Circle Internet Group (CRCL) Company Report

Analyst Coverage

Research analysts who have asked questions during Circle Internet Group earnings calls.

Jeff Cantwell

Seaport Research Partners

5 questions for CRCL

Also covers: ACIW, AFRM, CHYM +6 more

John Todaro

Needham & Company

5 questions for CRCL

Also covers: APLD, BTDR, CAN +13 more

Joseph Vafi

Canaccord Genuity - Global Capital Markets

5 questions for CRCL

Also covers: ADV, ALIT, ASGN +20 more

Dan Dolev

Mizuho Financial Group

4 questions for CRCL

Also covers: ACN, ADP, AFRM +16 more

Devin Ryan

Citizens JMP

4 questions for CRCL

Also covers: AMTD, COIN, DAVE +20 more

Ken Suchoski

Autonomous Research

4 questions for CRCL

Also covers: BILL, CPAY, FIS +7 more

James Yaro

Goldman Sachs

3 questions for CRCL

Also covers: COIN, ETOR, EVR +11 more

Kenneth Worthington

JPMorgan Chase & Co.

3 questions for CRCL

Also covers: APO, ARES, BAM +27 more

Peter Christiansen

Citigroup Inc.

3 questions for CRCL

Also covers: ADP, ADT, ALIT +12 more

Adeep Chattery

William Blair

2 questions for CRCL

James Faucette

Morgan Stanley

2 questions for CRCL

Also covers: ACN, ADP, AFRM +29 more

Ken Worthington

JPMorgan

2 questions for CRCL

Also covers: APO, ARES, BLK +15 more

Pete Christiansen

Citi

2 questions for CRCL

Also covers: BLSH, COIN, MSTR

Brian Bedell

Deutsche Bank

1 question for CRCL

Also covers: AMG, AMTD, APO +24 more

Owen Lau

Oppenheimer & Co. Inc.

1 question for CRCL

Also covers: BLSH, CLVT, CME +9 more

Latest news

Recent press releases and 8-K filings for CRCL.

Circle Reports Strong Q4 2025 Financial Results and Strategic Growth

CRCL

Earnings

Guidance Update

New Projects/Investments

Circle reported strong financial results for Q4 2025, with total revenue and reserve income reaching $770 million, an increase of 77% year-on-year, and Adjusted EBITDA of $167 million, up 412% year-on-year with a 54% margin.
USDC in circulation ended the year around $75 billion, marking a 72% year-on-year growth, and on-chain USDC volume hit nearly $12 trillion, representing 247% year-on-year growth.
The company expanded its platform and products, launching the Arc Testnet in Q4 with Mainnet on track for 2026, and the Circle Payments Network (CPN) grew to 55 enrolled financial institutions with an annualized volume of $5.7 billion as of February 20th.
For FY 2026, Circle anticipates other revenue between $150 million and $170 million and Adjusted operating expenses between $570 million and $585 million.

3 days ago

Transcript

Circle Reports Strong Q4 2025 Results and Advances Platform Expansion

CRCL

Earnings

Guidance Update

New Projects/Investments

Circle reported strong financial results for Q4 2025, with total revenue and reserve income of $770 million, an increase of 77% year-on-year, and Adjusted EBITDA of $167 million, up 412% year-on-year.
The company's stablecoin network continued to grow, with USDC in circulation reaching $75 billion at year-end, a 72% year-on-year increase, and on-chain USDC volume hitting nearly $12 trillion, representing 247% year-on-year growth.
Circle is making significant progress on its platform expansion, having launched the Testnet of Arc, its layer one blockchain network, which is on track for Mainnet launch in 2026, and has seen strong growth in its Circle Payments Network (CPN), now with 55 financial institutions.
For FY 2026, Circle anticipates other revenue between $150 million and $170 million and adjusted operating expenses between $570 million and $585 million, while expecting USDC to grow at a 40% CAGR over a multi-year cycle.
The company is actively positioning itself for the emerging AI agent economy, with Arc purpose-built to support agentic economic activity and USDC already being adopted for agent-to-agent transactions.

3 days ago

Transcript

Circle Internet Group Reports Q4 2025 Financial Results and Provides 2026 Guidance

CRCL

Earnings

Guidance Update

New Projects/Investments

Circle Internet Group reported a net income attributable to common stockholders of $133 million for Q4 2025, with total revenue and reserve income reaching $770 million.
The company achieved Adjusted EBITDA of $167 million in Q4 2025, alongside Adjusted Operating Expenses of $144 million.
Operational highlights include 1.7 million CCTP transactions in Q4 2025, EURC in circulation growing to €310 million, and USYC assets reaching $1.5 billion by the end of Q4 2025.
As of December 31, 2025, total assets stood at $78,713 million, with deposits from stablecoin holders at $74,913 million.
For 2026, the company projects Adjusted Operating Expenses (new definition) to be between $570 million and $585 million.

3 days ago

Presentation

Circle Internet Group Reports Strong Q4 2025 Results and Outlines 2026 Guidance

CRCL

Earnings

Guidance Update

New Projects/Investments

Circle Internet Group reported strong Q4 2025 financial results, with total revenue and reserve income of $770 million, up 77% year-on-year, and Adjusted EBITDA of $167 million, a 412% year-on-year increase.
USDC in circulation grew 72% year-on-year to $75 billion by year-end, and on-chain USDC volume reached nearly $12 trillion, representing 247% year-on-year growth.
The company launched the test net of Arc, its layer one blockchain network, on track for mainnet launch in 2026, and reported Circle Payments Network (CPN) annualized volume of $5.7 billion as of February 20th, growing 68% from Q3.
Circle provided FY 2026 guidance, projecting other revenue between $150 million and $170 million, an RLDC margin of 38% to 40%, and adjusted operating expenses between $570 million and $585 million.
The company is heavily focused on the adoption of AI platforms and agentic economic activity, with Arc purpose-built for this, and noted that 99% of measured agentic payments have been in USDC.

3 days ago

Transcript

Circle Internet Group Announces Q4 and Full Fiscal Year 2025 Financial Results

CRCL

Earnings

Guidance Update

New Projects/Investments

Circle Internet Group, Inc. reported Q4 2025 total revenue and reserve income of $770 million, a 77% increase year-over-year, and FY 2025 total revenue and reserve income of $2.7 billion, up 64% year-over-year.
Net Income from continuing operations for Q4 2025 was $133 million, increasing $129 million year-over-year, with Adjusted EBITDA of $167 million, growing 412%. For FY 2025, the company reported a Net Loss from continuing operations of $70 million, primarily due to $424 million in stock-based compensation related to its IPO, while Adjusted EBITDA reached $582 million, up 104%.
USDC in circulation grew 72% to $75.3 billion at year-end 2025, and USDC onchain transaction volume in Q4 2025 increased 247% to $11.9 trillion.
The company provided FY 2026 guidance including Other Revenue of $150-$170 million and an RLDC Margin of 38-40%.
Key business developments include the public testnet launch of Arc, 55 financial institutions enrolled in the Circle Payments Network (CPN), and new partnerships with Visa and Intuit.

3 days ago

8-K

Circle Internet Group Announces Q4 and Full Fiscal Year 2025 Financial Results

CRCL

Earnings

Guidance Update

Revenue Acceleration/Inflection

Circle Internet Group reported total revenue and reserve income of $770 million in Q4 2025, a 77% increase, and $2.7 billion for the full fiscal year 2025, up 64%.
Adjusted EBITDA grew 412% to $167 million in Q4 2025 and 104% to $582 million for FY 2025.
The company reported a Net Loss from continuing operations of $70 million for FY 2025, significantly impacted by $424 million for stock-based compensation related to its IPO.
USDC in circulation grew 72% to $75.3 billion at year-end 2025, and the company provided FY 2026 guidance including Other Revenue of $150-$170 million and an RLDC Margin of 38-40%.

3 days ago

Press Release

Circle Internet Group Releases 2026 Report Highlighting Growth and Internet Financial System Vision

CRCL

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Circle Internet Group released its 2026 Report, outlining its strategy to build an internet-native financial system through regulated stablecoins (USDC, EURC, USYC), the Arc blockchain, and the Circle Payments Network (CPN).
The company reported substantial growth in 2025, with USDC onchain volume reaching $9.6 trillion in Q3 2025, an increase of 680% year-over-year.
Other significant 2025 milestones include $217 billion in USDC redemptions , EURC becoming the leading euro stablecoin , USYC reaching $1 billion in circulation , and the Circle Payments Network (CPN) achieving $3.4 billion in annualized transaction volume since its May launch.
Circle's Cross-Chain Transfer Protocol (CCTP) processed $31 billion in USDC transfers in Q3, representing a 740% year-on-year increase, and the Arc blockchain testnet launched in October 2025 with over 100 participating companies.

Jan 13, 2026, 2:00 PM

Press Release

Circle Receives Conditional OCC Approval for National Trust Charter

CRCL

New Projects/Investments

Legal Proceedings

Circle Internet Group (CRCL) has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank, N.A..
This conditional approval is a key milestone for GENIUS Act compliance, which became U.S. law in July 2025, and aims to strengthen the USDC infrastructure.
Once fully approved, the bank will operate as a federally regulated trust bank under OCC oversight, managing the USDC Reserve and offering fiduciary digital asset custody and related services to institutional customers.
Circle submitted its application to the OCC on June 30, 2025.

Dec 12, 2025, 4:23 PM

Press Release

Circle Discusses Strategic Growth, Regulatory Landscape, and AI Integration

CRCL

Product Launch

New Projects/Investments

Revenue Acceleration/Inflection

Circle's stablecoin network is the largest regulated stablecoin network globally.
In Q3, the network handled almost $10 trillion of on-chain transactions, with money in circulation growing 108% year-over-year, contributing $740 million of top-line revenue.
The company is expanding its offerings with the Arc blockchain network (a layer one blockchain for regulated financial activity in beta test) and a money movement payment network (CPN).
The GENIUS Act has become federal law, providing legal certainty for stablecoins, and the total stablecoin market is projected to grow from $300 billion to multiple trillions over the next five years.
Circle anticipates stablecoins will serve as the foundational currency for the AI-native economy, expecting exponential growth in total payment volumes over the next three to five years due to AI agents.

Nov 19, 2025, 4:15 PM

Transcript

Circle Reports Strong Q3 Performance and Strategic Initiatives

CRCL

Revenue Acceleration/Inflection

New Projects/Investments

Circle's stablecoin network is the largest regulated stablecoin network in the world, handling almost $10 trillion of on-chain transactions in Q3, and generating $740 million in top-line revenue with 108% year-over-year growth in money circulation.
The company is expanding its offerings with Arc, a new layer one blockchain network purpose-built for regulated financial activity currently in beta test, and is building a money movement payment network (CPN).
The Genius Act, a stablecoin bill, became federal law this summer, providing crucial legal certainty for stablecoins and driving market behavior towards compliance.
Circle anticipates exponential growth in stablecoin transactions over the next three to five years, driven by the increasing deployment of AI agents operating in the economy.