Coinbase Q3: $1.22B revenue, $719M net income

Coinbase reported third-quarter 2026 results: total revenue of $1.216B, adjusted EBITDA of $332.9M and net income of $718.7M. The company furnished the results in an 8-K filed with the SEC at 4:09 PM ET on Oct. 29.

Details

According to the earnings presentation attached to the 8-K, transaction revenue was $590.2M, down 1% from the second quarter and 44% from a year earlier. Subscription and services revenue, which includes income from USDC, came in at $570.2M, up 3% on the quarter and down 20% on the year. Corporate interest and other income added $55.1M. Total revenue was $1,215.6M, versus $1,220.1M in Q2 and $1,868.7M in Q3 2025.

Adjusted EBITDA of $332.9M rose 60% from Q2 ($207.8M) but fell 58% year over year. Adjusted expenses dropped to $975M, below the $980M–$1,080M range Coinbase had guided in July. Net income of $718.7M, against a $359.5M loss in Q2, was driven mainly by a $715M gain on crypto assets the company holds for investment. Adjusted net income, which strips out those gains, was $77.7M.

Operating metrics: Coinbase's share of global crypto trading volume was 10.7% (5.6% a year ago), assets on platform were $377B, and average USDC held in Coinbase products hit a record $22B. The company said annualized prediction-markets revenue passed $200M. The INTX and Deribit integration was completed in October, and Coinbase warned of near-term volume volatility as users adjust to the combined platform.

For Q4, Coinbase guided subscription and services revenue of $550M–$630M. It cited roughly $165M of transaction revenue quarter-to-date through Oct. 25, while cautioning against extrapolating that figure.

What this means for the market

Coinbase's fee income remains low: transaction revenue is down 44% from a year ago. The quarter-on-quarter rise in adjusted EBITDA came from lower costs and from subscription and services revenue (including USDC), not from trading revenue, which was nearly flat. The $718.7M net income largely reflects crypto prices at quarter-end and can turn into a loss when they fall, as in the first and second quarters.

The report is a gauge of fee income at the largest US exchange, which is well below last year's level. For the live BTC price, see the daily brief and the Bitcoin page.