Coinbase Global, Inc. (COIN) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Feb 11, 2027 — estimated from last year’s reporting date.

Consensus is $0.17 EPS for Dec 2026 across 9 estimates, ranging -$0.69 to $1.45.

COIN Sep 2026

Reported Oct 29, 2026 · after the close

: 275.00%
: -10.62%

: -$0.16
: $0.28
: —
: $1.22B

Reported results

: $1.22B; from $1.87B
: $61.67M; from $480.53M
: 5.07%; from 25.71%
: $718.70M; from $432.55M
: $2.51; from $1.50

Highlights

EPS beat: The supplied consensus comparison showed EPS of $0.28 versus an expected loss of $0.16, a 275% surprise; GAAP diluted EPS was $2.51.
Revenue held flat sequentially: Total revenue was $1.216B, essentially unchanged from Q2’s $1.220B but down 35% from $1.869B a year earlier.
GAAP profit included large crypto gains: Net income was $718.7M, versus a $359.5M loss in Q2 and $432.6M a year ago; the quarter included a $715.0M gain on crypto assets held for investment. Adjusted net income was $77.7M.
Adjusted EBITDA recovered: It rose 60% quarter over quarter to $332.9M, the company’s 15th consecutive positive quarter, but was 58% below Q3 2025’s $800.7M.
Subscription and services cushioned trading weakness: Revenue grew 3% Q/Q to $570.2M and made up 49% of net revenue; transaction revenue fell 1% to $590.2M.
Prediction markets scaled quickly: The product exceeded $200M in annualized revenue during Q3, with daily traders up more than 60% Q/Q; management said it helped offset weaker spot trading.
Market share and custody strengthened sequentially: Crypto trading volume market share reached 10.7%, its fourth consecutive quarterly gain; assets on platform rose to $377B, or 12.5% of total crypto market capitalization.
Expense outlook was reduced: Q3 adjusted expenses of $975M came in below the $980M–$1.080B outlook; full-year 2026 guidance was cut to $4.15B–$4.30B.

Analysis

Coinbase delivered an EPS beat against the supplied consensus of a $0.16 loss, with reported EPS of $0.28 and a 275% surprise; GAAP diluted EPS was $2.51. Total revenue of $1.216B was flat with Q2’s $1.220B but 35% below Q3 2025’s $1.869B. The headline $718.7M net profit reversed Q2’s $359.5M loss and exceeded year-ago net income of $432.6M, though a $715.0M unrealized gain on investment crypto drove much of the GAAP result. Adjusted net income was $77.7M, while adjusted EBITDA rose 60% sequentially to $332.9M but fell 58% year over year.

The defining operating story was resilience amid softer trading: market spot and derivatives volumes fell 6% and 11% Q/Q, respectively, while Coinbase transaction revenue declined just 1%. Subscription and services revenue grew 3% to $570.2M, or 49% of net revenue, and prediction markets surpassed a $200M annualized revenue run rate. Coinbase also recorded a fourth straight quarter of trading-share gains and lifted assets on platform to $377B. Management beat its Q3 expense outlook and lowered full-year adjusted expense guidance to $4.15B–$4.30B from $4.20B–$4.45B previously.

Earnings quality

GAAP versus adjusted profit: Net income was $718.7M, compared with a $359.5M loss in Q2 and $432.6M in Q3 2025. A $715.0M gain on crypto assets held for investment was the key non-operating contributor; adjusted net income, which excludes investment gains and losses and their tax effects, was $77.7M.
Operating performance: Operating income was $61.7M, recovering from an operating loss of $113.5M in Q2 but well below $480.5M a year earlier. Adjusted EBITDA increased from $207.8M in Q2 to $332.9M, marking 15 consecutive quarters of positive adjusted EBITDA.
EPS context: The provided consensus data lists reported EPS of $0.28 against -$0.16 expected. The filing reports GAAP diluted EPS of $2.51, versus -$1.36 in Q2 and $1.50 in the year-ago quarter.

Revenue resilience

Overall mix: Total revenue of $1.216B was flat Q/Q despite a 10% decline in total market crypto trading volume and a 15% decline in crypto asset volatility. It was down 35% Y/Y. Net revenue was $1.160B; the remaining $55.1M was corporate interest and other income.
Transaction revenue: The $590.2M total was down 1% Q/Q and 44% Y/Y. Consumer transaction revenue was $450.1M, roughly flat sequentially as prediction markets helped offset 9% lower consumer crypto spot volume and 6% lower crypto derivatives volume. Institutional revenue fell 8% Q/Q to $91.7M, broadly tracking market declines.
Recurring and service streams: Subscription and services revenue grew 3% Q/Q to $570.2M, equal to 49% of net revenue. Stablecoin revenue increased 5% to $306.9M, blockchain rewards rose 3% to $85.7M, and interest and finance fee income increased 4% to $68.6M.

Prediction and derivatives

Prediction markets: Launched in February, the product passed $200M in annualized revenue in Q3, with quarterly compound revenue growth of 82% since launch. Daily traders increased more than 60% Q/Q, non-sports categories expanded, and management said prediction-market users also generated incremental spot volume.
Derivatives share: Coinbase reported a fourth consecutive quarter of crypto trading market-share growth, reaching 10.7% overall, with gains in both spot and derivatives. Trailing-twelve-month crypto derivatives volume reached $4.341T; management cited 179% compound annual growth over the past two years.
Integration and platform plans: The INTX/Deribit integration was completed in October, creating a unified regulated global exchange for U.S. and non-U.S. customers. Coinbase expects some near-term volume volatility as participants adjust and plans to relaunch Coinbase Pro in Q4 with spot, futures, perpetuals, options, and equities in a unified portfolio.

USDC and platform

USDC balances: Average USDC held in Coinbase products reached a record $22B, about 30% of average USDC market capitalization. The quarter included the full-period effect of Hyperliquid USDC balances, which arrived in June; management said Coinbase captured about half of USDC economics over the past year.
Assets on platform: AOP was $377B at quarter-end, up from $246B in Q2 and representing 12.5% of total crypto market capitalization, back to the company’s peak share. It remained 27% below the $516B reported a year earlier, primarily reflecting lower asset prices; Q3 market-capitalization recovery and ETF custody inflows helped sequentially.
Onchain and payments initiatives: Base was described as a leading L2 for spot crypto trading and DeFi TVL; average Coinbase borrow/lend balances reached $1.866B, up from $610M a year earlier. Coinbase Developer Platform payments volume grew at a 160% quarterly compound rate across the four quarters shown. Management also said agentic trading volume was growing about 20% week over week, while still small relative to Coinbase’s other trading activity.

Costs and guidance

Cost execution: Adjusted expenses were $975M, 6% lower Q/Q and 10% lower Y/Y, below the Q3 outlook of $980M–$1.080B. Technology and development expense fell 5% Q/Q to $447.4M, and G&A fell 11% to $318.9M, helped by May cost reductions and lower professional-services spending.
Expense mix: Sales and marketing was $242.6M, up 1% Q/Q as higher USDC rewards offset lower media and event spending. Transaction expense was 16.8% of net revenue, slightly above the mid-teens outlook, with prediction-market exchange fees contributing to the increase.
Q4 and full-year outlook: Q4 subscription and services revenue is expected at $550M–$630M; adjusted expenses at $1.007B–$1.157B; and stock-based compensation at about $240M. Full-year adjusted expense guidance was reduced and narrowed to $4.15B–$4.30B, from $4.20B–$4.45B after the prior reduction.

Capital and returns

Liquidity: Cash and cash equivalents were $8.6B; management described $11B of available resources including crypto and marketable investments. The filing reported $8.8B of cash, cash equivalents, and marketable investments, excluding customer custodial funds.
Repurchases: Coinbase reported returning $2B through repurchases of 10.2M Class A shares, with $2B of authorization remaining. The filing shows $1.249B of cash used for share repurchases in the first nine months of 2026.
Debt and holdings: Coinbase repaid $1.3B of 2026 convertible notes at maturity; outstanding long-term debt was about $5.9B. Investment crypto assets were valued at $2.2B, including 17,954 bitcoin at quarter-end; management said it purchased its 18,000th bitcoin during the quarter.

Coinbase Global, Inc.

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