After Q3 2026, What Coinbase’s Revenue Mix Says About Its Valuation

By Exec Edge Editorial Staff In the third quarter of 2026, Coinbase Global, Inc. (NASDAQ: COIN) reported total revenue of $1.2 billion, net income of $719 million, adjusted EBITDA of $333 million and adjusted net income of $78 million, per the earnings presentation. Financial update Coinbase's total revenue was stable from Q2 2026, and transaction revenue was $590 million, per the earnings presentation. Net income was $719 million. Adjusted EBITDA reached $333 million, up 60% Q/Q, marking Coinbase's 15th consecutive quarter of positive adjusted EBITDA. Coinbase described the drivers this way: "$1.