Coinbase
Exchange and infrastructure platform for crypto, derivatives, equities, stablecoins, and onchain applications.
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Profile
Operates trading venues and financial infrastructure for consumers, institutions, and developers, earning transaction fees on crypto, derivatives, equities, and prediction markets plus subscription and services revenue from USDC, staking, custody, Coinbase One, and financing. Revenue remains concentrated in the United States and sensitive to crypto activity and interest rates.
Operates a global exchange and infrastructure platform for consumers, institutions, and developers, spanning crypto spot and derivatives, U.S. equities, and prediction markets. Coinbase Prime combines institutional execution, custody, financing, and reporting; Deribit anchors international crypto options, while other exchanges cover spot and futures.
Earns transaction fees and spreads from trading, plus subscription and services revenue from USDC reserve economics, staking commissions, custody, Coinbase One, and financing. Base and the Coinbase Developer Platform supply blockchain, wallet, stablecoin, payment, and trading infrastructure; Base App gives users self-custodial access to onchain applications.
Concentrates most revenue in the United States. Results depend on crypto prices and trading activity, interest rates, the Circle agreement governing USDC economics, secure custody and blockchain operations, and licensing rules across jurisdictions.
Company facts
Key statistics
Year to date −24.5% · Average volume (30d) 9.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 25, 2026 | Goldman Sachs | Reiterate | Buy | $173 | $196 |
| Aug 3, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $250 | $184 |
| Jul 31, 2026 | Mizuho Securities | Target | $200 | $155 | |
| Jul 31, 2026 | UBS | Target | $235 | $155 | |
| Jul 31, 2026 | Piper Sandler | Reiterate | Neutral | $155 | $146 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | −$0.44 | −$1.36 | −206.5% | $1.29B | $1.22B | −5.6% | −10.59% |
| May 7, 2026Q1 FY26 | $0.06 | −$1.49 | −2,436.2% | $1.49B | $1.41B | −4.9% | +4.25% |
| Feb 12, 2026Q4 FY25 | $0.99 | −$2.49 | −350.5% | $1.81B | $1.78B | −1.5% | +16.46% |
| Oct 30, 2025Q3 FY25 | $1.20 | $1.44 | +20.0% | $1.77B | $1.87B | +5.5% | +4.65% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.03B | $1.50B | $1.87B | $1.03B | $1.41B | $1.22B | |
| Gross profit | $1.53B | $1.07B | $1.62B | $742.4M | $984.4M | $1.03B | |
| Operating income | $705.8M | −$24.7M | $480.5M | −$444.4M | $13.7M | −$73.5M | |
| Net income | $65.6M | $1.43B | $432.6M | −$666.7M | −$394.1M | −$359.5M | |
| Diluted EPS | $0.24 | $5.14 | $1.50 | −$2.49 | −$1.49 | −$1.36 | |
| Gross margin | 75.3% | 71.5% | 86.4% | 71.9% | 69.7% | 84.4% | |
| Operating margin | 34.7% | -1.6% | 25.7% | -43.1% | 1.0% | -6.0% |
Fiscal years (4-quarter sums)FY21 $7.84B · FY22 $3.19B · FY23 $3.11B · FY24 $6.56B · FY25 $6.43B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $9.06B · Total debt $6.67B · Total assets $26.46B · Shareholders' equity $13.08B
Dividends
No dividends on record.
Ownership
Shares outstanding 263.83M · Float 219.66M · 83.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Brian Armstrong · director, 10 percent owner, officer: Chairman and CEO | 22.68M | 8.60% | Form 4 | Jan 7, 2026 |
| BlackRock, Inc. | 16.71M | 6.33% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 14.17M | 5.37% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 9.57M | 3.63% | 13F | Aug 13, 2026 |
| State Street Corp | 9.56M | 3.62% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 24, 2026 | Jennifer N. Jones | officer: Chief Accounting Officer | −2,062 | $188.75 |
| Aug 3, 2026 | Frederick R. Wilson | director | −35,068 | $144.32 |
| Jul 1, 2026 | Frederick R. Wilson | director | −10,000 | $159.09 |
| Jun 5, 2026 | Jennifer N. Jones | officer: Chief Accounting Officer | −2,051 | $158.15 |
| May 27, 2026 | Paul Grewal | officer: Chief Legal Officer | −1,960 | $176.88 |
Peers
- Robinhood Markets
Leading retail crypto broker with zero-fee model eating US crypto market share.
- CME Group
Regulated crypto derivatives leader Coinbase explicitly targets for market share
- Circle
Principal issuer of USDC; rival on stablecoin distribution revenue and payments
- Charles Schwab
$12T-AUM brokerage with CEO who says Schwab will 'absolutely' rival Coinbase.
- Block
Cash App Bitcoin reaches 59M monthly actives; overlaps on retail crypto on-ramp
- PayPal
PYUSD stablecoin issuer and crypto on-ramp for 400M+ PayPal/Venmo users.
- Interactive Brokers
Multi-asset pro broker with 0.12–0.18% crypto fees undercutting Coinbase rates.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Coinbase | $178.50 | −0.02% | $47.13B | — | 206.3 | 8.5 | −18.5% |
| Robinhood Markets | $104.06 | −0.14% | $93.74B | 45.9 | 44.4 | 22.5 | +32.3% |
| CME Group | $269.56 | −5.68% | $102.77B | 24.2 | 23.0 | 15.2 | +0.8% |
| Circle | $86.80 | −0.38% | $23.29B | 46.4 | — | 8.0 | +6.6% |
| Charles Schwab | $110.05 | −0.09% | $191.58B | 20.0 | 15.2 | 6.4 | +20.9% |
| Block | $83.54 | −0.05% | $49.74B | 149.2 | 18.3 | 2.0 | +9.3% |
| PayPal | $53.74 | +0.15% | $45.90B | 10.1 | 9.7 | 1.3 | +4.8% |
| Interactive Brokers | $95.50 | −0.32% | $165.61B | 38.3 | 32.8 | 14.9 | +31.9% |
| Median | 38.3 | 20.6 | 8.0 | +9.3% |