Coinbase 8-K
NegativeEarningsGuidance loweredRestructuring
Weaker crypto trading markets pressured revenue despite record market share; FY2026 adjusted-expense guidance was cut and narrowed.
Filed 2026-07-30 16:06 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with Q3 and FY2026 expense guidance. Revenue and net loss declined as crypto trading markets weakened, while Coinbase reached an all-time high in crypto trading-volume market share. The company lowered and narrowed its FY2026 adjusted-expense outlook.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Total revenue | $1.22B | $1.50B | -19% |
| Operating income (loss) | $(114)M | $(24.7)M | n/m |
| Net income (loss) | $(359)M | $1.43B | n/m |
| Diluted EPS | $(1.36) | $5.14 | n/m |
| Adjusted EBITDA (non-GAAP) | $208M | $512M | -59% |
- Trading revenue was $599M (-22% Y/Y) and subscription and services revenue was $555M (-12%); total-market spot trading volume fell 25% Q/Q. Coinbase’s crypto trading-volume market share reached an all-time high of 10.3%, and average USDC held in Coinbase products reached a record $20B.
- Q3 transaction revenue was $130M through 7/26; Coinbase cautioned against extrapolating that figure. Prediction markets revenue and contracts more than doubled Q/Q, with annualized revenue above $100M as of Q2.
- Six-month operating cash flow was $380M vs $1.09B, alongside net loss of $754M vs net income of $1.49B. Cash and cash equivalents were $8.61B at 6/30; H1 stock repurchases were $1.24B, and shares outstanding were 264M at 6/30 vs 268M at 12/31. Q2 included a $52.4M restructuring charge.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Subscription and services revenue | Q3 2026 | $500M-$580M | — | — |
| Transaction expenses | Q3 2026 | Mid-teens as a % of net revenue | — | — |
| Adjusted Expenses (non-GAAP) | Q3 2026 | $980M-$1.08B | — | — |
| Technology and development + general and administrative + sales and marketing expenses (GAAP) | Q3 2026 | $1.015B-$1.120B | — | — |
| Stock-based compensation | Q3 2026 | ≈$245M | — | — |
| Adjusted Expenses (non-GAAP) | FY2026 | $4.20B-$4.45B | $4.25B-$4.60B | Lowered and narrowed |
| Technology and development + general and administrative + sales and marketing expenses (GAAP) | FY2026 | $4.34B-$4.60B | $4.39B-$4.75B | Lowered and narrowed |
Investor Takeaways
- Q3 results will show how transaction revenue develops after the $130M reported through 7/26 and whether subscription and services revenue lands within its outlook.
- Watch whether lower expenses offset market-driven pressure on trading activity and the expected Q3 increases in USDC rewards and marketing.
The summary is written by an AI model reading the filing.
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