COIN · Coinbase Global, Inc.
10-Q filed 2026-07-30 period 2026-06-30
64 Stable
confidence high · source filing on SEC.gov ↗
- Repayment of $1.3 billion in 0.50% convertible notes at maturity in June 2026, reducing short-term debt obligations.
- Implementation of a restructuring plan in May 2026, resulting in a workforce reduction of approximately 700 employees and $52.4 million in restructuring expenses.
- Discontinuation of 'Trading Volume' as a key operational metric starting Q2 2026, shifting focus to net income, Adjusted EBITDA, and user/asset metrics.
vs. prior filing (10-Q filed 2026-05-07) — ⚠ ALERT
FHS 56 → 64 (+8) · Caution -> Stable
Profitability +10Balance sheet +10Cash generation +10Risk flags +0Mgmt signal +10
Filing Health Score pillars
Profitability 25%
45
Net revenue declined 17.3% year-over-year to $1.15 billion for Q2 2026, and the company swung to a net loss of $359.5 million from a net income of $1.43 billion in Q2 2025, driven by lower transaction volumes.
Balance sheet 20%
80
Coinbase maintains a strong liquidity position with $8.61 billion in cash and cash equivalents against $5.94 billion in long-term debt, having fully repaid $1.3 billion of convertible notes in June 2026.
Cash generation 20%
65
Operating cash flow was positive at $380.1 million for the first six months of 2026, outperforming the net loss of $753.6 million due to significant non-cash adjustments, though it declined from $1.09 billion in the prior year period.
Risk flags 20%
75
While internal controls remain effective, the company faces ongoing regulatory scrutiny, including investigative subpoenas from state agencies and regulators, alongside high exposure to crypto asset price volatility.
Mgmt signal 15%
60
Management initiated a restructuring plan in May 2026 to reduce headcount by 700 employees and discontinued the 'Trading Volume' metric, signaling a shift in focus toward user engagement and cost optimization in a softer market.
Key metrics (Three and six months ended June 30, 2026)
period: Three and six months ended June 30, 2026
total debt: $5,944,232 thousand (as of June 30, 2026)
cash and equivalents: $8,614,065 thousand (as of June 30, 2026)
shares outstanding: 263,782 thousand (as of June 30, 2026)
revenue: $1,220,068 thousand (Three Months Ended June 30, 2026) / $2,633,050 thousand (Six Months Ended June 30, 2026)
net income: $(359,468) thousand (Three Months Ended June 30, 2026) / $(753,585) thousand (Six Months Ended June 30, 2026)
operating cash flow: $380,054 thousand (Six Months Ended June 30, 2026)
Gemma triage notes (pre-analysis, second opinion)
None for this filing.Automated research summaries derived from SEC filings. Not investment advice.