Coinbase Q2 Earnings: Everything Exchange Drives 3rd Consecutive Quarter of Record Crypto Trading Volume Market Share, Revenue Diversification, and Resilience

Coinbase’s Q2 earnings highlights

• Record Coinbase Crypto Trading Volume Market Share of 10.3%, its third consecutive quarter of gains despite softness in the market
• 14th consecutive quarter of positive Adjusted EBITDA
• Revenue has decoupled from Bitcoin trading fees, 88% of net revenue is non-BTC spot trading
• Prediction markets contracts and revenue grew 106% quarter-over-quarter
• Average USDC Held in Coinbase Products reached an all-time high of $20 billion

Everywhere/SAN ANTONIO--(BUSINESS WIRE)--Leading crypto platform Coinbase Global, Inc. (Nasdaq: COIN) today announced Q2 financial results, which demonstrated market share gains, revenue diversification, and cost discipline, despite a challenging market. Results also show Coinbase’s success in accelerating product velocity and serving customers, developers, agents, institutions, banks, and government agencies as crypto and financial services consolidate around trusted, regulated infrastructure. For definitions and additional information, please see Coinbase’s earnings presentation at investor.coinbase.com.

Everything Exchange growth drives all-time high Crypto Trading Volume Market Share: Coinbase gained market share in both spot and derivatives quarter-over-quarter, capturing share through a down market.

• Crypto Trading Volume Market Share was 10.3% in Q2 2026, a new all-time high, up from 9.1% in Q1 2026. This was Coinbase's third consecutive quarter of market share gains.
• Crypto Derivatives Trading Volume proved resilient, nearly reaching Q1’s all-time high despite the crypto derivatives market overall declining double digits quarter-over-quarter, with Coinbase reaching an all-time high in Crypto Derivatives Trading Volume Market Share for the third straight quarter.
• Prediction markets contracts and revenue more than doubled, growing 106% quarter-over-quarter and crossing $100 million in annualized revenue. A new crypto binaries experience launched late in the quarter drove 3x daily traders and 4x daily revenue vs. May's daily average.

Stablecoins and payments continue to gain momentum

• Average USDC Held in Coinbase Products reached an all-time high of $20 billion in Q2 2026, more than 30% of all USDC in circulation as of quarter-end. Over the past year, Coinbase has captured approximately 50% of all USDC economics.
• Market stablecoin transaction volume has exceeded $37 trillion year-to-date, with 79% coming from USDC and Coinbase Partner Stablecoins, up from 51% in full-year 2024.
• Stablecoin transaction volume on Base Chain is up 7x year-over-year.

Coinbase is the leader in onchain agentic finance (AiFi)

• 99%+ of onchain agentic commerce was completed using USDC.
• 90%+ of agentic stablecoin transaction volume ran on Base.
• 97%+ of onchain agentic transactions used Coinbase's x402 protocol in Q2 2026.

Revenue diversifies: Coinbase's lines of revenue have significantly diversified, resulting in more balanced revenue streams and a far more durable company than previous down cycles.

• Net revenue excluding Bitcoin spot trading was 88% in Q2’26, nearly double vs. Q2’20, reflecting a business driven by a broader set of assets and use cases.
• Subscription and Services revenue grew from $6 million in Q2’20 to $555 million in Q2’26.
• Subscription and Services revenue represented 48% of net revenue in Q2 – up from 29% less than two years ago (Q4’24) – reflecting how Coinbase has evolved beyond a trading platform into a diversified financial infrastructure company.

Cost discipline accelerates as AI drives efficiency: AI adoption is driving engineering efficiency and accelerating product velocity.

• Coinbase delivered its 14th consecutive quarter of positive Adjusted EBITDA.
• Coinbase also announced that it was reducing and narrowing its FY'26 Adjusted Expenses range, demonstrating continued expense management.
• Coinbase is growing AI usage faster than spend. As AI drives efficiency, pull requests per engineer are being processed 2.2x year-over-year, increasing product velocity. Integration test coverage across core services has grown 2.5x in the last 6 months.

“In Q2 we hit our 3rd consecutive all-time high in crypto trading volume market share, proving our Everything Exchange can deliver in all market conditions,” said Brian Armstrong, Co-Founder and CEO. “Coinbase is no longer a bet just on the price of Bitcoin. All of financial services are getting updated by crypto, whether that's trading or payments or lending, and Coinbase is the best-positioned company in the world to power this.”

“We continue to execute well on what we can control and the underlying business is performing well. The Everything Exchange is delivering real revenue, not just green shoots, and starting to yield tangible diversification. Our tightly managed expenses came in below the midpoint of guidance for every major expense line, and we reached a new all-time high in crypto trading volume market share for the third quarter in a row," said Alesia Haas, Chief Financial Officer. “Despite market headwinds, our fundamentals remain strong as we consolidate trading share and continue to build through the cycle.”

Non-GAAP Financial Measures

This press release includes Adjusted Expenses and Adjusted EBITDA, both financial measures that are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Definitions, explanations, and reconciliations to the most comparable GAAP financial measure for each of these non-GAAP financial measures can be found in the appendix to this press release.

Quarterly Conference Call

Materials containing Coinbase’s financial results for the second quarter ending June 30, 2026 have been posted on its Investor Relations website at investor.coinbase.com. Coinbase will hold a live question & answer session on X at 2:00 p.m. PT today. The event will also be live streamed on YouTube. Following the Q&A session, a replay and transcript will be available on the Investor Relations website.

Disclosure Information

In addition to filings with the Securities and Exchange Commission (SEC), Coinbase uses its Investor Relations website (investor.coinbase.com), its blog (blog.coinbase.com), press releases, public conference calls and webcasts, its X feed (@coinbase), Brian Armstrong’s X feed (@brian_armstrong), its LinkedIn page, and its YouTube channel as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position; our business strategy and plans; expectations relating to our industry, the regulatory environment, market conditions, trends and growth; our market position; potential market opportunities; and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions including those discussed in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 12, 2026 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC on July 30, 2026. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. In addition, certain data and statistics in this press release are based on information obtained from third-party sources. Coinbase has not independently verified the accuracy or completeness of such data.

About Coinbase

Coinbase (Nasdaq: COIN) is on a mission to increase economic freedom in the world. The most trusted crypto platform, Coinbase stores more digital assets than any other company and is building the everything exchange — one place to access crypto, equities, derivatives, prediction markets, and more. Coinbase serves consumers through its suite of financial apps, institutions through Coinbase Prime, and developers through the Coinbase Developer Platform. Coinbase's full-stack platform was purpose-built to power the future of finance: secure custody, deep exchange liquidity, stablecoin infrastructure, and global settlement rails — all built on a decade-plus foundation of security and compliance.

Appendix

Adjusted Expenses

Adjusted Expenses is defined as the sum of technology and development, sales and marketing, and general and administrative expenses, less amortization of acquired intangible assets. We believe this non-GAAP financial measure provides useful information to help investors evaluate our results of operations excluding amortization of acquired intangible assets, which we do not consider to be normal, recurring, cash operating expenses and which may not directly correlate to the underlying performance of our business operations.

We expect amortization of intangible assets of $140 million to $150 million for the year ending December 31, 2026, implying GAAP Technology & Development, General & Administrative and Sales & Marketing expenses of $4,340 million to $4,600 million for the year ending December 31, 2026.

Adjusted EBITDA

In addition to our results determined in accordance with GAAP, we believe Adjusted EBITDA, a non-GAAP financial performance measure, is useful information to help investors evaluate our operating performance because it: enables investors to compare this measure and component adjustments to similar information provided by peer companies and our past financial performance; provides additional company-specific adjustments for certain items that may be included in income from operations but that we do not consider to be normal, recurring, operating expenses (or income) necessary to operate our business given our operations, revenue generating activities, business strategy, industry, and regulatory environment; and provides investors with visibility to a measure management uses to evaluate our ongoing operations and for internal planning and forecasting purposes. For example:

• We believe it is useful to exclude certain non-cash expenses, such as depreciation and amortization and stock-based compensation, from Adjusted EBITDA because the amounts of such expenses can vary significantly from period to period and may not directly correlate to the underlying performance of our business operations.
• We believe it is useful to exclude certain items that we do not consider to be normal, recurring, cash operating expenses and therefore, not reflective of our ongoing business operations. For example, we exclude: (i) other expense (income), net, as the income and expenses recognized in this line item are not part of our core operating activities and are considered non-operating activities under GAAP, (ii) gains and losses on crypto assets held for investment because such investments are considered primarily long-term holdings, (iii) losses, net of recoveries, directly related to the data theft incident announced on the Current Report on Form 8-K we filed with the SEC on May 15, 2025 (the “Data Theft Incident”), including voluntary customer reimbursements, direct legal costs, and reward payments, if any, in connection with the threat actor’s arrest and conviction, (iv) costs of restructuring, as these costs are associated with discrete organizational changes and are not reflective of our core, ongoing business operations, (v) non-recurring lease charges, which represent a non-recurring fee and write-off related to an early lease termination, (vi) non-recurring accrued legal contingencies, settlements, and related costs, which reduces cash available to us, and (vii) impairment on crypto assets still held, net, which represents impairment on crypto assets still held and is a non-cash expense, prior to the adoption of Accounting Standards Update (“ASU”) 2023-08. We do not plan on engaging in regular trading of crypto assets, and, as an operating company, our investing activities in crypto are not part of our revenue generating activities, which are primarily based on transactions on our platform and the sales of subscriptions and services.
• We believe Adjusted EBITDA is useful to measure a company’s operating performance without regard to items such as stock-based compensation expense, depreciation and amortization expense, interest expense, other expense (income), net, and (benefit from) provision for income taxes that can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.

A reconciliation is provided below for Adjusted EBITDA to net (loss) income, the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measure and the reconciliation of Adjusted EBITDA to net (loss) income, and not to rely on any single financial measure to evaluate our business.

Reconciliation of Adjusted EBITDA
($ in millions)	Q2’23	Q3’23	Q4’23	Q1’24	Q2’24	Q3’24	Q4’24	Q1’25	Q2’25	Q3’25	Q4’25	Q1’26	Q2’26
Net income (loss)	(97.4)	(2.3)	273.4	1,176.2	36.2	75.5	1,291.2	65.6	1,428.9	432.6	(666.7)	(394.1)	(359.5)
Adjusted to exclude the following:
Provision for (benefit from) income taxes	18.7	36.9	(140.6)	261.2	(96.4)	(6.9)	205.7	16.8	394.9	69.6	(219.6)	(70.6)	(35.9)
Interest expense	21.7	20.8	18.7	19.1	20.5	20.5	20.5	20.5	20.5	21.8	22.6	22.6	22.5
Depreciation and amortization	37.0	32.0	29.5	29.3	34.5	30.7	33.0	33.3	33.9	50.1	71.1	68.0	64.4
Stock-based compensation expense	199.8	218.2	163.9	224.5	217.9	248.4	222.0	190.7	196.2	222.1	230.5	248.1	238.3
Data Theft Incident losses (recoveries), net¹	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	306.7	48.0	(9.5)	8.6	(33.9)
Losses (gains) on crypto assets held for investment, net	0.0	0.0	0.0	(650.4)	319.0	120.5	(476.2)	596.7	(362.1)	(423.9)	718.2	482.4	209.5
Restructuring	(1.0)	(0.9)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	52.4
Impairment on crypto assets still held, net (pre-adoption of ASU 2023-08)	8.5	8.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non-recurring lease charges	18.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non-recurring accrued legal contingencies, settlements, and related costs	0.0	0.0	15.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other expense (income), net²	(16.6)	(135.3)	(36.0)	(45.6)	63.8	(40.1)	(7.2)	6.2	(1,506.9)	380.5	419.3	(61.6)	49.9
Adjusted EBITDA³	188.7	178.3	324.0	1,014.3	595.6	448.6	1,289.0	929.9	512.1	800.7	565.9	303.3	207.8
Technology and development	123.5	130.8	99.5	139.8	133.6	155.4	135.9	108.1	117.2	127.3	145.7	160.6	152.9
Sales and marketing	14.9	16.6	13.3	16.6	16.7	18.7	17.4	14.9	14.5	13.9	14.3	14.8	12.6
General and administrative	61.4	70.8	51.0	68.1	67.6	74.3	68.7	67.7	64.4	80.9	70.5	72.6	72.8
Total stock-based compensation	199.8	218.2	163.9	224.5	217.9	248.4	222.0	190.7	196.2	222.1	230.5	248.1	238.3

Note: Amounts may not add as presented due to rounding.

[1] Losses, net of recoveries, directly related to the data theft incident announced on the Current Report on Form 8-K we filed with the SEC on May 15, 2025 (the “Data Theft Incident”), including voluntary customer reimbursements, direct legal costs, and reward payments, if any, in connection with the threat actor’s arrest and conviction.

[2] See Note 17. Other Condensed Consolidated Statements of Operations Details to the Condensed Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the SEC on July 30, 2026 for additional details.

[3] We calculate Adjusted EBITDA as net loss or income, adjusted to exclude provision for or benefit from income taxes, interest expense, depreciation and amortization expense, stock-based compensation expense, losses, net of recoveries, directly related to the Data Theft Incident, net gains or losses on our crypto assets held for investment, restructuring, impairment on crypto assets still held, net (pre-adoption of ASU 2023-08), non-recurring lease charges, non-recurring accrued legal contingencies, settlements, and related costs, and other income or expense, net, which represents net gains or losses on investments and other financial instruments, and other non-operating income and expense activity.