Coinbase Global, Inc. · NASDAQ:COIN
Coinbase Global — Q1 2026 Earnings Presentation
42 slides from Coinbase Global's earnings presentation, Jul 23, 2026
Slide 1: Coinbase
coinbase
Slide 2: Disclaimers
Disclaimers Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements
Slide 3: Our mission is to increase economic freedom in the world
Our mission is to increase economic freedom in the world
Slide 4: Crypto is updating all financial services, AI is an accelerant
Crypto is updating all financial services, AI is an accelerant The Onchain Economy Trading Stablecoins Tokenization AI-Native Finance 2 Total Crypto Trading Volume1 has grown Stablecoin Market Cap $300B today Supply of tokenized RWAs $30B today Agents forecast to process more than 50x over the pas
Slide 5: Coinbase is uniquely positioned to capitalize on this transformation
Coinbase is uniquely positioned to capitalize on this transformation Most 1 Global 2 Stablecoin 3 Repeatable 4 Trusted Liquidity Platform Innovation $294B 1 #1 #1 12 Assets on Platform in U.S. Crypto Spot Trading Regulated stablecoin – Products with $100M+ in Q1 – the most crypto Market Share2 USDC
Slide 6: We build better financial services powered by crypto
We build better financial services powered by crypto Consumers Institutions Developers Financial Super App Advanced Trading Platform Self-custody Wallet Prime Brokerage Developer Platform 6
Slide 7: Common foundations create network effects and economies of scale across our platform
Common foundations create network effects and economies of scale across our platform Secure Custody We store the most crypto in the 1 world through our battle-tested to dy custody platform C us Global Settlement nt 2 me Incubated Base; support 60+ t t l e blockchains for fast, cheap Global Liquidity
Slide 8: Q1 2026 Highlights
Q1 2026 Highlights Derivatives Trading Volume1 Average USDC Held in Base Chain stablecoin TTM growth Coinbase Products2 transaction volume3 169% Y/Y 55% Y/Y 10x Y/Y ↓ ↓ ↓ Product lines generating $100M+ USDC on Base share of annualized revenue4 onchain agentic commerce volume in Q1ʼ265 12 90%+ [1] D
Slide 9: Gained trading market share in a down market
Gained trading market share in a down market Coinbase Crypto Trading Volume Market Share1 ● Gained share in both spot & derivatives globally, reaching an all-time high (“ATH”) in Crypto Trading Volume Market Share ● Momentum led by product innovation and growth in derivatives ● Growth in global spot
Slide 10: Coinbase stores the most crypto in the world
Coinbase stores the most crypto in the world Assets on Platform1 and % of Total Crypto Market Capitalization2 ● Leading crypto custodian globally, storing more crypto than any other platform ● 12th consecutive quarter of Q/Q native unit inflows, with strength in majors (BTC/ETH/SOL) ● 3rd consecutiv
Slide 11: Coinbase is the distribution engine driving USDC growth
Coinbase is the distribution engine driving USDC growth and receives ~50% of total USDC economics Average USDC Held in Coinbase Products1 and Average USDC Market Capitalization2 ● USDC Market Cap reached ATH of ~$80B in March ~2x USDC Circulation ~10x USDC Held in Coinbase Products ● More than 25% o
Slide 12: 2026 Priorities
2026 Priorities 1 2 3 Everything Stablecoins Onchain Exchange & Payments Trade every asset class in one place: Enable money to move globally at the Update the financial system by bringing crypto, equities, prediction markets, speed of the internet. trading and payments onchain. commodities, and FX w
Slide 13: Everything Exchange: New asset classes showing signs of success
1 Everything Exchange: New asset classes showing signs of success Derivatives Trading Volume1 TTM up 169% Y/Y; Prediction markets scaling quickly, reaching $100M+ retail derivatives annualized revenue $200M+2 annualized revenue in March3 (first two full months live) Derivatives Trading Volume TTM ($
Slide 14: Stablecoins & Payments: Coinbase is accelerating adoption via USDC and Base
2 Stablecoins & Payments: Coinbase is accelerating adoption via USDC and Base Total Stablecoin Circulation1 ($B) Stablecoin Transaction Volume by Stablecoin Transaction Volume by Asset2 ($T) Chain3 ($T) 4 4 [1] Source: Artemis Analytics, reported as “Supply.” Current total supply of stablecoins in U
Slide 15: Stablecoins & Payments: agents will outnumber humans and drive the onchain economy
2 Stablecoins & Payments: We believe agents will outnumber humans and drive the onchain economy 99%+ 90%+ 100M+ of onchain agentic commerce of agentic stablecoin transaction total x402 payments completed using USDC in Q1ʼ26 volumes were on Base in Q1ʼ26 processed as of Q1ʼ26 Coinbase is the settleme
Slide 16: Onchain: DeFi integrations are driving real-world utility
3 Onchain: DeFi integrations are driving real-world utility 2x Q/Q growth in DEX Trading Volume driven by our $1B+ Y/Y growth in Borrow/Lend balances native integration in Coinbase app DEX Trading Volume ($M) Average Borrow/Lend Balances1 ($M) [1] Sum of the average loans outstanding through our Bor
Slide 17: The future of finance is onchain, and Coinbase is best positioned to power it
The future of finance is onchain, and Coinbase is best positioned to power it 1 2 3 The onchain Coinbase's full The next frontier economy has reached stack platform is agentic and on escape velocity is powering it Coinbase 17
Slide 18: Q1 Financial Highlights
Q1 Financial Highlights Total revenue Transaction revenue Subscription & services revenue $1.4B $756M $584M Net income (loss) Adjusted EBITDA1 Cash & cash equivalents $(394)M $303M $10.2B [1] Adjusted EBITDA is a non-GAAP financial measure. See Appendix for definition and reconciliation.
Slide 19: Q1 Report Card
Q1 Report Card Strong fundamentals despite macro headwinds The business is healthy Macro headwinds outpaced growth Gained Market Share Declining Market Cap Reached ATH in Coinbase Crypto Trading Volume Market Share Total Crypto Market Capitalization & Total Crypto Trading Volumes both down 20%+ Q/Q
Slide 20: Q1 results were within outlook (or better)
Q1 results were within outlook (or better) Metric Q1 Outlook (Feb 2026) Q1 Actuals Subscription & Services Revenue $550-$630 million1 $584 million ✓ Transaction Expenses Low-to-Mid teens 14.6% ✓ as a % of net revenue Technology & Development + $925-$975 million $902 million ✓+ General & Administrati
Slide 21: $1.4B in Total Revenue, demonstrating financial resilience through a down market
$1.4B in Total Revenue, demonstrating financial resilience through a down market Total Revenue ● $1.4B total revenue (-21% Q/Q) against a backdrop of decline in crypto market volumes (-28% Q/Q) and spot volumes (-37% Q/Q) ● Transaction revenue decline of 23% Q/Q outperformed decline in market volume
Slide 22: Transaction revenue outpaced market volume declines due to mix shift and new products
Transaction revenue outpaced market volume declines due to mix shift and new products Transaction Revenue ● Consumer transaction revenue of $567M (-23% Q/Q) driven by consumer spot trading volume decline of 35%, partially offset by mix shift and growth in newer products ● Institutional transaction r
Slide 23: Subscription and services revenue reached 44% of net revenue
Subscription and services revenue reached 44% of net revenue, providing a durable buffer to volatility Subscription and Services Revenue ● Stablecoin revenue of $305M driven by growth in USDC Market Cap and ATH Average USDC Held in Coinbase Products of $19B ● Blockchain rewards of $101M from growth
Slide 24: 12 products generating $100M+ annually, Retail Derivatives and Prediction Markets scaling
12 products generating $100M+ annually, Retail Derivatives and Prediction Markets scaling Products Generating $100M+ in Revenue on an Annualized Basis1 ● Continue to scale a portfolio of diversified products, with a strong pipeline of green shoots ● Retail derivatives now annualizing more than $200M
Slide 25: Investing strategically through the cycle while maintaining cost discipline
Investing strategically through the cycle while maintaining cost discipline Select Operating Expenses ● T&D of $526M (+6% Q/Q) largely driven by one-time costs related to acquisition activity in Q4ʼ25 ● G&A of $376M (-17% Q/Q) as deal-related legal, CX, and policy costs all declined ● Transaction ex
Slide 26: 13th consecutive quarter of positive Adjusted EBITDA across market cycles
13th consecutive quarter of positive Adjusted EBITDA across market cycles Net Income (Loss) & Adjusted EBITDA1 ● $303M Adjusted EBITDA in Q1'26, 13th consecutive positive quarter across all market conditions ● Continued commitment to generate positive Adjusted EBITDA in all market conditions [1] Adj
Slide 27: $12B in available resources – fortress balance sheet
$12B in available resources – fortress balance sheet with $1.8B in crypto and marketable investments Cash & Cash Equivalents Crypto Investment Portfolio, Marketable TOTAL: $10,205M Investments & Strategic Investments1 2x+ Strategic and Marketable Investments +80% BTC and +56% ETH Units Held Cash hel
Slide 28: Managing dilution through opportunistic strategic repurchases
Managing dilution through opportunistic strategic repurchases Ending Shares Outstanding (M) ~90% of SBC issuance offset since Q4ʼ24 ~50% of buyback capacity remains as of Q1ʼ26 -2% Q/Q $1.9B+ Returned to shareholders 9.3M+ Class A shares repurchased $2.1B Remaining authorization 28
Slide 29: Outlook
Outlook Metric Q2ʼ26 Outlook Q2 Drivers Transaction Revenue ~$215 million QTD Caution extrapolating results Through May 5 (+) USDC Market Cap & Average USDC Held in S&S Revenue $565-$645 million Coinbase Products (+) Native unit growth (-) Average crypto asset prices Transaction Expenses Low-to-Mid
Slide 30: Becoming AI-native is fundamentally increasing our efficiency
Becoming AI-native is fundamentally increasing our efficiency Increasing Leverage from AI Pod Architecture: Product Velocity Increasing Rapidly Legacy → AI-Native +78% Y/Y Legacy Pod AI-Native Pod Pull Requests per Engineer Emphasis on Quality Scaling Even Faster ↑3
Slide 31: 2026 expense growth outlook driven by USDC Rewards
2026 expense growth outlook driven by USDC Rewards Adjusted Expenses ($M)1 ● ~$500M cost reduction vs. 2025 annualized exit rate2 +3% $4,250-$4,600 ● 14% headcount reduction ● ~4,300 continuing At midpoint +26% employees (vs. 4,988 at end of Q1) ● Excluding USDC Rewards growth, we expect Adjusted Ex
Slide 32: Appendix
Appendix
Slide 33: Financial Recap
Financial Recap ($ in millions) Q1ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q/Q Y/Y Transaction, net 1,262.2 764.3 1,046.3 982.7 755.8 (23%) (40%) Subscription and services 674.6 632.2 716.6 694.5 583.5 (16%) (14%) Corporate interest and other income 97.5 100.7 105.8 104.0 73.6 (29%) (24%) Total revenue 2,034.3 1
Slide 34: Income Statement
Income Statement (Unaudited) Q1ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q/Q Y/Y ($ in millions, except per share amounts) Net revenue 1,936.8 1,396.5 1,762.9 1,677.1 1,339.3 (20%) (31%) Other revenue 97.5 100.7 105.8 104 73.6 (29%) (24%) Total revenue 2,034.3 1,497.2 1,868.7 1,781.1 1,413.0 (21%) (31%) Transacti
Slide 35: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA ($ in millions) Q1ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Net income (loss) 65.6 1,428.9 432.6 (666.7) (394.1) Adjusted to exclude the following: Provision for (benefit from) income taxes 16.8 394.9 69.6 (219.6) (70.6) Interest expense 20.5 20.5 21.8 22.6 22.6 Depreciation and
Slide 36: Reconciliation of Adjusted Net Income (Loss)
Reconciliation of Adjusted Net Income (Loss) ($ in millions) Q1ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Net income (loss) 65.6 1,428.9 432.6 (666.7) (394.1) Adjusted to exclude the following: Losses (gains) on crypto assets held for investment, net 596.7 (362.1) (423.9) 718.2 482.4 (Gains) losses on investments,
Slide 37: Reconciliation of Adjusted Expenses
Reconciliation of Adjusted Expenses ($ in millions) Q1ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Technology and development 355.4 387.3 430.6 497.3 525.6 Sales and marketing 247.3 236.2 260.3 314.8 266.7 General and administrative 394.3 353.7 418.4 453.1 376.1 Subtotal 997.0 977.3 1,109.3 1,265.3 1,168.5 Less: Amo
Slide 38: USDC Balances & Revenue
USDC Balances & Revenue Average USDC Market Capitalization ($ in billions) Stablecoin Revenue & Revenue on Corporate Balances ($ in millions) Q1ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q1ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 USDC in Coinbase Products 12 14 15 18 19 126 144 159 172 161 Portion held in corporate balances 2
Slide 39: Condensed Consolidated Statement of Operations
Condensed Consolidated Statement of Operations (unaudited) 39 Note: Amounts may not add as presented due to rounding.
Slide 40: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (unaudited) 40 Note: Amounts may not add as presented due to rounding.
Slide 41: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (unaudited) 41 Note: Amounts may not add as presented due to rounding.
Slide 42: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA In addition to our results determined in accordance with GAAP, we believe Adjusted EBITDA, a non-GAAP financial performance measure, is useful information to help investors evaluate our operating performance because it: enables investors to compare this me