Coinbase Global, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 7 May 2026: press release. Guidance figures: 1 lowered, 1 new. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue fell 21% sequentially: Total revenue was $1.4B, down 21% Q/Q and 31% Y/Y. The company said transaction revenue fell 23% Q/Q, less than the 28% drop in crypto market volumes and the 37% drop in spot volumes. Source
• Subscription and services reached 44% of net: Subscription and services revenue was $584M, down 16% Q/Q, and reached 44% of net revenue. Management said this provides a durable buffer to volatility. Source
• Net loss of $394.1M for quarter: Net loss was $394.1M, or $(1.49) per diluted share, compared with net income of $65.6M in Q1ʼ25. The Q4ʼ25 net loss was $666.7M. Source
• Derivatives volume up 169% over TTM: Derivatives trading volume on a trailing-twelve-month basis rose 169% Y/Y. Retail derivatives annualized revenue was above $200M in Q1ʼ26. Source
• Crypto trading share hit a record: Coinbase's crypto trading volume market share reached an all-time high, with share gains in spot and derivatives globally. Management said it gained trading share in a down market. Source
• Adjusted EBITDA fell 46% sequentially: Adjusted EBITDA was $303.3M, down 46% Q/Q and 67% Y/Y. Adjusted EBITDA excludes stock-based compensation, crypto investment gains and losses, and Data Theft Incident losses. Source
• Cash and equivalents of $10.2B: Cash and cash equivalents were $10,205M, mainly money market funds ($4,571M) and payment stablecoins ($3,126M). About $12B in available resources includes $1.8B in crypto and marketable investments. Source
• Headcount reduced 14%: Management reported a 14% headcount reduction, leaving about 4,300 continuing employees against 4,988 at the end of Q1. Source

“Continued commitment to generate positive Adjusted EBITDA in all market conditions”

Coinbase Global, Inc., press release

Guidance

What changed from last quarter

• New guidance: One-time restructuring expense of about $50-$60 million introduced for Q2 2026. Source
• New: Stablecoin revenue on the company's own corporate balances moved into Other Revenue. The February Q1 range predates this change. Source
• New: Engineering teams moved from legacy 10-person pods to AI-native pods of 2-3 people plus AI agents. Source
• New: Prediction markets reached $100M+ annualized revenue in March, after the first two full months live. Source

Quarter results and revenue mix

• Revenue fell 21% sequentially: Total revenue was $1.4B, down 21% Q/Q and 31% Y/Y. The company said transaction revenue fell 23% Q/Q, less than the 28% drop in crypto market volumes and the 37% drop in spot volumes. Source
• Subscription and services reached 44% of net: Subscription and services revenue was $584M, down 16% Q/Q, and reached 44% of net revenue. Management said this provides a durable buffer to volatility. Source
• Net loss of $394.1M for quarter: Net loss was $394.1M, or $(1.49) per diluted share, compared with net income of $65.6M in Q1ʼ25. The Q4ʼ25 net loss was $666.7M. Source
• Consumer transaction revenue fell 23%: Consumer transaction revenue was $567M, down 23% Q/Q, on a 35% fall in consumer spot trading volume. Mix shift and newer products partly offset the decline. Source
• Institutional transaction revenue declined: Institutional transaction revenue was $136M, down 27% Q/Q. Other transaction revenue was $53M, down 17% Q/Q, reflecting lower instant transfer activity and Base revenue. Source

Subscription and services drivers

• Stablecoin revenue reached $305M: Stablecoin revenue was $305M, driven by USDC market capitalization growth to an all-time high and average USDC held in Coinbase products of $19B. Source
• Blockchain rewards from native units staked: Blockchain rewards were $101M, from growth in native units staked and offset by price effects. Interest and finance fee income was $68M, reflecting record average daily loan balances. Source
• Coinbase One subscriptions kept growing: Coinbase One subscriptions continued to grow despite the market downturn, according to the deck. Source

“Becoming AI-native is fundamentally increasing our efficiency”

Coinbase Global, Inc., press release

Products and new asset classes

• Derivatives volume up 169% over TTM: Derivatives trading volume on a trailing-twelve-month basis rose 169% Y/Y. Retail derivatives annualized revenue was above $200M in Q1ʼ26. Source
• Prediction markets passed $100M in March: Prediction markets reached $100M+ annualized revenue in March, after the first two full months live. The deck says the product is scaling quickly. Source
• Twelve products above $100M annualized: Twelve products generate $100M+ in annualized net revenue, according to the deck. Management said it continues to scale a diversified product portfolio. Source
• DEX trading volume doubled Q/Q: DEX trading volume rose 2x Q/Q, driven by the native integration in the Coinbase app. Cumulative DEX trading volume was more than $450M as of Q1ʼ26. Source

Market share and demand

• Crypto trading share hit a record: Coinbase's crypto trading volume market share reached an all-time high, with share gains in spot and derivatives globally. Management said it gained trading share in a down market. Source
• Market value and volumes fell sharply: Total crypto market capitalization and total crypto trading volumes were each down more than 20% Q/Q. Low volatility suppressed trading, especially in longer-tail assets. Source
• Custody share of crypto market grew: Assets on platform as a share of total crypto market capitalization grew for a third consecutive year, according to the deck. Source
• Native unit inflows for 12 quarters: Net native unit inflows were positive for a 12th consecutive quarter, with strength in BTC, ETH and SOL. Source

“Coinbase is the settlement, distribution, and commerce layer for agents”

Coinbase Global, Inc., press release

Operating costs and expense discipline

• Management continues investing with discipline: Management said it is investing strategically through the cycle while maintaining cost discipline. Adjusted Expenses were $1,132.9M, down 8% Q/Q and up 14% Y/Y. Source
• T&D rose on one-time acquisition costs: Technology and development was $525.6M, up 6% Q/Q and 48% Y/Y, largely from one-time costs tied to acquisition activity in Q4ʼ25. Source
• G&A fell on deal-related costs: General and administrative expense was $376.1M, down 17% Q/Q, as deal-related legal, customer experience and policy costs all declined. Source
• Transaction and marketing costs fell: Transaction expense was $195.9M and sales and marketing was $266.7M, both down Q/Q as costs flexed with market activity. Source

Profitability and non-operating items

• Adjusted EBITDA fell 46% sequentially: Adjusted EBITDA was $303.3M, down 46% Q/Q and 67% Y/Y. Adjusted EBITDA excludes stock-based compensation, crypto investment gains and losses, and Data Theft Incident losses. Source
• Adjusted net loss in the quarter: Adjusted net income (loss) was $(45.6)M, against $178.0M in Q4ʼ25. The measure excludes the tax-effected impact of crypto and marketable and strategic investment gains and losses. Source
• Losses on crypto held for investment: Losses on crypto assets held for investment were $482.4M in Q1ʼ26. Other income was $61.6M, and the operating loss was $21.4M. Source
• Data Theft Incident losses declined: Losses net of recoveries from the Data Theft Incident were $8.6M in Q1ʼ26, compared with $306.7M in Q2ʼ25. Source

Stablecoins, USDC and onchain activity

• USDC market cap reached a record: USDC market capitalization reached an all-time high of about $80B in March. More than 25% of USDC in circulation is held in Coinbase products. Source
• Coinbase captures about half of USDC economics: Over the past year Coinbase captured about 50% of USDC economics. Management said its economics scale with USDC adoption. Source
• Agentic payments settle mainly on Base: Over 99% of agentic stablecoin transaction volume was on Base in Q1ʼ26, and 90%+ of onchain agentic commerce was completed using USDC. Source

Capital, cash and shareholder returns

• Cash and equivalents of $10.2B: Cash and cash equivalents were $10,205M, mainly money market funds ($4,571M) and payment stablecoins ($3,126M). About $12B in available resources includes $1.8B in crypto and marketable investments. Source
• Buybacks and dilution offset: The deck shows $1.9B+ returned to shareholders and 9.3M+ Class A shares repurchased, with $2.1B of remaining authorization. Ending shares outstanding fell 2% Q/Q. Source
• About half of buyback capacity left: About 50% of buyback capacity remained as of Q1ʼ26. About 90% of SBC issuance has been offset since Q4ʼ24. Source
• Crypto unit holdings rose: The deck shows BTC units held up 80% and ETH units held up 56%, without a stated comparison period. Source

Headcount and AI efficiency

• Headcount reduced 14%: Management reported a 14% headcount reduction, leaving about 4,300 continuing employees against 4,988 at the end of Q1. Source
• Integration test coverage tripled: Integration test coverage across core services rose 3x over the last six months, per the deck. Source

Strategy and 2026 priorities

• Everything Exchange adds asset classes: The Everything Exchange priority covers crypto, equities, prediction markets, commodities and FX in one place, with deep liquidity and capital efficiency. Source
• Stablecoins and payments move onchain: Management names stablecoins and payments as a 2026 priority, aiming to move money globally at the speed of the internet. Source

Coming up, as management said on 7 May 2026

• Restructuring charge lands in Q2: About $50-$60 million of one-time restructuring expense is to be recognized in the second quarter. Source
• 2026 expenses flat excluding USDC rewards: Management expects Adjusted Expenses to be flat year over year in 2026 before USDC rewards growth, which the deck names as the driver of expense growth. Source

Figures management reported

Risks management discussed

• Demand: Crypto market capitalization and trading volumes each fell more than 20% Q/Q, according to the deck. Source
• Demand: Low volatility suppressed trading, especially in longer-tail assets, which management ties to risk-off sentiment. Source
• External: Management named macro headwinds as a factor in the quarter, alongside declining market capitalization. Source
• Financial: Management said 2026 expense growth is driven by USDC rewards. Source
• Demand: Quarter-to-date Q2 figures through May 5 come with a caution against extrapolating results. Source

Earlier plans management reported on

• Met: The deck reports Adjusted EBITDA as positive for a 13th consecutive quarter. Source
• On track: Management said retail derivatives are on track to become its next product at the $250M annualized tier. Source
• On track: Management said prediction markets are on track to become its 13th product with $100M+ annualized revenue. Source

Other quarters

• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.