Revenue stability and expense discipline are positive, but the core transaction revenue remains pressured by low crypto volatility. Watch for Q4 transaction revenue trends given the QTD run rate of ~$165M through October 25, and monitor the INTX/Deribit integration impact on derivatives market share.
Price Chart
Executive Summary
Coinbase reported Q3 2026 total revenue of $1.22B, flat Q/Q and in line with the $1.22B consensus, with net income of $719M swinging from a $359M loss in Q2. Adjusted EBITDA grew 60% Q/Q to $333M, the 15th consecutive positive quarter. Transaction revenue was $590M (-1% Q/Q) as crypto volatility hit multi-year lows, cushioned by prediction markets growth. Subscription & services revenue reached 49% of net revenue. The company narrowed its 2026 Adjusted Expenses guidance range to $4.15B-$4.30B, $100M lower than the prior outlook.
Key Financial Metrics
Key Facts
- Q3 2026 total revenue of $1.22B, flat Q/Q and in line with consensus of $1.22B
- Net income of $719M vs a net loss of $359M in Q2 2026
- Adjusted EBITDA of $333M, up 60% Q/Q, 15th consecutive positive quarter
- Transaction revenue of $590M, down 1% Q/Q as crypto volatility reached multi-year lows
- Subscription & services revenue of $570M, up 3% Q/Q, representing 49% of net revenue
- Stablecoin revenue of $307M, up 5% Q/Q, driven by ATH average USDC held in Coinbase products of $22B
- Prediction markets annualized revenue exceeded $200M in Q3
- Coinbase Crypto Trading Volume Market Share reached 10.7%, 4th consecutive quarter of growth
- Adjusted Expenses of $975M, below the Q3 outlook range of $980M-$1,080M
- 2026 Adjusted Expenses guidance narrowed to $4.15B-$4.30B, $100M lower than prior outlook
- Cash and cash equivalents of $8.6B; $2.0B remaining in share repurchase authorization
- GAAP diluted EPS of $2.51 vs consensus estimate of $0.07 (Street basis EPS not reported)
Financial Impact
Revenue flat Q/Q at $1.22B; net income swung to $719M from a $359M loss; Adjusted EBITDA up 60% to $333M; 2026 expense guidance reduced by $100M
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Consumer Transaction Revenue | $450.0M | 0.0% |
| Institutional Transaction Revenue | $92.0M | -8.0% |
| Other Transaction Revenue | $48.0M | +2.0% |
| Stablecoin Revenue | $307.0M | +5.0% |
| Blockchain Rewards | $86.0M | +3.0% |
| Interest and Finance Fee Income | $69.0M | +4.0% |
| Other Subscription and Services | $109.0M | -4.0% |
Risk Factors
- Crypto asset volatility reached multi-year lows, suppressing trading activity and transaction revenue
- Total Market Crypto Trading Volume declined 10% Q/Q, indicating continued macro headwinds
- Transaction revenue Q4 QTD through October 25 was only ~$165M, suggesting potential sequential decline
- Subscription & services revenue declined 20% Y/Y, though up 3% Q/Q
- GAAP net income was heavily influenced by $715M gains on crypto assets held for investment, a non-operating item
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001679788-26-000121 |
| Document: coin-20261029.htm | 0001679788-26-000121 |
| Document: 0001679788-26-000121-index-headers.html | 0001679788-26-000121 |
| Document: 0001679788-26-000121-index.html | 0001679788-26-000121 |
| Document: 0001679788-26-000121.txt | 0001679788-26-000121 |
| 8-K Data (Synthetic) | 0001679788-26-000121 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $158.00 | awaiting T+20 | awaiting T+20 | $143.54 (−9.15%) |
Oct 21, 2026 11d ago | Court Ruling | $169.09 | awaiting T+20 | awaiting T+20 | $143.54 (−15.11%) |
Oct 16, 2026 16d ago | Institutional Cluster | $173.16 | awaiting T+20 | awaiting T+20 | $143.54 (−17.11%) |
Oct 2, 2026 4w ago | ANALYST-UPGRADE | $183.00 $143.54 | ▼ −21.56% | ▼ −19.75% | $143.54 (−21.56%) |
Oct 1, 2026 4w ago | 144 | $183.00 $143.54 | ▼ −21.56% | ▼ −19.75% | $143.54 (−21.56%) |
Sep 23, 2026 5w ago | CLUSTER / COURT-RULING | $199.21 $169.09 | ▼ −15.12% | ▼ −14.70% | $143.54 (−27.95%) |
Sep 21, 2026 5w ago | 144 | $201.05 $168.45 | ▼ −16.21% | ▼ −15.31% | $143.54 (−28.60%) |
Sep 21, 2026 5w ago | Court Ruling | $201.07 $170.85 | ▼ −15.03% | ▼ −14.47% | $143.54 (−28.61%) |
Sep 14, 2026 6w ago | ANALYST-UPGRADE | $191.45 $180.39 | ▼ −5.78% | ▼ −8.04% | $143.54 (−25.02%) |
Sep 10, 2026 7w ago | Insider Cluster | $175.26 $179.39 | ▲ +2.36% | ▲ +0.24% | $143.54 (−18.10%) |
US Market Status
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