Coinbase Posts $359.5M Q2 Loss as Revenue Slides 14% on Crypto Slump; Full-Year Expense Outlook Trimmed
COIN is trading near its 52-week low of $139.18 (12% above the low).
Summary
Coinbase reported a Q2 net loss of $359.5 million on revenue of $1.22 billion, down 14% Q/Q, as crypto market volumes and prices declined. The company achieved record trading market share and cut its full-year expense outlook, while maintaining positive Adjusted EBITDA for the 14th consecutive quarter.
Key Events · Earnings and Guidance · COIN
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Q2 Net Loss of $359.5M
Net loss of $359.5 million, or $1.36 per share, compared to a net income of $1.43 billion in Q2 2025. This marks the third consecutive quarterly loss.
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Revenue Down 14% Q/Q to $1.22B
Total revenue fell 14% sequentially to $1.22 billion, driven by a 21% decline in transaction revenue to $599 million. Subscription and services revenue dipped 5% to $555 million, now representing 48% of net revenue.
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Record Market Share Amid Volume Decline
Coinbase Crypto Trading Volume Market Share reached an all-time high of 10.3%, up from 9.1% in Q1, even as total market crypto spot trading volume dropped 25% Q/Q.
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Prediction Markets Revenue Surges
Prediction markets revenue more than doubled Q/Q, with annualized revenue exceeding $100 million in Q2, driven by new markets and seasonal sports activity.
Analysis · COIN · Crypto Assets
A third straight quarterly loss underscores the toll of sharply lower crypto trading volumes and asset prices. Revenue contracted 14% sequentially to $1.22 billion, with transaction revenue tumbling 21%. The company countered macro headwinds by capturing record crypto trading market share, more than doubling prediction markets revenue, and executing aggressive cost cuts—including a 14% workforce reduction in May. Adjusted EBITDA stayed positive for the 14th consecutive quarter, and management narrowed its 2026 expense guidance, signaling ongoing discipline. While the results highlight Coinbase's ability to generate cash through down cycles, persistent net losses and heavy reliance on volatile trading activity remain key investor concerns.
At the time of this filing, COIN was trading at $156.28 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $43.1B. The 52-week trading range was $139.18 to $402.16. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.