Coinbase vs Robinhood — R&D Spend Comparison

Coinbase (COIN) r&d spend was $1.7B in FY2025 (+14% YoY); Robinhood (HOOD) r&d spend was $355M in FY2025 (+10% YoY). The tables below show the complete quarterly and annual r&d spend history, sourced from SEC EDGAR 10-K and 10-Q filings.

Fiscal Year	Coinbase	Robinhood
2025	$1.7B	$355M
2024	$1.5B	$323M
2023	$1.3B	$349M
2022	$2.3B	$381M
2021	$1.3B	$438M
2020	$272M	$52M
2019	$185M	$28M

Coinbase — Annual R&D Spend

Fiscal Year	R&D Spend	YoY
2025	$1.7B	+14%
2024	$1.5B	+11%
2023	$1.3B	-43%
2022	$2.3B	+80%
2021	$1.3B	+375%
2020	$272M	+47%
2019	$185M

Robinhood — Annual R&D Spend

Fiscal Year	R&D Spend	YoY
2025	$355M	+10%
2024	$323M	-7%
2023	$349M	-8%
2022	$381M	-13%
2021	$438M	+742%
2020	$52M	+88%
2019	$28M

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