Financials Coinbase Global, Inc.

Equities

COIN

US19260Q1076

Blockchain & Cryptocurrency

Market Closed - Nasdaq Other stock markets 21:00:00 08/12/2025 GMT			Pre-market 14:21:46
274.20 ^USD	+1.66%		272.07	-0.78%

01:51pm	PNC First Major Bank to Launch Direct Bitcoin Access for Clients, Powered by Coinbase's Crypto-As-A-Service Infrastructure	CI
12-05	The Most Overhyped PCE Print in Wall Street History

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	7,437	8,691	9,394
Change	-	513.66%	-59.25%	-2.69%	111.17%	13.29%	16.87%	8.08%
EBITDA ¹	-	4,090	-371.4	963.7	3,348	2,976	3,756	4,201
Change	-	-	-109.08%	359.47%	247.38%	-11.1%	26.2%	11.86%
EBIT ¹	-	3,077	-2,710	-161.7	2,307	1,784	2,573	3,129
Change	-	-	-188.09%	94.04%	1,527.15%	-22.66%	44.2%	21.62%
Interest Paid ¹	-	-35.61	-88.9	-82.77	-80.64	-86.19	-92.93	-95.66
Earnings before Tax (EBT) ¹	-	3,027	-3,065	-76.84	2,943	2,808	2,487	2,973
Change	-	-	-201.24%	97.49%	3,929.32%	-4.58%	-11.43%	19.56%
Net income ¹	-	3,624	-2,625	94.75	2,579	2,253	2,103	2,411
Change	-	-	-172.43%	103.61%	2,621.91%	-12.64%	-6.66%	14.66%
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	2027 Q2	2027 Q3
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	1,497	1,869	1,960	2,024	2,089	2,168	2,279	2,162	2,209	2,251
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%	-26.4%	24.81%	4.9%	3.27%	3.21%	3.78%	5.1%	-5.14%	2.17%	1.9%
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	512.1	800.7	776.1	856.5	908.1	963.2	1,027	870	894.5	916.5
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%	-44.93%	56.36%	-3.06%	10.35%	6.03%	6.06%	6.62%	-15.28%	2.82%	2.46%
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	-24.65	480.5	485.6	559.2	584.9	607.5	684.1	570.5	542	459.5
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%	-103.49%	2,049.42%	1.06%	15.15%	4.6%	3.86%	12.61%	-16.6%	-5%	-15.22%
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	-20.54	-21.77	-24.85	-22.46	-22.6	-22.6	-22.74	-27	-27	-27
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	1,824	502.1	422.2	523.6	543.7	616.5	711.3	718	676	526
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%	2,111.81%	-72.47%	-15.92%	24.03%	3.82%	13.39%	15.38%	0.94%	-5.85%	-22.19%
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	1,429	432.6	355.1	454.2	507.3	538.1	618.4	618	582	453
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%	2,077.94%	-69.73%	-17.92%	27.93%	11.69%	6.06%	14.94%	-0.07%	-5.83%	-22.16%
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	31/07/25	30/10/25	-	-	-	-	-	-	-	-

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	-5,907	-8,064	-10,838
Change	-	-	73.43%	-138.18%	-91.32%	-47.32%	-36.52%	-34.4%
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	-	120	109.7	114.3
Change	-	156.06%	17.28%	-	-	-8.61%	4.26%
Free Cash Flow (FCF) ¹	4,483	-1,649	847.9	2,557	3,280	3,084	2,862
Change	-	-136.79%	151.41%	201.54%	28.28%	-5.98%	-7.18%
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%	40.02%	43.21%	44.72%
EBIT Margin (%)	-	39.24%	-84.85%	-5.2%	35.15%	24%	29.61%	33.31%
EBT Margin (%)	-	38.61%	-95.94%	-2.47%	44.83%	37.76%	28.61%	31.65%
Net margin (%)	-	46.23%	-82.18%	3.05%	39.29%	30.3%	24.2%	25.67%
FCF margin (%)	-	57.19%	-51.64%	27.28%	38.95%	44.11%	35.48%	30.47%
FCF / Net Income (%)	-	123.71%	62.84%	894.89%	99.14%	145.57%	146.63%	118.7%
Profitability
ROA	-	27.73%	-4.73%	0.06%	13.9%	8.6%	7.73%	8.2%
ROE	-	102.43%	-44.35%	1.61%	31.3%	17.86%	13.81%	13.85%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	0.32%	2%	2.41%	-	1.61%	1.26%	1.22%
CAPEX / EBITDA (%)	-	0.61%	-17.22%	7.79%	-	4.03%	2.92%	2.72%
CAPEX / FCF (%)	-	0.56%	-3.88%	8.85%	-	3.66%	3.56%	3.99%
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	53.72	54.86	56.79
Change	-	-	-18.18%	2.67%	64.09%	32.58%	2.13%	3.52%
EPS ¹	1.57	14.5	-11.81	0.37	9.48	8.003	6.832	8.061
Change	-	823.57%	-181.45%	103.13%	2,462.16%	-15.58%	-14.63%	17.98%
Nbr of stocks (in thousands)	-	215,205	226,966	239,246	250,350	269,658	269,658	269,658
Announcement Date	25/02/21	24/02/22	21/02/23	15/02/24	13/02/25	-	-	-