Coinbase Global (COIN) investor relations material

Executive summary

• Achieved a record 10.3% crypto trading volume market share in Q2 2026, marking the third consecutive quarter of gains despite a challenging market.

• Revenue diversification continued, with subscription and services revenue reaching 48% of net revenue and 88% of net revenue now coming from non-Bitcoin spot trading.

• Maintained strong fundamentals and proactive expense discipline, delivering 14 consecutive quarters of positive Adjusted EBITDA.

• Leadership transitions and workforce reductions occurred, but management emphasized succession planning and operational resilience.

• Net revenue for Q2 2026 was $1.2B, down from $1.4B in Q2 2025, with a net loss of $359.5M versus net income of $1.4B last year.

Financial highlights

• Q2 2026 net revenue was $1.2B, with subscription and services revenue at $555M (48% of net revenue), and Adjusted EBITDA at $208M.

• Prediction markets contracts and revenue grew 106% quarter-over-quarter, surpassing $100M in annualized revenue.

• Average USDC held in products reached an all-time high of $20B, accounting for over 30% of all USDC in circulation.

• Cash and cash equivalents stood at $8.6B at quarter-end.

• Operating expenses decreased 12% year-over-year, with restructuring costs of $52.4M in Q2 2026.

Outlook and guidance

• FY 2026 adjusted expenses guidance narrowed to $4.2–$4.45B, reflecting a $600M cost reduction and 14% headcount reduction.

• Q3 2026 outlook: Subscription & services revenue expected at $500–$580M; adjusted expenses $980–$1,080M; stock-based compensation ~$245M.

• Expense base will be dynamically adjusted to market conditions, with aggregate operating expenses expected to be slightly higher for FY 2026 due to USDC rewards.

• Management remains optimistic about continued market share gains and further revenue diversification.

• Ongoing push to expand pre-IPO perpetual futures to U.S. customers, pending regulatory approval.