Coinbase Global, Inc. stock research
FY2026 Q1
Coinbase Global (COIN) Gross Margin & Quarterly History
Explore Coinbase Global, Inc. (COIN) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue and gross profit both decreased compared to the prior quarter and the same quarter last year, while cost of revenue was lower than a year ago but higher than the prior quarter. Gross margin weakened from the prior quarter but was relatively stable compared to the same quarter last year.
- The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue declined more sharply than cost of revenue compared to the prior quarter, compressing gross margin. Compared to a year ago, cost of revenue fell more than revenue, helping to keep gross margin nearly unchanged.
- Compared to the prior quarter, gross margin weakened as revenue fell while cost of revenue rose. Compared to the same quarter last year, gross margin was mixed: revenue and cost of revenue both declined, but the margin was slightly lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
83.7%
Gross profit
$1.2B
Revenue
$1.4B
Cost of revenue
$230.3M
Quarter-over-quarter change
-4.7 pts
Year-over-year change
-0.3 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $1.5B | $952.6M | $544.6M | 63.6% |
| Sep 30, 2025 | $1.9B | $1.6B | $258.0M | 86.2% |
| Dec 31, 2025 | $1.8B | $1.6B | $206.2M | 88.4% |
| Mar 31, 2026 | $1.4B | $1.2B | $230.3M | 83.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-4.7 pts
Year-over-year change
Mar 31, 2025
-0.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between revenue and cost of revenue: revenue declined more sharply than cost of revenue compared to the prior quarter, compressing gross margin. Compared to a year ago, cost of revenue fell more than revenue, helping to keep gross margin nearly unchanged.
Compared to the prior quarter, gross margin weakened as revenue fell while cost of revenue rose. Compared to the same quarter last year, gross margin was mixed: revenue and cost of revenue both declined, but the margin was slightly lower.
Monitor the trend in cost of revenue relative to revenue, as cost of revenue increased sequentially despite lower revenue.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Coinbase Global, Inc. (COIN) | 83.7% |
| Strategy Inc (MSTR) | 67.1% |