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Arphra AIPlain-English read on Coinbase Global, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $7.84B | $3.19B | $3.11B | $6.56B | $7.18B | $6.08B | $7.6B | $8.42B | $8.86B |
| Cost of revenue | $1.74B | $629.88M | $1.14B | $1.66B | $1.82B | $1.81B | $2.19B | $2.52B | $2.62B |
| Gross profit | $6.1B | $2.56B | $1.97B | $4.91B | $5.36B | $4.42B | $5.28B | $6.11B | $6.35B |
| Gross margin | +77.82% | +80.28% | +63.47% | +74.75% | +74.64% | +72.57% | +69.46% | +72.59% | +71.68% |
| Operating | |||||||||
| Research & development | $1.29B | $2.33B | $1.32B | $1.47B | $1.67B | $1.8B | $2.26B | $2.5B | $2.68B |
| Selling, general & administrative | $1.1B | $2.11B | $691.78M | $1.19B | $1.88B | $1.37B | $1.73B | $1.88B | $1.93B |
| Total operating expenses | $3.02B | $5.27B | $2.13B | $2.6B | $3.92B | $3.3B | $4.08B | $4.51B | $4.72B |
| Operating income | $3.08B | -$2.71B | -$161.66M | $2.31B | $1.44B | $1.01B | $1.29B | $1.41B | $1.48B |
| Operating margin | +39.24% | -84.85% | -5.20% | +35.15% | +19.99% | +16.57% | +16.95% | +16.75% | +16.72% |
| EBITDA | $3.12B | -$2.82B | $145.56M | $3.15B | $1.8B | $1.58B | $1.94B | $2.21B | $2.26B |
| EBIT | $3.06B | -$2.98B | $5.92M | $3.02B | $1.61B | $1.43B | $1.73B | $1.93B | $2B |
| Below the line | |||||||||
| Interest expense | $29.16M | $88.9M | $82.77M | $80.65M | $85.41M | $104.06M | $127.92M | $146.45M | $154.52M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$49.62M | -$354.37M | $84.82M | $635.48M | $86.62M | — | — | — | — |
| Pre-tax income | $3.03B | -$3.06B | -$76.85M | $2.94B | $1.52B | $1.26B | $1.64B | $1.83B | $1.91B |
| Income tax expense | -$597.17M | -$439.63M | -$171.72M | $363.58M | $261.74M | $192.49M | $235.22M | $267.67M | $282.94M |
| Earnings | |||||||||
| Net income | $3.62B | -$2.62B | $94.87M | $2.58B | $1.26B | $1.03B | $1.24B | $1.4B | $1.49B |
| Net income · continuing ops | $3.62B | -$2.62B | $94.87M | $2.58B | $1.26B | $1.23B | $1.56B | $1.64B | $1.82B |
| Net margin | +46.23% | -82.18% | +3.05% | +39.29% | +17.55% | +17.00% | +16.32% | +16.57% | +16.84% |
| EPS · basic | $17.47 | $-11.84 | $0.40 | $10.42 | $4.85 | $0.99 | $5.71 | $7.03 | $7.01 |
| EPS · diluted | $14.50 | $-11.83 | $0.37 | $9.48 | $4.45 | $0.90 | $5.19 | $6.43 | $6.35 |
| EPS · low estimate | — | — | — | — | — | $0.11 | $1.98 | $1.57 | $5.03 |
| EPS · high estimate | — | — | — | — | — | $1.89 | $8.22 | $9.38 | $8.51 |
| Shares · basic | 177.32M | 222.31M | 235.8M | 247.37M | 260.09M | 261.87M | 261.5M | 261.97M | 262.16M |
| Shares · diluted | 219.97M | 222.34M | 254.39M | 273.38M | 287.21M | 287.25M | 285.58M | 286.74M | 285.68M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 22 | 22 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 15 | 18 | 8 | 6 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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