Coinbase | 8-K: FY2026 Q3 Revenue: USD 1.216 B

Revenue: As of FY2026 Q3, the actual value is USD 1.216 B.

EPS: As of FY2026 Q3, the actual value is USD 2.51, compared to the market estimate of USD -0.0969.

EBIT: As of FY2026 Q3, the actual value is USD 81.19 M.

Financial Summary

Revenue

Coinbase Global, Inc. reported $1.2 billion in total revenue for Q3 2026, which was stable quarter-over-quarter (Q/Q) and represented a -35% decrease year-over-year (Y/Y) compared to Q3 2025 . Transaction revenue was $590 million in Q3 2026, a -1% Q/Q decline and a -44% Y/Y decrease, comprising $450 million from consumer transactions, $92 million from institutional transactions, and $48 million from other transactions . Subscription and services revenue reached $570 million in Q3 2026, marking a 3% Q/Q increase and a -20% Y/Y decrease, and represented 49% of total net revenue . Within this segment, stablecoin revenue contributed $307 million (+5% Q/Q), blockchain rewards were $86 million (+3% Q/Q), interest and finance fee income totaled $69 million (+4% Q/Q), and other subscription and services revenue was $109 million (-4% Q/Q) . Corporate interest and other income amounted to $55.1 million in Q3 2026, a -16% Q/Q decrease and a -48% Y/Y decrease .

Profitability

Net income for Q3 2026 was $719 million, representing a -300% Q/Q change and a 66% Y/Y increase . Adjusted EBITDA grew by 60% Q/Q to $333 million in Q3 2026, though it was down -58% Y/Y, marking the 15th consecutive quarter of positive Adjusted EBITDA . Operating income was $61.7 million in Q3 2026, a -154% Q/Q change and a -87% Y/Y decrease .

Operational Costs

Total operating expenses were $1,153.9 million in Q3 2026, a -13% Q/Q decrease and a -17% Y/Y decrease . Adjusted Expenses were $975 million in Q3 2026, a -6% Q/Q decrease and a -10% Y/Y decrease . Technology & Development (T&D) expenses were $447 million (-5% Q/Q), General & Administrative (G&A) expenses were $319 million (-11% Q/Q), and Sales & Marketing (S&M) expenses were $243 million (+1% Q/Q) . Transaction expense was $194.5 million in Q3 2026, a 2% Q/Q increase and a -23% Y/Y decrease, representing 17% of net revenue . Stock-based compensation was $233 million in Q3 2026 .

Balance Sheet & Cash Flow

Coinbase Global, Inc. held $8.6 billion in cash and cash equivalents as of Q3 2026, with total available resources, including crypto and marketable investments, reaching $11 billion . Crypto Assets Held for Investment amounted to $2,224.8 million as of September 30, 2026 . Strategic Investments were $872.3 million and Marketable Investments totaled $217.1 million as of September 30, 2026 . For the nine months ended September 30, 2026, net cash provided by operating activities was $785.5 million . Net cash used in investing activities was - $1,025.9 million, and net cash used in financing activities was - $3,417.1 million for the same period .

Operational Metrics

Assets on Platform (AOP) were $377 billion in Q3 2026, maintaining peak levels at 12.5% of Total Crypto Market Capitalization . Coinbase Crypto Trading Volume Market Share reached 10.7% in Q3 2026, up from 5.6% in Q3 2025, marking its fourth consecutive quarter of growth . The total market crypto trading volume was $11 trillion in Q3 2026 . Average USDC held in Coinbase products was $22 billion in Q3 2026, a -49% Y/Y decline, representing approximately 30% of the average USDC Market Cap, which was $73 billion in Q3 2026 . Annualized prediction markets revenue exceeded $200 million in Q3 2026, with an 82% quarterly compound growth since launch . Crypto Derivatives Trading Volume (TTM) reached $4,341 billion in Q3 2026, showing a 179% compound annual growth over the last two years . Paid Coinbase One subscribers reached a new all-time high in Q3, exhibiting 3.5x higher Average Revenue Per User (ARPU), 4.2x higher balances per user, and 50%+ higher long-term trading retention . The Coinbase Developer Platform Total Payments Volume (TPV) showed 160% quarterly compound growth . Base Blockchain was the #1 L2 for spot crypto trading in Q3 and the #1 L2 in DeFi Total Value Locked as of Q3, having processed over $1 billion in tokenized stock volume since launch . The average daily loan book balance saw a -74% Y/Y decrease . The number of Full-Time Equivalents (FTEs) was 4,204 in Q3 2026 .

Outlook / Guidance

For Q4 2026, Coinbase Global, Inc. anticipates transaction revenue to be approximately $165 million quarter-to-date through October 25, with subscription & services revenue projected between $550 million and $630 million . Adjusted Expenses are forecast to be between $1,007 million and $1,157 million, and the company has reduced and narrowed its 2026 Adjusted Expenses guidance range to $4,150-$4,300 million . Higher average interest rates and quarter-to-date average crypto asset prices are expected to be Q4 drivers .