NYSE$CRCL

Circle Internet Group Inc · Q3 2025 earnings

Q3 2025 earnings · · Before market open

Briefing

Circle Internet Group reported Q3 2025 total revenue and reserve income of $739.8M with net income of $214.4M.

Third-quarter total revenue and reserve income was $739.8 million versus $445.8 million a year ago, driven by reserve income on USDC. Net income from continuing operations was $214.4 million; diluted EPS was $0.64. Distribution and transaction costs rose with USDC circulation growth.

  • Q3 total revenue and reserve income $739.8M.
  • Net income from continuing operations $214.4M.
  • Diluted EPS $0.64.
  • USDC ecosystem scale and reserve income are primary revenue drivers.

Headline financials

Total Revenue

$740M

No prior period
EPS (adj)

$0.64

No prior period
USDC in Circulation

$73.7B

No prior period
Adjusted EBITDA

$166M

No prior period
Adjusted EBITDA Margin

57.0%

No prior period
Revenue Less Distribution Costs

$292M

No prior period
RLDC Margin

39.0%

No prior period
Meaningful Wallets

6.3M

No prior period
USDC Minted

$79.7B

No prior period
USDC Redeemed

$67.3B

No prior period
Stablecoin Market Share

29.0%

No prior period
Capital Expenditures

-$11.5M

No prior period
Free Cash Flow

$203M

No prior period
Net Income

$214M

No prior period
Operating Income

$81M

No prior period
Gross Profit

$739M

No prior period
Cash & Equivalents

$1.35B

No prior period
Total Assets

$76.8B

No prior period

Revenue & EPS history

Circle Internet Group Inc · Revenue · Quarterly

$740M

Q3 2025
Beat estimate in 3 of 4 quarters(75%)
ActualEstimate

Forward guidance

Management discusses multi-quarter growth, capital allocation, and segment outlook in the earnings materials.

Tailwinds

  • Revenue or user/booking growth metrics cited versus prior year.
  • Balance sheet, cash flow, or liquidity support ongoing investment.
  • Strategic initiatives (contracts, GMV, USDC, iGaming) highlighted.

Headwinds

  • Competitive pressure or mix may affect margins quarter to quarter.
  • Acquisition, tax, or fair-value items can distort GAAP earnings.
  • Macro and regulatory factors remain key swing factors.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 3 quarterly earnings reports · overlaid with Q3 2025

Historical avgQ3 2025

+10.1%

Avg return

Earnings day

+6.8%

Avg return

5 days after

-2.5%

Avg return

30 days after

75%

3 / 4 earnings

Positive

+35.5%

Q4 2025

Best reaction

-12.2%

Q3 2025

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+15.8%+0.0%-30.6%
Q4 2025+35.5%+56.7%+52.6%
Q3 2025-12.2%-22.1%-15.1%
Q2 2025+1.3%-7.4%-17.0%

Discussion

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