Coinbase Global, Inc. · NASDAQ:COIN
Coinbase Global — Q1 2026 Earnings Presentation
42 slides from Coinbase Global's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Update
Exhibit 99.1 2 May 7, 2026 Qi 2026 Update SEES SESE SESE SEES FSS S FASS F SESE S ESS G SSF FSS Feta gy 2 : coinbase pogsccoossssccoossosccoosscscooosssssco‘esessss
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
Slide 1 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 AI-Native Finance Agents forecast to process $35T of transactions by 20306. Crypto is the native execution rail for the agent-led economy: ● Global ● Efficient ● Programmable ● Always on 24/7 AI The Onchain Economy Tokenization Supply
Slide 5: Coinbase is uniquely positioned to capitalize on this transformation
Coinbase is uniquely positioned to capitalize on this transformation [1] Assets on Platform is defined as the total U.S. dollar equivalent value of crypto assets and payment stablecoins held or managed on behalf of customers in digital wallets on our platform, including our custody services but excl
Slide 6: We build better financial services powered by crypto
We build better financial services powered by crypto Consumers Financial Super App Institutions Developers Self-custody Wallet Prime Brokerage Developer PlatformAdvanced Trading Platform 6
Slide 7: Co-founded USDC; support 5+ stablecoins for global, efficient money movement
Co-founded USDC; support 5+ stablecoins for global, efficient money movement Shared compliance and regulatory infrastructure in key markets around the world We store the most crypto in the world through our battle-tested custody platform Common foundations create network effects and economies of sca
Slide 8: Q1 2026 Highlights
Q1 2026 Highlights Derivatives Trading Volume1 TTM growth Average USDC Held in Coinbase Products2 USDC on Base share of onchain agentic commerce volume in Q1ʼ265 Base Chain stablecoin transaction volume3 ↓ 10x Y/Y [1] Derivatives Trading Volume is the total U.S. dollar equivalent value of the notion
Slide 9: Coinbase Crypto Trading Volume Market Share
[1] Coinbase Crypto Trading Volume Market Share is defined as Coinbase Total Crypto Trading Volume divided by Total Crypto Market Trading Volume. Total Crypto Trading Volume is defined as the total USD value of all crypto matched spot and derivative trading volumes across exchanges defined in our pr
Slide 10: Leading crypto custodian globally, storing more crypto than any other platform
● 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 consecutive year of growth in AOP as a % of Total Crypto Market Capitalization [1] Assets on Platform is defined as the
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 [1] Average USDC Held in Coinbase Products defined as corporate USDC balances and USDC held on behalf of customers in eligible Coinbase products in Q1ʼ26. [2] Average USDC Market Capitalization defined
Slide 12: 2026 Priorities
2026 Priorities Everything Exchange Stablecoins & Payments Onchain 1 32 Enable money to move globally at the speed of the internet. Trade every asset class in one place: crypto, equities, prediction markets, commodities, and FX with deep liquidity and capital efficiency. Update the financial system
Slide 13: Everything Exchange: New asset classes showing signs of success
Everything Exchange: New asset classes showing signs of success Derivatives Trading Volume1 TTM up 169% Y/Y; retail derivatives annualized revenue $200M+2 Prediction markets scaling quickly, reaching $100M+ annualized revenue in March3 (first two full months live) 1 [1] Derivatives Trading Volume is
Slide 14: Stablecoins & Payments: Coinbase is accelerating adoption via USDC and Base
[1] Source: Artemis Analytics, reported as “Supply.” Current total supply of stablecoins in USD at the end of each period. See also Footnote 4 below. [2] Source: Artemis Analytics, reported as “Adjusted Transaction Volume.” Adjusted stablecoin transaction volume (MEV and intra-exchange volumes remov
Slide 15: Coinbase is the settlement, distribution, and commerce layer for agents
Coinbase is the settlement, distribution, and commerce layer for agents Stablecoins & Payments: We believe agents will outnumber humans and drive the onchain economy 99%+ 90%+ 100M+ of agentic stablecoin transaction volumes were on Base in Q1ʼ26 total x402 payments processed as of Q1ʼ26 of onchain a
Slide 16: Onchain: DeFi integrations are driving real-world utility
VISUAL REFERENCE Onchain: DeFi integrations are driving real-world utility 3 2x Q/Q growth in DEX Trading Volume driven by our native integration in Coinbase app DEX Trading Volume ($M) $1B+ Y/Y growth in Borrow/Lend balances Average Borrow/Lend Balances1 ($M) [1] Sum of the average loans outstandin
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 The onchain economy has reached escape velocity Coinbase's full stack platform is powering it The next frontier is agentic and on Coinbase 1 32 17
Slide 18: Q1 Financial Highlights
Q1 Financial Highlights Total revenue $1.4B Transaction revenue $756M Adjusted EBITDA1 $303M Cash & cash equivalents $10.2B Subscription & services revenue $584M [1] Adjusted EBITDA is a non-GAAP financial measure. See Appendix for definition and reconciliation. Net income (loss) $(394)M
Slide 19: Q1 Report Card
Q1 Report Card Strong fundamentals despite macro headwinds The business is healthy Gained Market Share Reached ATH in Coinbase Crypto Trading Volume Market Share Native Units Up 12th consecutive quarter of net native unit inflows; continue to store the most crypto globally Green Shoots on Everything
Slide 20: Q1 results were within outlook (or better)
Q1 results were within outlook (or better) [1] Outlook range of $550-$630M provided February 2026 was prior to reclassification of stablecoin revenue related to our own corporate balances to Other Revenue. Metric Q1 Outlook (Feb 2026) Q1 Actuals Subscription & Services Revenue Transaction Expenses T
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 ● $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 volumes ● S&S 44% of
Slide 22: Transaction revenue outpaced market volume declines
Transaction revenue outpaced market volume declines due to mix shift and new products ● 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 revenue of $136M (-27
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 ● 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 in native units staked, offset by
Slide 24: Products generating $100M+ annually
12 products generating $100M+ annually, Retail Derivatives and Prediction Markets scaling [1] Measured based on when a given product generated $100 million in quarterly annualized net revenue for the most recent qualifying quarter. [2] Measured as twelve times March revenue. ● Continue to scale a po
Slide 25: Investing strategically through the cycle while maintaining cost discipline
Investing strategically through the cycle while maintaining cost discipline ● 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 expense of $196M and S&M of
Slide 26: 13th consecutive quarter of positive Adjusted EBITDA
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 2x+ Strategic and Marketable Investments +80% BTC and +56% ETH Units Held TOTAL: $10,205M Money market funds $4,571M Payment stablecoins $3,126M Cash held at banks $2,420M Cash held at venues $88M Ca
Slide 28: Managing dilution through opportunistic strategic repurchases
Managing dilution through opportunistic strategic repurchases Ending Shares Outstanding (M) $1.9B+ Returned to shareholders 9.3M+ Class A shares repurchased $2.1B Remaining authorization ~90% of SBC issuance offset since Q4ʼ24 ~50% of buyback capacity remains as of Q1ʼ26 -2% Q/Q 28
Slide 29: Outlook
Outlook Metric Q2ʼ26 Outlook Q2 Drivers Transaction Revenue S&S Revenue Transaction Expenses T&D + G&A Expenses S&M Expenses Stock-based Compensation ~$215 million QTD Through May 5 $565-$645 million Low-to-Mid Teens as a % of net revenue $820-$870 million $200-$300 million ~$240 million Caution ext
Slide 30: Becoming AI-native is fundamentally increasing our efficiency
Becoming AI-native is fundamentally increasing our efficiency +78% Y/Y Pull Requests per Engineer 30 Increasing Leverage from AI Pod Architecture: Legacy → AI-Native Legacy Pod AI-Native Pod 10 people 2–3 people + AI agents ↑3x Integration test coverage across core
Slide 31: 2026 expense growth outlook driven by USDC Rewards
2026 expense growth outlook driven by USDC Rewards ● ~$500M cost reduction vs. 2025 annualized exit rate2 ● 14% headcount reduction ● ~4,300 continuing employees (vs. 4,988 at end of Q1) ● Excluding USDC Rewards growth, we expect Adjusted Expenses to be flat Y/Y Adjusted Expenses ($M)1 [1] Adjusted
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 (Unaudited)
Income Statement (Unaudited) ($ in millions, except per share amounts) Q1ʼ25 Q2ʼ25 Q3ʼ25 Q4ʼ25 Q1ʼ26 Q/Q Y/Y 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 Portion held in corporate balances 12 2 14 2 15 3 18 3 19 3 126 23 144 2
Slide 39: Condensed Consolidated Statement of Operations (unaudited)
Condensed Consolidated Statement of Operations (unaudited) 39 Note: Amounts may not add as presented due to rounding.
Slide 40: Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) 40 Note: Amounts may not add as presented due to rounding.
Slide 41: Condensed Consolidated Statements of Cash Flows (unaudited)
41 Condensed Consolidated Statements of Cash Flows (unaudited) 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