Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Profit came from the treasury, not the platform
Remeasuring the crypto Coinbase holds produced almost all of pre-tax income, so net income tracks Bitcoin and Ether prices.
For investorsWhat keeps the operating line positive from here
For foundersBuilding products on balances customers already keep with you
Revenue fell 35.0% while most costs are people and systems that stay in place, so little was left as operating profit.
Income earned on balances, not trades, held up, so net revenue fell 34.2% against a much steeper volume drop.
Coinbase sells trading, staking, rewards and lending on assets customers already keep there, so each product starts with money in place.
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Business Lens describes Coinbase from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
