Coinbase beats Q3 profit, shares fall on flat revenue
6.6 Investments Coinbase beat Q3 2026 profit forecasts with $2.51 EPS and $1.2B revenue, but shares fell on flat revenue and weak trading. Subscription services now make up nearly half of revenue, highlighting diversification.
Coinbase delivered a strong third quarter in 2026, reporting earnings per share of $2.51—well above expectations—while revenue matched forecasts at $1.2 billion. Despite the earnings beat, shares declined after hours as investors focused on flat revenue growth and persistent weakness in spot crypto trading. Trading volume dropped 10% quarter over quarter, reflecting ongoing market challenges. The company’s profitability was supported by a 17% reduction in operating expenses and a strategic shift toward subscription services, which now account for nearly half of total net revenue. While transaction revenue fell 43% year over year, growth in prediction markets, derivatives, and new products helped offset declines in traditional trading. Coinbase also saw the average USDC held in its products reach a record $22 billion. Recent business highlights include support for Ripple’s RLUSD stablecoin, new global payment partnerships, and regulatory progress with the CFTC. Overall, Coinbase’s results underscore a more diversified revenue mix and improved profitability despite headwinds in the crypto market.
