Coinbase posted a $1.49 per share GAAP loss in Q1 2026, missing estimates as revenue fell 30.54% year over year.
Coinbase reported a GAAP loss of $1.49 per diluted share for Q1 2026, missing the $0.04 consensus estimate. Revenue declined 30.54% year over year to $1.41 billion, while transaction revenue dropped 23% quarter over quarter to $755.8 million.
The company also recorded $482.40 million in losses on crypto assets held for investment. Costs from a data breach added $307 million in Q2 2025 and $8.6 million in Q1 2026, prompting a 14% headcount reduction to target $500 million in annualized savings.
Shares underperformed IBIT, falling 49% over the same period, as high beta and a forward P/E of 122x amplified volatility. Management described crypto as cyclical, signaling prolonged pressure on operations.