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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Alex Markgraff | KeyBanc Capital Markets | 7 | 0% |
| Owen Lau | Clear Street | 6 | 0% |
| Ken Worthington | JPMorgan | 6 | 17% |
| Patrick Moley | Piper Sandler | 6 | 0% |
| Devin Ryan | Citizens JMP Securities | 6 | 17% |
| Bo Pei | U.S. Tiger Securities | 6 | 0% |
| Peter Christiansen | Citigroup | 6 | 0% |
| Jim Yaro | Goldman Sachs | 5 | 0% |
| Ben Budish | Barclays | 5 | 0% |
| Dan Dolev | Mizuho Securities | 4 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| KeyBanc Capital Markets | 1 | 7 | 0% |
| Piper Sandler | 1 | 6 | 0% |
| JPMorgan | 1 | 6 | 17% |
| Citizens JMP Securities |
| 1 |
| 6 |
| 17% |
| Clear Street | 1 | 6 | 0% |
| U.S. Tiger Securities | 1 | 6 | 0% |
| Citigroup | 1 | 6 | 0% |
| Barclays | 1 | 5 | 0% |
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 |
| 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% |