Coinbase Global (NASDAQ:COIN) reported first-quarter financial results Thursday after market close.

Here are the highlights.

Coinbase Q1 Financials

Coinbase reported first-quarter revenue of $1.41 billion, down 31% year-over-year. The revenue total missed a Street consensus estimate of $1.53 billion, according to data from Benzinga Pro.

Transaction revenue was $756 million in the first quarter, down 40% year-over-year. Subscription and Services revenue was $584 million in the quarter, down 14% year-over-year.

The company reported an adjusted loss of 17 cents per share, missing a Street consensus estimate of 29 cents per share.

Prediction markets are called out by the company as one of the fastest products from Coinbase ever, hitting $100 million in annualized revenue in less than two months.

Coinbase had all-time highs for crypto trading volume market share in the first quarter, reaching 8.6%.

The company now has 12 product lines that generate $100 million in annualized revenue, with prediction markets on its way to becoming the 13th.

"We executed well on what was in our control in Q1," Coinbase CEO Brian Armstrong said. "We saw huge growth in derivatives trading volume, driven by our Everything Exchange."

Armstrong said over 90% of onchain agentic stablecoin transaction volume is also happening on Base.

"We believe there will soon be billions of agents transacting and they need rails that can keep up, and Coinbase is at the center of the agent economy."

Coinbase had positive Adjusted EBITDA for a 13th consecutive quarter. The company also had its 12th consecutive quarter of quarter-over-quarter native unit inflows, with strength reported in the major cryptocurrencies of Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL).

Read Also: Coinbase Q1 Preview: 'Everything Exchange' Dream Faces First Test After Shock Layoffs

What's Next For Coinbase

Coinbase highlighted its 2026 priorities, which are:

  • Everything Exchange
  • Stablecoins & Payments
  • Onchain

The company had transaction revenue of $215 million quarter-to-date through May 5.

Company guidance is that second-quarter subscription and services revenue will be in the range of $565 million to $645 million.

Coinbase Stock Price Action

Coinbase stock is down 4.1% to $185.01 in after-hours trading Thursday versus a 52-week trading range of $139.36 and $444.64

Read Also: Coinbase Is Gutting Middle Management—And Rebuilding Around AI

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