Coinbase Global, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Coinbase Q1 2026 Earnings Summary

Financial Highlights

  • Total revenue reached $1.4 billion, down 21% quarter-over-quarter from Q4 2025, reflecting softer crypto market conditions (total crypto market cap and trading volumes both declined over 20% QoQ).
  • Reported a quarterly net loss of $394 million and positive adjusted EBITDA of $303 million (13th consecutive quarter of positive adjusted EBITDA).
  • Transaction revenue totaled $756 million (consumer: $567 million, down 23% QoQ vs. 35% decline in consumer spot volumes; institutional: $136 million, down 27% QoQ).
  • Subscription and services revenue was $584 million, down 16% QoQ, driven by strength in native unit inflows offset by lower prices and rates.
  • Total operating expenses were $1.4 billion, down 5% QoQ, with G&A declining 17% QoQ due to reductions in legal, support, and policy costs.

Key Metrics and Performance

  • Crypto trading market share hit a new all-time high globally, with gains in both spot and derivatives (up ~5x since Q1 2023), as customers consolidated on trusted platforms during down markets.
  • Assets on platform showed 12th consecutive quarter of net native unit inflows despite asset prices being down over 20% QoQ; Coinbase stores more crypto than any other platform.

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Unknown Executive: Welcome to the Coinbase Q1 2026 Earnings Call. Before we get into the good stuff, some disclaimers. During today's call, we may make forward-looking statements that may vary materially from our actual results. Please refer to our SEC filings and this slide of the presentation for more information concerning risks, uncertainties and other factors that could cause these results to differ. In addition, our discussion today will include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings presentation on our Investor Relations website. Alesia Haas: Hello, everyone, and welcome to our Q1 2026 earnings call. My name is Alesia Haas, and I'm the Chief Financial Officer of Coinbase. You may see a new face on this call with us today, right over there. I want to introduce you all to Shan Aggarwal. Shan is our Chief Business Officer, and he's our newest Head of Investor Relations. You're going to see a lot more of him. But I want to tell you a story about Shan. Shan is our OG, Head of IR. Shan led our Series E fundraise back in 2018. He was my right hand as we went public in 2021, and I could not be more delighted to introduce him to his first company earnings call and bring him back to this new set of investors that we have with us today. So welcome, Shan. And I'm going to turn it over to him, and he's going to walk us through our agenda and what to expect on our earnings call today.

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