Coinbase’s operating measures improve, with investment gains lifting headline profit

Coinbase ($COIN) reported third-quarter 2026 net income of $719 million, but adjusted net income was $78 million after excluding investment-related gains and their tax effects. The reconciliation includes $715 million of gains on crypto assets held for investment. Adjusted EBITDA rose 60% from the previous quarter to $333 million, providing a different measure of operating performance from headline profit.

Subscription and services contributed 49% of net revenue, while the company’s reported crypto trading-volume market share reached 10.7%. Average USDC held in Coinbase products increased 49% year over year to $22 billion. Prediction markets exceeded a $200 million annualized revenue pace, adding another income stream. That figure is a run rate rather than revenue earned over a full year, and the adjusted earnings measures remain distinct from GAAP results.

Sources:

• investor.coinbase.com
• Issuer release or filing via StockTitan