Coinbase reported net income of $719 million, about €646 million, for the third quarter, but almost all of it, $715 million, came from gains on crypto assets it holds for investment. These are largely paper gains: the value rose without Coinbase selling the coins. Adjusted net income, which strips out such items, was $77.7 million.
Core trading is weaker. Total revenue was about $1.22 billion, roughly flat from the previous quarter and down 35% from a year earlier, according to a reprint of the earnings data. Trading revenue was $590 million, down about 44% year over year and 1% quarter over quarter. Adjusted EBITDA came in at $333 million, up 60% from the second quarter but well below $800.7 million in the third quarter of 2025.
Coinbase is leaning on steadier income. Subscription and services revenue was about $570 million and made up 49% of net revenue. Coinbase One paid subscribers reached an all-time high, up 24% year over year, and average USDC held in Coinbase products was $22 billion, up 49%. Prediction markets passed $200 million in annualized revenue, and CEO Brian Armstrong called them “one of the fastest-growing products in Coinbase history.”
Looking ahead, Coinbase guides fourth-quarter subscription and services revenue at $550 million to $630 million, a midpoint of $590 million, below the roughly $611 million FactSet consensus cited in the release. The quarter shows a company profitable on paper, with core earnings still tied to crypto trading volume.
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Sources:
- Coinbase Investor Relations: Coinbase Q3 2026 Earnings Show All-time-high Coinbase One Subscribers and Prediction Markets Surpassing $200 Million in Annualized Revenue
- KuCoin News: Coinbase Reports $719M Net Profit in Q3 2026, But Revenue Growth Remains Stagnant
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