Coinbase Q3 Revenue Down 35% Year-Over-Year, Net Profit $719 Million

On October 30, according to the official earnings report released by Coinbase, Coinbase's total revenue for the third quarter of 2026 was $1.216 billion, compared to $1.869 billion in the same period last year, a year-over-year decrease of approximately 35%; net income was $719 million, adjusted net income was $78 million, and adjusted EBITDA was $333 million, increasing 60% quarter-over-quarter.

By segment, third-quarter trading revenue was $590 million, down from $1.046 billion in the prior year period; subscription and services revenue reached $570 million, accounting for 49% of net revenue. Coinbase's average USDC holdings within its products reached an all-time high of $22 billion, up 49% year-over-year, while annualized revenue from the prediction market business has exceeded $200 million.

According to The Defiant, the difference between Coinbase's net income and adjusted net income primarily stems from investment gains on crypto assets.