Coinbase Q2 2026 earnings miss: $359 million net loss

Coinbase disclosed a nett nonaccomplishment of $359.5 million, oregon $1.36 per share, successful the 4th done June 30, falling abbreviated of Wall Street targets for the 3rd 4th successful a enactment arsenic softness successful crypto markets eroded trading income.

Revenue fell to $1.2 cardinal from $1.5 cardinal successful the aforesaid play a twelvemonth earlier. Analysts surveyed by LSEG had expected a nonaccomplishment of 17 cents per stock and gross of $1.3 billion, according to CNBC. A twelvemonth earlier, Coinbase recorded a nett of $1.43 billion, oregon $5.14 per share.

Transaction gross reached $599 cardinal for the quarter, with subscription and services gross adding different $555 million. Each fig came successful nether what analysts had projected and beneath year-ago levels, according to CoinDesk. Stablecoin gross fell to $292 million, a driblet of $17 cardinal from the 2nd 4th of 2025, according to CNBC.

Chief Financial Officer Alesia Haas described a hard operating environment, noting that industrywide spot trading volumes slid much than 20% portion the wide crypto marketplace capitalization shrank by treble digits. Haas said the operation of those headwinds drove a 14% sequential driblet successful Coinbase's wide revenue, according to CoinDesk.

Coinbase banal dropped much than 7% successful after-hours trading connected Thursday.

Despite the header loss, the institution pointed to respective areas of growth. Coinbase reached a crypto trading measurement marketplace stock of 10.3% successful the 2nd quarter, a institution grounds and its 3rd consecutive 4th of gains, the institution said. Subscription and services gross represented 48% of full nett revenue, up from 29% successful the 4th fourth of 2024. Prediction markets contracts and gross grew 106% quarter-over-quarter, crossing $100 cardinal successful annualized revenue.

Average USDC held successful Coinbase products reached an all-time precocious of $20 cardinal successful the quarter, the institution said.

"Coinbase is nary longer a stake conscionable connected the terms of Bitcoin," Chief Executive Officer Brian Armstrong said successful a statement. "All of fiscal services are getting updated by crypto, whether that's trading oregon payments oregon lending, and Coinbase is the best-positioned institution successful the satellite to powerfulness this."

Coinbase besides said it was narrowing its full-year 2026 adjusted expenses range, citing continued outgo discipline. The institution delivered its 14th consecutive 4th of affirmative adjusted EBITDA, which came successful astatine $207.8 cardinal for the 2nd quarter, down from $303.3 cardinal successful the archetypal quarter.