Coinbase's earnings are almost entirely fee-driven, with non-interest income near 100% of revenue and net interest income close to zero, so results track crypto trading cycles rather than a stable spread base.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue is almost entirely fee-based, with the efficiency ratio ranging from roughly 30% to 118% and the 2025Q4 reading above 100% indicating expenses exceeded revenue, pointing to fragile margins when trading softens.
Coinbase’s Subscription and Services segment, which includes staking, USDC rewards, and custody fees, has shown significant growth, providing a buffer against the cyclical nature of transaction-based revenue. This shift toward recurring revenue is positioned to stabilize earnings even during volatile crypto market periods.
Regulatory wins such as the conditional OCC approval for a national trust bank strengthen Coinbase’s institutional custody capabilities. The company’s role as a custodian for Bitcoin ETFs further positions it to capture increased institutional flows into the crypto market.
Coinbase’s Layer‑2 network, Base, has become a standout performer, contributing to transaction‑fee revenue. The platform’s expansion into stock trading, prediction markets, and tokenized stocks diversifies use cases and increases daily user engagement.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 29, 2026 | $2.51+1189.2% vs -$0.23 | $1.2B-0.0% vs $1.2B |
Q3 2026 Jul 30, 2026 | -$1.36-206.5% vs -$0.44 | $1.2B-5.6% vs $1.3B |
Q2 2026 May 7, 2026 | -$0.24-166.7% vs $0.36 | $1.4B-4.9% vs $1.5B |
Q1 2026 Feb 12, 2026 | -$2.49-350.5% vs $0.99 | $1.8B-1.5% vs $1.8B |
Base now produces five blocks every second, yet Ethereum's price barely flinched and ETF money headed for the exits. Who actually profits from the speed boost, and what would have to change before ETH holders can claim a share?
Coinbase's growing subscription revenues and cost discipline bolster resilience, but crypto volatility, weak underlying profits and rich valuation pose risks.
A rare 4-sigma stock market rout dragged Bitcoin down while every spot ETF issuer watched cash walk out the door. One small bounce has traders split on whether the worst is over, and a single price line may settle it.
Hyperliquid sits near its record high while Wall Street giants and a federal courtroom battle circle its core business. A $250 token would need to outgrow Solana first, and the supply schedule makes that math far trickier than it looks.
Benchmark COIN against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Coinbase Global, Inc. (COIN)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $134.76 | $35.5B | -55.31 | 9.45% | -12.66% | -5.08% | — | |
| $6.35 | $2.42B | -0.70 | 33.47% | -453.74% | -108.46% | — | |
| $16.71 | $6.32B | -4.41 | 66.36% | -215.82% | -59.47% | — | |
| $6.16 | $1.58B | -1.66 | 102.21% | -146.9% | -75.24% | 0.55% | |
| $52.65 | $5.93B | -16.31 | 54.64% | -427.29% | -24.5% | — | |
| $6.55 | $2.68B | -2.66 | 25.29% | — | -155.51% | — |
Coinbase Global, Inc. (COIN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Coinbase Global, Inc. (COIN) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 29, 2026·SEC
Oct 2, 2026·SEC
Jul 30, 2026·SEC
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Coinbase Global, Inc. (COIN) stock FAQ — growth, dividends, profitability & financials explained
Coinbase Global, Inc. (COIN) revenue fell by 27.0% over the trailing twelve months, compared with the twelve months before.
No. Coinbase Global, Inc. (COIN) reported a net loss of $701.6M over the trailing twelve months.
Coinbase Global, Inc. (COIN) had a return on equity (ROE) of -5.1% over the trailing twelve months. A negative ROE means the company lost money over the period.
Coinbase Global, Inc. (COIN) has a net interest margin (NIM) of -0.3%. NIM has been under pressure due to interest rate environment.
Coinbase Global, Inc. (COIN) has an efficiency ratio of 55.3%. This is reasonable for a bank.
