Coinbase Q1 2026 Results

not a good Q1, but we did not expect a profit given the crypto conditions

Q1 2026 reported May 7. Miss.

Revenue $1.41B (-31% YoY).

Consumer trading -48%.

Operating loss $(21.4)M.

Net loss $(394.1)M, EPS $(1.49). Adj. EBITDA $303.3M (13th consecutive positive).

Crypto Asset Loss $(482.4)M. Crypto prices giveth and taketh away.

This forecast was not one of my best for COIN 0.00%↑ . I circled major errors below.

Biggest error was expecting Deribit and derivatives to be separate $100M revenue item. Most of that ended up in Institutions instead. Stabelecoins were off by ~10% as well.

Expenses were also off in two key items. Tech & Dev was much larger than expected ( possibly one time cost if I understood the ER call) as was G&A. Crypto drawdown was also off by $80M.
With so many small or large errors the EPS was sure to be off as well, much bigger miss than expected $-1.49 vs -$0.30 expected.

I plan to add on weakness to my COIN 0.00%↑ bags. If you want to know why please see my recently published 2030 COIN OUTLOOK!