Coinbase | 10-Q: 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 843.43 M.

Consumer, net: $450.1 million for Q3 2026 vs. $843.5 million for Q3 2025 (-47%); $1.47 billion for 9M 2026 vs. $2.59 billion for 9M 2025 (-43%). The decrease reflects a 59% and 52% decline in consumer Crypto Spot Trading Volume, respectively.
Institutional, net: $91.7 million for Q3 2026 vs. $135.0 million for Q3 2025 (-32%); $327.4 million for 9M 2026 vs. $294.7 million for 9M 2025 (+11%). The nine-month increase was driven by derivatives revenue from the Deribit acquisition offsetting spot volume declines.
Other transaction revenue, net: $48.5 million for Q3 2026 vs. $67.7 million for Q3 2025 (-28%); $149.1 million for 9M 2026 vs. $189.1 million for 9M 2025 (-21%).

Stablecoin revenue: $306.9 million for Q3 2026 vs. $324.5 million for Q3 2025 (-5%); $904.5 million for 9M 2026 vs. $907.5 million for 9M 2025 (flat). Increases due to higher average USDC balances were offset by decreases due to lower average interest rates.
Blockchain rewards: $85.7 million for Q3 2026 vs. $184.6 million for Q3 2025 (-54%); $269.9 million for 9M 2026 vs. $525.8 million for 9M 2025 (-49%). Declines were primarily due to lower average crypto asset prices (Solana, Ethereum) and lower reward rates.
Interest and finance fee income: $68.6 million for Q3 2026 vs. $64.8 million for Q3 2025 (+6%); $202.5 million for 9M 2026 vs. $187.2 million for 9M 2025 (+8%).
Other subscription and services revenue: $109.0 million for Q3 2026 vs. $142.7 million for Q3 2025 (-24%); $332.0 million for 9M 2026 vs. $403.0 million for 9M 2025 (-18%).

Corporate interest and other income: $55.1 million for Q3 2026 vs. $105.8 million for Q3 2025 (-48%); $194.5 million for 9M 2026 vs. $304.0 million for 9M 2025 (-36%). Decreases reflect lower average interest rates earned and lower average corporate cash balances.

Transaction expense: $194.5 million for Q3 2026 vs. $253.3 million for Q3 2025 (-23%); $580.1 million for 9M 2026 vs. $801.6 million for 9M 2025 (-28%). Decreases were largely due to lower blockchain rewards fees and transaction rebates/commissions.
Technology and development: $447.4 million for Q3 2026 vs. $430.6 million for Q3 2025 (+4%); $1.45 billion for 9M 2026 vs. $1.17 billion for 9M 2025 (+23%). Nine-month increase driven by higher employee-related expenses from acquisitions and reduced capitalization of internally developed technology costs.
Sales and marketing: $242.6 million for Q3 2026 vs. $260.3 million for Q3 2025 (-7%); $749.1 million for 9M 2026 vs. $743.8 million for 9M 2025 (+1%). Changes reflect increased USDC rewards offset by decreased digital advertising spend.
General and administrative: $318.9 million for Q3 2026 vs. $418.4 million for Q3 2025 (-24%); $1.05 billion for 9M 2026 vs. $1.17 billion for 9M 2025 (-10%). Decreases were driven by lower professional services and customer support costs, partially offset by higher headcount.

Operating Income (Loss): $61.7 million for Q3 2026 vs. $480.5 million for Q3 2025; -$73.2 million for 9M 2026 vs. $1.16 billion for 9M 2025.
Net Income (Loss): $718.7 million for Q3 2026 vs. $432.6 million for Q3 2025; -$34.9 million for 9M 2026 vs. $1.93 billion for 9M 2025.
Adjusted EBITDA: $332.9 million for Q3 2026 vs. $800.7 million for Q3 2025; $843.9 million for 9M 2026 vs. $2.24 billion for 9M 2025.

Net cash provided by operating activities: $785.5 million for 9M 2026 vs. $1.80 billion for 9M 2025. Decrease primarily resulted from lower consumer transaction revenue.
Net cash used in investing activities: -$1.03 billion for 9M 2026 vs. -$1.51 billion for 9M 2025. Decrease in usage primarily due to absence of large business combination outflows (e.g., Deribit) seen in prior year.
Net cash used in financing activities: -$3.42 billion for 9M 2026 vs. $1.96 billion provided in 9M 2025. Change driven by repayment of convertible notes ($1.3 billion), share repurchases ($1.2 billion), and lack of new debt issuance proceeds compared to prior year.

Assets on Platform (AOP): $376.6 billion at Sept 30, 2026 vs. $515.9 billion at Sept 30, 2025 (-27%). Decrease primarily reflects price declines in Bitcoin and other assets, partially offset by unit growth.
Monthly Transacting Users (MTUs): 7.4 million for Q3 2026 vs. 9.3 million for Q3 2025; 7.7 million for 9M 2026 vs. 9.2 million for 9M 2025. Decrease attributed to lower trading activity amid market conditions.

Core Business Focus: Coinbase plans to dynamically adjust its expense base to align with market conditions, anticipating that aggregate technology, general/administrative, and sales/marketing expenses (excluding intangible amortization) will be slightly lower for FY2026 than FY2025. The company is executing on top product priorities: growing the ‘everything exchange’ (including equities and prediction markets), scaling stablecoins/payments, and expanding onchain adoption.
Non-Core Business/Restructuring: A restructuring plan announced in May 2026 involved a workforce reduction of approximately 700 employees to optimize operations for the AI era and manage expenses. This resulted in $47.8 million in restructuring expenses for the first nine months of 2026.