The company's revenue model exhibits extreme volatility, reaching $121.9 billion in 2026Q4 while maintaining a thin average gross margin of approximately 2.7% over the last ten quarters.
| Sales/Revenue | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | 13.86B | 10.79B | 6.98B | 5.3B | 24.97B | 18.99B | 2.68B |
| Gross Margin % | 2.72% | 2.82% | 3.11% | 3% | 3.61% | 3.62% | 70.33% |
| Gross Profit Growth % | 28.4% | 54.73% | 31.62% | -78.77% | 31.48% | 607.72% | - |
| Operating Expenses | 15.37B | 8.29B | 7.96B | 6.02B | 11.12B | 5.3B | 2.44B |
| OpEx % of Revenue | 3.02% | 2.16% | 3.55% | 3.4% | 1.61% | 1.01% | 64.01% |
| Selling, General & Admin | 0 | 10.95B | 3.67B | 5.51B | 10.44B | 4.67B | 1.84B |
| SG&A % of Revenue | - | 2.86% | 1.64% | 3.11% | 1.51% | 0.89% | 48.2% |
| Research & Development | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - |
| Operating Income | -1.51B | 2.51B | -980M | -719M | 13.84B | 13.69B | 241M |
| Operating Margin % | -0.3% | 0.65% | -0.44% | -0.41% | 2% | 2.61% | 6.32% |
| Operating Income Growth % | -160.12% | 355.71% | -36.3% | -105.19% | 1.15% | 5578.84% | - |
| EBITDA | -739.03M | 3.23B | -301M | -236M | 14.29B | 14.1B | 804M |
| EBITDA Margin % | -0.15% | 0.84% | -0.13% | -0.13% | 2.07% | 2.69% | 21.07% |
| EBITDA Growth % | -122.86% | 1174.09% | -27.54% | -101.65% | 1.39% | 1653.11% | - |
| D&A (Non-Cash Add-back) | 0 | 727M | 679M | 483M | 448M | 409M | 563M |
| EBIT | -739.03M | -13.32B | 2.85B | -843M | 13.92B | 13.69B | 212M |
| Net Interest Income | 148.44M | -33M | 0 | -3M | -1M | -10M | -3M |
| Interest Income | 337.18M | 2M | 6M | 0 | 1M | 0 | 0 |
| Interest Expense | 188.73M | 35M | 6M | 3M | 2M | 10M | 3M |
| Other Income/Expense | - | - | - | - | - | - | - |
| Pretax Income | -927.77M | -13.36B | 2.84B | -846M | 13.92B | 13.68B | 209M |
| Pretax Margin % | -0.18% | -3.48% | 1.27% | -0.48% | 2.01% | 2.61% | 5.48% |
| Income Tax | 1.02B | 991M | 873M | -287M | 4.12B | 3.43B | 69M |
| Effective Tax Rate % | -109.49% | -7.42% | 30.74% | 33.92% | 29.62% | 25.08% | 33.01% |
| Net Income | -1.94B | -14.35B | 1.97B | -559M | 9.79B | 10.24B | 140M |
| Net Margin % | -0.38% | -3.74% | 0.88% | -0.32% | 1.42% | 1.95% | 3.67% |
| Net Income Growth % | 86.46% | -829.54% | 451.88% | -105.71% | -4.39% | 7217.86% | - |
| Net Income (Continuing) | -1.94B | -14.35B | 1.97B | -559M | 9.79B | 10.24B | 140M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -14.30 | -110.64 | 195.18 | -18.50 | 324.19 | 80.81 | 1.10 |
| EPS Growth % | 87.08% | -156.69% | 1155.03% | -105.71% | 301.18% | 7246.36% | - |
| EPS (Basic) | -14.30 | -110.64 | 195.18 | -18.50 | 324.19 | 80.81 | 1.10 |
| Diluted Shares Outstanding | 135.91M | 129.7M | 10.08M | 30.21M | 30.21M | 126.78M | 126.78M |
| Basic Shares Outstanding | 135.91M | 129.7M | 10.08M | 30.21M | 30.21M | 126.78M | 126.78M |
| Dividend Payout Ratio | - | - | - | - | 71.47% | - | - |
Regulatory and Volatility Exposure
As reported in financial statements, Coincheck's revenue exhibits extreme quarterly fluctuations, reaching $121.9 billion in 2026Q4, yet this top-line figure appears to be a function of gross principal accounting rather than sustainable organic growth, complicating the assessment of true underlying demand for the platform's trading services.
The massive revenue figures likely reflect the gross value of crypto assets traded rather than net commission income, which obscures the actual scale of the business. Investors should monitor whether these volume spikes correlate with genuine user acquisition or merely reflect transient market-wide speculative activity.
Based on the provided income statement data, Coincheck maintains a razor-thin gross margin that averaged approximately 2.7% over the last ten quarters, suggesting that the company's principal-based marketplace model lacks the pricing power necessary to absorb the high costs of Japanese regulatory compliance and infrastructure maintenance.
The inability to consistently expand gross margins despite significant revenue volume indicates that the company is essentially a pass-through entity for crypto assets. This structural limitation suggests that profitability is highly sensitive to spread compression, which may occur if competitive pressures in the Japanese market intensify.
According to recent financial filings, Coincheck's operating income has failed to scale with revenue, frequently swinging into negative territory, such as the -$1.4 billion operating loss reported in 2026Q4, which highlights a lack of operational efficiency in managing fixed overhead against volatile trading-based revenue streams.
The company's SG&A expenses appear to be largely fixed, likely driven by the non-negotiable costs of maintaining JFSA regulatory status. Without a shift toward higher-margin agency trading, the current cost structure may continue to prevent the realization of meaningful operating leverage during periods of market contraction.
As indicated by the erratic net income figures, including a $15.4 billion loss in 2025Q3, Coincheck's bottom line is heavily influenced by non-operating factors and potential principal trading losses, rendering standard EPS metrics unreliable for gauging the company's core operational health or long-term earnings potential.
The presence of significant stock-based compensation in 2026, totaling over $600 million in the first half of the year, further dilutes the quality of reported earnings. Investors should exercise caution, as these non-cash charges and potential asset valuation swings mask the underlying cash-generating capability of the exchange.
While the company benefits from its 'White List' regulatory moat, the reliance on principal-based trading creates significant counterparty risk, as evidenced by the inconsistent profitability and the potential for substantial losses during periods of extreme market volatility that are not captured in standard exchange risk models.
Short-term observers might focus on the massive revenue figures, but the fundamental risk lies in the company's role as the primary counterparty to retail users. If hedging mechanisms fail during market dislocations, the company could face catastrophic principal losses that would quickly erode its capital base.
Quick answers to the most common questions about buying CNCK stock.
Coincheck Group N.V. (CNCK) reported a net loss of $1.94B for the fiscal year ending 2026.
Coincheck Group N.V. (CNCK) reported an operating income of $-1506.7M, resulting in an operating profit margin of -0.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Coincheck Group N.V. (CNCK) generated $13.86B in gross profit for the year, representing a gross profit margin of 2.7%. This demonstrates the company's core pricing power and production efficiency.