Coinbase cuts 2026 adjusted expense forecast to $4.15 billion-$4.3 billion
COIN•Coinbase lowered its 2026 adjusted expense forecast to $4.15 billion-$4.3 billion, implying a roughly 1% decline at the midpoint. It projected fourth-quarter subscription and services revenue of $550 million-$630 million and adjusted expenses of $1.07 billion-$1.16 billion.
1. Updated forecasts
Coinbase lowered its 2026 adjusted expense forecast to $4.15 billion-$4.3 billion, implying a roughly 1% annual decline at the midpoint. Fourth-quarter subscription and services revenue is projected at $550 million-$630 million, supported by higher average interest rates and asset prices, while adjusted expenses are expected at $1.07 billion-$1.16 billion.
2. Transaction revenue
Coinbase expects transaction expenses to be in the mid-teens as a percentage of net revenue, depending on revenue mix. Transaction revenue through October 25 totaled approximately $165 million.
