Coinbase Global, Inc. · 2026 Q2
ReportedJul 30, 2026
Period endedJun 30, 2026
Rule of 40-2
Consensus vs reported
EPS · ADJUSTED
MISS -379%
-$0.39
vs $0.14 expected
QoQ—
YoY—
Revenue
MISS -5%
$1.22B
vs $1.29B expected
QoQ-13.7%
YoY-18.5%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
Reported this quarter
Revenue
$1.22B
QoQ -13.7%
YoY -18.5%
EPS
-$1.36
QoQ +8.7%
YoY —
Free Cash Flow
$197M
QoQ +7.7%
YoY -39.9%
FCF Margin
16.1%
QoQ +3.2 pp
YoY -5.8 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- Both revenue lines missed at once, and that is what widened the loss. Total revenue of $1.22B missed consensus by roughly $70M , with the subscription and services line — the one analysts expected to hold up in a cooling spot market — missing alongside transaction fees.
- Bitcoin is down to 12% of revenue, from more than half. The diversification Armstrong has promised for years showed up in the quarter where it mattered — a down tape for spot crypto that a bitcoin-dependent Coinbase would have taken far harder.
- Non-trading revenue now rivals trading. Subscription and services reached 48% of net revenue , led by Coinbase One crossing 1 million paying subscribers for the first time, with Haas arguing members trade more and monetise across staking and the card rather th…
- Market share rose while the market shrank. Crypto trading volume share hit a record 10.3% , a third consecutive quarterly gain, and prediction markets and perpetual futures added volume with little cannibalisation of spot.
- Base is operating at a scale the revenue line does not show. $32 trillion of stablecoin transfer volume over the trailing twelve months, and a lead in agentic-finance transactions via x402 — infrastructure throughput that is not yet a monetised segment.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | $0.28 | — |
| 2024 Q4 | — | $4.68 | — |
| 2025 Q1 | — | $0.24 | — |
| 2025 Q2 | — | $5.14 | — |
| 2025 Q3 | — | $1.50 | — |
| 2025 Q4 | — | -$2.49 | — |
| 2026 Q1 | — | -$1.49 | — |
| 2026 Q2 | $0.14 | -$0.39 | -379% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1679788.
HTML
8-K results announcement
Filed Jul 30, 2026
HTM
Press release (EX-99.1)
Exhibit 99.1 to the 8-K
89 KB
HTML
Filing index
Every document in the 8-K submission
TXT
Complete submission
Raw archival text of the whole filing
HTML
10-Q quarterly report
Period ended Jun 30, 2026, filed Jul 30, 2026
ZIP
XBRL data bundle
Structured financial statements from the 10-Q
JSON
Company facts (XBRL)
Every figure COIN has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for 2026 Q2, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings