COIN earnings analysis
What we found in COIN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Net revenue decreased to $1.3 billion from $1.9 billion year-over-year, a decline of 31%.
- Increased Adjusted EBITDA
- Adjusted EBITDA was reported at $303.3 million, down 67% from $929.9 million in the prior year.
- USDC Revenue Growth
- Stablecoin revenue increased by $31.4 million year-over-year, totaling $305.4 million.
- Positive Trading Volume Segments
- Despite overall declines, institutional transaction revenue rose by 37%, reaching $135.7 million.
- Restructuring Plan Announced
- On May 5, 2026, Coinbase announced a restructuring plan to realign operating expenses with market conditions.
- High Cash Reserves Maintained
- Coinbase reported $10.4 billion in cash and equivalents, ensuring liquidity for operational needs.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Decreased MTUs
- Monthly Transacting Users (MTUs) fell to 8.2 million, a 15% decline from 9.7 million a year ago.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.49
- Segment
- Consumer
- Segment
- Institutional
- Segment
- Subscription and services
What they said about what is next.
For Q2 2026, management expects total revenue between $565 million and $645 million, citing cautious market outlook.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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