Coinbase Returns to Profit as Q3 2026 Total Revenue Falls 35%

Coinbase returned to profit in the third quarter of 2026 even as total revenue fell 35% year over year to $1.22 billion, with unrealized gains on crypto assets held for investment driving earnings.

Net income was $719 million, up about 66% from a year earlier and ending three consecutive quarters of losses. Diluted earnings per share were $2.51, and adjusted EBITDA was $333 million.

Coinbase recorded $1.16 billion in net revenue. Subscription and services revenue totaled $570.2 million, or 49% of net revenue. Total revenue was $1.216 billion, down about 35% from the year-earlier quarter.

The company’s prediction-markets business surpassed $200 million in annualized revenue.