Coinbase and Robinhood will report second-quarter 2026 earnings this week, giving markets a view of crypto business models. Robinhood reports Wednesday after the closing bell, while Coinbase follows Thursday.
Analysts expect Robinhood to post about $1.25 billion in revenue and earnings of roughly $0.40 per share. Coinbase is projected to generate around $1.3 billion in revenue while recording a loss of about $0.36 per share.
Both companies entered public markets in 2021 through different business models. Coinbase centered its operations on cryptocurrency trading and custody. Robinhood built its platform around commission-free brokerage services before expanding into crypto and digital assets.
Robinhood Gains Ground in Retail Trading
Artemis data shows Robinhood has historically received a higher enterprise value-to-revenue multiple than Coinbase. That valuation reflects investor treatment of Robinhood as a broader fintech company rather than a business mainly tied to crypto trading.
The difference has become more visible following analyst downgrades of Coinbase. Meanwhile, Mizuho analyst Dan Dolev said Robinhood could become the brokerage industry’s first “hyperscaler.”
Trading activity expanded at both firms between early 2024 and the first quarter of 2026. Robinhood’s quarterly trading volume rose from about $261 billion to more than $704 billion. Coinbase volume increased from roughly $185 billion to around $517 billion over the same period.
Those figures show Robinhood captured a larger share of retail trading activity. Both companies have invested heavily in tokenized equities as they develop revenue sources beyond transaction fees.
Coinbase Expands Stablecoin and Services Revenue
Coinbase has reduced its dependence on trading commissions through subscription and services products. Artemis data shows revenue in that segment climbed from about $103 million in mid-2021 to nearly $747 million by the third quarter of 2025.
Stablecoin revenue also increased from approximately $77 million in late 2022 to more than $364 million before easing slightly this year. These businesses helped offset weaker trading activity, while customer assets on the exchange stayed above bear-market lows.
Coinbase disclosed that more than half of first-quarter subscription and services revenue was connected to USDC. Banks and major payment companies are also introducing dollar-backed stablecoins.
Chief Executive Brian Armstrong has shifted Coinbase toward financial infrastructure after earlier efforts to build a social network through Base failed.
Robinhood Builds a Wider Global Platform
Robinhood announced Robinhood Chain, an Arbitrum-based Layer-2 network, alongside tokenized United States stocks for customers in more than 120 countries. The company says it serves nearly 28 million customers across 38 countries.
Chief Executive Vlad Tenev described tokenization as a possible “supercycle” for capital markets. Crypto contributes about 12% of Robinhood’s revenue, with brokerage services, options, prediction markets, and other products providing additional income.
That broader mix helps explain Robinhood’s higher valuation despite revenue levels that closely resemble Coinbase’s.
