You Won’t Believe Coinbase’s Q4 Results

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Markets

What to know:

  • The crypto exchange Coinbase hath reported a fourth-quarter earnings miss.
  • Transaction revenue of $982.7 million was down from $1.046 billion in the prior quarter, and from $1.556 billion in the fourth quarter a year ago.
  • In the first quarter of 2026 through Feb. 10, the company hath seen about $420 million in transaction revenue.
  • Shares were modestly higher in after-hours trade, though they remain down about 40% for the year thus far.

Coinbase (COIN) missed the fourth-quarter earnings forecasts on Thursday, owing to weaker trading activity and lower crypto asset prices.

The U.S.-based crypto exchange posted total revenue of $1.78 billion against estimates for $1.83 billion. Adjusted EPS of $0.66 was considerably below the consensus $0.86.

Total transaction revenue of $983 million was below forecasts for $1.02 billion and down from $1.046 billion in the third quarter and $1.556 billion in the fourth quarter one year ago.

Subscription revenue of $727.4 million was down from $746.7 million the previous quarter and up from $641.1 million a year earlier.

Through Feb. 10 of the first quarter, the company saw transaction revenue of about $420 million. It guided to full-quarter subscription revenue of $550-$630 million.

“We continue to be optimistic about the long-term trajectory of the crypto industry,” Coinbase said. “Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems. While asset prices can be volatile, under the surface an undercurrent of technological change and crypto product adoption continues.”

Shares are modestly higher in after-hours trading, but fell 7.9% during the regular session, extending year-to-date declines to 40%.

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2026-02-13 00:49