The company said net revenue for the 3 and 9 months ended September 30, 2026 was $1.2 billion and $3.7 billion, respectively, including transaction revenue of $590.2 million for the 3 months and subscription and services revenue of $570.2 million. For the same periods in 2025, net revenue was $1.8 billion and $5.1 billion.

1. 01

   The company said net revenue for the 3 and 9 months ended September 30, 2026 was $1.2 billion and $3.7 billion, respectively, including transaction revenue of $590.2 million for the 3 months and subscription and services revenue of $570.2 million. For the same periods in 2025, net revenue was $1.8 billion and $5.1 billion.

2. 02

   Coinbase said it reported net income of $718.7 million for the 3 months ended in 2026 and a net loss of $34.9 million for the 9 months, with Adjusted EBITDA of $332.9 million and $843.9 million, respectively. For the same periods in 2025, net income was $432.6 million and $1.9 billion, and Adjusted EBITDA was $800.7 million and $2.2 billion.

3. 03

   The company said Assets on Platform were $376.6 billion lower at September 30, 2026 than at the same date in 2025, when they stood at $515.9 billion. It also said Monthly Transacting Users for the 3- and 9-month periods were 7.4 million and 7.7 million, below 9.3 million and 9.2 million in 2025. The company cited a decline in trading users, which it attributed to market conditions, as the main reason for the decrease in MTUs.

4. 04

   The company said it had cash, cash equivalents and marketable investments of $8.8 billion as of September 30, 2026. Over 9 months, it repaid in full at maturity $1.3 billion of 2026 Convertible Notes and used $1.2 billion to repurchase about 7.1 million shares of Class A common stock.

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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