Filing Flows › Coinbase Global (COIN) › Q3 2026 › vs Q3 2025
Coinbase Global (COIN) Q3 2026 vs Q3 2025 (year over year)
Coinbase Global's revenue fell $653M (-35%) from $1.9B in Q3 2025 to $1.2B in Q3 2026. The biggest changes: Net revenue −$340M (-23%); Other revenue −$50.7M (-48%). Operating margin 5.1% against 25.7% (-20.6 pts).
Coinbase Global, Q3 2026: revenue $1.2B (-35% year over year), operating margin 5.1%, net earnings $719M, operating cash flow $405M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 5.1% | 25.7% | -20.6 pts |
| Net margin | 59.1% | 23.1% | +36.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Subscription and services revenue | $570M | $717M | −$146M | -20% |
| Stablecoin revenue | $307M | $325M | −$17.6M | -5% |
| Other subscription and services revenue | $109M | $143M | −$33.6M | -24% |
| Institutional, net | $91.7M | $135M | −$43.4M | -32% |
| Blockchain rewards | $85.7M | $185M | −$98.9M | -54% |
| Net revenue | $1.2B | $1.5B | −$340M | -23% |
| Other revenue | $55.1M | $106M | −$50.7M | -48% |
| Revenue | $1.2B | $1.9B | −$653M | -35% |
| Other income, net | $762M | $21.6M | $741M | 35× |
| Operating profit | $61.7M | $481M | −$419M | -87% |
| Costs & expenses | $1.2B | $1.4B | −$234M | -17% |
| Pre-tax earnings | $824M | $502M | $322M | +64% |
| Research & development | $447M | $431M | $16.8M | +4% |
| Sales & marketing | $243M | $260M | −$17.7M | -7% |
| General & admin | $319M | $418M | −$99.6M | -24% |
| Other operating costs | $145M | $279M | −$134M | -48% |
| Net earnings | $719M | $433M | $286M | +66% |
| Income tax | $105M | $69.6M | $35.6M | +51% |
| Depreciation & amortization | $61.2M | $50.1M | $11.1M | +22% |
| Share-based compensation | $233M | $222M | $11.0M | +5% |
| Working capital & other | $607M | −$5.2M | $613M | — |
| Operating cash flow | $405M | $710M | −$304M | -43% |
Questions
How much did Coinbase Global's revenue grow year over year in Q3 2026?
Coinbase Global's revenue fell $653M (-35%) from $1.9B in Q3 2025 to $1.2B in Q3 2026.
What drove Coinbase Global's revenue change in Q3 2026?
Net revenue −$340M (-23%); Other revenue −$50.7M (-48%).