Coinbase misses Q4 estimates as transaction revenue falls below $1 billion

"Crypto is cyclical, and acquisition tells america it’s ne'er arsenic good, oregon arsenic atrocious arsenic it seems," said the company.

Updated Feb 12, 2026, 9:22 p.m. Published Feb 12, 2026, 9:20 p.m.

Coinbase (COIN) missed fourth-quarter net forecasts connected Thursday, acknowledgment to weaker trading enactment and little crypto plus prices.

The U.S.-based crypto speech posted full revenue of $1.78 cardinal against estimates for $1.83 billion. Adjusted EPS of $0.66 was good little than the statement $0.86.

Total transaction gross of $983 cardinal was beneath forecasts for $1.02 cardinal and down from $1.046 cardinal successful the 3rd 4th and $1.556 cardinal successful the 4th fourth 1 twelvemonth ago.

Subscription gross of $727.4 cardinal was down from $746.7 cardinal the erstwhile 4th and up from $641.1 cardinal a twelvemonth earlier.

Through Feb. 10 of the archetypal quarter, the institution saw transaction gross of astir $420 million. It guided to full-quarter subscription gross of $550-$630 million.

“We proceed to beryllium optimistic astir the semipermanent trajectory of the crypto industry,” Coinbase said. “Crypto is cyclical, and acquisition tells america it’s ne'er arsenic good, oregon arsenic atrocious arsenic it seems. While plus prices tin beryllium volatile, nether the aboveground an undercurrent of technological alteration and crypto merchandise adoption continues.”

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

Wall Street analysts chopped Coinbase terms targets pursuing Q4 net miss

JPMorgan said anemic crypto markets pressured fourth-quarter results, but backs Coinbase’s strategy of investing done the rhythm and returning superior via buybacks.