Coinbase returns to profit with $719M in Q3 earnings as crypto trading rebounds

The crypto exchange reported $2.51 in earnings per share, beating expectations for a loss, as shares initially gained nearly 1% after hours.

by John Chen

Thu 29 Oct 2026 · 16:19 EDT 2 min read

In Finance

Coinbase Global, Inc. (COIN) price

Full chart and stats

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Last close: $162
Close-to-close change: +0.8%
Market cap: $42.8B (shares as of 2026-06-30)
P/E (trailing): Not meaningful: trailing loss. Diluted EPS −3.79 for 2025-07-01 to 2026-06-30, rolled from reported annual and year-to-date EPS (approximate) SEC filing
Annual revenue: $7.2B USD (FY ended 2025-12-31) 10-K
Annual revenue growth: +9.4% (FY ended 2025-12-31 vs FY ended 2024-12-31) 10-K
Annual net income: 1,260,327,000 USD (FY ended 2025-12-31, attributable to the company) 10-K
Annual operating margin: 20.0% (FY ended 2025-12-31)
Forward P/E: Unavailable: no dated forecast source

Gloria daily close for session Oct 28, 2026. Market cap and trailing P/E use this close with the SEC share total and trailing diluted earnings, each dated next to its figure. Annual revenue, revenue growth, net income and margin show their own fiscal period and link the 10-K. Current context may postdate this article.

Coinbase Global, Inc. and its peers

Company	Price	Market cap	P/E (trailing)	Forward P/E	Annual revenue (USD)	Annual revenue growth	Annual net income (USD)	Operating margin
Coinbase Global, Inc. COIN · Price dated Oct 28, 2026 · tokenized COINx	$162	$42.8B	Not meaningfulLoss, diluted EPS −3.79 to 2026-06-30 · SEC filing	Unavailable	$7.2BFY ended 2025-12-31 · 10-K	+9.4%FY ended 2025-12-31 vs 2024-12-31 · 10-K	1,260,327,000FY ended 2025-12-31, attributable to the company · 10-K	20.0%FY ended 2025-12-31
Strategy Inc MSTR · Price dated Oct 28, 2026 · tokenized MSTRx	$145	Unavailable	Not meaningfulLoss, diluted EPS −96.98 to 2026-06-30 · SEC filing	Unavailable	$477.2MFY ended 2025-12-31 · 10-K	+3.0%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−3,848,152,000FY ended 2025-12-31, attributable to the company · 10-K	−1,140.8%FY ended 2025-12-31
Circle Internet Group, Inc. CRCL · Price dated Oct 28, 2026 · tokenized CRCLx	$82	Unavailable	16.4	Unavailable	$2.7BFY ended 2025-12-31 · 10-K	+63.9%FY ended 2025-12-31 vs 2024-12-31 · 10-K	−69,508,000FY ended 2025-12-31, attributable to the company · 10-K	−3.5%FY ended 2025-12-31
Bitmine Immersion Technologies, Inc. BMNR · Price dated Oct 28, 2026 · tokenized BMNRx	$22	$13.3B	Not meaningfulLoss, diluted EPS −4.50 to 2026-05-31 · SEC filing	Unavailable	$6.1MFY ended 2025-08-31 · 10-K	+84.1%FY ended 2025-08-31 vs 2024-08-31 · 10-K	348,577,000FY ended 2025-08-31, attributable to the company · 10-K	7,288.1%FY ended 2025-08-31

Missing figures stay unavailable. Forward P/E requires a dated source. Annual revenue, revenue growth, net income and margin come from each company's own 10-K, in US dollars, and each row shows that fiscal year. Revenue growth compares the fiscal year with the prior year stated in the same 10-K. Net income is the full year amount attributable to the company, or available to common stockholders where the filing states only that, or consolidated net income. Each row names its basis. Trailing P/E reads "Not meaningful" when the dated trailing diluted EPS is a loss or zero. An operating margin appears only when the filing states both the operating income and the revenue for the same year.

Sources: SEC filings, Gloria daily closes and CoinGecko. Oldest record refresh: Oct 29, 2026, 12:47 PM EDT. Refresh is not a price or filing date. Each row shows its price date and its annual fiscal period. Peers use industry code and company size, or editorial selection. Market cap multiplies that row price by the company share total the latest SEC filing states for every share class together. Trailing P/E divides it by trailing diluted earnings from SEC filings. Rolled earnings per share are approximate because share counts can change between periods. Both appear only when the SEC data carries its date, so they are estimates at one price date, not synchronized filing valuations. Not investment advice.

Coinbase returned to profitability in the third quarter, reporting $718.7 million in net income as renewed cryptocurrency trading activity helped the exchange end a three-quarter losing streak.

The company earned $2.51 per share for the three months ended September 30, compared with $1.50 a year earlier.

The results exceeded Wall Street expectations for a loss of approximately $0.23 per share, although quarterly revenue of about $1.22 billion remained significantly below the $1.87 billion recorded in the same period last year.

Coinbase shares initially rose nearly 1% in after-hours trading following the announcement, according to the supplied Yahoo Finance market snapshot.

The earnings marked a reversal from the second quarter, when Coinbase reported a $359.5 million net loss as weaker cryptocurrency trading activity pressured transaction revenue.

Coinbase faces weaker trading revenue despite return to profit

Coinbase’s return to profitability comes amid continued pressure on cryptocurrency exchanges as Bitcoin trades substantially below its October 2025 highs.

The company has been expanding beyond traditional spot trading into perpetual futures, equities, prediction markets and other financial products as it seeks to diversify its revenue.

Its subscription and services business, which includes revenue associated with USDC stablecoins, has become an important source of income alongside transaction fees.

In the second quarter, Coinbase generated $555.1 million from subscriptions and services and $599 million in transaction revenue.

The exchange also reported a record 10.3% share of cryptocurrency trading volume during that period, reflecting market share gains despite softer overall trading conditions.

The latest results suggest a recovery in reported profitability, although lower year-over-year revenue continues to highlight the challenges facing trading platforms during weaker cryptocurrency markets.

Stablecoins and derivatives remain central to Coinbase expansion

Coinbase has increasingly positioned itself as an exchange offering multiple asset classes rather than a platform focused exclusively on cryptocurrencies.

The strategy includes expanding regulated derivatives trading, adding equity market access and developing infrastructure for AI agents and blockchain-based financial applications.

Stablecoins remain another priority, particularly through Coinbase’s relationship with Circle, the issuer of USDC.

The company’s broader strategy aims to reduce dependence on spot cryptocurrency trading fees while attracting customers interested in a wider range of financial products.

However, competition from traditional financial institutions, brokerages and other crypto exchanges continues to put pressure on trading fees and customer acquisition.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.

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