Filing Flows › Coinbase Global (COIN) › How it makes money
How Coinbase Global (COIN) makes money
Coinbase Global (COIN) made $1.2B of revenue in the third quarter 2026 (Q3 2026), -24% from a year earlier. Net revenue brought in $1.2B (95%); Other revenue brought in $55.1M (5%). Of every dollar of revenue, 5¢ was left as operating profit, 59¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Net revenue | $1.2B | 95.5% | — | -23% |
| ↳ Subscription and services revenue | $570M | 46.8% | — | -20% |
| ↳ Stablecoin revenue | $307M | 25.2% | — | -5% |
| ↳ Other subscription and services revenue | $109M | 8.9% | — | -24% |
| ↳ Institutional, net | $91.7M | 7.5% | — | -32% |
| ↳ Blockchain rewards | $85.7M | 7.0% | — | -54% |
| Other revenue | $55.1M | 4.5% | — | -48% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.2B | 100.0% |
| Operating profit | $61.7M | 5.1% |
| Income tax | $105M | 8.6% |
| Net earnings | $719M | 59.0% |
| Operating cash flow | $405M | 33.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.2B | -35% |
| Q2 2026 | $1.2B | -18% |
| Q1 2026 | $1.4B | -30% |
| Q4 2025 | $1.8B | -22% |
| Q3 2025 | $1.9B | +55% |
| Q2 2025 | $1.5B | +3% |
| Q1 2025 | $2.0B | +24% |
From Coinbase Global's 10-Q filed Oct 29, 2026 (on EDGAR).
Questions
How does Coinbase Global make money?
Coinbase Global (COIN) made $1.2B of revenue in the third quarter 2026 (Q3 2026), -24% from a year earlier. Net revenue brought in $1.2B (95%); Other revenue brought in $55.1M (5%). Of every dollar of revenue, 5¢ was left as operating profit, 59¢ was left as net earnings.
What is Coinbase Global's biggest business?
Net revenue: $1.2B in the third quarter 2026, 95% of revenue, -23% from a year earlier.
What is Coinbase Global's profit margin?
Net earnings were $719M, 59.0% of revenue, in the third quarter 2026; the operating margin was 5.1%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.