| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 30, 2026 | 2/12 | 4 high, 3 medium, 1 low flags | 2 | 2 | Call sheet → |
| Q1'26 | May 7, 2026 | 10/12 | 7 low flags | 5 | 0 | Call sheet → |
| Q4'25 | February 12, 2026 | 9/12 | 1 high, 4 medium, 3 low flags | 4 | 1 | Call sheet → |
| Q3'25 | October 30, 2025 | 10/12 | 3 medium, 4 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Integration with Deribit progressing for 2026 completion Claimed 'progressing nicely' but admitted options activity declined |
| Q2'26 | Missed | Would provide annual expense outlook Only discussed restructuring impact, no forward guidance |
| Q2'26 | Delivered | Launch more non-crypto trading products Added SpaceX pre-IPO perps though no volume data provided |
| Q2'26 | Missed | Continue native unit inflows streak Metric completely disappeared from commentary suggesting streak broke |
| Q2'26 | Pending | Would maintain positive adjusted EBITDA through cycles No Q2 EBITDA disclosed but likely maintained given cost cuts |
| Q2'26 | Delivered | Derivatives would reach new all-time highs Hit $200M+ run rate but notably silent on Q2 growth trajectory |
| Q1'26 | Pending | Derivatives integration from Deribit acquisition Progressing nicely, expect full integration in 2026 - on track |
| Q1'26 | Delivered | Everything Exchange expansion with prediction markets, equities Prediction markets to 100% of customers, equities rolling out |
| Q1'26 | Exceeded | Continue share buybacks to offset dilution $1.1B in Q1 alone, 90% of dilution offset since Q4 2024 |
| Q1'26 | Delivered | Sales & marketing $215-315M, flat to down Q4 to Q1 Appears to have come in at lower end of range |
| Q1'26 | Delivered | Tech/dev + G&A expenses flat Q4 to Q1 at $925-975M Came in under at estimated $900M+ range |
| Q1'26 | Exceeded | Q1 subscription & services revenue $550-630M (Q4 guidance) Delivered $584M, at high end of range despite price headwinds |
| Q4'25 | Delivered | Continued USDC market share growth and platform adoption USDC hit all-time high market cap and balances on Coinbase platform reached records. |
| Q4'25 | Delivered | Everything Exchange expansion to new asset classes beyond crypto Prediction markets and equities launched as promised, though monetization still unclear. |
| Q4'25 | Exceeded | Derivatives as major growth driver with Deribit integration All-time high derivatives revenue in Q4, strong Deribit performance cited. |
| Q4'25 | Missed | Assets on platform growth and stickiness as more products connect Stopped disclosing assets on platform figure in Q4, suggesting weaker performance. |
| Q4'25 | Delivered | Sequential operating expense growth will slow in early 2026 vs Q4 rate Q1 guidance shows flat expenses QoQ, fulfilling this commitment. |
| Q4'25 | Pending | December 17 H2 product event to showcase Everything Exchange progress Referenced in Q3, confirmed still happening in Q4 call. Will be key test of execution. |
| Q3'25 | Delivered | Q2: Focus on revenue over volume on stablepairs No longer highlighting volume impact, suggests strategy working |
| Q3'25 | Delivered | Q2: $665M-$745M S&S revenue guidance Q3 Came in at $747M, top of range |
| Q3'25 | Delivered | Q2: Higher Q3 headcount growth than Q2 12% growth Q3 vs 8% Q2 |
| Q3'25 | Delivered | Q2: Deribit acquisition to close Closed August 14, contributing $52M revenue in partial quarter |
| Q3'25 | Pending | Q2: Working towards launching tokenized equities December 17 event promised for updates, no launch yet |
| Q3'25 | Delivered | Q2: Next week rolling out DEX integrations into Coinbase app Live in Q3, expanded from 300 to 40,000 assets |
| Q3'25 | Delivered | Q2: We recently launched 24/7 trading of Bitcoin and Ethereum contracts Confirmed operational and contributing to derivatives volume growth |
Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.
Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.