Coinbase Global, Inc. · NASDAQ:COIN
Coinbase Global — Q3 2026 Earnings Presentation
42 slides from Coinbase Global's earnings presentation, Oct 29, 2026
Slide 1: Exhibit 99.1
Exhibit 99.1
Slide 2: Disclaimers: Cautionary Note Regarding Forward-Looking Statements
Disclaimers Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements
Slide 3: Our mission is to increase economic freedom in the world
Slide 1 Our mission is to increase economic freedom in the world
Slide 4: Crypto is updating all aspects of the financial system; Agentic Finance is an accelerant
2019 2020 2021 2022 2023 2024 2025 2026 2019 2020 2021 2022 2023 2024 2025 20262019 2020 2021 2022 2023 2024 2025 2026 Crypto is updating all aspects of the financial system; Agentic Finance is an accelerant Agentic Finance Agents forecasted to process $3-5T of transactions by 20306. Crypto is the n
Slide 5: Coinbase is uniquely positioned to capitalize on this transformation
Coinbase is uniquely positioned to capitalize on this transformation [1] Refer to Definitions in the Appendix for U.S. Crypto Spot Trading Volume Market Share, Average USDC Market Capitalization, Coinbase Crypto Trading Volume Market Share, and Average USDC Held in Coinbase Products. Trading volume
Slide 6: Assets on Platform, USDC and Market Share Metrics
Assets on Platform2 % of Total Crypto Market Capitalization2 ↓12.5% Flat Y/Y, maintaining peak level Average USDC Held in Coinbase Products2 Coinbase Crypto Trading Volume Market Share2 [1] Measured based on when the product generated $200 million in quarterly annualized net revenue for the most rec
Slide 7: Coinbase Crypto Trading Volume Market Share continued to grow
[1] Refer to Definitions in the Appendix for Coinbase Crypto Trading Volume Market Share. Trading volume measurements represent the U.S. dollar equivalent value of the product of the quantity of assets transacted and the trade price of the underlying asset at the time the transaction was executed. C
Slide 8: Coinbase stores the most crypto in the world; return to peak AOP market share
• Returned to peak levels of AOP market share & expanded lead as the largest platform for crypto stored globally • Q3 inflows to ETFs we custody; offset nearly all outflows since last year • Continued trend of strong native unit growth across customer base • Benefits from asset mix as blue chips lik
Slide 9: Leading stablecoin platform, with ~30% of Average USDC Held in Coinbase Products
$26 $25 $28 $33 $35 $38 $54 $61 $68 $76 $75 $77 $73 $3 $3 $4 $6 $7 $8 $12 $14 $15 $18 $19 $20 $22 Average USDC Held in Coinbase Products ($B) Average Off-Platform USDC Balances ($B) Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3’26 ~3x USDC Circulation ~9x USDC Held in Co
Slide 10: 2026 Priorities
2026 Priorities Everything Exchange Stablecoins & Payments Onchain 1 32 Enable money to move globally at the speed of the internet. Trade every asset class in one place: crypto, equities, prediction markets, commodities, and FX with deep liquidity and capital efficiency. Update the financial system
Slide 11: Derivatives outpaced the market, continued volume market share gains
• Building broadest suite of regulated derivatives globally ◦ Derivatives volume continues to outpace the market ▪ 179% compound annual growth last 2 years ◦ Leading open interest in global options; ATH open interest in the U.S. ◦ 4th consecutive quarter of derivatives trading volume market share ga
Slide 12: Prediction markets grew to over $200M in annualized revenue
Prediction markets grew to over $200M in annualized revenue1 12 Q3’26 EARNINGS • One of our fastest growing products by revenue in history ◦ Diversified contract mix with non-sports categories showing strong growth through seasonally slower sports months ◦ Recurring contracts (e.g., crypto volatilit
Slide 13: Paid Coinbase One Subscribers reached a new all-time high in Q3
Paid Coinbase One Subscribers1 have: CB1 Subscribers are our most valuable users... and reached a new all-time high in Q3 1 13 Q3’26 EARNINGS [1] Refer to Definitions in the Appendix for Paid Coinbase One Subscribers. [2] Measured as revenue generated across trading, staking, instant transfer, Borro
Slide 14: Scaling stablecoin payments on Coinbase infrastructure
[1] Coinbase Developer Platform Total Payments Volume refers to the U.S. dollar equivalent value of completed payment transactions processed through Coinbase Developer Platform payment products during the period of measurement. Coinbase Developer Platform TPV includes volume from payment acceptance,
Slide 15: Base is a leading infrastructure for onchain trading, payments, and financing
Base is a leading infrastructure for onchain trading, payments, and financing 3 15 Q3’26 EARNINGS $610 $1,230 $1,330 $1,491 $1,866 Q3'25 Q4'25 Q1'26 Q2’26 Q3’26 Coinbase Average Borrow/Lend Balances3 ($M) $1B+ Y/Y growth Coinbase Tokenized Stock Volume4 08/19 08/26 09/02 09/09 09/16 09/23 09/30 $1B+
Slide 16: The future of finance is onchain, and Coinbase is best positioned to power it
The future of finance is onchain, and Coinbase is best positioned to power it The onchain economy has reached escape velocity Coinbase's full stack platform is powering it The next frontier is agentic and on Coinbase 1 32 16 Q3’26 EARNINGS
Slide 17: Q3 Summary Financial Results
Total revenue $1.2B Transaction revenue $590M Adjusted EBITDA1 $333M Cash & cash equivalents $8.6B Subscription & services revenue $570M [1] Adjusted EBITDA is a non-GAAP financial measure. See Appendix for definition and reconciliation. Net income $719M Q3 Summary Financial Results Q3’26 EARNINGS
Slide 18: Q3 Report Card
Q3 Report Card The business is healthy Continued Gains in Crypto Market Share Grew Coinbase Crypto Trading Volume Market Share4 for 4th consecutive quarter, gaining share in both Spot and Derivatives Prediction Markets are Scaling Rapidly $200M+ annualized revenue1; 82% quarterly compound growth2 Di
Slide 19: Q3 results reflect continued expense discipline in the face of macro headwinds
Q3 results reflect continued expense discipline in the face of macro headwinds Metric Q3 Outlook (July 2026) Q3 Actuals Subscription & Services Revenue Transaction Expenses Adjusted Expenses1 Stock-based Compensation $500-$580 million Mid-teens as a % of net revenue ~$245 million $980-$1,080 million
Slide 20: Total revenue of $1.2B stable Q/Q as market sentiment began to shift
$674 $954 $1,638 $1,450 $1,205 $2,272 $2,034 $1,497 $1,869 $1,781 $1,413 $1,220 $1,216 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2’26 Q3’26 Total Revenue 20 TTM Total Revenue Total Revenue ($M) Q3’26 EARNINGS Total revenue of $1.2B stable Q/Q as market sentiment began to shi
Slide 21: Prediction market growth cushioned transaction revenue
Prediction market growth cushioned transaction revenue amid multi-period lows in crypto volatility Transaction Revenue 21 • Consumer transaction revenue of $450M (~flat Q/ Q) driven by 9% and 6% declines in Consumer Crypto Spot Trading Volume1 and Crypto Derivatives Trading Volume1, respectively, cu
Slide 22: Subscription and services revenue reached 49% of net revenue
Subscription and services revenue reached 49% of net revenue, demonstrating continued diversification Subscription and Services Revenue 22 $327 $364 $499 $585 $542 $627 $675 $632 $717 $694 $584 $555 $570 $165 $161 $186 $227 $233 $212 $274 $309 $325 $331 $305 $292 $307 $74 $95 $151 $185 $155 $215 $19
Slide 23: Demonstrating cost discipline while investing strategically and driving productivity with AI
Demonstrating cost discipline while investing strategically and driving productivity with AI Adjusted Expenses1 23 • T&D of $447M (-5% Q/Q) primarily driven by a full quarter benefit of the May 2026 cost reductions • G&A of $319M (-11% Q/Q) primarily driven by lower professional services spend • S&M
Slide 24: 15th consecutive quarter of positive Adjusted EBITDA across market cycles
Net Income (Loss) 15th consecutive quarter of positive Adjusted EBITDA across market cycles Net Income (Loss), Adjusted Net Income (Loss) & Adjusted EBITDA1 [1] Adjusted Net Income (Loss) and Adjusted EBITDA are non-GAAP financial measures. See Appendix for definition and reconciliation. 24 $1,014 $
Slide 25: $11B in available resources – fortress balance sheet
$1.6 $1.9 $1.7 $3.8 $4.1 $2.9 $2.7 $2.5 $3.3 $1.3 $1.6 $1.3 $1.8 $2.6 $2.0 $1.6 $1.5 $2.2 $0.4 $0.4 $0.4 $1.9 $0.4 $0.6 $0.8 $0.8 $0.9 $1.1 $0.3 $0.2 $0.2 $0.2 Crypto Assets Held for Investment ($B) Strategic Investments ($B) Marketable Investments ($B) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2’2
Slide 26: Managing dilution opportunistically, $2B in remaining capacity
Managing dilution opportunistically, $2B in remaining capacity Ending Shares Outstanding (M) $2.0B+ Returned to shareholders 10.2M Class A shares repurchased $2.0B Remaining authorization 85%+ of SBC issuance offset since Q4’24 ~50% of buyback capacity remains as of Q3’26 26 239 242 245 248 250 254
Slide 27: Q4'26 Financial Outlook
Broadly flat vs. Q3 Financial Outlook Metric Q4’26 Outlook Q4 Drivers Transaction Revenue S&S Revenue Transaction Expenses Adjusted Expenses1 Stock-based Compensation ~$165 million QTD Through October 25 $550-$630 million Mid-teens as a % of net revenue $1,007-$1,157 million ~$240 million Caution ex
Slide 28: Reducing and narrowing 2026 Adjusted Expenses guidance range again
$4,282 2025 Initial 2026 Outlook 2026 Outlook as of Q2’26 Current 2026 Outlook We are reducing and narrowing our 2026 Adjusted Expenses guidance range again Adjusted Expenses ($M)1 [1] Adjusted Expenses: Technology & Development, General & Administrative and Sales & Marketing Expenses excluding amor
Slide 29: Appendix
Appendix
Slide 30: Financial Summary
Financial Summary ($ in millions) Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q/Q Y/Y Transaction, net 1,046.3 982.7 755.8 599.2 590.2 (1)% (44)% Subscription and services 716.6 694.5 583.5 555.1 570.2 3% (20)% Corporate interest and other income 105.8 104.0 73.6 65.8 55.1 (16)% (48)% Total revenue 1,868.7 1,781.
Slide 31: Income Statement (Unaudited)
Income Statement (Unaudited) ($ in millions, except per share amounts) Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q/Q Y/Y Net revenue 1,762.9 1,677.1 1,339.3 1,154.3 1,160.5 1% (34)% Other revenue 105.8 104.0 73.6 65.8 55.1 (16)% (48)% Total revenue 1,868.7 1,781.1 1,413.0 1,220.1 1,215.6 —% (35)% Transaction ex
Slide 32: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA ($ in millions) Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Net (loss) income (2.3) 273.4 1,176.2 36.2 75.5 1,291.2 65.6 1,428.9 432.6 (666.7) (394.1) (359.5) 718.7 Adjusted to exclude the following: Provision for (benefit from) inc
Slide 33: Reconciliation of Adjusted Net Income (Loss)
Reconciliation of Adjusted Net Income (Loss) ($ in millions) Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Net income (loss) 432.6 (666.7) (394.1) (359.5) 718.7 Adjusted to exclude the following: (Gains) losses on crypto assets held for investment, net (423.9) 718.2 482.4 209.5 (715.0) Losses (gains) on investments
Slide 34: Reconciliation of Adjusted Expenses
Reconciliation of Adjusted Expenses ($ in millions) Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Technology and development 322.8 323.1 357.9 364.3 377.4 368.7 355.4 387.3 430.6 497.3 525.6 472.8 447.4 Portion related to intangible amortization 7.3 2.8 2.2 4.8 1.7 1.
Slide 35: Supplemental Trading Volume Information
Supplemental Trading Volume Information ($ in billions) Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Consumer 57.4 53.7 33.8 25.8 23.4 Institutional 236.9 207.8 158.7 120.6 111.1 Crypto Spot Trading Volume1 294.3 261.5 192.5 146.4 134.5 Crypto Derivatives Trading Volume1 843.8 1,318.5 1,032.1 1,027.0 963.0 Other D
Slide 36: USDC Balances & Revenue
USDC Balances & Revenue Average USDC Market Capitalization1 ($ in billions) Stablecoin Revenue & Revenue on Corporate Balances ($ in millions) Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Average USDC Held in Coinbase Products1 15 18 19 20 22 159 172 161 174 202 Portion held in corpor
Slide 37: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations ($ In thousands, except per share data) (unaudited) 37 Note: Amounts may not add as presented due to rounding. Q3’26 EARNINGS Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue: Net revenue ....................
Slide 38: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets ($ In thousands, except per share data) (unaudited) 38 Note: Amounts may not add as presented due to rounding. Q3’26 EARNINGS September 30, December 31, 2026 2025 Liabilities and Shareholders’ Equity Current liabilities: Customer custodial fund liabilities .....
Slide 39: Condensed Consolidated Statements of Cash Flows
39 Condensed Consolidated Statements of Cash Flows ($ In thousands) (unaudited) Note: Amounts may not add as presented due to rounding. Q3’26 EARNINGS Nine Months Ended September 30, 2026 2025 Cash flows from operating activities Net (loss) income ....................................................
Slide 40: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA In addition to our results determined in accordance with GAAP, we believe Adjusted EBITDA, a non-GAAP financial performance measure, is useful information to help investors evaluate our operating performance because it: enables investors to compare this me
Slide 41: Definitions: Key Metrics
Definitions 41 Q3’26 EARNINGS Key Metrics Key metrics are used to evaluate our business, measure our performance, identify trends affecting our business, and make strategic decisions, which include net revenue, net income, and Adjusted EBITDA. In addition, the company uses MTUs and AOP as key metric
Slide 42: Definitions
Definitions 42 Q3’26 EARNINGS Total Market Crypto Spot Trading Volume: Total U.S. dollar equivalent value of all matched crypto spot and stablecoin trading volumes across exchanges defined in our proprietary competitor set, based on data obtained from CoinDesk Data, CoinMetrics, Dune, and Tardis. To