Coinbase | 10-Q: FY2026 Q1 Revenue: USD 1.413 T

Revenue: As of FY2026 Q1, the actual value is USD 1.413 T.

EPS: As of FY2026 Q1, the actual value is USD -1.49, missing the estimate of USD -0.133.

EBIT: As of FY2026 Q1, the actual value is USD -72.49 B.

Segment Revenue

Coinbase Global, Inc.’s total revenue for the three months ended March 31, 2026, was $1,412,982 thousand, down from $2,034,295 thousand in the prior year period .

Transaction Revenue

Total transaction revenue decreased by -40%, from $1,262,208 thousand in the first three months of 2025 to $755,825 thousand in the same period of 2026 . Consumer, net transaction revenue decreased by -48%, from $1,095,506 thousand in 2025 to $566,899 thousand in 2026 . Institutional, net transaction revenue increased by 37%, from $98,888 thousand in 2025 to $135,726 thousand in 2026 . Other transaction revenue, net, decreased by -22%, from $67,814 thousand in 2025 to $53,200 thousand in 2026 .

Subscription and Services Revenue

Total subscription and services revenue decreased by -14%, from $674,613 thousand in the first three months of 2025 to $583,523 thousand in the same period of 2026 . Stablecoin revenue increased by 11%, from $274,037 thousand in 2025 to $305,435 thousand in 2026 . Blockchain rewards decreased by -49%, from $196,592 thousand in 2025 to $100,849 thousand in 2026 . Interest and finance fee income increased by 7%, from $63,086 thousand in 2025 to $67,805 thousand in 2026 . Other subscription and services revenue decreased by -22%, from $140,898 thousand in 2025 to $109,434 thousand in 2026 .

Other Revenue

Corporate interest and other income decreased by -24%, from $97,474 thousand in 2025 to $73,634 thousand in 2026 .

Operational Metrics

Coinbase Global, Inc. reported a net loss of - $394,117 thousand for the three months ended March 31, 2026, compared to a net income of $65,608 thousand for the same period in 2025 . Adjusted EBITDA decreased from $929,868 thousand in the first three months of 2025 to $303,250 thousand in the same period of 2026 .

Operating Expenses

Total operating expenses increased from $1,328,489 thousand in 2025 to $1,434,403 thousand in 2026 . Transaction expense decreased by -35%, from $303,026 thousand in 2025 to $195,859 thousand in 2026 . Key components include blockchain rewards fees (-47%), payment processing and account verification (-38%), transaction reversal losses (-27%), and transaction rebates and commissions (-51%) . Technology and development expenses increased by 48%, from $355,368 thousand in 2025 to $525,648 thousand in 2026 . This was driven by increases in employee-related expenses (50%), website hosting and infrastructure (35%), and amortization, depreciation, and impairment (50%) . Sales and marketing expenses increased by 8%, from $247,283 thousand in 2025 to $266,726 thousand in 2026, with USDC rewards increasing by 13% and marketing programs decreasing by -20% . General and administrative expenses decreased by -5%, from $394,346 thousand in 2025 to $376,094 thousand in 2026 . Employee-related expenses increased by 19%, while professional services decreased by -15% and customer support decreased by -53% .

Losses on Crypto Assets Held for Operations, Net, were $35,151 thousand in 2026 compared to $34,365 thousand in 2025 . Other Operating Expense (Income), Net, was $34,925 thousand in 2026 compared to - $5,899 thousand in 2025 . Interest Expense was $22,569 thousand in 2026 compared to $20,511 thousand in 2025 . Losses on Crypto Assets Held for Investment, Net, were - $482,356 thousand in 2026 compared to - $596,651 thousand in 2025 . Other (Income) Expense, Net, was - $61,641 thousand in 2026 compared to $6,188 thousand in 2025 . The (Benefit from) Provision for Income Taxes was - $70,588 thousand in 2026 compared to $16,848 thousand in 2025 .

Cash Flow

Net cash provided by operating activities decreased from $852,694 thousand in 2025 to $182,744 thousand in 2026 . Net cash used in investing activities increased from - $125,335 thousand in 2025 to - $239,064 thousand in 2026 . Net cash used in financing activities decreased from - $906,913 thousand in 2025 to - $864,907 thousand in 2026 . The net decrease in cash, cash equivalents, and restricted cash and cash equivalents increased from - $179,554 thousand in 2025 to - $921,227 thousand in 2026 .

Unique Metrics

Monthly Transacting Users (MTUs) decreased by -15%, from 9.7 million in 2025 to 8.2 million in 2026 . Assets on Platform (AOP) decreased by -10%, from $328 billion in 2025 to $294 billion in 2026 . Trading Volume decreased by -50%, from $401 billion in 2025 to $202 billion in 2026, with consumer trading volume down -54% and institutional trading volume down -48% .

Assets on Platform by Asset (March 31, 2026 vs March 31, 2025)

• Bitcoin: $202,335 million vs $219,076 million, a -8% change .
• Ethereum: $40,027 million vs $28,812 million, a 39% change .
• XRP: $12,294 million vs $17,776 million, a -31% change .
• USDC: $9,289 million vs $7,839 million, an 18% change .
• Other: $30,487 million vs $54,007 million, a -44% change .

Repurchase Program

As of March 31, 2026, $1.9 billion had been utilized to repurchase 6,278,390 shares of Class A common stock, with $2.1 billion remaining available for future repurchases under the program .

Future Outlook and Strategy

Coinbase Global, Inc. anticipates that the aggregate of technology and development and general and administrative expenses in the second quarter of 2026 will generally be lower than the first quarter of 2026 . Sales and marketing expenses are also expected to be roughly in line with or lower than those of the first quarter of 2026 . These expectations are attributed to the impact of the Restructuring Plan and the anticipated timing and scope of marketing opportunities, aiming to align operating expenses with market conditions and optimize operations for the AI era .