | — | 131.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.1B | $-572.9M | ||
| Q3 25 | $-784.5M | $-114.0M | ||
| Q2 25 | $328.5M | $-231.3M | ||
| Q1 25 | $-182.7M | $-122.1M | ||
| Q4 24 | $964.6M | $-255.1M | ||
| Q3 24 | $696.5M | $-56.3M | ||
| Q2 24 | $484.2M | $-42.5M | ||
| Q1 24 | $411.5M | $-57.9M |
| Q4 25 | — | $-774.3M | ||
| Q3 25 | — | $-139.7M | ||
| Q2 25 | — | $-291.7M | ||
| Q1 25 | — | $-154.9M | ||
| Q4 24 | — | $-495.4M | ||
| Q3 24 | — | $-127.6M | ||
| Q2 24 | — | $-96.1M | ||
| Q1 24 | — | $-115.2M |
| Q4 25 | — | -506.6% | ||
| Q3 25 | — | -77.5% | ||
| Q2 25 | — | -190.7% | ||
| Q1 25 | — | -96.0% | ||
| Q4 24 | — | -347.5% | ||
| Q3 24 | — | -150.5% | ||
| Q2 24 | — | -137.2% | ||
| Q1 24 | — | -145.2% |
| Q4 25 | — | 131.8% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 39.5% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | 168.6% | ||
| Q3 24 | — | 84.1% | ||
| Q2 24 | — | 76.5% | ||
| Q1 24 | — | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | -1.81× | -1.09× | ||
| Q2 25 | 0.23× | -1.05× | ||
| Q1 25 | -2.79× | — | ||
| Q4 24 | 0.75× | -1.87× | ||
| Q3 24 | 9.23× | — | ||
| Q2 24 | 13.39× | — | ||
| Q1 24 | 0.35× | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
COIN
| Bank Servicing Consumer Net | $733.9M | 41% |
| Subscription And Circulation | $727.4M | 41% |
| Bank Servicing Institutional | $185.0M | 10% |
| Other Revenue | $71.1M | 4% |
| Bank Servicing Other | $63.8M | 4% |
| Related Party | $1.3M | 0% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
