$COIN earnings report

Coinbase reported Q3’26 total revenue of $1,215.6 million, flat sequentially and down 35% Y/Y. Net revenue was $1,160.5 million, up 1% Q/Q, as subscription and services revenue increased 3% Q/Q to $570.2 million and represented 49% of net revenue. Transaction revenue was $590.2 million, down 1% Q/Q and 44% Y/Y, reflecting softer market activity and low volatility. The company stated that Total Market Crypto Spot Trading Volume and Total Market Crypto Derivatives Trading Volume declined 6% and 11% Q/Q, respectively, while Crypto Asset Volatility declined 15% Q/Q.

The transaction business showed uneven underlying activity. Consumer transaction revenue was $450 million, described as roughly flat Q/Q, despite 9% and 6% declines in Consumer Crypto Spot Trading Volume and Crypto Derivatives Trading Volume, respectively. Coinbase attributed the resilience to continued prediction-markets growth. Institutional transaction revenue was $92 million, down 8% Q/Q, while other transaction revenue was $48 million, up 2% Q/Q. Coinbase Total Trading Volume was $1,213.8 billion, compared with $1,299.7 billion in Q2’26.

Subscription and services remained the principal revenue stabilizer. Stablecoin revenue rose 5% Q/Q to $307 million, supported by a new all-time high of $22 billion in Average USDC Held in Coinbase Products and higher interest rates, partly offset by off-platform balances. Blockchain rewards rose 3% Q/Q to $86 million, and interest and finance fee income increased 4% Q/Q to $69 million. Prediction markets were a notable new contributor, with $200M+ in annualized revenue in Q3 and 82% quarterly compound growth since launch.

Expense control materially improved sequential profitability. Total operating expenses declined 13% Q/Q to $1,153.9 million, Adjusted Expenses declined 6% Q/Q to $975.0 million, and the latter came below the prior $980-$1,080 million outlook range. Adjusted EBITDA increased 60% Q/Q to $332.9 million. GAAP net income was $718.7 million, compared with a GAAP net loss of $(359.5) million in Q2’26, supported by $715.0 million of gains on crypto assets held for investment, net. Adjusted Net Income was $77.7 million, indicating the difference between the GAAP result and the adjusted operating result.

Capital allocation included $2.0B+ returned to shareholders, 10.2M Class A shares repurchased, and $2.0B of remaining authorization. Cash and cash equivalents were $8,603,791 at September 30, 2026, while long-term debt was $5,947,844. For Q4, Coinbase guided subscription and services revenue to $550-$630 million, transaction expenses to the mid-teens as a percentage of net revenue, Adjusted Expenses to $1,007-$1,157 million, and stock-based compensation to approximately $240 million. The company also reduced and narrowed FY'26 Adjusted Expenses guidance to $4,150-$4,300.

The supplied Q2’26 excerpt emphasizes Coinbase’s position in crypto trading, stablecoins, tokenization, and agentic-finance infrastructure rather than presenting its financial results. Coinbase reported 10% ATH Coinbase Crypto Trading Volume Market Share, $20B ATH Average USDC Held in Coinbase Products, and ATH Avg USDC Market Cap of $77B in Q2. The company also described 80+ Licenses as a global regulatory foundation.

Revenue mix information in the excerpt points to a material contribution from non-transaction activities: Subscription & Services represented 48% of total net revenue in Q2. Prediction markets reached $100M+ Annualized prediction markets revenue in Q2, signaling that this product was a disclosed contributor to the company’s innovation and diversification strategy. The excerpt provides no dollar value for total net revenue or for subscription and services revenue.

The broader market backdrop presented by Coinbase was active, with $12T Total Crypto Market Trading Volume in Q2’26 and $300B Stablecoin Market Cap as of Q2’26. The company also cited $36B RWA Market Cap as of Q2’26. These are market-context figures, not Coinbase financial results, and the excerpt does not provide prior-period values for assessing changes in the company’s operating metrics.

Margin and profitability analysis cannot be completed from the supplied text. Although the filing identifies Net Income (Loss) and Adjusted EBITDA as management key metrics and identifies Adjusted EBITDA, Adjusted Net Income (Loss), and Adjusted Expenses as non-GAAP measures, it does not provide their values in the supplied excerpt. No gross margin, operating income, expense, EPS, operating cash flow, free cash flow, cash, debt, repurchases, or dividend figures are included.

The filing references forward-looking statements for the third quarter ending September 30, 2026 and the year ending December 31, 2026, but provides no quantified financial guidance in the supplied excerpt. The principal disclosed risks include crypto asset price volatility, market conditions across the onchain economy, regulation, competition, and macroeconomic and geopolitical conditions. The next material data points are the omitted financial statements and any numerical Q3’26 outlook.