COIN US S&P 500Russell 1000 Earnings call
Coinbase (COIN) · Q2 2026 results and valuation
Share price: $136.27 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 7 May 2026
Net loss narrowed on the previous quarter. Management sounded cautious, though noticeably more positive answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss narrowed
Net income vs Q1 2026
Net income -359.5M vs -394.1M
Revenue −13.7%
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: restrained, and more positive than the script.
Similar to last call.
3 · What stood out
Coinbase's institutional derivatives revenue more than offset declines in other areas, and international derivatives exchanges reached all-time highs in revenue contribution during the quarter.
Valuation
Is Coinbase undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (3-year revenue growth), the model's fair value is $117.47 a share — the stock trades 16% above it. Today's price assumes 11.6% growth a year.
Current price
$136.27
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+11.6% for 10 yrs
Fair value / share
$117.47
Buy below
$88.11
Price vs fair value
Overvalued 16%
Price vs buy-below price
Overvalued 55%
Read between the lines
-
Fading
A deadline and thousands and thousands of hours by Senate staff and senators on a good work product are getting people to the table at the last minute.
Source quote
“This is included in our institutional transaction revenue line and the institutional derivatives revenue more than offset any declines that we saw... and international derivatives exchanges achieved new all-time highs in the quarter in terms of revenue contribution.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.
Sentences that drove the tone
“Currently, we are seeing a lot of success with growth marketing efforts around markets and also crypto trading, some of the new products that we have offered in derivatives as...”
“I think this just creates additional business opportunities and revenue opportunities for us to be a multi stable coin platform.”
“Please refer to our SEC filings and earnings presentation for information concerning risks, uncertainties and other that could cause these results to differ.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.22B | 1.41B | −13.7% | 1.50B | −18.5% |
| Operating income | -113.5M | -21.4M | Loss widened | -24.6M | Loss widened |
| Net income | -359.5M | -394.1M | Loss narrowed | 1.43B | Turned loss |
| EPS | -1.36 | -1.49 | Loss narrowed | 5.14 | Turned loss |
| P/E | 12-mo loss | 64.2 | — | 33.8 | — |
Topics
Most discussed now
- Like every good negotiation, there is a lot of last minute details to get right, but having a deadline or...
- There is been lots of phone calls happening this week.
- Specifically bringing new users in through various entry points that are newer products to the platform.
- I am curious to understand how the team is thinking about driving cross product adoption.
- Would be helpful just to understand the strategy there and then if there is any detail on marketing dollar allocation...
Faded since Q1 2026
- Fading Despite asset prices being down, Q1 marked the 12th consecutive quarter of net native unit inflows.
- Dropped Most of the downtrend happened in January, and active lending plans grew double digits quarter-over-quarter.
- Dropped Lower volatility reduced hedging demand, specifically at Deribit and options activity declined following all-time high volumes in Q4.
- Dropped Forty-five major financial institutions have moved tokenization from concept to production in Q1, institutions understand the longer-term…
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Restructuring costs · SEC 8-K