Coinbase misses revenue forecast and trims its 2026 spending guidance

The exchange operator reported third-quarter sales of $1.22 billion against $1.25 billion expected, then cut both ends of its full-year adjusted expenses range.

Coinbase answered a revenue miss with a tighter budget. Third-quarter revenue of $1.22 billion fell short of the $1.25 billion expected, and the company lowered its full-year 2026 adjusted expenses guidance to $4.15 billion to $4.3 billion, from $4.2 billion to $4.45 billion.

The two ends of the range moved by different amounts. The ceiling falls by $150 million and the floor by $50 million, so management has ruled out the heavier spending path rather than merely trimming around the middle. Fourth-quarter adjusted expenses are guided at $1.007 billion to $1.157 billion, with stock-based compensation of about $240 million.

On the other side of the ledger, the company expects fourth-quarter subscription and services revenue of $550 million to $630 million. That range is the next test of whether the line can keep pace after a quarter in which total sales came in light. Earnings per share were $2.51 on a GAAP basis.

Capital return sits alongside the cost message. Coinbase bought back 10.2 million Class A shares in the quarter and still has $2.0 billion authorised. A company that is lowering its spending ceiling while continuing to retire stock is telling shareholders it would rather protect margins and returns than chase growth with a bigger budget, and the fourth-quarter revenue range will show whether that choice holds.