Financials Coinbase Global, Inc.

Equities

COIN

US19260Q1076

Blockchain & Cryptocurrency

Market Closed - Nasdaq Other stock markets 04:00:00 2026-02-13 pm EST			5-day change	1st Jan Change
164.32 ^USD	+16.46%		-0.48%	-27.34%

Feb. 13	Sector Update: Financial Stocks Decline Late Afternoon	MT
Feb. 13	Sector Update: Financial Stocks Mixed Friday Afternoon	MT

Projected Income Statement: Coinbase Global, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	7,839	3,194	3,108	6,564	7,181	7,416	8,741	8,203
Change	-	-59.25%	-2.69%	111.17%	9.4%	3.26%	17.87%	-6.15%
EBITDA ¹	4,090	-371.4	963.7	3,348	2,808	2,446	3,585	3,138
Change	-	-109.08%	359.47%	247.38%	-16.1%	-12.92%	46.59%	-12.48%
EBIT ¹	3,077	-2,710	-161.7	2,307	1,435	1,736	2,367	2,249
Change	-	-188.09%	94.04%	1,527.15%	-37.78%	20.95%	36.35%	-4.99%
Interest Paid ¹	-35.61	-88.9	-82.77	-80.64	-85.41	-87.6	-87.6	-89.5
Earnings before Tax (EBT) ¹	3,027	-3,065	-76.84	2,943	1,522	1,168	2,264	2,436
Change	-	-201.24%	97.49%	3,929.32%	-48.28%	-23.24%	93.81%	7.58%
Net income ¹	3,624	-2,625	94.75	2,579	1,260	1,141	2,117	2,022
Change	-	-172.43%	103.61%	2,621.91%	-51.13%	-9.47%	85.53%	-4.48%
Announcement Date	2/24/22	2/21/23	2/15/24	2/13/25	2/12/26	-	-	-

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	2027 Q4
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	1,781	1,604	1,713	1,837	1,951	1,971	2,036	2,117	2,231
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%	-4.69%	-9.92%	6.77%	7.22%	6.21%	1.05%	3.27%	4%	5.36%
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	565.9	482.9	576.3	649.1	718.4	777	837.8	894.8	965
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%	-29.32%	-14.66%	19.33%	12.63%	10.68%	8.16%	7.82%	6.81%	7.85%
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	273.8	192.8	298.9	382.6	438.7	444.6	483.7	524.5	582
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%	-43.03%	-29.56%	55.01%	28.01%	14.66%	1.35%	8.79%	8.43%	10.96%
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	-20.54	-21.77	-22.59	-23.9	-21.42	-21.44	-21.56	-20.42	-20.62	-20.62	-20.82
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	-886.3	160.9	275.5	336.4	378.3	327.1	406.3	453.8	486
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%	-276.5%	118.16%	71.19%	22.14%	12.44%	-13.52%	24.21%	11.68%	7.1%
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	-666.7	138.9	253.2	349.7	402.9	452	485.8	545.3	602.1
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%	-254.14%	120.84%	82.26%	38.09%	15.21%	12.19%	7.49%	12.25%	10.41%
Announcement Date	5/13/21	8/10/21	11/9/21	2/24/22	5/10/22	8/9/22	11/3/22	2/21/23	5/4/23	8/3/23	11/2/23	2/15/24	5/2/24	8/1/24	10/30/24	2/13/25	5/8/25	7/31/25	10/30/25	2/12/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Coinbase Global, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-3,312	-880	-2,096	-4,010	-3,936	-4,047	-8,652	-10,451
Change	-	73.43%	-138.18%	-91.32%	1.85%	-2.81%	-113.79%	-20.79%
Announcement Date	2/24/22	2/21/23	2/15/24	2/13/25	2/12/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Coinbase Global, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	24.98	63.97	75.02	-	-	115.5	123.6	120.3
Change	-	156.06%	17.28%	-	-	-	7.03%	-2.66%
Free Cash Flow (FCF) ¹	4,483	-1,649	847.9	2,557	2,426	2,915	3,177	2,378
Change	-	-136.79%	151.41%	201.54%	-5.1%	20.14%	9%	-25.16%
Announcement Date	2/24/22	2/21/23	2/15/24	2/13/25	2/12/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Coinbase Global, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	52.17%	-11.63%	31%	51%	39.11%	32.98%	41.02%	38.26%
EBIT Margin (%)	39.24%	-84.85%	-5.2%	35.15%	19.99%	23.41%	27.08%	27.42%
EBT Margin (%)	38.61%	-95.94%	-2.47%	44.83%	21.19%	15.76%	25.91%	29.7%
Net margin (%)	46.23%	-82.18%	3.05%	39.29%	17.55%	15.39%	24.22%	24.65%
FCF margin (%)	57.19%	-51.64%	27.28%	38.95%	33.79%	39.31%	36.35%	28.99%
FCF / Net Income (%)	123.71%	62.84%	894.89%	99.14%	192.52%	255.49%	150.1%	117.61%
Profitability
ROA	27.73%	-4.73%	0.06%	13.9%	4.83%	1.82%	5.59%	3.4%
ROE	102.43%	-44.35%	1.61%	31.3%	10.05%	6.44%	11.43%	13.8%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	0.32%	2%	2.41%	-	-	1.56%	1.41%	1.47%
CAPEX / EBITDA (%)	0.61%	-17.22%	7.79%	-	-	4.72%	3.45%	3.83%
CAPEX / FCF (%)	0.56%	-3.88%	8.85%	-	-	3.96%	3.89%	5.06%
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	51.51	55.51	57.95	-
Change	-	-18.18%	2.67%	64.09%	27.12%	7.76%	4.4%	-
EPS ¹	14.5	-11.81	0.37	9.48	4.45	4.339	6.478	7.217
Change	-	-181.45%	103.13%	2,462.16%	-53.06%	-2.49%	49.29%	11.4%
Nbr of stocks (in thousands)	215,205	226,966	239,246	250,350	269,658	264,075	264,075	264,075
Announcement Date	2/24/22	2/21/23	2/15/24	2/13/25	2/12/26	-	-	-