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Coinbase misses Q4 estimates as transaction revenue falls below $1 billion
"Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems," said the company.
Updated Feb 12, 2026, 9:22 p.m. Published Feb 12, 2026, 9:20 p.m.
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What to know:
- Crypto exchange Coinbase reported a fourth quarter earnings miss.
- Transaction revenue of $982.7 million was down from $1.046 billion the previous quarter and $1.556 billion in the fourth quarter one year ago.
- In the first quarter of 2026 through Feb. 10, the company has seen about $420 million in transaction revenue.
- Shares were modestly higher in after-hours trade, though remaining down about 40% year-to-date.
Coinbase (COIN) missed fourth-quarter earnings forecasts on Thursday, thanks to weaker trading activity and lower crypto asset prices.
The U.S.-based crypto exchange posted total revenue of $1.78 billion against estimates for $1.83 billion. Adjusted EPS of $0.66 was well lower than the consensus $0.86.
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Total transaction revenue of $983 million was below forecasts for $1.02 billion and down from $1.046 billion in the third quarter and $1.556 billion in the fourth quarter one year ago.
Subscription revenue of $727.4 million was down from $746.7 million the previous quarter and up from $641.1 million a year earlier.
Through Feb. 10 of the first quarter, the company saw transaction revenue of about $420 million. It guided to full-quarter subscription revenue of $550-$630 million.
“We continue to be optimistic about the long-term trajectory of the crypto industry,” Coinbase said. “Crypto is cyclical, and experience tells us it’s never as good, or as bad as it seems. While asset prices can be volatile, under the surface an undercurrent of technological change and crypto product adoption continues.”
Shares are modestly higher in after-hours trading, but fell 7.9% during the regular session, extending year-to-date declines to 40%.
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