Coinbase Global (COIN) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $1,215.6M, flat QoQ and down 35% YoY; net income was $718.7M, including a $715.0M gain on crypto assets held for investment.

• Trading market share rose to 10.7% for a fourth consecutive quarter; subscription and services contributed 49% of net revenue.

• Softer crypto markets weighed on activity, while prediction markets, stablecoins, and expense discipline supported performance.

Financial highlights

• Net revenue was $1,160.5M, up 1% QoQ and down 34% YoY; transaction revenue was $590.2M, down 1% QoQ and 44% YoY.

• Subscription and services revenue was $570.2M, up 3% QoQ and down 20% YoY.

• GAAP net income was $718.7M versus a $359.5M loss in Q2; diluted EPS was $2.51. Adjusted net income was $77.7M.

• Adjusted EBITDA was $332.9M, up 60% QoQ and down 58% YoY; it marked a 15th consecutive positive quarter.

• Operating expenses fell 13% QoQ to $1,153.9M; Adjusted Expenses declined 6% to $975.0M, below Q3 guidance.

Outlook and guidance

• Q4 transaction revenue was $165M quarter-to-date through October 25; management cautioned against simple extrapolation.

• Q4 subscription and services revenue outlook was $550M–$630M; drivers include average interest rates and quarter-to-date crypto asset prices.

• Q4 Adjusted Expenses guidance was $1,007M–$1,157M, with stock-based compensation of $240M; FY26 Adjusted Expenses guidance was narrowed to $4,150M–$4,300M.

• Product priorities include the Everything Exchange, stablecoin payments for people and agents, and expanding trading, payments, lending, tokenized assets, derivatives, and AI-enabled services.