# Coinbase (COIN) Q2 2026 earnings

Results filed 2026-07-30 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/coin/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1679788/000167978826000087/0001679788-26-000087-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

Coinbase reported Q2 2026 total revenue of $1.2B, a net loss of $(359)M and Adjusted EBITDA of $208M.

Coinbase's second quarter was weak because crypto trading slowed. Total revenue was $1.2B, down 14% from the prior quarter. Transaction revenue fell to $599M as Total Market Crypto Spot Trading Volume dropped 25%. The net loss was $(359)M, and Adjusted EBITDA was $208M, the 14th straight positive quarter. Subscription and services revenue of $555M made up 48% of net revenue. Coinbase also hit a record share of crypto trading volume and cut headcount by 14% in May.
For Q3, management expects subscription and services revenue of $500-$580 million, lower than Q2's $555M at the midpoint. It expects Adjusted Expenses of $980-$1,080 million. It lowered its 2026 Adjusted Expenses range to $4,200-$4,450 million. The main tension is that revenue still depends on crypto prices, volatility and trading volumes, while stablecoin income faces lower interest rates and the roll-off of Q2 performance earn outs. Cost cuts are protecting profitability but cannot offset a prolonged slump.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total revenue | $1.2B | -14% Q/Q | GAAP |
| Net (loss) income | $(359)M |  | GAAP |
| Diluted net (loss) income per share | (1.36) | (127)% Y/Y | GAAP |
| Operating (loss) income | (113.5) | 360% Y/Y | GAAP |
| Adjusted EBITDA | $208M | (59)% Y/Y | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Transaction revenue | $599M | (21)% Q/Q |
| Subscription and services revenue | $555M | (5)% Q/Q |
| Consumer transaction revenue | $452M | -20% Q/Q |
| Institutional transaction revenue | $100M | -26% Q/Q |
| Stablecoin revenue | $292M |  |
| Average USDC held in Coinbase products | $20B | new all-time high |
| Prediction markets annualized revenue | $100M+ | >2x Q/Q |

## Outlook

| Metric | Period | Outlook |
| --- | --- | --- |
| Subscription and services revenue | Q3ʼ26 | $500-$580 million |
| Adjusted Expenses | Q3ʼ26 | $980-$1,080 million |
| Stock-based compensation | Q3ʼ26 | ~$245 million |
| Amortization of intangible assets | Q3'26 | $35 million to $40 million |
| GAAP T&D + G&A + S&M expenses | Q3'26 | $1,015 million to $1,120 million |
| GAAP T&D + G&A + S&M expenses | FY'26 | $4,340 million to $4,600 million |
| Amortization of intangible assets | FY'26 | $140 million to $150 million |

## Key takeaways

1. **Crypto trading slump drove the revenue decline** Total revenue was $1.2B (-14% Q/Q) as Total Market Crypto Spot Trading Volume fell 25% Q/Q. Transaction revenue of $599M fell 21% Q/Q, less than the market.
2. **Subscription and services cushioned the downturn** Subscription and services revenue was $555M, or 48% of net revenue. Stablecoin revenue of $292M rose on record Average USDC Held in Coinbase Products of $20B, offset by lower rates.
3. **Record market share despite weaker markets** Coinbase Crypto Trading Volume Market Share reached 10.3% vs. 9.1% in Q1, an all-time high. Crypto Derivatives Trading Volume was flat while the market was down 12%.
4. **Cost cuts kept Adjusted EBITDA positive** Adjusted EBITDA was $208M, the 14th consecutive positive quarter. A 14% headcount reduction in May took employees to 4,321, and 2026 Adjusted Expenses guidance fell to $4,200-$4,450 million.
5. **Prediction markets became a $100M+ line** Prediction markets reached $100M+ annualized revenue, with contracts and revenue up more than 2x Q/Q. Sports led, helped by NBA playoffs and World Cup soccer.

## Questions

**What were Coinbase's Q2 2026 headline results?** Total revenue was $1.2B, down 14% from Q1 and 19% from a year ago. Net loss was $(359)M, or $(1.36) per diluted share, and Adjusted EBITDA was $208M.
**Why did Coinbase's revenue fall in Q2 2026?** Total Market Crypto Spot Trading Volume fell 25% Q/Q and Total Crypto Market Capitalization fell 11%. Crypto Asset Volatility fell 14% to multi-year lows, which suppressed trading.
**What is Coinbase guiding for Q3 2026?** It expects subscription and services revenue of $500-$580 million, Adjusted Expenses of $980-$1,080 million and stock-based compensation of about $245 million. Transaction expenses should be mid-teens as a percentage of net revenue.
**How did Coinbase change its full-year 2026 expense outlook?** It lowered and narrowed 2026 Adjusted Expenses guidance to $4,200-$4,450 million from an initial $4,250-$4,600 million. It cited a 14% headcount reduction in May.
**How strong is Coinbase's balance sheet and capital return?** Cash and cash equivalents were $8.6B, with $1.6B in crypto and marketable investments. Coinbase has returned $2.0B+ to shareholders through buybacks and has $2.0B of authorization remaining.

## Slides and investor documents

- [Earnings Presentation](https://s27.q4cdn.com/397450999/files/doc_financials/2026/q2/Q2-26-Earnings-Deck.pdf) (Slide deck)
- [Earnings Presentation Video](https://www.youtube.com/embed/FxfFgjmTYW4) (Slide deck)
- [Earnings Presentation Transcript](https://s27.q4cdn.com/397450999/files/doc_financials/2026/q2/Q2-26-Earnings-Presentation-Transcript.pdf) (Company's official transcript)
- [Analyst Call Transcript](https://s27.q4cdn.com/397450999/files/doc_financials/2026/q2/Q2-26-Analyst-Call-Transcript.pdf) (Company's official transcript)
- [Earnings Call Transcript](https://s27.q4cdn.com/397450999/files/doc_financials/2026/q2/Q2-26-Earnings-AMA-Call-Transcript.pdf) (Company's official transcript)
- [Earnings Webcast](https://www.youtube.com/watch?v=zv4icJOfB-w) (Webcast replay)
- [10-Q](https://s27.q4cdn.com/397450999/files/doc_financials/2026/q2/Coinbase-Global-Inc-Q2-2026-10Q.pdf) (Document)