10-K · February 12, 2026
Coinbase expanded into an “Everything Exchange” in December 2025, adding stocks, commodity futures, perpetual futures and prediction markets. Revenue rose modestly to about $7.18 billion in 2025 (sum of quarterly…
Earnings analysis · 10-Q
COIN earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Coinbase's Q1 2026 earnings report reflects significant revenue decline with net revenue dropping to $1.3 billion from $1.9 billion in Q1 2025. The reported loss of $394.1 million contrasts sharply with a net income of…
Read full summary
Coinbase's Q1 2026 earnings report reflects significant revenue decline with net revenue dropping to $1.3 billion from $1.9 billion in Q1 2025. The reported loss of $394.1 million contrasts sharply with a net income of $65.6 million in the prior year, highlighting a challenging market environment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.49
- Segment
- Consumer
- Segment
- Institutional
- Segment
- Subscription and services
What stood out
-
Revenue Decline
Net revenue decreased to $1.3 billion from $1.9 billion year-over-year, a decline of 31%.
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Increased Adjusted EBITDA
Adjusted EBITDA was reported at $303.3 million, down 67% from $929.9 million in the prior year.
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USDC Revenue Growth
Stablecoin revenue increased by $31.4 million year-over-year, totaling $305.4 million.
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Positive Trading Volume Segments
Despite overall declines, institutional transaction revenue rose by 37%, reaching $135.7 million.
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Restructuring Plan Announced
On May 5, 2026, Coinbase announced a restructuring plan to realign operating expenses with market conditions.
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High Cash Reserves Maintained
Coinbase reported $10.4 billion in cash and equivalents, ensuring liquidity for operational needs.
What to watch
-
Substantial Net Loss
The company posted a net loss of $394.1 million compared to a net income of $65.6 million in the same quarter last year.
-
Diminished Trading Volume
Total trading volume decreased to $202 billion, down 50% year-over-year, impacting transaction revenues.
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Decreased MTUs
Monthly Transacting Users (MTUs) fell to 8.2 million, a 15% decline from 9.7 million a year ago.
Management's outlook
For Q2 2026, management expects total revenue between $565 million and $645 million, citing cautious market outlook.
Earlier filings 4
10-Q · July 31, 2025
Coinbase reported Q2 revenue of $1,497,208,000 (up $47.58M vs $1,449,628,000 in Q2 2024) and GAAP net income of $1,428,900,000 (vs $36,150,000 prior year), driven largely by non‑operating gains. Operating performance…
10-K · February 21, 2023
Coinbase positions itself as a full‑stack gateway to the cryptoeconomy with products for consumers, institutions, and developers and a presence in more than 100 countries. The 10‑K emphasizes product breadth (custodial…
10-Q · November 3, 2022
Coinbase reported Q3 2022 total revenue of $590,339,000, a 55.0% decline from $1,311,908,000 in Q3 2021, producing an operating loss of $556,484,000 and net loss of $544,635,000 (diluted EPS $(2.43)). The company…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.