COINCrypto trading platforms
Coinbase
Not investment advice. Kevin may own this stock. How we value stocks
By Kevin Amado
Updated
- Price
- $136.27
- Analysts view
- Leaning bullish
- Discount category
- Below intrinsic value
- Pick status
- Research only
- Next earnings
- Earnings Feb 11 · · estimated
- Market cap
- $36B
- Shares of Sep 30, 2026
- EPS (trailing)
- -$2.53
- 12 months to Sep 30, 2026
- 52-week range
- $129.41 – $303.96
- To Nov 12, 2026
- Beta
- 3.35
- Vs S&P 500, 5 years monthly, to Oct 30, 2026
- Average volume
- 9.4M
- 3 months, to Nov 12, 2026
Check the numbers:ExchangeGoogle FinanceYahoo FinanceSEC filings
In short
- Thesis
- The market prices Coinbase on crypto trading volume that swings with coin prices, and steady growth of subscription and services revenue can lift its value in a weak market.
- Gap
- Slow. Only several quarters of steady subscription and services growth and a recovery in trading can show a higher level of normal profit.
Company guidance: Q4 2026 subscription and services revenue $550 to $630 million; Adjusted Expenses $1,007 to $1,157 million (, Q3 2026 earnings presentation (8-K))
Price history
About
Coinbase Global, Inc. (Coinbase) runs a platform where people and institutions buy, sell, store and use crypto assets. It is a remote-first company and has no headquarters. It earns transaction revenue from trading fees, subscription and services revenue, and interest on its own cash. In Q3 2026, total revenue was $1,215.6 million: transaction revenue was $590.2 million and subscription and services revenue was $570.2 million, which is 49% of net revenue.
Adjusted EBITDA was $332.9 million, and net income was $718.7 million after a gain of $715.0 million on crypto assets held for investment. At September 30, 2026, cash and cash equivalents were $8.6 billion. Coinbase completed the integration of INTX and Deribit in October 2026 and plans to relaunch Coinbase Pro in Q4 2026. The company has Class A and Class B common stock, and the Class A shares trade on Nasdaq in US dollars.
Thesis
The market must decide what a normal year of Coinbase looks like. Its profit follows the price of crypto assets and the volume of trading. Adjusted EBITDA was $1,289.0 million in Q4 2024 and $800.7 million in Q3 2025, but only $303.3 million, $207.8 million and $332.9 million in the last three quarters. Transaction revenue fell 44% in a year to $590.2 million in Q3 2026.
Net income was a profit of $718.7 million in Q3 2026 and a loss of $666.7 million in Q4 2025, mostly from the changing value of crypto assets held for investment. Coinbase works on the other side too. Subscription and services revenue is now 49% of net revenue, and the company cut its Adjusted Expenses guidance for 2026 again. For the price to rise, three things must be true.
Subscription and services revenue must keep its level of about $570 million a quarter when trading is weak. Costs must stay near the guided $1,007 million to $1,157 million of Adjusted Expenses in Q4 2026. Trading volume and market share must grow, as the company reports for derivatives, with the combined INTX and Deribit exchange. The next test is the Q4 2026 report in February 2027, which follows the Q4 guidance of subscription and services revenue of $550 million to $630 million.
Checkpoints
- Q4 2026Due this quarterCoinbase Pro relaunch and Q4 outlookCoinbase relaunches Coinbase Pro in Q4 2026 as it says, and subscription and services revenue for Q4 is within its $550 million to $630 million outlook, and this passes; a delay or a miss fails.
- Feb 11, 2027 · est.PendingQ4 2026 results: profit in a weak marketAdjusted Expenses are within the Q4 range of $1,007 million to $1,157 million and subscription and services revenue holds near $570 million, and this passes; a fall below $550 million fails.
Recent events
- October 29, 2026Coinbase reported Q3 2026 results. Total revenue was $1,215.6 million, against $1,868.7 million a year earlier. Transaction revenue was $590.2 million and subscription and services revenue was $570.2 million. Net income was $718.7 million, and Adjusted EBITDA was $332.9 million.
- October 29, 2026Coinbase gave its Q4 2026 outlook. It expects subscription and services revenue of $550 million to $630 million and Adjusted Expenses of $1,007 million to $1,157 million. It lowered its 2026 Adjusted Expenses range again, to $4,150 million to $4,300 million.
- October 2, 2026Coinbase reported to the SEC that Jennifer Jones, Chief Accounting Officer, told the company on September 29, 2026 that she will retire. She stays in the role until a successor takes over.
Show 2 older eventsHide older events
- September 1, 2026Coinbase appointed Anthony Armstrong as a director and increased its board from nine to ten directors. He serves on the Audit and Compliance Committee.
- June 1, 2026Coinbase repaid in full at maturity the $1.3 billion of its 2026 Convertible Notes. Its long-term debt now has an aggregate principal amount of $6.0 billion, which matures between 2028 and 2032.
Latest news and filings
- Last earnings
- October 29, 2026 (8-K on sec.gov)
- Next earnings
- Expected about February 11, 2027. The company has not confirmed the date.
- 10-QQuarterly report for the period ended Sep 30, 2026Filed · coin-20260930
- 8-KEarnings releaseFiled · Press release and exhibits
- 8-KChange of directors or officersFiled · coin-20260929
- 8-KChange of directors or officersFiled · coin-20260901
- 10-QQuarterly report for the period ended Jun 30, 2026Filed · coin-20260630
- 8-KEarnings releaseFiled · Press release and exhibits
- 8-KChange of directors or officersFiled · coin-20260722
- 8-KChange of directors or officersFiled · Read it on sec.gov
- 8-KShareholder vote resultsFiled · coin-20260616
- 10-QQuarterly report for the period ended Mar 31, 2026Filed · coin-20260331
Risks
- Crypto prices and trading volume drive revenue. Transaction revenue fell 44% in a year, and Adjusted EBITDA has changed from $1,289.0 million in one quarter to $207.8 million in another. A long fall in prices would keep profit low.
- Net income swings with the value of crypto assets that the company holds. Gains and losses on crypto assets held for investment were a gain of $715.0 million in Q3 2026 and a loss of $718.2 million in Q4 2025.
- Rules for crypto assets and stablecoins can change. The company runs a platform in many places, and a new law or a court case can raise its costs or limit its products.
- A security breach can cost money. Coinbase booked a loss of $306.7 million in Q2 2025 for a data theft incident, and it still records recoveries and costs for it.
- Debt is large. Long-term debt of $6.0 billion principal comes due between 2028 and 2032, and short-term borrowings were $748.8 million at September 30, 2026.
- Competition can cut fees. The company gains market share in trading volume, but price cuts by other platforms can lower revenue for each trade.
Balance sheet
At September 30, 2026, Coinbase had cash and cash equivalents of $8,603.8 million, down from $11,285.5 million at December 31, 2025, and marketable investments of $217.1 million. It also held crypto assets for investment of $2,224.8 million and strategic investments of $872.3 million. Long-term debt was $5,947.8 million, with an aggregate principal amount of $6.0 billion of convertible notes and senior notes that mature from 2028 to 2032. In June 2026, it repaid the $1.3 billion of 2026 Convertible Notes at maturity. It also had short-term borrowings of $748.8 million in crypto assets and payment stablecoins for institutional financing, with loan receivables of $1,976.1 million. Customer custodial funds of $4,462.3 million are held for customers, and the company shows an equal liability. Coinbase has bought back 10.2 million Class A shares for more than $2.0 billion, and about $2.0 billion of its authorization remains.
Dividends
Coinbase does not pay a dividend.
Source: company filings and market data, read on November 13, 2026.
Questions about Coinbase
What does Coinbase do?
Coinbase Global, Inc. (Coinbase) runs a platform where people and institutions buy, sell, store and use crypto assets. It is a remote-first company and has no headquarters. Its market cap is $36B at the current price of $136.27.
When does Coinbase report earnings next?
This is an estimate: Coinbase may report on February 11, 2027. It last reported results on October 29, 2026.
Is Coinbase stock below its intrinsic value?
Coinbase stock is below intrinsic value. This is general information, not advice.
What changed recently at Coinbase?
The latest update is from October 29, 2026. Coinbase reported Q3 2026 results.
What are the main risks for Coinbase?
Crypto prices and trading volume drive revenue. Net income swings with the value of crypto assets that the company holds. Rules for crypto assets and stablecoins can change.
How much debt and cash does Coinbase have?
At September 30, 2026, Coinbase had cash and cash equivalents of $8,603.8 million, down from $11,285.5 million at December 31, 2025, and marketable investments of $217.1 million. This is as of September 30, 2026.
Does Coinbase pay a dividend?
No. Coinbase does not pay a dividend.
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