Coinbase Global earnings: results of 29 October 2026

Coinbase Global, which runs a crypto trading platform, reported its third quarter of 2026 at the end of October. Sales were $1.2 billion, level with the quarter before but about 35% below a year ago, as trading across the crypto market slowed. Net income was $718.7 million, but $715.0 million of that came from a gain on crypto the company holds as an investment. The profit from running the business was only $61.7 million, against $480.5 million a year ago. Costs fell sharply, and the company lowered its expected running costs for the year again. ¹

Against what analysts expected

Diluted earnings per share of $2.51 came in well above analysts' average forecast of a loss of $0.16 a share (10 estimates, Nasdaq's earnings calendar), but almost all of that came from the gain on the company's own crypto holdings, not from the trading business. ¹²

The strong points

• Coinbase cut its costs hard: total operating costs fell 17% from a year ago, enough to bring the profit from running the business back above zero after two quarters of losses. ¹
• Income that does not depend on trading, such as subscriptions, services and stablecoins, made up 49% of net revenue. ¹

The weak points

• Sales of $1.2 billion stopped falling against the quarter before but were about 35% below a year ago. ¹
• The profit from running the business was just $61.7 million, far below a year ago; the big headline profit came almost entirely from a rise in the value of crypto the company owns. ¹
• Trading fees slipped 1% from the quarter before, held up only by a newer product, bets on prediction markets, as crypto prices barely moved. ¹

What the company expects

• Coinbase lowered its expected 2026 running costs for the second time, to $4,150-$4,300 million, from $4,200-$4,450 million last quarter. ¹
• Management warned that trading volumes may be uneven in the near term while traders get used to its newly merged INTX and Deribit exchanges. ¹

Our verdict on the quarter

A weak report. Underneath a headline profit driven by rising crypto prices, sales and the profit from running the business are far below a year ago and management warns of uneven trading ahead, with the deep cost cuts the one real bright spot.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. Coinbase Global's results release, 29 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 29 October 2026. ↩