Coinbase (COIN) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Coinbase published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Coinbase reports adjusted net income and adjusted EBITDA but no adjusted EPS, so only GAAP diluted EPS is shown.
• In Q1 2026 Coinbase moved revenue earned on corporate payment stablecoin balances from Stablecoin revenue to Corporate interest and other income, and reclassified $30.1 million of Q3 2025 revenue to match. Total revenue is unchanged.

Source: Coinbase Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Coinbase splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Coinbase's Transaction revenue revenue was $590 million in Q3 2026, down 44% from $1.0 billion in Q3 2025, 49% of total revenue.
• Coinbase's Subscription and services revenue revenue was $570 million in Q3 2026, down 20% from $717 million in Q3 2025, 47% of total revenue.
• Coinbase's Corporate interest and other income revenue was $55.1 million in Q3 2026, down 48% from $106 million in Q3 2025, 5% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Coinbase gives no revenue forecast. Its shareholder letter carries an outlook table: transaction revenue of about $165 million quarter to date through October 25, subscription and services revenue of $550 million to $630 million, transaction expense in the mid-teens as a percentage of net revenue, adjusted expenses of $1,007 million to $1,157 million and stock-based compensation of about $240 million. The sentences below are quoted from the letter.

In its Q3 2026 release, Coinbase said:

“We expect amortization of intangible assets of $36 million to $46 million for Q4'26, implying GAAP Technology & Development, General & Administrative and Sales & Marketing expenses of $1,043 million to $1,203 million for Q4'26.”

“We are reducing and narrowing our 2026 Adjusted Expenses guidance range again”

“We expect amortization of intangible assets of $140 million to $150 million for FY'26, implying GAAP Technology & Development, General & Administrative and Sales & Marketing expenses of $4,290 million to $4,450 million for FY'26.”

Source: Coinbase Q3 2026 shareholder letter, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the COIN forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenue and diluted EPS, each as first reported in that quarter's shareholder letter. Coinbase's GAAP results include gains and losses on the crypto assets it holds for investment, which is why EPS swings between profit and loss.

We do not hold a confirmed date for Coinbase's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Coinbase's total revenue was $1,215.6 million in Q3 2026, against $1,868.7 million a year earlier and $1,220.1 million in Q2. Transaction revenue, the fees on trading, was $590.2 million: consumer $450 million, institutional $92 million and other $48 million. Subscription and services revenue was $570.2 million, or 49% of net revenue, made up of stablecoin revenue ($307 million), blockchain rewards ($86 million), interest and finance fee income ($69 million) and other ($109 million). (Coinbase Q3 2026 shareholder letter, Oct 29, 2026)

Coinbase's 10-Q puts the drop in transaction revenue down to a 59% decrease in consumer Crypto Spot Trading Volume, offset in part by the launch of prediction markets trading and growth in derivatives volume, and a 53% decrease in institutional Crypto Spot Trading Volume. Institutions pay lower fees per trade than consumers, so a change in consumer volume moves transaction revenue more. (Coinbase Form 10-Q, Q3 2026, Oct 29, 2026; Coinbase Form 10-K, 2025, Feb 12, 2026)

Stablecoin revenue comes from Coinbase's arrangement with Circle, the issuer of USDC, which Coinbase renewed on the same terms during the quarter. Against Q3 2025, higher average USDC balances held in Coinbase products added $84.6 million and lower average interest rates took away $52.8 million. Blockchain rewards fell $111.8 million on lower average crypto asset prices, mainly Solana and Ethereum, and $18.9 million on lower reward rates. (Coinbase Form 10-Q, Q3 2026, Oct 29, 2026)

Coinbase's revenue is concentrated. One counterparty accounted for 27% of total revenue in Q3 2026, up from 19% a year earlier. Revenue from U.S. counterparties was $1,016.1 million of the $1,215.6 million total, and Coinbase says stablecoin revenue is substantially all attributed to the U.S. (Coinbase Form 10-Q, Q3 2026, Oct 29, 2026)

Coinbase's Total Trading Volume was $1,213.8 billion in the quarter, against $1,249.1 billion a year earlier. Crypto spot volume fell to $134.5 billion from $294.3 billion while crypto derivatives volume rose to $963.0 billion from $843.8 billion. Coinbase's share of crypto trading volume was 10.7%, against 5.6% in Q3 2025, and it completed the integration of its INTX and Deribit derivatives exchanges in October. (Coinbase Q3 2026 shareholder letter, Oct 29, 2026)

Coinbase's GAAP diluted EPS of $2.51 in Q3 2026 was lifted by $715.0 million of gains on crypto assets held for investment. Coinbase's adjusted net income, which excludes those gains, gains and losses on other investments and the tax effect of both, was $77.7 million against GAAP net income of $718.7 million. Coinbase does not report an adjusted EPS figure. (Coinbase Q3 2026 shareholder letter, Oct 29, 2026)

Coinbase's diluted share count was 287,979 thousand in the quarter, against 291,958 thousand a year earlier. As of September 30, 2026 Coinbase had used $2.0 billion to repurchase 10,169,729 Class A shares under its repurchase program, with $2.0 billion of its $4.0 billion authorization remaining. Stock-based compensation expense was $233.0 million in the quarter. (Coinbase Form 10-Q, Q3 2026, Oct 29, 2026; Coinbase Q3 2026 shareholder letter, Oct 29, 2026)

Coinbase's effective tax rate was 12.8% in Q3 2026, against 13.9% a year earlier. Coinbase says it was below the 21.0% U.S. statutory rate mainly because of a release of valuation allowance on capital losses and a one-time favorable tax adjustment. (Coinbase Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Coinbase does not forecast revenue. Its shareholder letter gives an outlook table for Q4 2026: transaction revenue of about $165 million quarter to date through October 25, with a caution against extrapolating it, subscription and services revenue of $550 million to $630 million, transaction expense in the mid-teens as a percentage of net revenue, adjusted expenses of $1,007 million to $1,157 million and stock-based compensation of about $240 million. Coinbase also cut its full-year 2026 adjusted expenses range to $4,150 million to $4,300 million. (Coinbase Q3 2026 shareholder letter, Oct 29, 2026)

Against the outlook Coinbase gave in July 2026, Q3 subscription and services revenue was $570 million (outlook $500 million to $580 million), adjusted expenses were $975 million (outlook $980 million to $1,080 million) and stock-based compensation was $233 million (outlook about $245 million). (Coinbase Q3 2026 shareholder letter, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Coinbase, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Coinbase's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning COIN is on is COIN a buy or a sell?, what analysts expect next is on the COIN forecast, and what the company does is on the Coinbase (COIN) stock page.

Every number on this page can be traced to a document Coinbase published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.