Coinbase Global (COIN) Q1 2026 earnings summary

Executive summary

• Q1 2026 total revenue was $1.4 billion, with a net loss of $394 million and $303 million in adjusted EBITDA, down from $929.9 million in Q1 2025.

• Achieved all-time high global crypto trading market share and 12th consecutive quarter of net native unit inflows, with $294 billion in assets on platform.

• Derivatives and prediction markets saw significant growth, with retail derivatives annualized revenue exceeding $200 million and prediction markets surpassing $100 million annualized in March.

• Maintained positive adjusted EBITDA for the 13th consecutive quarter, despite a 20%+ decline in crypto market cap and trading volume quarter-over-quarter.

• Announced a restructuring plan post-quarter to reduce workforce by 700 employees, incurring $50–$60 million in charges in Q2 2026.

Financial highlights

• Transaction revenue was $756 million, with consumer revenue at $567 million (down 23% YoY) and institutional revenue at $136 million (down 27%).

• Subscription and services revenue reached $584 million, representing 44% of net revenue and providing stability against trading volatility.

• Stablecoin revenue was $305 million, with average USDC held hitting a record $19 billion.

• Operating expenses were $1.4 billion, down 5% sequentially; adjusted expenses were $1.13 billion, down 8% sequentially.

• Ended Q1 with over $10 billion in cash and equivalents, $12 billion in total resources.

Outlook and guidance

• Q2 subscription and services revenue expected between $565 million and $645 million.

• Q2 tech and G&A expenses projected at $820 million–$870 million, down 4–9% from Q1.

• 2026 adjusted expenses forecasted at $4.3–$4.6 billion, about $500 million lower than Q4 2025 annualized exit rate.

• $50–$60 million in Q2 restructuring expenses due to headcount reduction and AI transition.

• Expense growth for 2026 expected to be driven by USDC rewards, with a 14% headcount reduction.