COINBASE · NASDAQ: COIN
Coinbase (COIN) Stock Research
Coinbase’s latest released quarter is Q2 2026. Total revenue was $1.220068 billion, with a $359.468 million net loss despite positive adjusted EBITDA. Diversifying beyond spot trading changes the revenue mix, but does not eliminate crypto-cycle, rate and regulatory exposure.
- Latest financial period
- Q2 2026
- Latest filing
- Jul 30, 2026
- Research updated
- Oct 29, 2026
01
Reported evidence
Latest COIN financial snapshot
Q2 2026 · filed Jul 30, 202602
Latest filing analysis
What changed in the latest reported period
Q2 2026 total revenue was $1.220068 billion, down 18.5% from the recast prior-year comparison. Net revenue of $1.154301 billion excludes $65.767 million of other revenue.
Transaction revenue was $599.156 million and subscription/services revenue $555.145 million, including $292.147 million of stablecoin revenue. Stablecoin revenue is included in subscriptions and services and must not be added again.
GAAP operating loss was $113.488 million; net loss was $359.468 million and diluted EPS negative $1.36. Investment crypto losses of $209.499 million help explain why net earnings differ from operating results.
Adjusted EBITDA was positive $207.810 million, while six-month operating cash flow was $380.054 million. Neither the adjusted earnings measure nor the cumulative cash figure is GAAP quarterly profit.
03
BasisPilot
Trading, stablecoins and earnings quality
Net and total revenue
Net revenue is $1.154301 billion; adding $65.767 million of other revenue gives total revenue of $1.220068 billion. Corporate stablecoin-balance income is now presented in other revenue, and prior-year comparisons were recast.
Stablecoin economics
Stablecoin revenue of $292.147 million sits within subscription and services. Balances, rates, reward costs and the Circle arrangement affect monetization. USDC held for customers is not revenue and cannot be valued as Coinbase’s unrestricted cash.
Profit measures differ
Operating loss of $113.488 million and net loss of $359.468 million coexist with positive $207.810 million adjusted EBITDA. Crypto investment marks, depreciation, compensation and other adjustments help explain the difference; the adjusted number does not replace GAAP earnings.
04
Revenue mix
How Coinbase makes money
Transaction $599.156 million plus subscription/services $555.145 million plus other revenue $65.767 million reconciles to total revenue. Stablecoin revenue is included in subscriptions/services. Net revenue is the first two bars combined.
05
Cash flow and capital allocation
Corporate cash and customer assets
Respect the cash-flow period
The 10-Q reports $380.054 million operating cash flow for the six months ended June 30. It is a cumulative figure, not Q2 alone. Customer custodial assets, collateral and corporate liquidity have different obligations and should not be combined casually.
Costs of restructuring
Q2 includes $52.408 million of restructuring expense. Excluding an identified charge may help comparisons, but does not establish the future recurring cost base or remove integration and execution requirements.
06
Historical filings
COIN earnings history
| Period | Revenue | YoY | EPS | Filed |
|---|---|---|---|---|
| Q2 2026 | $1.2B | -18.5% | -1.36 | Jul 30, 2026 |
| CY2026Q1 | $1.4B | -30.5% | -1.49 | May 7, 2026 |
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Valuation context
How to frame COIN’s valuation
A quarterly GAAP loss does not support a conventional positive quarterly P/E. No price target or live quote is supplied.
Model the cycle
Use explicit trading-volume, take-rate and stablecoin assumptions rather than extrapolating a single crypto price move into revenue. Subscription revenue can also retain market and interest-rate sensitivity.
Separate investments from operations
Corporate crypto holdings and investment gains or losses affect earnings and risk. Value those consistently with liabilities and corporate cash, without also counting customer assets as company property.
08
SEC 13F
Institutional ownership
09
BasisPilot Insights
Latest Coinbase research
Peer comparisons: which businesses are comparable?
Sep 19, 2026
Coinbase, Strategy and Robinhood Surge as Bitcoin Tops $81,000: What Drove the Rally?
Bitcoin jumped nearly 6% above $81,000 on September 18, lifting Coinbase, Strategy and Robinhood. Here is what drove the move and why new U.S. crypto rulemaking matters.
Sep 18, 2026SEC Opens the Door to Tokenized U.S. Stocks: What the Five-Year Exemption Means
The SEC granted a five-year conditional exemption for tokenized U.S. stock trading. Here is how the framework works, what it means for Coinbase and Robinhood, and what investors should watch next.
10
Decision support
COIN: what could weaken the investment case?
Crypto prices, market activity and fee competition can lower transaction revenue.
Stablecoin economics depend on rates, balances, counterparties and regulation.
Custody, cybersecurity, litigation and product expansion can create losses and operating costs.
11
FAQ
COIN investor questions
What is Coinbase’s latest released quarter?
Q2 2026, ended June 30 and released July 30. Total revenue was $1.220068 billion and diluted EPS negative $1.36.
Is Coinbase net revenue the same as total revenue?
No. Net revenue of $1.154301 billion plus other revenue of $65.767 million equals total revenue. The prior-year comparison reflects the revised stablecoin-income presentation.
Is Coinbase’s cash figure quarterly?
The $380.054 million operating cash figure discussed here covers the six months ended June 30, 2026, not just Q2.
Has Coinbase released Q3 2026 results?
At this October 29 morning review in Shanghai, the October 29 U.S. after-market release had not occurred. Q2 remains the latest released full financial quarter.
Are COIN 13F holdings real time?
No. They reflect reporting managers’ historical quarter-end positions with disclosure delays. Linked coverage is not all institutional ownership, current trading or historical acquisition cost.
Does this page give a live COIN price or target?
No. It discusses business assumptions relevant to valuation. Research needs a dated market price, consistent earnings and appropriate risk assumptions.
How can the financial figures be checked?
Use the dated SEC quarterly report and issuer release below. Distinguish quarters from cumulative periods, GAAP from adjusted measures, and revenue from customer assets and forward guidance.
Does positive adjusted EBITDA mean Coinbase made a GAAP profit?
No. Q2 adjusted EBITDA is $207.810 million, while GAAP net loss is $359.468 million and diluted EPS negative $1.36. The reconciliation excludes several costs and investment effects.
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Provenance
Sources and methodology
Primary SEC filings and issuer releases take precedence. Financial, market, ownership and page-update dates are shown separately, while historical values retain their original reporting period.