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Gemini Space Station (GEMI) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Gemini Space Station (GEMI) Q2 2026 earnings results →
Q2 2026 Revenue up 37% year over year to $45.5M · 237¢ of every $1 of revenue lost · operating margin -169.2%
Gemini Space Station made $45.5M in Q2 2026 (+37% Y/Y): Net revenue $43.8M, Other revenue $1.8M, Other revenue $51K. Operating margin -169.2%, net loss $108M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $45.5M in Q2 2026, up 37% year over year and down 10% from the previous quarter. Transaction revenue was the largest line at 39% of revenue. Credit card revenue added $11.3M year over year (up 231%), 93% of the total change. Custodial fee revenue declined 67%.
Operating costs exceeded revenue by $76.9M, an operating margin of -169.2%. Total costs grew 24% against revenue growth of 37%. The fastest-growing cost line was Other operating costs (+47%). The quarter ended with a net loss of $107.7M, narrower than the previous quarter's $109.0M loss.
Operating cash flow was −$51.4M. Non-cash charges added back $7.3M of depreciation and amortization and $20.3M of share-based compensation. Working capital and other items added $28.7M. Capital expenditures of $92K exceeded it, leaving free cash flow of −$51.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $45.5M | +37% | -169.2% | −$108M | −$51.4M |
| Q1 2026 | 10-Q | May 15, 2026 | $50.3M | +42% | -187.4% | −$109M | −$54.4M |
| Q4 2025 | 10-K | Mar 31, 2026 | $60.3M | +39% | -184.6% | −$141M | −$138M |
| Q3 2025 | 10-Q | Nov 10, 2025 | $50.6M | +106% | -238.6% | −$160M | −$61.7M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Gemini Space Station
Our mission is to build the bridge to the future of money and markets. Gemini is a trusted cryptocurrency platform building secure financial infrastructure for the next generation of money and markets, providing access for individuals and institutions to a financial future that is more open, fair, and secure. Gemini was founded in 2014 to be the most trusted, secure, and easy way to buy, sell, and store crypto assets. As of December 31, 2025, we served users and institutions across more than 60 countries. In February 2026, we announced plans to exit and wind down operations in certain international markets, including the United Kingdom, the European Union (“E.U.”) and other European jurisdictions, and Australia, which will reduce our international footprint and allow us to focus more resources on our operations in the United States. See Note 23.
In its own words, from its 10-K, filed Mar 31, 2026.
Gemini Space Station against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +37% against the peers' median +18%. Operating margin: -169.2% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| GEMI Gemini Space Station | Q2 2026 | $45.5M | +37% | -169.2% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Gemini Space Station 10-Q on SEC EDGAR · CIK 2055592 · Finance Services
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results