该报告暂无中文版，以下为英文版分析。
按公开的固定规则计算，不是模型的主观判断——但其中一项输入（高等级风险的条数）取自下方的 AI 分析。
非投资建议，也不是目标价——评的是本季基本面，不是股价。 完整方法论 →
AI核心结论
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.
营收
14.13亿美元
同比 -30.54%
每股收益（稀释）
-1.49美元
同比 -720.83%
营业利润
-2142.1万美元
同比 -103.03%
SEC XBRL 原值
Coinbase Global (COIN) Q1 FY2026 营收 14.13亿美元，同比下降 30.5%。 营业利润率 -1.5%，去年同期为 34.7%。 经营活动现金流 1.83亿美元，同比下降 78.6%。 COIN 的财年 Q1 FY2026 对应日历 Q1 2026。
近 4 个季度：1 次超预期
| 季度 | 实际 EPS（美元） | 市场预期（美元） | 结果 |
|---|---|---|---|
| 2026年6月 | -1.17 | -0.17 | 不及预期 -574.4% |
| 2026年3月本次财报 | -1.49 | 0.32 | 不及预期 -559.7% |
| 2025年12月 | -2.49 | 0.59 | 不及预期 -519.8% |
| 2025年9月 | 1.50 | 1.08 | 超预期 +39.1% |
2026年3月 实际 EPS -1.49美元，分析师一致预期 0.32美元，不及预期 -559.7%。
由 AI 基于本次 SEC 报告整理
Total revenue fell 30.5% YoY from $2.03B to $1.41B in Q1 FY2026, reflecting a significant pullback in crypto market volumes and transaction-based revenue compared to the elevated activity seen in the prior-year period.
来源: 10-Q Income Statement Data
Operating income swung from a $705.8M profit to a -$21.4M loss YoY (-103.0%), indicating that the company's cost base — particularly R&D at $525.6M (+47.9% YoY) — has grown faster than revenue can support in a down-market environment.
来源: 10-Q Income Statement Data
R&D expense surged 47.9% YoY to $525.6M, representing approximately 37% of total revenue, suggesting Coinbase is investing heavily in product development and infrastructure even as top-line revenue contracts.
来源: 10-Q Income Statement Data
Total assets grew 32.8% YoY to $28.85B, but long-term debt surged 69.9% YoY to $7.2B, pushing the debt-to-equity ratio to 1.14x, indicating increased financial leverage that could amplify downside risk in a prolonged bear market.
来源: 10-Q Balance Sheet Data
Coinbase repurchased $1.06B in shares during Q1 FY2026 despite reporting a net loss of $394.1M, a notable capital allocation decision that reduced cash available for operations and contributed to negative financing cash flow of -$864.9M.
来源: 10-Q Cash Flow Statement Data
由 AI 基于本次 SEC 报告整理 · 高 3 中 2 低 0
Coinbase's revenue is highly sensitive to cryptocurrency trading volumes and asset prices, which declined sharply in Q1 FY2026, causing a 30.5% revenue drop. A sustained bear market or regulatory crackdown on crypto assets could further compress transaction revenues with limited ability to offset through fixed-cost reductions.
来源: 10-Q Income Statement Data
R&D expenses alone reached $525.6M in Q1 FY2026, representing ~37% of revenue, while operating income turned negative at -$21.4M. If revenue does not recover, the company's ability to sustain profitability is at risk without significant cost restructuring.
来源: 10-Q Income Statement Data
Long-term debt jumped 69.9% YoY to $7.2B, raising the debt-to-equity ratio to 1.14x. Higher leverage increases interest expense obligations and financial risk, particularly if crypto market conditions remain depressed and operating cash flow — which fell 78.6% YoY to $182.7M — continues to decline.
来源: 10-Q Balance Sheet & Cash Flow Data
The company spent $1.06B on share repurchases in Q1 FY2026 while simultaneously reporting a net loss of $394.1M and declining operating cash flow. This capital allocation strategy reduces liquidity buffers and may not be sustainable if market conditions do not improve.
来源: 10-Q Cash Flow Statement Data
ROE fell to -2.9% and ROA to -1.4% in Q1 FY2026, compared to positive figures in the prior year, signaling that assets and equity are no longer generating positive returns. Net margin deteriorated to -27.9%, reflecting the magnitude of the earnings reversal.
来源: 10-Q Key Ratios Data
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营收 亿美元 | 14.13 亿美元 | 20.34 亿美元 | -30.54% |
营业利润 亿美元 | -0.21 亿美元 | 7.06 亿美元 | -103.03% |
净利润 亿美元 | -3.94 亿美元 | 0.66 亿美元 | -700.71% |
每股收益（基本） 美元 | -1.49 美元 | 0.26 美元 | -673.08% |
每股收益（稀释） 美元 | -1.49 美元 | 0.24 美元 | -720.83% |
研发费用 亿美元 | 5.26 亿美元 | 3.55 亿美元 | +47.92% |
答案基于本次 SEC 报告与本页数据