Coinbase earnings date, guidance and results
Coinbase's next results are expected on October 29, 2026. The key thing to watch is whether Coinbase turns newer revenues into durable earnings before rates, fees and dilution take them away.
What has Coinbase guided for 2026?
Management guides to 2026 full-year adjusted expenses of US$4,200–4,450 million. It expects a US$600 million reduction against the 2025 annualized exit rate, an exit-rate comparison rather than a cut of that amount from actual 2025 spending. For Q3, subscription and services revenue guidance is US$500–580 million, while adjusted expenses are US$980–1,080 million. USDC rewards cost US$119.1 million in Q2 2026.
| Period it covers | Low | High | Date it was given | |
|---|---|---|---|---|
| S&S Revenue | Quarter to Sep 2026 | 500 | 580 | Jul 30, 2026 |
| Adjusted Expenses | Quarter to Sep 2026 | 980 | 1,080 | Jul 30, 2026 |
| Adjusted Expenses (full year) | Year to Dec 2026 | 4,200 | 4,450 | Jul 30, 2026 |
| Cost reduction vs. 2025 annualized exit rate | Year to Dec 2026 | 600 | 600 | Jul 30, 2026 |
What this means. Some rows have blank low and high values because the company gave guidance in words or as a percentage, not as a numerical range.
What have Coinbase's last eight quarters shown?
Investment movements explain the better-looking net result. June 2025’s reported profit of US$1,428,900 thousand shrinks to US$33,208 thousand under Coinbase’s investment-adjusted measure. June 2026 therefore combines a weak operating quarter with investment losses. Three consecutive revenue declines and a persistent adjusted operating loss do not yet describe a turn.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,220,068 | 1,412,982 | 1,781,129 | 1,868,693 | 1,497,208 | 2,034,295 | 2,271,637 | 1,205,193 |
| Interest and finance fee income | 66,128 | 67,805 | 59,887 | 64,758 | 59,316 | 63,086 | 65,749 | 63,987 |
| Net income | -359,468 | -394,117 | -666,733 | 432,552 | 1,428,900 | 65,608 | 1,291,176 | 75,495 |
| EPS, diluted | -1.36 | -1.49 | -2.49 | 1.50 | 5.14 | 0.24 | 4.68 | 0.28 |
| Pretax margin | -32.4% | -32.9% | -49.8% | 26.9% | 121.8% | 4.1% | 65.9% | 6.0% |
What this means. Revenue here is not just sales; it also includes other income, so it may differ from the separately labeled net revenue.
What should Coinbase watchers look for in the next results?
Through 2027–2029, consumer spot volume, MTUs, fee mix and USDC balances decide earnings. Base and Coinbase One must show durable profit after costs, incentives, rewards and forgone trading fees. October 29, 2026 results test trading revenue, institutional activity, margins and the expense outlook. Buybacks must coexist with liquidity, lending needs and dilution.
The first dated test is the Q3 2026 result scheduled for October 29. A recovery in trading revenue, institutional activity and margins would move the forecast toward the base or bull cases; another operating loss would strengthen the bear case.