Adjusted net income was $77.7 million. That non-GAAP measure excludes crypto and other investment gains and losses, with related tax adjustments, according to Coinbase’s reconciliation. Adjusted EBITDA rose 60% from the previous quarter to $333 million.
From Reported to Adjusted Net Income
Source: Coinbase. Q3 2026, millions of dollars. Investment gains are deducted and the related tax adjustment is added. Amounts may not add precisely due to rounding.
$USDC and Prediction Markets Cushion Trading Weakness
Subscription and services revenue rose 3% from the previous quarter to $570 million, though it remained down 20% year over year. It accounted for 49% of net revenue, compared with 41% a year earlier. Stablecoin revenue, included in that segment, rose 5% sequentially to $307 million, versus $325 million a year earlier and Zacks’ $313.7 million consensus estimate.
Average $USDC held in Coinbase products reached a record $22 billion, up from $20 billion in the second quarter, according to the company’s earnings deck. Coinbase said the figure reflected a full quarter of Hyperliquid $USDC balances, which arrived in June. Haas said higher balances and interest rates more than offset lower off-platform balances in driving stablecoin revenue.
Within transaction revenue, prediction markets and derivatives together contributed 25%, Haas said. Prediction markets surpassed $200 million in annualized revenue, a measure based on quarterly net revenue rather than a full year’s sales.
For the fourth quarter, Coinbase forecast subscription and services revenue of $550 million to $630 million. Transaction revenue totaled approximately $165 million through Oct. 25; the company cautioned against extrapolating that figure across the quarter.
