Circle Internet Group (CRCL) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 and FY 2025 results, with USDC in circulation reaching $75.3B, up 72% year-over-year, and onchain transaction volume hitting $11.9T, up 247% year-over-year.

• Total Q4 revenue and reserve income was $770M, up 77% year-over-year, with adjusted EBITDA of $167M (54% margin), and net income from continuing operations of $133M.

• Major business developments included the launch of Arc testnet, expansion of Circle Payments Network, and new products like StableFX and xReserve.

• Deepened partnerships with major enterprises and financial institutions, including Intuit, Visa, and Polymarket.

• FY25 net loss from continuing operations was $70M, impacted by $424M in stock-based compensation tied to IPO vesting and other one-time items.

Financial highlights

• Q4 total revenue and reserve income was $770M, up 77% year-on-year; FY25 total revenue and reserve income was $2.75B, up 64% year-on-year.

• Adjusted EBITDA for Q4 was $167M, up 412% year-on-year, with a 54% margin; FY25 adjusted EBITDA was $582M, up 104% year-on-year.

• RLDC margin for Q4 was 40%, up 1,004bps year-on-year; full-year RLDC margin was 39.4%.

• Adjusted operating expenses for Q4 were $144M, up 32% year-on-year; FY25 adjusted operating expenses (new definition) were $477.5M.

• Net income from continuing operations for Q4 was $133M; FY25 net loss was $70M due to non-cash and one-time items.

Outlook and guidance

• FY26 guidance: other revenue expected between $150M and $170M, RLDC margin anticipated between 38% and 40%, and adjusted operating expenses projected at $570–$585M.

• USDC expected to grow at a 40% CAGR over a multi-year cycle, with quarter-to-quarter variability.

• Mainnet launch of Arc network expected in 2026.