Filing Flows › Coinbase Global (COIN) › Q2 2026 › vs Q2 2025
Coinbase Global (COIN) Q2 2026 vs Q2 2025 (year over year)
Coinbase Global's revenue fell $277M (-19%) from $1.5B in Q2 2025 to $1.2B in Q2 2026. The biggest changes: Net revenue −$155M (-12%); Other revenue −$34.9M (-35%).
Coinbase Global, Q2 2026: revenue $1.2B (-18% year over year), operating margin -9.3%, net loss $359M, operating cash flow $197M. The chart draws each line against Q2 2025, the increases inside each band.
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Transaction revenue | $599M | $764M | −$165M | -22% |
| Stablecoin revenue | $292M | $309M | −$16.8M | -5% |
| Other subscription and services revenue | $114M | $119M | −$6.0M | -5% |
| Institutional, net | $100M | $60.8M | $39.3M | +65% |
| Other transaction revenue | $47.4M | $53.5M | −$6.1M | -11% |
| Net revenue | $1.2B | $1.3B | −$155M | -12% |
| Other revenue | $65.8M | $101M | −$34.9M | -35% |
| Revenue | $1.2B | $1.5B | −$277M | -19% |
| Income tax benefit | $35.9M | −$395M | $431M | — |
| Net loss | $359M | −$1.4B | $1.8B | — |
| Costs & expenses | $1.6B | $3.3B | −$1.7B | -52% |
| Operating costs | $1.3B | $1.5B | −$188M | -12% |
| Interest & other, net | $282M | −$1.8B | $2.1B | — |
| Research & development | $473M | $387M | $85.5M | +22% |
| Sales & marketing | $240M | $236M | $3.6M | +2% |
| General & admin | $357M | $354M | $3.2M | +0.9% |
| Other operating costs | $264M | $545M | −$281M | -52% |
| Operating cash sources | $557M | −$1.2B | $1.7B | — |
| Depreciation & amortization | $64.4M | $33.9M | $30.5M | +90% |
| Share-based compensation | $238M | $196M | $42.2M | +22% |
| Working capital & other | $254M | −$1.4B | $1.7B | — |
| Net loss absorbed | $359M | −$1.4B | $1.8B | — |
| Operating cash flow | $197M | $240M | −$42.8M | -18% |
Questions
How much did Coinbase Global's revenue grow year over year in Q2 2026?
Coinbase Global's revenue fell $277M (-19%) from $1.5B in Q2 2025 to $1.2B in Q2 2026.
What drove Coinbase Global's revenue change in Q2 2026?
Net revenue −$155M (-12%); Other revenue −$34.9M (-35%).