Coinbase Global (COIN) investor relations material

Executive summary

• Achieved a record 10.3% crypto trading volume market share in Q2 2026, gaining share in both spot and derivatives despite a challenging market.

• Subscription and services revenue represented 48% of net revenue, up from 29% in Q4 2024.

• Management expressed optimism about regulatory clarity, business continuity, and continued market share gains.

• Revenue streams have diversified, with 88% of net revenue now coming from non-Bitcoin spot trading.

• Leadership transitions and succession planning were addressed, with no change in strategic direction.

Financial highlights

• Q2 2026 net revenue was $1.2B, down 14% quarter-over-quarter and 19% year-over-year.

• Adjusted EBITDA was $208M, marking the 14th consecutive positive quarter.

• Subscription and services revenue was $555M in Q2 2026, up from $6M in Q2 2020.

• Cash and cash equivalents stood at $8.6B at quarter-end.

• Prediction markets revenue more than doubled quarter-over-quarter, exceeding $100M annualized.

Outlook and guidance

• FY 2026 adjusted expenses guidance narrowed to $4.2–$4.45B, reflecting cost reductions and a 14% headcount reduction.

• Q3 2026 outlook: Subscription & services revenue expected at $500–$580M; adjusted expenses $980–$1,080M.

• Continued investment in Base as the leading Ethereum L2, with plans for further decentralization and ecosystem growth.

• Commitment to growing USDC adoption and maintaining leadership in regulated stablecoins.

• Expense base will be dynamically adjusted to market conditions, with operating expenses expected to be slightly higher for FY 2026 due to USDC rewards.