Circle Internet Group (CRCL) Q2 2026 earnings summary

Executive summary

• USDC in circulation reached $73.3 billion in Q2 2026, up 19% year-over-year, with onchain transaction volume up 151% to $14.8 trillion and average circulation at an all-time high of $76.5 billion.

• Total revenue and reserve income rose 7% year-over-year to $701 million, with adjusted EBITDA at $143 million and a 50% margin.

• Net income from continuing operations was $48 million, a $530 million improvement year-over-year, driven by lower IPO-related stock-based compensation.

• Major milestones included the renewal of the Coinbase partnership, OCC national trust bank charter, and upcoming Arc Mainnet launch on September 16th, with expanded partnerships with BlackRock, DTCC, and other global financial institutions.

• Strategic partnerships and product launches, such as the Agent Stack and AI-driven agent marketplace, are driving institutional adoption and new use cases.

Financial highlights

• USDC circulation grew 19% year-over-year, outperforming a 40% decline in broader digital asset market capitalization.

• Q2 2026 revenue and reserve income was $701 million, up 6.6% from Q2 2025, with other revenue at $34 million, up 41% year-over-year.

• Adjusted EBITDA was $143 million, up 14% year-over-year, and RLDC margin improved to 41% from 38% year-over-year.

• Adjusted operating expenses increased 23% year-over-year to $146 million, reflecting investment in product, infrastructure, and AI.

• Net income attributable to common stockholders was $48.2 million, compared to a loss of $482.1 million in Q2 2025.

Outlook and guidance

• FY 2026 other revenue guidance raised to $310–$330 million, driven by Arc and a $242 million ARC Token pre-sale.

• Full-year RLDC margin outlook increased to 41.7%–43.7%, reflecting anticipated Arc revenue.

• Adjusted operating expenses guidance unchanged at $570–$585 million, expected at the higher end.

• Management targets a 40% multi-year growth CAGR for USDC, in line with third-party stablecoin market projections.

• Regulatory clarity and global partnerships are expected to drive further adoption and growth.