COIN · Q2 FY2026
Coinbase Global, Inc. Q2 FY2026 earnings analysis
By SageNoodle ResearchBearish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $1.22B | $1.50B (yr ago) | Miss |
| EPS | -$1.36 | $5.14 (yr ago) | Miss |
| Free Cash Flow | $0.20B | $0.24B (yr ago) | Miss |
| Gross Margin | N/M (financial company) | N/M (yr ago) | Miss |
| Operating Margin | -9.3% pre-tax margin | -1.6% pre-tax margin (yr ago) | Miss |
What changed
Revenue declined 18.7% from Q2 FY2025, while the pre-tax margin deteriorated to -9.3% from -1.6%. EPS swung to a $1.36 loss from $5.14 of earnings, although free cash flow remained positive at $0.20B and improved slightly from Q1 FY2026.
Impact on the investment thesis
With no prior company valuation, we establish fair value at $174 per share using 3.5 times current book value. The weak revenue and earnings print limits the warranted multiple, while $2.71B of net cash and positive quarterly free cash flow prevent a more severe reduction.