A fixed rule set over this filing's XBRL figures and the number of high-severity risks found in it — no model judgement.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
In Q2 FY2026, Coinbase reported an 18.5% year-over-year revenue decline to $1.22B and a net loss of $359.5M, driven by lower consumer crypto spot trading volumes and fair value losses on crypto assets held for investment.
Revenue
$1.22B
-18.51% YoY
EPS (Diluted)
-$1.36
-126.46% YoY
Operating Income
-$113.49M
-360.40% YoY
Filed · Source: SEC EDGAR 10-Q filing
Coinbase Global (COIN) reported Q2 FY2026 revenue of $1.22B, down 18.5% year over year. The company posted a net loss of $359.47M, with diluted EPS of -$1.36. The company posted an operating loss of $113.49M. COIN's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Coinbase recorded Q2 FY2026 revenue of $1.22B (down 18.5% YoY) and a net loss of $359.5M amidst softer crypto spot trading and asset valuation markdowns.
Last 4 quarters: 2 beats, 2 misses
Transaction revenue dropped 22% YoY to $599.2M in Q2 FY2026, driven by a 31% decrease in consumer transaction revenue to $451.7M due to lower spot trading volumes. Conversely, institutional transaction revenue grew 65% YoY to $100.1M, primarily boosted by the acquisition of Deribit.
Source: 10-Q Item 2, p.31-32
Subscription and services revenue fell 12% YoY to $555.1M in Q2 FY2026, largely caused by a 42% decline in blockchain rewards to $83.3M due to lower crypto prices (mainly Solana). Stablecoin revenue declined 5% YoY to $292.1M due to lower market interest rates despite customer USDC balances reaching all-time highs.
Source: 10-Q Item 2, p.32
Assets on Platform (AOP) fell 42% YoY to $245.9B as of June 30, 2026, reflecting a $196.5B valuation decline driven primarily by Bitcoin price drops. Monthly Transacting Users (MTUs) decreased to 7.6M from 8.7M in the prior year quarter due to broader crypto market softness.
Source: 10-Q Item 2, p.30-31, 38-39
Coinbase incurred $52.4M in restructuring charges during Q2 FY2026 under a workforce optimization plan announced in May 2026 to align costs with market conditions and focus on AI capabilities. Additionally, the company spent $1.2B on Class A common stock buybacks and repaid $1.3B of 0.50% convertible notes at maturity.
Source: 10-Q Item 2, p.31, 35, 39, 41
Fluctuations in digital asset prices directly affect Coinbase's operating results through lower trading fees, reduced Assets on Platform, and significant fair value remeasurement losses, as seen in the $209.5M net loss on crypto assets held for investment in Q2 FY2026.
Source: 10-Q Item 2, p.30, 36
Coinbase's key operating subsidiaries, including CB Inc. and CCTC, must comply with strict net capital standards set by regulators like the NYDFS based on customer crypto assets held, creating liquidity constraints and compliance exposures.
Source: 10-Q Item 2, p.41-42
As a primary digital asset venue, Coinbase remains vulnerable to security threats, data breaches, and platform disruptions that could lead to financial losses, customer reimbursements, legal liabilities, and regulatory penalties.
Source: 10-Q Item 2, p.35, 37
This analysis does not extract a guidance section. Companies issue revenue and EPS outlook in the 8-K press release and on the earnings call rather than in the 10-Q itself — though the filing's management discussion can contain forward-looking statements, which appear in the highlights above where they were material.
See the COIN earnings preview — expected date, analyst estimates and what to watch →
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $1.22B | $1.5B | -18.51% |
Operating Income | -$113.49M | -$24.65M | -360.40% |
Net Income | -$359.47M | $1.43B | -125.16% |
EPS (Basic) | -$1.36 | $5.60 | -124.29% |
EPS (Diluted) | -$1.36 | $5.14 | -126.46% |
R&D Expense | $472.85M | $387.32M | +22.08% |
Coinbase generated $1.22B in revenue during Q2 FY2026, representing an 18.5% YoY decline, and reported a net loss of $359.5M. Performance was impacted by weaker consumer crypto spot trading volumes and $209.5M in net losses on crypto assets held for investment.
Coinbase's total revenue declined 18.5% YoY to $1.22B in Q2 FY2026. While consumer transaction revenue fell 31% to $451.7M, institutional transaction revenue expanded 65% YoY to $100.1M thanks to the integration of Deribit.
Coinbase emphasized risks associated with crypto market volatility, which reduced Assets on Platform by 42% YoY to $245.9B. It also cited ongoing regulatory capital compliance requirements for subsidiaries and operational cybersecurity threats.
Expected release date, analyst estimates & what to watch
Coinbase reported a net loss of $394.1M in Q1 FY2026, a sharp reversal from the prior year's $65.6M profit, as revenue fell 30.5% YoY to $1.41B amid declining crypto market activity and surging operating costs including a 47.9% jump in R&D spending.
Coinbase (COIN) grew FY2025 revenue 9.4% YoY to $7.18B, but net income fell 51.5% to $1.26B as operating expenses surged, compressing operating margin from 35.1% to 20.0%.
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