Coinbase Q2 FY2026: revenue down 18.5% to $1.22B, net loss $359M
Coinbase's second quarter of fiscal 2026 reads Neutral: revenue slid 18.5% year over year to $1.22 billion and the net loss was $359.5 million, yet subscription and services held at 48% of net revenue and adjusted EBITDA stayed positive at $207.8 million. Read the quarter as a shrinking trading business cushioned by recurring fees and cost cuts, not as a collapse.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was -$1.36 on a $359.5 million net loss, $1.19 worse than the -$0.1735 consensus estimate. Much of the damage is non-cash: $209.5 million of losses on crypto assets held for investment, a $52.4 million restructuring charge and $238.3 million of stock-based compensation, while adjusted EBITDA was positive at $207.8 million.
Total revenue was $1.22 billion, down 18.5% from $1.50 billion a year earlier and 13.6% below Q1's $1.41 billion. Transaction revenue of $599.2 million fell 21% quarter over quarter, but subscription and services revenue of $555.1 million was 48% of net revenue, the recurring cushion the trading line lacks.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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