Financials Coinbase Global, Inc.

Equities

COIN

US19260Q1076

Blockchain & Cryptocurrency

Market Closed - Nasdaq Other stock markets 20:59:23 18/06/2025 BST			After hours 01:00:00
295.11 ^USD	+16.25%		294.19	-0.31%

12:17am	Stocks pare gains, end little changed, after Fed meeting	RE
11:17pm	Circle, Coinbase shares soar as Senate clears path for stablecoin regulation	RE

Projected Income Statement: Coinbase Global, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,277	7,839	3,194	3,108	6,564	7,444	8,113	8,187
Change	-	513.66%	-59.25%	-2.69%	111.17%	13.41%	8.99%	0.91%
EBITDA ¹	-	4,090	-371.4	963.7	3,348	3,053	3,681	3,466
Change	-	-	-109.08%	359.47%	247.38%	-8.79%	20.56%	-5.84%
EBIT ¹	-	3,077	-2,710	-161.7	2,307	2,374	2,868	3,065
Change	-	-	-188.09%	94.04%	1,527.15%	2.9%	20.79%	6.89%
Interest Paid ¹	-	-35.61	-88.9	-82.77	-80.64	-82.85	-81.95	-78.02
Earnings before Tax (EBT) ¹	-	3,027	-3,065	-76.84	2,943	1,802	2,677	2,732
Change	-	-	-201.24%	97.49%	3,929.32%	-38.77%	48.55%	2.08%
Net income ¹	-	3,624	-2,625	94.75	2,579	1,493	2,128	2,198
Change	-	-	-172.43%	103.61%	2,621.91%	-42.09%	42.5%	3.27%
Announcement Date	25/02/21	24/02/22	21/02/23	15/02/24	13/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	1,801	2,228	1,312	2,498	1,166	808.3	590.3	629.1	772.5	707.9	674.1	953.8	1,638	1,450	1,205	2,272	2,034	1,658	1,711	1,835	1,932	1,981	2,022	2,109	1,450
Change	-	23.7%	-41.12%	90.44%	-53.31%	-30.7%	-26.97%	6.57%	22.8%	-8.36%	-4.77%	41.48%	71.69%	-11.48%	-16.86%	88.49%	-10.45%	-18.51%	3.19%	7.25%	5.27%	2.55%	2.09%	4.25%	-31.23%
EBITDA ¹	1,117	1,150	618.2	1,205	19.69	-151.1	-115.9	-124.1	283.7	194	180.9	305.1	1,014	595.6	448.6	1,289	929.9	635	694.2	774.7	887.7	943.2	986.2	984	617
Change	-	2.9%	-46.23%	94.89%	-98.37%	-867.36%	23.29%	-7.1%	328.54%	-31.62%	-6.71%	68.62%	232.44%	-41.28%	-24.67%	187.33%	-27.86%	-31.71%	9.32%	11.6%	14.59%	6.25%	4.55%	-0.22%	-37.3%
EBIT ¹	987.7	874.7	291.8	922.3	-554.5	-1,044	-556.5	-554.9	-123.9	-73.58	-79.82	115.6	760.5	343.1	169.5	1,034	705.8	458.1	504.8	578.8	691.1	713.6	740.1	791.6	-
Change	-	-11.44%	-66.64%	216.07%	-160.12%	-88.36%	46.72%	0.29%	77.68%	40.61%	-8.49%	244.83%	557.76%	-54.88%	-50.6%	510.02%	-31.74%	-35.09%	10.2%	14.64%	19.41%	3.26%	3.71%	6.96%	-
Charge d'intérêts ¹	-4.273	-2.925	-6.972	-21.44	-22.14	-23.66	-21.51	-21.6	-21.54	-21.67	-20.82	-18.74	-19.07	-20.51	-20.53	-20.54	-20.51	-20.68	-20.63	-20.63	-20.63	-20.97	-21.13	-21.13	-
Earnings before Tax (EBT) ¹	996.7	868.9	270.9	890.5	-609.4	-1,241	-643.7	-570.9	-165.7	-78.68	34.66	132.9	1,437	-60.24	68.58	1,497	82.46	433.3	426.9	516	560.1	615.9	661.4	759.4	382
Change	-	-12.82%	-68.83%	228.78%	-168.44%	-103.56%	48.11%	11.31%	70.98%	52.51%	144.05%	283.29%	981.97%	-104.19%	213.85%	2,082.64%	-94.49%	425.45%	-1.48%	20.89%	8.53%	9.97%	7.38%	14.81%	-49.7%
Net income ¹	771.5	1,606	406.1	840.2	-429.7	-1,094	-544.6	-557	-78.9	-97.4	-2.265	273.3	1,176	36.15	75.5	1,291	65.61	357.7	358.2	429.8	487.7	529.5	565.9	649.1	296
Change	-	108.22%	-74.72%	106.9%	-151.14%	-154.54%	50.2%	-2.27%	85.84%	-23.46%	97.67%	12,164.33%	330.45%	-96.93%	108.84%	1,610.28%	-94.92%	445.19%	0.14%	19.99%	13.49%	8.55%	6.89%	14.7%	-54.4%
Announcement Date	13/05/21	10/08/21	09/11/21	24/02/22	10/05/22	09/08/22	03/11/22	21/02/23	04/05/23	03/08/23	02/11/23	15/02/24	02/05/24	01/08/24	30/10/24	13/02/25	08/05/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Coinbase Global, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-3,312	-880	-2,096	-4,010	-6,759	-10,265	-13,151
Change	-	-	73.43%	-138.18%	-91.32%	-68.57%	-51.87%	-28.11%
Announcement Date	25/02/21	24/02/22	21/02/23	15/02/24	13/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Coinbase Global, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	24.98	63.97	75.02	-	64.88	77.01	86.82
Change	-	156.06%	17.28%	-	-	18.7%	12.73%
Free Cash Flow (FCF) ¹	4,483	-1,649	847.9	2,557	3,333	3,246	3,722
Change	-	-136.79%	151.41%	201.54%	30.34%	-2.6%	14.67%
Announcement Date	24/02/22	21/02/23	15/02/24	13/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Coinbase Global, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	52.17%	-11.63%	31%	51%	41.01%	45.37%	42.33%
EBIT Margin (%)	-	39.24%	-84.85%	-5.2%	35.15%	31.89%	35.34%	37.44%
EBT Margin (%)	-	38.61%	-95.94%	-2.47%	44.83%	24.2%	32.99%	33.37%
Net margin (%)	-	46.23%	-82.18%	3.05%	39.29%	20.06%	26.23%	26.85%
FCF margin (%)	-	57.19%	-51.64%	27.28%	38.95%	44.77%	40.01%	45.46%
FCF / Net Income (%)	-	123.71%	62.84%	894.89%	99.14%	223.14%	152.52%	169.35%
Profitability
ROA	-	27.73%	-4.73%	0.06%	13.9%	8.44%	9.02%	8.57%
ROE	-	102.43%	-44.35%	1.61%	31.3%	14.99%	15.96%	15.96%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	0.32%	2%	2.41%	-	0.87%	0.95%	1.06%
CAPEX / EBITDA (%)	-	0.61%	-17.22%	7.79%	-	2.13%	2.09%	2.5%
CAPEX / FCF (%)	-	0.56%	-3.88%	8.85%	-	1.95%	2.37%	2.33%
Items per share
Cash flow per share ¹	-	48.78	-7.131	3.628	-	-	-	-
Change	-	-	-114.62%	150.88%	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	29.39	24.05	24.69	40.52	44.99	50.4	76.82
Change	-	-	-18.18%	2.67%	64.09%	11.03%	12.03%	52.42%
EPS ¹	1.57	14.5	-11.81	0.37	9.48	5.438	7.633	7.566
Change	-	823.57%	-181.45%	103.13%	2,462.16%	-42.64%	40.38%	-0.89%
Nbr of stocks (in thousands)	-	215,205	226,966	239,246	250,350	254,705	254,705	254,705
Announcement Date	25/02/21	24/02/22	21/02/23	15/02/24	13/02/25	-	-	-