Coinbase Global, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 30 July 2026: press release. Guidance figures: 1 lowered, 5 new, 2 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue fell 14% quarter on quarter: Total revenue was $1.2B, down 14% Q/Q. Management tied the decline to softer market conditions and lower crypto trading volume. Source
• Adjusted EBITDA remained positive: Adjusted EBITDA was $208M, down from $303M in Q1 2026. Management cited a 14th consecutive quarter of positive Adjusted EBITDA. Source
• Market share hit an all-time high: Coinbase Crypto Trading Volume Market Share reached 10.3%, up from 9.1% in Q1 2026, an all-time high on the company's series. Source
• Prediction markets more than doubled: Prediction markets contracts and revenue rose more than 2x Q/Q, helped by NBA playoffs and World Cup soccer. Sports led, followed by crypto. Source
• Adjusted expenses fell 9% Q/Q: Adjusted expenses were $1,035M, down 9% Q/Q, after proactive cost reductions announced in May. Source
• USDC held on platform reached a high: Average USDC held in Coinbase products was $20B, a new high. More than 30% of USDC in circulation was held on the platform at quarter-end. Source
• ETF outflows drove Q2 asset decline: Assets on Platform fell to $246B from $294B in Q1 2026. Management said trends have stabilized in Q3 to date. Source

“Q2 results reflect expense execution despite macro headwinds”

Coinbase Global, Inc., press release

Guidance

What changed from last quarter

• Guidance lowered: Full-year 2026 Adjusted Expenses guidance narrowed to $4,200-$4,450M, a $100M reduction at the midpoint from the prior $4,250-$4,600M range. Source
• New guidance: Q3 2026 guidance was given for transaction revenue to date, subscription and services revenue, transaction expense, Adjusted Expenses and stock-based compensation. Source
• Guidance kept: Full-year 2026 intangible amortization of $140-150M and flat year-on-year Adjusted Expenses excluding USDC rewards were kept. Source
• New: Management said US customers will reach unified global liquidity with international customers through Deribit. Source
• New: Coinbase and Circle's USDC partnership will automatically renew on the same terms, as the auto-renewal conditions have already been met. Source
• New: Management pointed to recent launches of equity and pre-IPO perpetuals, which it said are establishing the platform as the home for every asset class. Source
• New: The Coinbase Crypto Trading Volume Market Share definition was adjusted to capture the impact of Stablecoin Conversion activity on the platform. Source
• New: The derivatives volume metric is now labelled Crypto Derivatives Trading Volume; it was previously reported as Derivatives Trading Volume. Source

Results and growth drivers

• Revenue fell 14% quarter on quarter: Total revenue was $1.2B, down 14% Q/Q. Management tied the decline to softer market conditions and lower crypto trading volume. Source
• Net loss was $359M in the quarter: Net loss was $(359)M and diluted EPS was $(1.36), against $(394)M and $(1.49) in Q1 2026. Source
• Adjusted EBITDA remained positive: Adjusted EBITDA was $208M, down from $303M in Q1 2026. Management cited a 14th consecutive quarter of positive Adjusted EBITDA. Source
• Transaction revenue fell less than volumes: Transaction revenue fell 21% Q/Q to $599M, a smaller decline than total market crypto spot volume, which management linked to new products. Source

Trading volumes and market share

• Market share hit an all-time high: Coinbase Crypto Trading Volume Market Share reached 10.3%, up from 9.1% in Q1 2026, an all-time high on the company's series. Source
• Spot share gains came from fiat pairs: Management said spot share gains were concentrated in Crypto-Fiat, which it describes as its highest revenue channel. Source
• Derivatives volume flat as market fell: Crypto derivatives trading volume was about flat Q/Q while the derivatives market was down 12%. TTM volume was $4.2T+. Source
• Total market spot volume fell 25%: Total market crypto spot volume fell 25% Q/Q. Management said the derivatives market overall was down double digits Q/Q. Source

“Excited by the caliber of parties interested in aligning around USDC”

Coinbase Global, Inc., press release

Transaction revenue by customer type

• Consumer transaction revenue fell 20%: Consumer transaction revenue was $452M, down 20% Q/Q, on a 24% drop in consumer spot volume, partly offset by prediction markets growth. Source
• Prediction markets more than doubled: Prediction markets contracts and revenue rose more than 2x Q/Q, helped by NBA playoffs and World Cup soccer. Sports led, followed by crypto. Source
• Institutional revenue tracked markets: Institutional transaction revenue was $100M, down 26% Q/Q. Other transaction revenue was $47M, down 11%, largely on lower Base revenue. Source

Subscription, services and stablecoin revenue

• Subscription revenue reached 48% of net revenue: Subscription and services revenue was $555M, 48% of net revenue. Management described it as a buffer independent of trading volumes. Source
• Stablecoin revenue reached $292M: Stablecoin revenue was $292M, supported by a new high in average USDC held in Coinbase products and offset by lower rates and off-platform balances. Source
• Blockchain rewards rose with staking: Blockchain rewards were $83M, from growth in native units staked, offset by price effects and reward rates. Source
• Coinbase One subscriber count hit a high: Paid Coinbase One subscribers reached a new high, and performance earn-outs were achieved in the quarter. Source

Costs, margins and headcount

• Adjusted expenses fell 9% Q/Q: Adjusted expenses were $1,035M, down 9% Q/Q, after proactive cost reductions announced in May. Source
• G&A and sales spending declined: G&A fell 5% to $357M and S&M fell 10% to $240M. Management said S&M flexed with market conditions and Q1 event ad timing. Source
• Transaction expense held near 16%: Transaction expense was 16% of net revenue. Lower crypto trading volume was offset by fees tied to prediction market growth. Source

Stablecoins and onchain activity

• USDC held on platform reached a high: Average USDC held in Coinbase products was $20B, a new high. More than 30% of USDC in circulation was held on the platform at quarter-end. Source
• Company captured half of USDC economics: Over the past year the company captured about 50% of all USDC economics, through onchain partnerships and deeper product integration. Source
• Agentic payments ran mostly on Base: Base carried 99%+ of agentic stablecoin volume in Q2 2026. 90%+ of onchain agentic transactions used x402, and 97%+ of onchain agentic commerce used USDC. Source
• Onchain borrow and lend balances grew: Average borrow/lend balances were $1,491M in Q2 2026, up more than $1B year on year, driven by DeFi integrations in the Coinbase app. Source

Capital, cash and shareholder returns

• Available resources of $10B: Cash and cash equivalents were $8.6B. Total available resources were $10B, including $1.6B in crypto and marketable investments. Source
• Cash held in money market funds: Of cash and equivalents, $3.1B was in money market funds and short-duration Treasuries, $3.0B in payment stablecoins, $2.5B at banks and $94M at venues. Source
• Cumulative buybacks reached $2.0B: Cumulative returns reached $2.0B+ with 10.1M+ Class A shares repurchased and $2.0B remaining. The Q1 deck showed $1.9B+, 9.3M+ and $2.1B. Source
• Strategic investments grew sharply: Strategic and marketable investments were described as 3x+, with BTC units held up 92% and ETH units held up 34%. The Q1 deck gave 2x+, +80% and +56%. Source

Q3 trends, strategy and people

• ETF outflows drove Q2 asset decline: Assets on Platform fell to $246B from $294B in Q1 2026. Management said trends have stabilized in Q3 to date. Source
• AI tools lift engineering output: Pull requests per engineer rose 2.2x Y/Y and integration test coverage rose 2.5x over six months, while AI spend grew more slowly than usage. Source
• 2026 priorities unchanged: Management kept three 2026 priorities: Everything Exchange, Stablecoins & Payments and Onchain. The first aims to move money globally at internet speed. Source
• Headcount fell after May reduction: Employees fell to 4,321 at end-Q2 from 4,988 at end-Q1, after a 14% headcount reduction in May. Source

Coming up, as management said on 30 July 2026

• Global perpetuals access for US customers: US customers are to be brought into global perpetuals liquidity through a CFTC-regulated pathway, listed as coming soon. Source
• Prediction market combos and tools: Next steps for prediction markets are combos, which bundle several predictions into one trade, and a prosumer toolkit for deeper liquidity. Source
• Possible new stablecoin partners: Coinbase and Circle may add new partners under the Stablecoin Ecosystem framework by mutual agreement. Source

Figures management reported

Risks management discussed

• Demand: Management cited low crypto asset volatility as suppressing trading activity, with volatility reaching multi-year lows. Source
• External: Total crypto market capitalization fell 11% Q/Q, with double-digit declines in BTC, ETH and SOL. Source
• Demand: Outflows from custody were concentrated in ETF activity, because the company is primary custodian for those funds, which exposes Assets on Platform to ETF flows. Source

Earlier plans management reported on

• Met: Each Q2 actual was shown against Q2 guidance with a check mark; T&D, G&A and S&M ran below the midpoint of the Q2 range. Source
• Not stated: The Q1 deck expected a one-time restructuring expense of $50-60M in Q2; the Q2 income statement shows $52.4M.
• Met: The Q1 deck said prediction markets was on track for $100M+ annualized revenue; the Q2 deck reports that level was reached in Q2.
• Not stated: Management restated its commitment to generate positive Adjusted EBITDA in all market conditions. Source
• Not stated: The Q1 deck cited about $500M of cost reduction against the 2025 annualized exit rate; the Q2 deck cites about $600M against the same base.

Other quarters

• Q1 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.