Coinbase Global Reports Q4 Earnings Miss

Cryptocurrency exchange's results fall short of analyst expectations

Published on Feb. 12, 2026

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Coinbase Global (NASDAQ:COIN) reported its fourth-quarter earnings results on Thursday, posting earnings per share of $0.66, missing the consensus estimate of $0.83. The company's revenue for the quarter came in at $1.78 billion, compared to the expected $1.86 billion. Coinbase's net margin was 41.99% and it had a return on equity of 15.70%.

Why it matters

Coinbase's earnings miss and weaker-than-expected revenue raise concerns about the company's ability to maintain growth amid volatility in the cryptocurrency market. As one of the largest crypto exchanges, Coinbase's performance is seen as a bellwether for the broader industry.

The details

Coinbase reported a swing to a loss in the fourth quarter, with EPS of $0.66 falling short of the $0.83 expected by analysts. The company's revenue of $1.78 billion also missed the consensus estimate of $1.86 billion. Coinbase cited factors such as a brief service outage ahead of the earnings report and ongoing regulatory and political risks in the crypto space as weighing on its results.

  • Coinbase reported its Q4 2025 earnings results on Thursday, February 12, 2026.

The players

Coinbase Global, Inc.

A U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Coinbase became a public company through a direct listing on the NASDAQ in April 2021.

Brian Armstrong

Co-founder and CEO of Coinbase Global.

Alesia J. Haas

Chief Financial Officer of Coinbase Global.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

The company's stock price and market performance will be closely watched in the coming weeks as investors assess the impact of the earnings miss and Coinbase's ability to navigate the volatile crypto landscape.

The takeaway

Coinbase's Q4 earnings disappointment highlights the challenges the company faces in maintaining growth and profitability amid swings in the cryptocurrency market. As a bellwether for the crypto industry, Coinbase's performance will be closely scrutinized for signs of broader trends impacting the sector.