Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Loading
Start 30 days free, no card. Full Pro access for a month, then decide. Start free
Coinbase reported a Q1 net loss of $394 million as total revenue declined 21% quarter-over-quarter amid a broad crypto market downturn that crushed transaction revenue across all segments. Operating income collapsed from $705.8 million to $13.7 million as fixed costs absorbed the revenue decline, and subscription revenue fell on price and rate headwinds. The company maintained positive adjusted EBITDA of $303 million and achieved market share gains amid declining volumes, while the Everything Exchange showed early traction in new asset classes and agentic commerce grew on Base.
Revenue Growth | Product Launch | Competitive Dynamics | Regulation Policy | Demand | M&A | Innovation & R&D | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 3 | 4 | 2 | 2 | 2 | 2 | |
| 2025Q1 | 6 | 2 | 4 | 2 | 3 | 1 | ||
| 2025Q2 | 7 | 4 | 2 | 2 | 1 | 1 | ||
| 2025Q3 | 5 | 5 | 3 | 1 | 1 | 4 | 2 | |
| 2025Q4 | 5 | 4 | 3 | 1 | 4 | 2 | 1 | 1 |
| 2026Q1 | 3 | 2 | 3 | 4 | 4 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 2 | 6 | 7 | 5 | 5 | 3 |
| Product Launch | 3 | 2 | 4 | 5 | 4 | 2 |
| Competitive Dynamics | 4 | 4 | 2 | 3 | 3 | 3 |
| Regulation Policy | 2 | 2 | 2 | 1 | 1 | 4 |
| Demand | 2 | 1 | 4 | 4 | ||
| M&A | 3 | 4 | 2 | |||
| Innovation & R&D | 2 | 1 | 1 | 1 | 1 | |
| Pricing | 2 | 1 | 2 | 1 |
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alex Markgraff | KeyBanc Capital Markets | 8 questions · 0% challenging |
| Owen Lau | Clear Street | 8 questions · 0% challenging |
| Ken Worthington | JPMorgan | 8 questions · 38% challenging |
| Peter Christiansen | Citigroup | 6 questions · 17% challenging |
| Devin Ryan | Citizens JMP Securities | 6 questions · 33% challenging |
| Bo Pei | U.S. Tiger Securities | 6 questions · 0% challenging |
| Patrick Moley | Piper Sandler | 6 questions · 0% challenging |
| Ben Budish | Barclays | 5 questions · 0% challenging |
| James Yaro | Goldman Sachs | 5 questions · 0% challenging |
| John Todaro | Needham | 4 questions · 25% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| KeyBanc Capital Markets | 1 analyst | 8 questions · 0% challenging |
| Clear Street | 1 analyst | 8 questions · 0% challenging |
| JPMorgan | 1 analyst | 8 questions · 38% challenging |
| U.S. Tiger Securities | 1 analyst | 6 questions · 0% challenging |
| Citigroup | 1 analyst | 6 questions · 17% challenging |
| Piper Sandler | 1 analyst | 6 questions · 0% challenging |
| Citizens JMP Securities | 1 analyst | 6 questions · 33% challenging |
| Barclays | 1 analyst | 5 questions · 0% challenging |
What COIN and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Kraken, Ondo, Coinbase, Binance”
Franklin cites Coinbase among crypto exchanges with wallets that represent near-term distribution opportunities for its tokenized products.
“The Coinbase Derivatives Exchange lists a number of cryptocurrency futures. Most of them are different in terms of size from what the large exchanges offer.”
IBKR joined the Coinbase Derivatives Exchange primarily for its perpetual crypto futures, which command significant volumes; early client trading is concentrated but active.
“we launched access to the Coinbase Derivatives Exchange, providing trading in nanosized crypto contracts and perpetual style futures.”
Interactive Brokers integrated the Coinbase Derivatives Exchange to offer its clients nano-sized crypto contracts and perpetual futures, a distribution win for Coinbase's derivatives venue.
“lots of other companies have come in to contribute to it and oversee the governance of it, including Cloudflare, AWS, Stripe, Shopify, Google, and so it's currently the most popular open standard for agentic commerce”
Google is named as a contributor to x402 governance, indicating Alphabet's involvement in the leading open standard for agentic commerce.
“lots of other companies have come in to contribute to it and oversee the governance of it, including Cloudflare, AWS, Stripe, Shopify, Google, and so it's currently the most popular open standard for agentic commerce”
Shopify is named as a contributor to x402 governance, signaling its participation in agentic-commerce checkout rails.
“lots of other companies have come in to contribute to it and oversee the governance of it, including Cloudflare, AWS, Stripe, Shopify, Google, and so it's currently the most popular open standard for agentic commerce”
Amazon's AWS is named as a contributor to x402 governance, indicating AWS involvement in the emerging agentic-commerce payment standard.
“lots of other companies have come in to contribute to it and oversee the governance of it, including Cloudflare, AWS, Stripe, Shopify, Google, and so it's currently the most popular open standard for agentic commerce”
Cloudflare is named as a contributor helping govern Coinbase-incubated x402, the leading open standard for agentic commerce, signaling Cloudflare's involvement in crypto agentic payments.
“we saw a glimpse of this recently actually with the Mythos model that Anthropic put out, where it's actually able to find security vulnerabilities that 99% plus of human engineers would not have been able to find.”
Coinbase's CEO praises Anthropic's model for finding security vulnerabilities beyond human engineers' capability, a positive signal on Anthropic's AI product.
“Do you plan on lowering fees? Morgan Stanley and other TradFi banks are offering better prices on their brokerages.”
A questioner frames Morgan Stanley and other traditional banks as offering more competitive brokerage pricing than Coinbase, a competitive signal on TradFi trading fees.
“So as many of you know, we closed the Deribit transaction last year. Deribit was the clear leader within terms of institutional clients and professional market makers and trading options.”
Coinbase describes its completed acquisition of Deribit, the leading crypto options venue, which it is integrating across its derivatives stack.
“the contracts that we have in place in Circle are set. And as Alesia has underscored, they auto renew. So we expect to continue to go forward with our relationship with Circle under those same terms.”
Coinbase reaffirms its USDC revenue-share partnership with Circle is contractually set and auto-renewing, implying stable, durable economics for Circle.
The table scrolls sideways. Swipe it, or select it and use the arrow keys.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.27B | +138.2% | $4.68 | +345.7% | 45.5% | 56.8% |
| FY2025 Q1 | $2.03B | +24.2% | $0.24 | -94.5% | 34.7% | 3.2% |
| FY2025 Q2 | $1.50B | +3.3% | $5.14 | +3571.4% | -1.6% | 95.4% |
| FY2025 Q3 | $1.87B | +55.1% | $1.50 | +435.7% | 25.7% | 23.1% |
| FY2025 Q4 | $1.03B | -20.8% | $-2.49 | -153.2% | 26.5% | -64.6% |
| FY2026 Q1Selected | $1.41B | -30.5% | $-1.49 | -720.8% | -1.5% | -27.9% |
| FY2026 Q2 | $1.22B | -18.5% | $-1.36 | -126.5% | -9.3% | -29.5% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q1 2026Earnings call May 7, 2026
FY2026 Q1 in brief
Coinbase reported a Q1 net loss of $394 million as total revenue declined 21% quarter-over-quarter amid a broad crypto market downturn that crushed transaction revenue across all segments.
Newest quarter is part of Pro ·
Sources. Tellvest earnings-call sentiment score for Coinbase Global (COIN), FY2026 Q1: 1/10. Scores: Coinbase Global’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: COIN daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY -30.5% → base 2. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
On July 22, 2026, Coinbase Global said Chief People Officer Lawrence Brock notified the company he will step down effective August 17, 2026, remaining an employee through September 1 to assist the transition. Coinbase expects to appoint Dominique Baillet as Chief People Officer. Brock entered an advisor agreement running September 2 through November 30, 2026.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
COIN Coinbase Global | 1 | -30.5% | |
| CBOE Cboe Global Markets | 10 | +6.5% | |
| CME CME Group | 7 | +14.5% | |
| FDS FactSet | 6 | +7.1% | |
| ICE Intercontinental Exchange | 9 | +13.5% | |
| MCO Moody's Corporation | 7 | +8.1% | |
| MSCI MSCI | 8 | +14.1% | |
| NDAQ Nasdaq, Inc. | 8 | +2.3% | |
| SPGI S&P Global | 8 | +10.4% |