10-Q · May 7, 2026
Coinbase's Q1 2026 earnings report reflects significant revenue decline with net revenue dropping to $1.3 billion from $1.9 billion in Q1 2025. The reported loss of $394.1 million contrasts sharply with a net income of…
Earnings analysis · 10-Q
COIN earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Coinbase reported Q3 revenue of $1.216 billion and diluted EPS of $2.51, materially exceeding consensus EPS of $0.02 despite lower crypto trading activity. Subscription and services growth, market-share gains,…
Read full summary
Coinbase reported Q3 revenue of $1.216 billion and diluted EPS of $2.51, materially exceeding consensus EPS of $0.02 despite lower crypto trading activity. Subscription and services growth, market-share gains, prediction markets, and expense discipline supported results, while transaction revenue remained pressured. Management reduced FY2026 Adjusted Expenses guidance to $4.15 billion-$4.30 billion from $4.20 billion-$4.45 billion, but provided no total-revenue or EPS guidance. The filing also highlights increased crypto-investment sensitivity of $1.1 billion under a hypothetical 50% price move and ongoing regulatory inquiries.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.51
- Gross margin
- 100.0%
What stood out
-
Revenue beat consensus
Q3 revenue was $1.216 billion, up from $1.22 billion in Q2 2026 only marginally on a rounded basis and down from $1.87 billion in Q3 2025; results nevertheless exceeded the $1.213 billion consensus estimate.
-
Sharp EPS recovery
Diluted EPS was $2.51 versus consensus of $0.02 and improved from diluted losses of $1.36 in Q2 2026 and $1.49 in Q1 2026.
-
Subscription revenue supports mix
Subscription and services revenue was guided at $550 million-$630 million for Q4, supporting continued diversification beyond transaction revenue.
-
Market-share gains offset activity
Management reported transaction revenue of approximately $165 million quarter-to-date through October 25, while citing market-share gains and growth in prediction markets as Q3 positives.
-
Ongoing capital return
The company had $1.961 billion remaining under its repurchase authorization at September 30, 2026, after repurchasing 37,995 shares at an average price of $139.91 during August.
-
Controls remained effective
Disclosure controls were evaluated as effective at a reasonable assurance level as of September 30, 2026, and the filing reported no material changes to internal control over financial reporting during the quarter.
What to watch
-
Greater crypto investment exposure
A hypothetical 50% increase or decrease in crypto-asset prices would have affected the value of crypto assets held for investment by $1.1 billion at September 30, 2026, versus $1.0 billion at December 31, 2025. The filing attributes the higher sensitivity primarily to increased units held.
-
Crypto-price volatility
Bitcoin and Ethereum each had approximately 50% implied one-year historical volatility based on daily returns over the prior 24 months, creating substantial potential volatility in gains on crypto assets held for investment.
-
Regulatory inquiry exposure
The company said it has received investigative subpoenas and demand letters concerning customer programs, asset listings, staking, stablecoin and yield-generating products, and other matters; the filing states these examples are not exhaustive and identifies no other proceedings expected to have a material adverse effect.
-
Potential insider selling
Potential insider-sale arrangements cover up to 8,167,446 shares under the Armstrong Plan, up to 3,866,620 shares under the Ehrsam Plan, and up to 1,560,453 shares under the Choi Plan, with sales potentially beginning between November 16, 2026 and January 4, 2027.
-
Trading activity remains pressured
Transaction revenue was approximately $165 million quarter-to-date through October 25, while Q4 subscription and services revenue was projected at $550 million-$630 million; this leaves results exposed to weak crypto trading activity and market volatility.
Management's outlook
No total-revenue or EPS guidance was provided. Q4 outlook included transaction revenue of approximately $165 million quarter-to-date through October 25 and subscription and services revenue of $550 million-$630 million. FY2026 Adjusted Expenses guidance was reduced to $4.15 billion-$4.30 billion from $4.20 billion-$4.45 billion previously.
Earlier filings 4
10-K · February 12, 2026
Coinbase expanded into an “Everything Exchange” in December 2025, adding stocks, commodity futures, perpetual futures and prediction markets. Revenue rose modestly to about $7.18 billion in 2025 (sum of quarterly…
10-Q · July 31, 2025
Coinbase reported Q2 revenue of $1,497,208,000 (up $47.58M vs $1,449,628,000 in Q2 2024) and GAAP net income of $1,428,900,000 (vs $36,150,000 prior year), driven largely by non‑operating gains. Operating performance…
10-K · February 21, 2023
Coinbase positions itself as a full‑stack gateway to the cryptoeconomy with products for consumers, institutions, and developers and a presence in more than 100 countries. The 10‑K emphasizes product breadth (custodial…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.