NYSE$CRCL
Circle Internet Group Inc · Q4 2025 earnings
Q4 2025 earnings · · Before market open
Briefing
Circle reported strong fourth quarter growth driven by higher USDC circulation, with significant expansion in revenue, profitability, and margins.
In Q4 2025, Circle generated 770232000 in total revenue and reserve income, up 77% year over year, driven by growth in USDC circulation. Net income from continuing operations reached 133406000, while Adjusted EBITDA increased 412% to 167482000 with a 54% margin.
- Total revenue and reserve income increased 77% year over year to 770232000.
- Net income from continuing operations was 133406000 versus 4433000 in Q4 2024.
- Adjusted EBITDA rose 412% year over year to 167482000 with a 54% margin.
- USDC in circulation ended the quarter at 75300000000, up 72% year over year.
Headline financials
Revenue & EPS history
Circle Internet Group Inc · Revenue · Quarterly
$770M
Forward guidance
For FY 2026, Circle expects Other Revenue of 150000000 to 170000000, RLDC Margin of 38% to 40%, and Adjusted Operating Expenses between 570000000 and 585000000.
Tailwinds
- Multi-year USDC circulation growth target of 40% CAGR.
- FY 2026 Other Revenue guidance of 150000000 to 170000000.
- FY 2026 RLDC Margin expected between 38% and 40%.
- Adjusted Operating Expenses expected between 570000000 and 585000000.
- Strong operating leverage demonstrated in Q4 2025.
Headwinds
- Reserve return rate declined 68 basis points year over year to 3.8%.
- Distribution and transaction costs increased 52% year over year.
- Operating expenses increased 95% year over year.
- Exposure to interest rate and digital asset market volatility.
- Ongoing reliance on reserve income concentration.
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 Q4 2025
+10.1%
Avg return
Earnings day
+6.8%
Avg return
5 days after
+6.8%
Avg return
30 days after
75%
3 / 4 earnings
Positive
+35.5%
Q4 2025
Best reaction
-12.2%
Q3 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +15.8% | +0.0% | — | |
| 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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