Coinbase Q2 CY2026 Earnings: Revenue Misses Analyst Estimates, Stock Price Drops

Coinbase (NASDAQ:COIN), a blockchain infrastructure company, reported sales below analyst estimates in its Q2 CY2026 earnings report. The company's revenue fell 18.5% year on year to $1.22 billion, missing Wall Street's estimate of $1.30 billion.

Its GAAP loss of $1.36 per share was significantly below analysts' consensus estimates, with a GAAP loss of -$0.42 expected by the market. The company's adjusted EBITDA came in at $207.8 million, short of analyst estimates of $301.7 million.

Operating margin was -9.3%, down from -1.6% in the same quarter last year. Free cash flow margin, however, stood at 16.2%, up from 12.9% in the previous quarter.