Coinbase · Decrypt
Shares closed Thursday at $160.59, down 1.1%, before the results came out, and were little changed in after-hours trading
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Key facts
- Subscription and services revenue rose 3% to $570 million, nearly half of net revenue, led by $307 million from stablecoins
- Coinbase also cut its 2026 adjusted expense guidance by another $100 million at the midpoint, to between $4.15 billion and $4.3 billion, following cost reductions
- The exchange reported third-quarter net income of $719 million, or $2.51 per diluted share, on Thursday, ending a two-quarter losing streak
- Through Oct. 25, fourth-quarter transaction revenue stood at about $165 million
Summary
Coinbase posted $719 million in Q3 net income, or $2.51 per share, against an expected loss, though about $715 million came from gains on crypto it holds. Revenue of $1.22 billion was in line with estimates and flat from the prior quarter, down 35% from a year earlier. Prediction markets topped $200 million in annualized revenue, and subscription and services revenue reached nearly half of net revenue. Coinbase is back in the black, though much of that came from the crypto on its own balance sheet. The exchange reported third-quarter net income of $719 million, or $2.51 per diluted share, on Thursday, ending a two-quarter losing streak.