Coinbase reports $719 million in third-quarter net income

Net income substantially exceeds adjusted earnings

Coinbase announced $719 million in net income on October 29, 2026, for the quarter ended September 30, compared with adjusted net income of $78 million. The gap is a reminder that the indicators do not measure the same thing. Reported earnings apply the company's accounting rules; the adjusted metric excludes certain effects under its methodology. A reading of the quarter should preserve that difference rather than treating the highest earnings figure as recurring income entirely generated by trading commissions.

The company also reported adjusted EBITDA of $333 million, up 60% from the previous quarter. Coinbase says this was its fifteenth consecutive positive quarter on that measure. Adjusted EBITDA is neither net income nor cash generated: it offers another view of operations with its own exclusions. Consistent comparisons therefore require the same metric and period, without adding these amounts together as independent earnings.

Stablecoins and subscriptions take a larger role

Coinbase says subscriptions and services represented 49% of quarterly net revenue. The mix illustrates its intention to reduce dependence on spot transactions alone. It highlights growth in paid Coinbase One subscribers and activity related to lending and blockchain products. The subscriptions-and-services share does not mean all that revenue is fixed or contractually guaranteed: its components retain their individual sensitivities to activity and market conditions.

Average USDC held in Coinbase products reached $22 billion, up 49% year over year according to the release. This measures average balances within a company-defined scope. It is neither profit earned from the stablecoin nor new subscriptions during the quarter alone. Balances, transactions, and revenue answer different questions. Keeping them separate avoids overstating revenue based on the funds held for users.

Prediction markets measured at an annualized pace

The company says its prediction markets surpassed $200 million in annualized revenue. That wording extrapolates an activity rate; it does not certify that the amount was received during the year or quarter. Coinbase presents the product as a new growth source in its multi-asset platform strategy. Assessing its durable contribution will require future disclosures on persistence of that pace and its share of revenue actually recognized.

Coinbase also claims a 10.7% share of crypto trading volume under its metric and another quarterly gain in that measure. The results thus describe a company gaining usage while remaining exposed to a variable market. They should be assessed using the financial document's definitions, especially for adjusted and annualized figures. This new quarterly report is distinct from the service-provider incident discussed the previous day: financial accounts and security information address different subjects and should not be conflated.