COIN
Coinbase Global, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Coinbase Global, Inc..
Coverage
Coinbase's Revenue Has Fallen 40% in Five Quarters. Our Last Piece Led With the Mix.
Coinbase booked $1,220M in the June 2026 quarter against $2,034M in March 2025 — down 40.0%, and 46.3% below the December 2024 peak. Three consecutive quarters of year-over-year decline. Our July piece led on bitcoin falling to 12% of revenue, which is true and is a share of a base that has nearly halved.
Coinbase Q2 2026: Bitcoin Is Down to 12% of Revenue — and the Stock Still Fell on the Miss
Coinbase missed on both trading and subscription revenue as crypto markets cooled, sending shares down roughly 5-7%. But the real story is structural: bitcoin-related revenue has collapsed to just 12% of the business, down from over half historically, as subscriptions, stablecoins, and derivatives take over.
Coinbase Lost $667M Last Quarter. The Stock Rallied 16%.
Coinbase missed on revenue and earnings, posted its first loss in two years, and the stock had its best day in months. Here's what Wall Street sees that the headline doesn't show.
Robinhood's February Dip: Gift or Trap? HOOD Surges 14% After Crypto-Driven Selloff
HOOD dropped to $85 on crypto fears, then ripped 14% in a single day. With earnings tomorrow and a fresh $125 price target from Wolfe, was the dip unmissable?
Where the revenue goes next
Latest: $1.22B (2026Q2)
| Period | Value |
|---|---|
| 2022Q4 | $629M |
| 2023Q1 | $773M |
| 2023Q2 | $708M |
| 2023Q3 | $674M |
| 2023Q4 | $954M |
| 2024Q1 | $1.64B |
| 2024Q2 | $1.45B |
| 2024Q3 | $1.21B |
| 2024Q4 | $2.27B |
| 2025Q1 | $2.03B |
| 2025Q2 | $1.50B |
| 2025Q3 | $1.87B |
| 2025Q4 | $1.78B |
| 2026Q1 | $1.41B |
| 2026Q2 | $1.22B |
Latest: -$1.36 (2026Q2)
| Period | Value |
|---|---|
| 2022Q4 | -$2.46 |
| 2023Q1 | -$0.34 |
| 2023Q2 | -$0.42 |
| 2023Q3 | -$0.01 |
| 2023Q4 | $1.03 |
| 2024Q1 | $4.40 |
| 2024Q2 | $0.14 |
| 2024Q3 | $0.28 |
| 2024Q4 | $4.68 |
| 2025Q1 | $0.24 |
| 2025Q2 | $5.14 |
| 2025Q3 | $1.50 |
| 2025Q4 | -$2.49 |
| 2026Q1 | -$1.49 |
| 2026Q2 | -$1.36 |
Latest: 65.6 (2026Q1)
| Period | Value |
|---|---|
| 2023Q4 | 668.9 |
| 2024Q1 | 53.0 |
| 2024Q2 | 40.0 |
| 2024Q3 | 30.5 |
| 2024Q4 | 26.1 |
| 2025Q1 | 32.3 |
| 2025Q2 | 33.9 |
| 2025Q3 | 29.2 |
| 2025Q4 | 51.5 |
| 2026Q1 | 65.6 |
Latest: $197M (2026Q2)
| Period | Value |
|---|---|
| 2022Q4 | -$742M |
| 2023Q1 | $463M |
| 2023Q2 | $151M |
| 2023Q3 | $314M |
| 2023Q4 | -$5M |
| 2024Q1 | $411M |
| 2024Q2 | $484M |
| 2024Q3 | $697M |
| 2024Q4 | $965M |
| 2025Q1 | -$183M |
| 2025Q2 | $328M |
| 2025Q3 | -$785M |
| 2025Q4 | $3.06B |
| 2026Q1 | $183M |
| 2026Q2 | $197M |
Latest: 263M (2026Q2)
| Period | Value |
|---|---|
| 2022Q4 | 224M |
| 2023Q1 | 231M |
| 2023Q2 | 235M |
| 2023Q3 | 237M |
| 2024Q1 | 268M |
| 2024Q2 | 267M |
| 2024Q3 | 267M |
| 2024Q4 | 273M |
| 2025Q1 | 271M |
| 2025Q2 | 279M |
| 2025Q3 | 292M |
| 2026Q1 | 265M |
| 2026Q2 | 263M |
Latest: $5.54B (2026Q2)
| Period | Value |
|---|---|
| 2022Q4 | -$742M |
| 2023Q1 | -$279M |
| 2023Q2 | -$128M |
| 2023Q3 | $186M |
| 2023Q4 | $181M |
| 2024Q1 | $592M |
| 2024Q2 | $1.08B |
| 2024Q3 | $1.77B |
| 2024Q4 | $2.74B |
| 2025Q1 | $2.56B |
| 2025Q2 | $2.88B |
| 2025Q3 | $2.10B |
| 2025Q4 | $5.16B |
| 2026Q1 | $5.35B |
| 2026Q2 | $5.54B |
Latest earnings
Company History
Launches as simple Bitcoin buying platform, establishing early brand trust amid nascent crypto industry.
Trading volume explodes during ICO mania; raises funding at $8B valuation, cementing position as leading U.S. exchange.
Rides Bitcoin/Ethereum bull run to $85B+ valuation, narrative of inevitable mainstream adoption.
Debuts with $99B market cap peak, symbolizing crypto
Stock plunges below $40 (-90%), multiple rounds of layoffs; shifts narrative to survival and cost discipline amid FTX collapse fallout.
Diversifies revenue beyond U.S. spot trading; Base becomes top L2 by activity, signaling infrastructure evolution.
Accused of operating unregistered exchange/securities; intensifies regulatory overhang and bearish sentiment.
Selected as custodian for major ETFs; court rulings favor Coinbase on some SEC claims, sparking massive stock rebound (+400% from lows).
U.S. policy tailwinds post-election drive trading volumes to records; stock surges past prior highs, reframing Coinbase as mature, regulated crypto leader.
Key Players
The CEO view — 10 podcasts, interviews & articles →
