Q1 26 EPS
$-1.49
Q1 26 Revenue
$1.41B
MISS 4.72%
Est. $1.48B
vs S&P Since Q1 26
-22.7%
TRAILING MARKET
COIN -22.7% vs S&P 0.0%
Market Reaction
Did COIN Beat Earnings? Q1 2026 Results
Coinbase Global delivered a sharp disappointment in Q1 2026, posting a GAAP net loss of $1.49 per diluted share against a consensus estimate of $0.04, a miss of roughly 3,456%, as a broad crypto market pullback hammered trading activity and forced $4… Read more Coinbase Global delivered a sharp disappointment in Q1 2026, posting a GAAP net loss of $1.49 per diluted share against a consensus estimate of $0.04, a miss of roughly 3,456%, as a broad crypto market pullback hammered trading activity and forced $482.40 million in losses on crypto assets held for investment. Revenue of $1.41 billion fell 4.72% short of the $1.48 billion consensus and declined 30.5% year over year, with transaction revenue dropping 23% quarter over quarter to $755.80 million as consumer spot trading volumes contracted sharply. The results underscore how exposed the exchange remains to crypto market cycles, even as subscription and services revenue of $583.50 million, anchored by $305.00 million in stablecoin revenue, provided partial insulation. On a non-GAAP basis, adjusted EBITDA of $303.30 million kept the company in positive territory for a 13th consecutive quarter. Looking ahead, Coinbase guided Q2 subscription and services revenue to $565.00 to $645.00 million and announced a 14% headcount reduction targeting approximately $500.00 million in annualized cost savings.
Key Takeaways
- • Subscription & services revenue at 44% of net revenue providing durable buffer against trading volatility
- • USDC Market Cap reached ATH of ~$80B in March; over 25% of USDC in circulation held in Coinbase products
- • 12th consecutive quarter of net native unit inflows with strength in BTC/ETH/SOL
- • All-time high in Coinbase crypto trading volume market share despite down market
- • Expense discipline: T&D + G&A expenses came in below guidance range
COIN Forward Guidance & Outlook
For Q2 2026, Coinbase expects subscription and services revenue of $565–$645 million, transaction expenses in the low-to-mid teens as a percentage of net revenue, T&D + G&A expenses of $820–$870 million, S&M expenses of $200–$300 million, stock-based compensation of approximately $240 million, and a one-time restructuring expense of approximately $50–$60 million. Transaction revenue was approximately $215 million QTD through May 5, though management cautioned against extrapolating results. The company announced a 14% headcount reduction to ~4,300 continuing employees and expects approximately $500 million in annualized cost savings versus the 2025 exit rate. Excluding USDC Rewards growth, the company expects adjusted expenses to be flat Y/Y. Full-year 2026 adjusted expenses are guided at $4,250–$4,600 million. The company remains committed to generating positive adjusted EBITDA in all market conditions.
COIN YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
COIN Revenue by Segment
With YoY comparisons, source: SEC Filings
COIN Earnings Trends
COIN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
COIN EPS Trend
Earnings per share: estimate vs actual
COIN Revenue Trend
Quarterly revenue: estimate vs actual
COIN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $-1.49 | — | $1.41B | -4.72% |
| Q4 25 FY | $1.05 | — | — | $1.80B | — |
| FY Full Year | $7.63 | — | — | $7.20B | -0.46% |
| Q3 25 | — | — | — | $1.90B | — |
| Q2 25 | $1.51 | — | — | $1.50B | -5.88% |
| Q1 25 | $1.91 | — | — | $2.00B | -4.62% |