COIN Q2 Earnings & Revenues Miss on Lower Transaction Revenues

Coinbase Global, Inc. COIN reported a second-quarter 2026 adjusted operating loss of 39 cents per share, against the Zacks Consensus Estimate of earnings of 14 cents. COIN had reported an operating income of 12 cents per share in the prior-year quarter.The quarter reflected lower transaction and subscription revenues, weaker crypto asset prices and higher restructuring costs, partially offset by growth in institutional transaction revenues.Coinbase Global, Inc. Price, Consensus and EPS Surprise Coinbase Global, Inc. price-consensus-eps-surprise-chart | Coinbase Global, Inc. QuoteOperational Update Total Monthly Transacting Users declined to $7.6 million from $8.7 million a year ago, which was lower than the Zacks Consensus Estimate of $8.1 million. Assets on Platform fell to $245.9 billion from $425 billion, primarily due to lower crypto asset prices. The Zacks Consensus Estimate was pegged at $295 million.Total revenues of $1.2 billion missed the Zacks Consensus Estimate by 5.8%. The top line decreased 18.5% year over year due to lower transaction revenues, subscription and services revenues, and other revenues.Total transaction revenues decreased 21.6% year over year to $599.2 million in the second quarter. The downside was due to a decrease in consumer transaction revenues, offset by an increase in institutional transaction revenues. The Zacks Consensus Estimate was pegged at $640 million.Total subscription and services revenues decreased 12.2% year over year to $555.1 million in the reported quarter. The downside was due to a decrease in blockchain rewards and reduced stablecoin revenues, offset by higher average USDC balances and growth in interest and finance fee income. The Zacks Consensus Estimate was pegged at $600.5 million.Adjusted EBITDA was $207.8 million in the reported quarter, which fell 59.4% from the year-ago quarter. Total operating expenses decreased 12.4% to $1.3 billion in the second quarter due to lower transaction expenses and other operating expenses, partly offset by higher technology and development expenses, restructuring charges and losses on crypto assets held for operations.COIN’s Financial UpdateCoinbase exited the second quarter with cash and cash equivalents of $8.6 billion as of June 30, 2026, down 23.9% from 2025-end.As of June 30, 2026, long-term debt remained flat from 2025-end at $5.9 billion.Shareholders' equity was $13.1 billion at second-quarter 2026, down 11.6% from 2025-end.Net cash used in operating activities was $380.1 million in the second quarterfirst half of 2026, which decreased 65.2% year over year.COIN Offers Q3 OutlookCoinbase expects subscription and services revenues to be in the range of $500-$580 million.Coinbase expects third-quarter 2026 transaction expenses to be in the mid-teens as a percentage of net revenues, while adjusted expenses are projected to be in the range of $980-$1,080 million.Coinbase expects stock-based compensation to be approximately $245 million.COIN also expects 2026 adjusted expenses between $4.2 billion-$4.45 billion, revised from $4.25 billion-$4.6 billion.COIN’s Zacks RankCOIN currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other Financial - Miscellaneous Services ProvidersSynchrony Financial SYF reported second-quarter 2026 adjusted earnings per share (EPS) of $2.59, which surpassed the Zacks Consensus Estimate by 24.5%. The bottom line increased 3.6% year over year.Net interest income increased 1.9% year over year to $4.6 billion but missed the Zacks Consensus Estimate by 1.1%.Bread Financial Holdings, Inc. BFH reported second-quarter 2026 operating income of $3.55 per share, outperforming the Zacks Consensus Estimate by 40.9%. The bottom line rose 20.7% year over year. Revenues increased 7% from the prior-year level to $993 million, exceeding the consensus estimate by 4.2%.Credit sales of $7.5 billion increased 11% year over year, driven by growth in new partnerships and increased general-purpose spending. Average loans increased 3% to $18.2 billion, while end-of-period loans rose 5% to $18.5 billion.Virtu Financial, Inc. VIRT reported second-quarter 2026 adjusted earnings of $1.82 per share, which beat the Zacks Consensus Estimate by 8.3%. The bottom line increased 19% year over year. Adjusted Net Trading Income rose 26.4% year over year to $717.9 million. Revenues from commissions, net and technology services rose 16.7% year over year to $179.5 million. The metric beat the Zacks Consensus Estimate and our model estimate of $177.9 million.Interest and dividend income of $145.9 million increased 13.6% year over year, surpassing the Zacks Consensus Estimate of $134.4 million. Adjusted EBITDA increased 18.2% year over year to $436.8 million. Adjusted EBITDA margin declined year over year to 60.8% from 65.1% a year ago. 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