Coinbase vs Robinhood — Capital Expenditure Comparison

Coinbase (COIN) capital expenditure was $63M in FY2023 (+4% YoY); Robinhood (HOOD) capital expenditure was $54M in FY2025 (+8% YoY). The tables below show the complete quarterly and annual capital expenditure history, sourced from SEC EDGAR 10-K and 10-Q filings.

Fiscal Year	Coinbase	Robinhood
2025	—	$54M
2024	—	$50M
2023	$63M	$21M
2022	$61M	$57M
2021	$83M	$83M
2020	$19M	$32M
2019	$40M	$12M

Coinbase — Annual Capital Expenditure

Fiscal Year	Capital Expenditure	YoY
2023	$63M	+4%
2022	$61M	-26%
2021	$83M	+341%
2020	$19M	-54%
2019	$40M

Robinhood — Annual Capital Expenditure

Fiscal Year	Capital Expenditure	YoY
2025	$54M	+8%
2024	$50M	+138%
2023	$21M	-63%
2022	$57M	-31%
2021	$83M	+159%
2020	$32M	+157%
2019	$12M

Source: COIN on EDGAR · HOOD on EDGAR. Data from SEC EDGAR 10-K and 10-Q filings. Updated quarterly.