The Quarter in Brief
Coinbase reported its third quarter of 2026, the three months ended September 30, after the market closed on October 29. Total revenue was $1.22 billion, down 35% from $1.87 billion a year earlier and almost unchanged from $1.22 billion in the second quarter. Net income was $719 million, up 66% from $433 million, and diluted earnings per share were $2.51, against $1.50 a year earlier.
Revenue matched analysts' expectations of about $1.2 billion. Published estimates for earnings per share differed widely between outlets; Investing.com put the consensus at a loss of $0.26. What made this quarter different was where the profit came from. Coinbase's business earned only $62 million of operating income, down 87%, as crypto trading slowed from a year earlier. Most of the profit came from a $715 million gain on the Bitcoin and other crypto that Coinbase holds as a long-term investment.