Coinbase Global Inc.
Revenue
$1B
Net Income
$-359M
Coinbase Global Inc.
Revenue
$1B
Net Income
$-359M
Coinbase Global Inc.
CIK: 0001679788
Earnings Analysis
Analyzed 11 of 12 reports
Performance Summary - Q2 2026bearish (15)not_provided
Reality-Based Sentiment Analysisbearish15/100
Based on actual market data, not just management spin. Weighted score: 10% management tone + 40% earnings beat/miss + 30% price action + 20% guidance accuracy.
Financial Performance Trend
Overall Analysis & Outlook
Over the past 5 quarters, Coinbase Global Inc. has been showing mixed sentiment with stable guidance. Revenue has grown 81% during this period. The latest quarter shows bearish sentiment with neutral tone from management.
Latest Quarter Highlights:
Coinbase reported Q2 2026 revenue of $1.22 billion, down 18.5% YoY, with a net loss of $359.5 million compared to net income of $1.43 billion in Q2 2025. The company executed a workforce reduction of approximately 700 employees ($52.4 million restructuring charge) and repaid $1.27 billion in convertible debt, reflecting a more defensive posture amid challenging market conditions and significant regulatory headwinds.
Detailed Quarterly Reports
In-depth analysis of each quarter's earnings filing
Q2 2026
10-Q • Filed 7/30/2026
Summary
Coinbase reported Q2 2026 revenue of $1.22 billion, down 18.5% YoY, with a net loss of $359.5 million compared to net income of $1.43 billion in Q2 2025. The company executed a workforce reduction of approximately 700 employees ($52.4 million restructuring charge) and repaid $1.27 billion in convertible debt, reflecting a more defensive posture amid challenging market conditions and significant regulatory headwinds.
Revenue
$1.22B
Net Income
$-359.468M
Guidance
Tone
Partnerships
Key Quotes
"We are a remote-first company...the Company's mission is to increase economic freedom in the world"
"The Restructuring involved a reduction of the Company's workforce by approximately 700 employees, and was substantially completed during the second quarter of 2026"
"The outcome of the surviving portion of this matter remains uncertain and the Company cannot estimate the potential impact, if any, on its business or Financial Statements at this time"
Q1 2026
10-Q • Filed 5/7/2026
Summary
Coinbase reported Q1 2026 revenue of $1.41 billion (down 31% YoY) with a net loss of $394 million, driven by a $482 million loss on crypto asset investments despite the company's crypto holdings. Transaction revenue declined significantly from consumer activity ($567M vs $1,096M YoY), while subscription services revenue remained relatively stable. The company announced a May 2026 restructuring plan eliminating ~700 employees to optimize for the AI era and manage costs amid market headwinds.
Revenue
$1.41B
Net Income
$-394.117M
Guidance
Tone
Partnerships
Key Quotes
"The Company provides a trusted platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a wide variety of activities with their crypto assets"
"On May 5, 2026, the Company announced a restructuring plan...to manage its operating expenses in response to current market conditions and optimize the Company's operations for the AI era"
"The Company estimates that it will incur approximately $50 million to $60 million in total restructuring expenses, substantially all of which are cash charges related to employee severance and other termination benefits"
Q4 2025
10-K • Filed 2/12/2026
Summary
This 10-K filing is dominated by extensive risk disclosures with no financial results provided in the excerpt. The document reveals Coinbase faces significant regulatory headwinds across multiple jurisdictions, particularly around securities classification of crypto assets, international expansion challenges, and evolving compliance frameworks (MiCA in EU, GENIUS Act). The company has experienced recent operational setbacks including approximately 10 platform outages in 2025 and a May 2025 social-engineering cybersecurity incident, alongside aggressive expansion through acquisitions (Deribit for derivatives trading, CBAM for asset management). Management tone is markedly defensive, emphasizing pervasive legal and operational risks rather than growth opportunities.
Revenue
$1.78B
Net Income
$-666.733M
Guidance
Tone
Partnerships
Key Quotes
"Due to the uncertain application of existing laws and regulations, it may be that, despite our regulatory and legal analysis concluding that certain products and services are currently unregulated, such products or services may indeed be subject to financial regulation, licensing, or authorization obligations that we have not obtained or with which we have not complied."
"In January 2025, the SEC launched a crypto task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets... On November 12, 2025, SEC Chairman Atkins delivered an address highlighting the view that most crypto assets are not securities."
"We have received, and may in the future receive, examination reports citing violations of rules and regulations, inadequacies in existing compliance programs, and requiring us to enhance certain practices with respect to our compliance program."
Q3 2025
10-Q • Filed 10/30/2025
Summary
Coinbase delivered strong Q3 2025 results with net revenue of $1.79 billion, up 59% YoY, and net income of $433 million (vs. $75 million in Q3 2024). The company completed its strategic $4.3 billion acquisition of Deribit, a major crypto derivatives exchange, positioning itself as a premier global crypto derivatives platform. Operating cash flow was negative at -$639 million YoY due to significant working capital changes related to acquisitions and investments, though the company raised $3 billion in convertible notes to strengthen its balance sheet.
Revenue
$1.87B
Net Income
$432.552M
Guidance
Tone
Partnerships
Key Quotes
"The Company provides a trusted platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a wide variety of activities with their crypto assets"
"The Company believes this strategic acquisition will play a key role in its goal to be the premier global platform for crypto derivatives"
"Total consideration transferred in the acquisition, subject to customary post-closing adjustments, was $4.3 billion"
Q2 2025
10-Q • Filed 7/31/2025
Summary
Coinbase delivered strong Q2 2025 results with net revenue of $1.42 billion (up 3% YoY) and net income of $1.43 billion, driven primarily by $1.47 billion in unrealized gains on strategic equity investments rather than core operating performance. Operating results were challenged with a $24.7 million operating loss before investment gains, though subscription revenue grew strongly with stablecoin revenue up 38% YoY. The company signed the Deribit acquisition ($700M cash + 11M shares) and renewed a $600M four-year technology services commitment, signaling confidence in growth strategy despite regulatory headwinds.
Revenue
$1.50B
Net Income
$1.43B
Guidance
Tone
Partnerships
Key Quotes
"The Company provides a trusted platform that serves as a compliant on-ramp to the onchain economy and enables users to engage in a wide variety of activities with their crypto assets in both proprietary and third-party product experiences enabled by access to decentralized applications."
"On May 8, 2025, the Company signed a definitive agreement to acquire Deribit. Deribit is a crypto derivatives exchange, and the Company believes this strategic acquisition will play a key role in its goal to be the premier global platform for crypto derivatives."
"During the three months ended June 30, 2025, the Company renewed a multi-year technology services agreement, committing $600.0 million in total purchases over the next four years, including annual minimums ranging from $90.0 million to $130.0 million"
Q1 2025
10-Q • Filed 5/8/2025
Summary
Coinbase reported Q1 2025 revenue of $2.0 billion (up 24% YoY) with net income of $65.6 million, significantly lower than the prior year's $1.2 billion primarily due to $596.6 million in losses on crypto assets held for investment versus prior year gains. Transaction revenue grew 17% to $1.3 billion while subscription and services revenue surged 37% to $698 million, demonstrating diversified growth beyond trading fees. However, operating cash flow turned negative at -$182.7 million due to working capital swings, and management provided no forward guidance, maintaining a cautious stance amid ongoing regulatory headwinds and market uncertainty.
Revenue
$2.03B
Net Income
$65.608M
Guidance
Tone
Partnerships
Key Quotes
"During the first quarter of 2025, we continued to make progress against our mission by launching advanced trading tools, scaling derivatives globally, and growing our institutional and consumer user base."
"For the three months ended March 31, 2025, our net revenue was $2.0 billion, including $1.3 billion in transaction revenue and $0.7 billion in subscription and services revenue."
"Despite multiple Federal Funds Rate decreases in late 2024, future interest rate decreases are not certain. If interest rates continue to decline, they may materially impact our subscription and services and other revenue."
Q4 2024
10-K • Filed 2/13/2025
Summary
Coinbase reported full-year 2024 revenue of $6.3 billion and net income of $1.9 billion, showing recovery from 2023 lows but still below 2021 peaks, driven primarily by crypto market recovery rather than operational improvements. The company faces substantial regulatory headwinds including ongoing SEC litigation regarding securities offerings and staking services, multi-state enforcement actions, and complex new tax reporting obligations, creating significant legal and compliance costs. Management tone is defensive, heavily emphasizing regulatory risks, litigation exposure, and operational challenges rather than growth opportunities or competitive advantages.
Revenue
$2.27B
Net Income
$1.29B
Guidance
Tone
Partnerships
Key Quotes
"An adverse resolution of the June 2023 SEC Complaint could have a material impact on our business, operating results and financial condition."
"We expect new services and technologies to continue to emerge and evolve, which may be superior to, or render obsolete, the products and services that we currently provide."
"If we are unable to compete successfully, or if competing successfully requires us to take costly actions in response to the actions of our competitors, our business, operating results, and financial condition could be adversely affected."
Q3 2024
10-Q • Filed 10/30/2024
Summary
Coinbase reported Q3 2024 net revenue of $1.13 billion and net income of $75.5 million, up significantly from Q3 2023's $623 million revenue and $2.3 million loss, driven by strong transaction volume and stablecoin revenue growth. Operating cash flow for the nine months was $1.59 billion, demonstrating solid operational execution. The company adopted new crypto accounting standards and issued $1.3 billion in convertible notes, while managing exposure to volatile digital asset markets with disciplined risk management in Prime Financing.
Revenue
$1.21B
Net Income
$75.495M
Guidance
Tone
Partnerships
Key Quotes
"The Company provides a trusted platform that serves as a compliant gateway to the onchain economy"
"Prime Financing lending arrangements are typically settled in one to three days"
"The Company's credit exposure is significantly limited due to collateral requirements applied to its loans"
Q2 2024
10-Q • Filed 8/1/2024
Summary
Coinbase reported Q2 2024 revenue of $1.45 billion, up 104% YoY, driven by strong transaction volumes across consumer and institutional segments, with net income of $36.2 million versus a loss of $97.4 million in Q2 2023. The company demonstrated strong operational cash flow of $895.7 million for H1 2024 and raised $1.25 billion via convertible notes issuance, though management provided no forward guidance and highlighted significant regulatory uncertainties as key risks.
Revenue
$1.45B
Net Income
$36.15M
Guidance
Tone
Partnerships
Key Quotes
"Our operating results have and will significantly fluctuate, including due to the highly volatile nature of crypto"
"We are subject to an extensive, highly-evolving and uncertain regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our brand, reputation, business, operating results, and financial condition"
"Our total revenue is substantially dependent on the prices of crypto assets and volume of transactions conducted on our platform"
Q1 2024
10-Q • Filed 5/2/2024
Summary
Coinbase delivered a strong Q1 2024 with net revenue of $1.64B, up 112% YoY, driven by significant transaction volume growth in consumer trading and institutional services. Net income reached $1.18B versus a loss of $79M in Q1 2023, benefiting from $650M in gains on crypto asset investments and strong operating cash flow of $411M. The company issued $1.3B in convertible notes, expanded Prime Financing loan originations (totaling $529M), and grew total customer crypto assets under safeguard to $329.5B, but faces persistent regulatory headwinds and macro sensitivity to crypto price volatility.
Revenue
$1.64B
Net Income
$1.18B
Guidance
Tone
Partnerships
Key Quotes
"Our business is subject to a number of risks and uncertainties, including those risks discussed at length below... including the highly volatile nature of crypto"
"During the three months ended March 31, 2024 and 2023, no losses were incurred in connection with safeguarding customer crypto assets"
"We are subject to an extensive, highly-evolving and uncertain regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our brand, reputation, business, operating results, and financial condition"
Q3 2023
10-Q • Filed 11/2/2023
Summary
Coinbase delivered Q3 2023 revenue of $623 million (up 8% YoY) with near-breakeven net loss of $2.3 million, demonstrating operational improvement after significant restructuring completed in early 2023. Strong stablecoin revenue growth and improved operating leverage offset crypto market volatility, though geographic and asset concentration risks remain material headwinds.
Revenue
$674.148M
Net Income
$-2.265M
Guidance
Tone
Capex
$51.64B
Partnerships
Key Quotes
"Our operating results have and will significantly fluctuate, including due to the highly volatile nature of crypto"
"Our total revenue is substantially dependent on the prices of crypto assets and volume of transactions conducted on our platform"
"We are subject to an extensive, highly-evolving and uncertain regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our brand, reputation, business, operating results, and financial condition"
Sector Comparison
How COIN performs vs Technology sector and FinTech peers