Coinbase Global, Inc. · NASDAQ:COIN
Coinbase Global — Q3 2026 Earnings Presentation
42 slides from Coinbase Global's earnings presentation, Oct 29, 2026
Slide 1: Coinbase Q3 2026 Earnings, October 29, 2026
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Slide 2: Disclaimers
Disclaimers Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements
Slide 3: Our mission is to increase economic freedom in the world
Our mission is to increase economic freedom in the world
Slide 4: Crypto is updating all aspects of the financial system; Agentic Finance is an accelerant
Q3’26 EARNINGS Crypto is updating all aspects of the financial system; Agentic Finance is an accelerant Trading Stablecoins Tokenization Agentic Finance Total Market Crypto Trading Volume1 Stablecoin Market Cap2 of $304B, Tokenized RWA Supply of $39B, Agents forecasted to process has grown 41x over
Slide 5: Coinbase is uniquely positioned to capitalize on this transformation
Q3’26 EARNINGS Coinbase is uniquely positioned to capitalize on this transformation Most 1 Global 2 Stablecoin 3 Repeatable 4 Trusted Liquidity Platform Innovation #1 #1 #1 82% Prediction markets revenue Platform for crypto U.S. Crypto Spot Trading Regulated stablecoin – stored globally Volume Marke
Slide 6: Q3 2026 Highlights
Q3 2026 Highlights Annualized prediction markets Average USDC Held in Coinbase Crypto Trading Volume revenue in Q31 Coinbase Products2 Market Share2 $200M+ 49% Y/Y 10.7% ↓ ↓ ↓ vs. 5.6% in Q3’25 Assets on Platform2 % of Total Average Daily Paid Coinbase One Crypto Market Capitalization2 Loan Book Bal
Slide 7: Continued to grow Crypto Trading Volume Market Share
Q3’26 EARNINGS Continued to grow Crypto Trading Volume Market Share Coinbase Crypto Trading Volume Market Share1 • Fourth consecutive quarter of growth in Crypto Trading 10.7% 10.3% Volume Market Share, driven by gains in both spot 9.1% & derivatives 8.4% • Spot share gains driven by 7.1% stablecoin
Slide 8: Coinbase stores the most crypto in the world; return to peak AOP market share
Q3’26 EARNINGS Coinbase stores the most crypto in the world; return to peak AOP market share Assets on Platform1 and % of Total Crypto Market Capitalization1 • Returned to peak levels of Assets on Platform ($B) AOP market share & % of Total Crypto Market Cap1 expanded lead as the 12.5% 12.5% largest
Slide 9: Leading stablecoin platform, with ~30% of Average USDC Held in Coinbase Products
Q3’26 EARNINGS Leading stablecoin platform, with ~30% of Average USDC Held in Coinbase Products Average USDC Held in Coinbase Products1 and Average USDC Market Capitalization1 • New ATH of $22B Average ~3x USDC Circulation USDC Held in Coinbase ~9x USDC Held in Coinbase Products $76 $77 Products in
Slide 10: 2026 Priorities
Q3’26 EARNINGS 2026 Priorities 1 2 3 Everything Stablecoins Onchain Exchange & Payments Trade every asset class in one place: Enable money to move globally at the Update the financial system by bringing crypto, equities, prediction markets, speed of the internet. trading, payments, and agents onchai
Slide 11: Derivatives outpaced the market, continued volume market share gains
Q3’26 EARNINGS 1 Derivatives outpaced the market, continued volume market share gains Crypto Derivatives Trading Volume1 TTM ($B) • Building broadest suite of regulated derivatives globally Crypto Derivatives Trading Volume (TTM) Crypto Derivatives Trading Volume Market Share (TTM) 1 ◦ Derivatives v
Slide 12: Prediction markets grew to over $200M in annualized revenue
Q3’26 EARNINGS 1 Prediction markets grew to over $200M in annualized revenue1 Prediction Markets Revenue • One of our fastest growing products by revenue in history ◦ Diversified contract mix with non-sports categories 82% Quarterly showing strong growth through seasonally slower sports Compound Gro
Slide 13: CB1 Subscribers are our most valuable users
CB1 Subscribers are our most valuable users... Q3’26 EARNINGS 1 and reached a new all-time high in Q3 Paid Coinbase One Subscribers1 have: Membership benefits Basic Preferred Premium $4.99/mo ⦁ $49.99/yr $29.99/mo ⦁ $299.99/yr $299.99/mo ⦁ $2,999.99/yr 3.5x Zero trading fees5 $500/mo $10K/mo Unlimit
Slide 14: Scaling stablecoin payments on Coinbase infrastructure
Q3’26 EARNINGS 2 Scaling stablecoin payments on Coinbase infrastructure Powering businesses with full stack stablecoin solutions Coinbase Developer Platform TPV1 160% Quarterly Compound Growth Q4’25 Q1’26 Q2’26 Q3’26 [1] Coinbase Developer Platform Total Payments Volume refers to the U.S. dollar equ
Slide 15: Base is a leading infrastructure for onchain trading, payments, and financing
Q3’26 EARNINGS 3 Base is a leading infrastructure for onchain trading, payments, and financing Base is a leader across trading and Coinbase Average Borrow/Lend Coinbase Tokenized Stock Volume4 Balances3 ($M) onchain capital markets $1B+ Y/Y growth $1B+ volume on Base since launch $1,866 #1 $1,491 $1
Slide 16: The future of finance is onchain, and Coinbase is best positioned to power it
Q3’26 EARNINGS The future of finance is onchain, and Coinbase is best positioned to power it 1 2 3 The onchain economy has Coinbase's full The next frontier reached escape stack platform is agentic and on velocity is powering it Coinbase 16
Slide 17: Q3 Summary Financial Results
Q3’26 EARNINGS Q3 Summary Financial Results Total revenue Transaction revenue Subscription & services revenue $1.2B $590M $570M Net income Adjusted EBITDA1 Cash & cash equivalents $719M $333M $8.6B [1] Adjusted EBITDA is a non-GAAP financial measure. See Appendix for definition and reconciliation.
Slide 18: Q3 Report Card
Q3’26 EARNINGS Q3 Report Card The business is healthy Macro headwinds have begun to shift Continued Gains in Crypto Market Share Q3 Showed Soft Crypto Market Conditions... Grew Coinbase Crypto Trading Volume Market Share for 4th 4 Total Market Crypto Spot Trading Volume⁴ and Total Market consecutive
Slide 19: Q3 results reflect continued expense discipline in the face of macro headwinds
Q3’26 EARNINGS Q3 results reflect continued expense discipline in the face of macro headwinds Metric Q3 Outlook (July 2026) Q3 Actuals Subscription & Services Revenue $500-$580 million $570 million Transaction Expenses Mid-teens 16.8% as a % of net revenue Adjusted Expenses1 $980-$1,080 million $975
Slide 20: Total revenue of $1.2B stable Q/Q as market sentiment began to shift
Q3’26 EARNINGS Total revenue of $1.2B stable Q/Q as market sentiment began to shift Total Revenue • $1.2B total revenue was flat TTM Total Revenue Q/Q against a backdrop of a Total Revenue ($M) decline in Total Market $2,272 Crypto Trading Volume1 $2,034 (-10% Q/Q) and flat Average $1,869 Crypto Mar
Slide 21: Prediction market growth cushioned transaction revenue amid multi-period lows in crypto volatility
Q3’26 EARNINGS Prediction market growth cushioned transaction revenue amid multi-period lows in crypto volatility Transaction Revenue • Consumer transaction Average Crypto Market Capitalization1 Other Transaction Revenue ($M) revenue of $450M (~flat Q/ Institutional Transaction Revenue ($M) $1,556 Q
Slide 22: Subscription and services revenue reached 49% of net revenue
Q3’26 EARNINGS Subscription and services revenue reached 49% of net revenue, demonstrating continued diversification Subscription and Services Revenue • Stablecoin revenue of Blockchain Rewards ($M) Other Subscription & Services ($M) % of Net Revenue Stablecoin Revenue ($M) Interest and Finance Fee
Slide 23: Demonstrating cost discipline while investing strategically and driving productivity with AI
Q3’26 EARNINGS Demonstrating cost discipline while investing strategically and driving productivity with AI Adjusted Expenses1 • T&D of $447M (-5% Q/Q) Sales & Marketing ($M) primarily driven by a full General & Administrative ($M) $1,229 quarter benefit of the May Technology & Development ($M) $1,1
Slide 24: 15th consecutive quarter of positive Adjusted EBITDA across market cycles
Q3’26 EARNINGS 15th consecutive quarter of positive Adjusted EBITDA across market cycles Net Income (Loss), Adjusted Net Income (Loss) & Adjusted EBITDA1 • 60% Q/Q growth in Adjusted EBITDA to Adjusted Net Income (Loss) ($M) Adjusted EBITDA ($M) $1,289 $333M, 15th consecutive positive quarter across
Slide 25: $11B in available resources – fortress balance sheet
Q3’26 EARNINGS $11B in available resources – fortress balance sheet with $2.4B in crypto and marketable investments Cash & Cash Equivalents Crypto Investment Portfolio, Marketable TOTAL: $8,604M Investments & Strategic Investments1 ~3x+ Strategic and Marketable Investments +92% BTC and +28% ETH Unit
Slide 26: Managing dilution opportunistically, $2B in remaining capacity
Q3’26 EARNINGS Managing dilution opportunistically, $2B in remaining capacity Ending Shares Outstanding (M) 85%+ of SBC issuance offset since Q4’24 ~50% of buyback capacity remains as of Q3’26 269 268 263 264 265 254 255 256 248 250 242 245 $2.0B+ 239 Returned to shareholders 10.2M Class A shares re
Slide 27: Financial Outlook
Q3’26 EARNINGS Financial Outlook Metric Q4’26 Outlook Q4 Drivers Transaction Revenue ~$165 million QTD Caution extrapolating results Through October 25 (+) Higher average interest rates S&S Revenue $550-$630 million (+) QTD average crypto asset prices Transaction Expenses Mid-teens Consistent vs. Q3
Slide 28: We are reducing and narrowing our 2026 Adjusted Expenses guidance range again
Q3’26 EARNINGS We are reducing and narrowing our 2026 Adjusted Expenses guidance range again Adjusted Expenses ($M)1 -1% At midpoint $4,250-$4,6002 -$100M $4,282 $4,200-$4,4503 -$100M At midpoint $4,150-$4,3004 At midpoint 2025 Initial 2026 Outlook 2026 Outlook as of Q2’26 Current 2026 Outlook [1] A
Slide 29: Appendix
Appendix
Slide 30: Financial Summary
Q3’26 EARNINGS Financial Summary ($ in millions) Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q/Q Y/Y Transaction, net 1,046.3 982.7 755.8 599.2 590.2 (1)% (44)% Subscription and services 716.6 694.5 583.5 555.1 570.2 3% (20)% Corporate interest and other income 105.8 104.0 73.6 65.8 55.1 (16)% (48)% Total revenue
Slide 31: Income Statement
Q3’26 EARNINGS Income Statement (Unaudited) Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q/Q Y/Y ($ in millions, except per share amounts) Net revenue 1,762.9 1,677.1 1,339.3 1,154.3 1,160.5 1% (34)% Other revenue 105.8 104.0 73.6 65.8 55.1 (16)% (48)% Total revenue 1,868.7 1,781.1 1,413.0 1,220.1 1,215.6 —% (35)%
Slide 32: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA Q3’26 EARNINGS ($ in millions) Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Net (loss) income (2.3) 273.4 1,176.2 36.2 75.5 1,291.2 65.6 1,428.9 432.6 (666.7) (394.1) (359.5) 718.7 Adjusted to exclude the following: Provision for (be
Slide 33: Reconciliation of Adjusted Net Income (Loss)
Q3’26 EARNINGS Reconciliation of Adjusted Net Income (Loss) ($ in millions) Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Net income (loss) 432.6 (666.7) (394.1) (359.5) 718.7 Adjusted to exclude the following: (Gains) losses on crypto assets held for investment, net (423.9) 718.2 482.4 209.5 (715.0) Losses (gains)
Slide 34: Reconciliation of Adjusted Expenses
Q3’26 EARNINGS Reconciliation of Adjusted Expenses ($ in millions) Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Technology and development 322.8 323.1 357.9 364.3 377.4 368.7 355.4 387.3 430.6 497.3 525.6 472.8 447.4 Portion related to intangible amortization 7.3 2.8
Slide 35: Supplemental Trading Volume Information
Q3’26 EARNINGS Supplemental Trading Volume Information ($ in billions) Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Consumer 57.4 53.7 33.8 25.8 23.4 Institutional 236.9 207.8 158.7 120.6 111.1 Crypto Spot Trading Volume 1 294.3 261.5 192.5 146.4 134.5 Crypto Derivatives Trading Volume1 843.8 1,318.5 1,032.1 1,027
Slide 36: USDC Balances & Revenue
Q3’26 EARNINGS USDC Balances & Revenue Average USDC Market Capitalization1 ($ in billions) Stablecoin Revenue & Revenue on Corporate Balances ($ in millions) Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Average USDC Held in Coinbase Products1 15 18 19 20 22 159 172 161 174 202 Portion
Slide 37: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Q3’26 EARNINGS ($ In thousands, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue: Net revenue ...............................................................................
Slide 38: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Q3’26 EARNINGS ($ In thousands, except per share data) (unaudited) September 30, December 31, September 30, December 31, 2026 2025 2026 2025 Liabilities and Shareholders’ Equity Assets Current liabilities: Current assets: Customer custodial fund liabilities ....
Slide 39: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Q3’26 EARNINGS ($ In thousands) (unaudited) Nine Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Cash flows from operating activities Cash flows from financing activities Net (loss) income ................................
Slide 40: Non-GAAP Financial Measures
Q3’26 EARNINGS Non-GAAP Financial Measures Adjusted EBITDA In addition to our results determined in accordance with GAAP, we believe Adjusted EBITDA, a non-GAAP financial performance measure, is useful information to help investors evaluate our operating performance because it: enables investors to
Slide 41: Definitions
Q3’26 EARNINGS Definitions Key Metrics Stablecoin Trading Volume: Total U.S. dollar equivalent value of Fiat-Stablecoin and Stablecoin-Stablecoin matched trades transacted between a buyer and seller through our platform, plus half of the value of trades Key metrics are used to evaluate our business,
Slide 42: Definitions
Q3’26 EARNINGS Definitions Total Market Crypto Spot Trading Volume: Total U.S. dollar equivalent value of all matched crypto spot and Average Daily Loan Book Balance: U.S. dollar equivalent of daily market value of loan balances including stablecoin trading volumes across exchanges defined in our pr