Stock

# Coinbase (COIN)

Coinbase's Q3 revenue was $1.22 billion, flat with Q2, with $307 million from stablecoins and net income of $719 million; it guided Q4 subscription and services revenue to $550-630 million.

Updated Oct 30, 2026

Information and analysis only, not a recommendation to buy, sell or hold any security. The author may own securities discussed.

Researched and drafted with AI agents. Every figure is taken from a source cited on the page.

Analysis and information

## What it does

Coinbase runs a crypto exchange and brokerage for individuals and institutions, including its Exchange and Prime platforms. It earns transaction revenue from trading, and subscription and services revenue that includes income from stablecoins.

## Role in the theme

In **Crypto**, Coinbase is the exchange and stablecoin business of the group. Its transaction revenue moves with trading activity in crypto markets.

## Latest

- **2026-10-29 (Q3 results):** Total revenue was $1,215.6 million, against $1,220.1 million in Q2. Transaction revenue was $590.2 million, and subscription and services revenue was $570.2 million, inside the $500-580 million outlook.
- **2026-10-29:** Stablecoin revenue was $306.9 million, up from $292 million in Q2. Q3 net income was $718.7 million and adjusted EBITDA was $332.9 million.
- **2026-10-29:** Q4 outlook: subscription and services revenue of $550-630 million and adjusted expenses of $1,007-1,157 million. Transaction revenue was about $165 million in Q4 through 2026-10-25.
- **2026-10-28:** Coinbase listed Ripple's RLUSD stablecoin on its retail app, Exchange and Prime, with 1:1 conversion from US dollars. The Block reported this followed Ripple's final OCC approval for a national trust bank.
- **2026-07-30:** Q2 net loss was $359.5 million.

## What to watch

- Q4 subscription and services revenue against the $550-630 million outlook.
- Transaction revenue, about $165 million in Q4 through 2026-10-25.
- Stablecoin revenue, $306.9 million in Q3.
- Next report: Q4 2026 results, date not yet announced.

## Covered in

- Theme: [Crypto](/research/themes/crypto)

## Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.
- [Coinbase Q3 2026 quarterly report on Form 10-Q](https://www.sec.gov/Archives/edgar/data/1679788/000167978826000122/coin-20260930.htm)Primary 2026-10-29
- [Coinbase Q3 2026 earnings presentation (8-K exhibit)](https://www.sec.gov/Archives/edgar/data/1679788/000167978826000121/q326earningsdeck_vsec.htm)Primary 2026-10-29
- [The Block: Coinbase adds Ripple's RLUSD stablecoin across retail, Exchange and Prime](https://theblock.co/news/business/2026-10-28-coinbase-adds-ripple-rlusd-stablecoin-432009)Secondary 2026-10-28
- [Coinbase Q2 2026 earnings presentation (8-K exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1679788/000167978826000087/q226earningsdeck_sec.htm)Primary 2026-07-30
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