Coinbase Q3 FY26: where the revenue came from and where it went
The whole income statement of Coinbase for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Jul 1 – Sep 30, 2026
- Reported
- Oct 29, 2026
Revenue$1.22B
−35% year over year
Gross profit$1.07B
88% margin
Operating profit$0.06B
5% margin
Net profit$0.72B
59% margin
Net profit is larger than what operations earned, because the statement adds $0.76B below it, under Other income, net.
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 1.22 | 100% | −35% |
| Subscription & circulation | 0.57 | 47% | |
| Consumer net | 0.45 | 37% | −47% |
| Institutional | 0.09 | 8% | −32% |
| Other | 0.06 | 4% | |
| Bank other | 0.05 | 4% | −28% |
| Cost of revenue | −0.15 | 12% | |
| Gross profit | 1.07 | 88% margin | +3pp |
| R&D | −0.45 | 37% | +14pp |
| Sales & marketing | −0.24 | 20% | +6pp |
| G&A | −0.32 | 26% | +4pp |
| Operating profit | 0.06 | 5% margin | −21pp |
| Other income, net | 0.76 | ||
| Tax | −0.11 | ||
| Net profit | 0.72 | 59% margin | +36pp |
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