Coinbase Q1 2026 revenue falls 21% to $1.4 billion; net loss of $394 million
Coinbase reported first-quarter 2026 total revenue of $1.4 billion, down 21% from the prior quarter and 31% from a year earlier, and a net loss of $394 million. Adjusted EBITDA was $303 million, the 13th straight positive quarter, while the company cut expenses and said it expects about 14% headcount reduction and a one-time $50-60 million restructuring expense in the second quarter.
Key points
- Q1 2026 total revenue was $1.4 billion (down 21% Q/Q, down 31% Y/Y); net loss was $394 million, versus a $667 million loss in Q4 2025.
- Adjusted EBITDA was $303 million; subscription and services revenue was $584 million, 44% of net revenue.
- Q2 2026 outlook includes subscription and services revenue of $565-$645 million and a one-time restructuring expense of about $50-$60 million.
- Management plans a 14% headcount reduction to about 4,300 continuing employees, from 4,988 at the end of Q1.
The filing
Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 07, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.