Coinbase booked $1,220M of revenue in the quarter ended 2026-06-30. Five quarters earlier, in the quarter ended 2025-03-31, it booked $2,034M. That is −40.0%, and against the December 2024 peak of $2,272M it is −46.3%.
Three consecutive quarters have now declined year over year, and each decline is double digit.
| quarter ended | revenue | year over year |
|---|---|---|
| 2024-12-31 | $2,272M | |
| 2025-03-31 | $2,034M | +24.2% |
| 2025-06-30 | $1,497M | +3.2% |
| 2025-09-30 | $1,869M | +55.1% |
| 2025-12-31 | $1,781M | −21.6% |
| 2026-03-31 | $1,413M | −30.5% |
| 2026-06-30 | $1,220M | −18.5% |
Why this site has not said it before
Until today the stored series stopped at 2025-12-31. The two quarters that turn a bad print into a trend were not in the repo, so no chart on this site could show the line and no piece drew it. That gap is now closed — the series runs through June 2026, and it was rebuilt against the filings in the same pass, because every stored quarter had been carrying a figure below the filed one.
So this is not a new disclosure. Coinbase filed all of it. It is the first time our own data could show it.
Our July piece was right and it was a mix story
On 2026-07-30 we led with a genuine milestone: bitcoin-related transactions down to 12% of total revenue, from more than half historically, with subscription and services at 48% of net revenue and Coinbase One past a million subscribers. Every one of those is real, and diversification away from a single volatile asset is the thing management is executing.
But a share is a ratio, and the denominator moved. Twelve per cent of $1,220M is about $146M — a derived figure, not a disclosed one. The mix improved into a base that has nearly halved, and a reader who finished that piece knew the composition had changed without knowing what it was a composition of.
Both readings come from the same release. Only one of them had been shown here.
What the decline is not
It is not a collapse in the subscription business the diversification story rests on. Our July coverage recorded that the June quarter missed on both the trading and the subscription lines — the second of those being the surprise — so the fall is broad rather than confined to trading fees. That is worse for a mix argument than a trading-only fall would be, because the line that is supposed to be the ballast moved with the volatile one.
It is also not a company shrinking from a small base. The December 2024 peak is the highest quarter Coinbase has posted in the series this site stores, which reaches back to the quarter ended 2022-12-31. The fall is from a record.
What to watch
Whether the fourth quarter breaks the streak. The three declines lap 2025 quarters that were themselves strong — the September 2025 quarter grew 55.1%. The comparisons get easier from here: the December 2025 quarter fell 21.6%, so the coming December quarter laps a base already down.
Whether subscription revenue re-separates from trading. The two moving together is the specific thing that makes the mix milestone thinner than it reads. One quarter of them diverging again would restore it.
Profitability, which this series cannot yet answer. Our stored EPS and free-cash-flow series both stop at the quarter ended 2026-03-31, so the June quarter's earnings are not in our data — only its revenue is. Any claim about margins through the decline has to wait for those two series to catch up.
Sources
Revenue is our stored Coinbase revenue series, stored at whole millions and rebuilt in full against SEC XBRL for CIK 0001679788, concept us-gaap/Revenues. The two December quarters have no quarterly filing context and are derived from the filed annual minus the filed nine-month figure; every other quarter is a filed quarterly value. The 12% bitcoin share, the 48% subscription share and the both-lines miss are from our own Coinbase Q2 2026 coverage, which took them from the earnings release. The $146M is our arithmetic on those two figures and is labelled as derived wherever it appears.