Coinbase and Robinhood earnings put finance ambitions to test

Coinbase and Robinhood earnings this week will give investors a fresh read on two companies that increasingly want the same customers. Fortune reported that Robinhood is pushing further into crypto, prediction markets and tokenized finance, while Coinbase is trying to broaden beyond crypto into stocks and other financial products.

The reports arrive after both stocks have lost favor with the market this year, according to Fortune. Analysts cited by Fortune appear more optimistic about Robinhood, which has gained ground in newer businesses, while Coinbase faces questions about crypto weakness and the payoff from its Base blockchain strategy.

What are Coinbase and Robinhood expected to report?

Robinhood is scheduled to release second-quarter results Wednesday at 5 p.m. ET, and Coinbase is set to report Thursday at the same time, Fortune reported. Analysts expect Robinhood to post earnings of about 40 cents a share on roughly $1.25 billion in revenue.

For Coinbase, the consensus cited by Fortune calls for a loss of about 36 cents a share on around $1.3 billion in revenue. The revenue estimates are close, but the stock market is treating the companies differently: Fortune reported that Robinhood’s market value, near $85 billion, is about twice Coinbase’s, even though Coinbase generated more revenue over the past year.

Mizuho analyst Dan Dolev told clients Robinhood could become the brokerage industry’s first “hyperscaler,” according to Fortune. Coinbase has drawn a more cautious response, with several analysts cutting the stock to “hold” or “sell” because of its exposure to weaker crypto trading.

Why diversification is the main issue

Investors are watching whether either company can reduce its reliance on trading cycles. Coinbase has built a larger services and subscriptions business, but Fortune reported that non-trading revenue fell last quarter and that more than half of its $585.5 million in services revenue came from USDC-related activity.

That stablecoin revenue could face new pressure, according to Fortune, because a group of banks and credit card companies is planning a rival stablecoin. Coinbase also has a developing prediction-markets business, which the company described last quarter as one of its fastest-growing categories and which Fortune said is on pace for $100 million in annualized revenue.

Robinhood’s revenue mix is less tied to crypto. Fortune reported that crypto accounts for 12% of Robinhood’s revenue, while stocks remain its main business and the company has expanded into credit cards and banking.

Prediction markets have become a larger near-term driver for Robinhood. Fortune reported that the category produced more than $100 million for Robinhood in the first quarter, and Kalshi’s chief executive has identified Robinhood as the sector’s leading competitor.

How tokenized stocks and blockchains fit in

Tokenized stocks are blockchain-based tokens backed by shares held in custody. Supporters say the model can allow around-the-clock trading and faster settlement than conventional stock-market plumbing.

Robinhood has moved early in tokenized stocks, and CEO Vlad Tenev has promoted what he calls a “tokenization supercycle,” Fortune reported. Coinbase also has a natural opening in tokenized assets, but Fortune said the company was slowed by its earlier focus on Base as a social-network-style crypto project, an effort CEO Brian Armstrong has acknowledged was a mistake.

Coinbase has also pushed into agentic commerce through X402, an open-source protocol for AI agents making purchases, according to Fortune. Robinhood has said it is comfortable using Visa and Mastercard networks in that area, though Fortune reported its new Robinhood Chain is already rivaling Base in transaction volume.

For now, the earnings reports will test a narrower question: whether Robinhood can add crypto and blockchain products faster than Coinbase can build out traditional finance. Fortune’s analysis says Robinhood has the clearer near-term position heading into this week’s results.

This story draws on original reporting from Fortune.