NEW YORK--(BUSINESS WIRE)--February 25, 2026--
Circle Internet Group, Inc. $(CRCL)$ today announced results for the fourth quarter and full fiscal year 2025.
Fourth Quarter Highlights (Q4'25 vs. Q4'24)
-- USDC in circulation of $75.3 billion at year end grew 72%; USDC onchain
transaction volume in Q4'25 of $11.9 trillion, up 247%
-- Total revenue and reserve income in Q4'25 of $770 million grew 77%
-- Net Income from continuing operations in Q4'25 of $133 million
increased $129 million
-- Adjusted EBITDA in Q4'25 of $167 million grew 412%
Full Year Financial Highlights (FY25 vs. FY24)
-- Total revenue and reserve income in FY25 of $2.7 billion grew 64%
-- Net Loss from continuing operations in FY25 of $70 million,
significantly impacted by $424 million for stock-based compensation
related to vesting conditions met by our IPO, compared to Net Income from
continuing operations in FY24 of $157 million
-- Adjusted EBITDA in FY25 of $582 million grew 104%
Business Highlights
-- Arc: Public testnet launched with 100+ participants spanning banking,
capital markets, digital assets, payments, and technology. Testnet is
performing strongly with near 100% uptime, half second transaction
finality, and daily average transaction volumes of 2.3 million based on
the trailing 30 days as of February 20, 2026. Total transactions have
exceeded 166 million since testnet launch. Arc remains on track for
mainnet launch this year.
-- Circle Payments Network $(CPN)$ Expansion: 55 financial institutions
enrolled and 74 going through eligibility reviews as of February 20,
2026. Activity has continued to grow with annualized transaction volume
based on the trailing 30 day activity of $5.7 billion as of February 20,
2026.
-- Digital assets growth: EURC in circulation of EUR310 million at year
end grew 284% year-over-year and 44% quarter-over-quarter; USYC assets of
$1.5 billion at year end declined 6% year-over-year but grew 111%
quarter-over-quarter, following our relaunch of USYC in early Q3'25.
-- Continued Momentum: Major enterprises continue adopting Circle's
infrastructure to enable safe, compliant use of stablecoins.
-- Visa announced that U.S. issuers and acquirers can fully settle
with Visa using USDC, enabling continuous settlement outside of
traditional banking hours.
-- Intuit launched a multi-year strategic partnership to integrate
USDC and Circle's supporting infrastructure across its platform.
-- We partnered with Polymarket, the largest prediction market in
the world, to advance its use of USDC as the core collateral and
settlement asset for their markets.
-- The Government of Bermuda announced plans to become the world's
first fully onchain national economy supported by Circle's digital
asset infrastructure.
-- National trust charter: In December, Circle received conditional
approval from the Office of the Comptroller of the Currency to establish
a national trust bank, further strengthening USDC infrastructure.
"The fourth quarter marked another step forward in Circle's mission to build the infrastructure for an open, programmable internet financial system," said Jeremy Allaire, Co-Founder, Chief Executive Officer, and Chairman at Circle. "USDC adoption continued to expand globally as more enterprises, developers, and public institutions integrated digital dollars into real-world payments, treasury, and onchain financial workflows. We saw strong engagement across our platform, meaningful progress toward launching Arc mainnet, continued growth in CPN TPV, and growing momentum for EURC and USYC. With increasing collaboration across traditional finance, fintech, and the public sector, Circle is helping build the infrastructure for a more open and resilient global financial system."
Key Financial Results and Operating Indicators
The following table presents our key results and operating indicators, as well as the relevant GAAP measures, for the periods indicated:
Q4 YoY FY YoY
Key Financial Results 2025 Change 2025 Change
-------------------------------------------- ----- -------- ------ -------
($ in millions unless noted otherwise)
-------------------------------------------- ----- -------- ------ -------
Total Revenue and Reserve Income $770 77% $2,747 64%
-------------------------------------------- ----- -------- ------ -------
Revenue Less Distribution Costs(1) $309 136% $1,083 64%
-------------------------------------------- ----- -------- ------ -------
RLDC Margin(2) 40% 1,004bps 39% 12bps
-------------------------------------------- ----- -------- ------ -------
Net Income (loss) from Continuing
Operations $133 NM ($70) NM
-------------------------------------------- ----- -------- ------ -------
Net Income (loss) from Continuing
Operations Margin(3) 17% NM (3%) NM
-------------------------------------------- ----- -------- ------ -------
Adjusted EBITDA(4) $167 412% $582 104%
-------------------------------------------- ----- -------- ------ -------
Adjusted EBITDA Margin(4) 54% NM 54% NM
-------------------------------------------- ----- -------- ------ -------
Q4 YoY FY YoY
Key Operating Indicators 2025 Change 2025 Change
-------------------------------------------- ----- -------- ------ -------
($ in billions unless noted otherwise)
-------------------------------------------- ----- -------- ------ -------
USDC in Circulation, end of period $75.3 72% $75.3 72%
-------------------------------------------- ----- -------- ------ -------
USDC in Circulation, average of period $76.2 100% $64.9 95%
-------------------------------------------- ----- -------- ------ -------
Reserve Return Rate 3.8% (68bps) 4.1% (90bps)
-------------------------------------------- ----- -------- ------ -------
USDC on Platform, end of period $12.5 459% $12.5 459%
-------------------------------------------- ----- -------- ------ -------
USDC on Platform, daily weighted average
percentage 17.8% 1,529bps 11.1% 899bps
NM = Not Meaningful.
(1) Revenue Less Distribution Costs (RLDC) is calculated as Total Revenue
and Reserve Income less Total Distribution, Transaction and Other
Costs.
(2) RLDC Margin is calculated as Total Revenue and Reserve Income less
Total Distribution, Transaction and Other Costs as a percentage of
Total Revenue and Reserve Income.
(3) Net Income (loss) from Continuing Operations Margin is calculated as
Net Income (loss) from Continuing Operations / Total Revenue and
Reserve Income.
(4) Refer to Non-GAAP Financial Measures for further details and a
reconciliation of the GAAP to non-GAAP measures presented. Adjusted
EBITDA Margin is calculated as Adjusted EBITDA / Total Revenue and
Reserve Income less Total Distribution, Transaction and Other Costs.
Fourth Quarter 2025 Financial Highlights and Operating Results
-- Reserve Income of $733 million increased 69% year-over-year, primarily
from 100% growth in average USDC in circulation, partially offset by a 68
bps decline in the reserve return rate.
-- Other Revenue of $37 million increased $34 million year-over-year as
subscription and services revenue and transaction revenue grew strongly.
-- Total Distribution, Transaction and Other Costs of $461 million
increased 52% year-over-year, due to increased distribution payments.
Distribution costs in the prior year period included the previously
disclosed one-time fee to a distribution partner of $60 million in
November 2024.
-- Operating Expenses of $254 million increased 95% year-over-year,
primarily driven by higher compensation expenses and general and
administrative costs. The year-over-year comparison was impacted by a $48
million increase in stock-based compensation expense following our IPO,
as well as a $23 million charge related to our first annual share
contribution to the Circle Foundation.
-- Adjusted Operating Expenses of $144 million increased 32%
year-over-year, primarily driven by higher cash compensation expenses,
payroll tax expenses related to stock-based compensation which did not
exist in the prior year period, as well as higher general and
administrative expenses.
-- Net Income from continuing operations of $133 million increased $129
million year-over-year. Other income of $85 million increased $75 million
year-over-year primarily driven by a benefit from the decrease in fair
value of our convertible debt due to a lower stock price in the fourth
quarter, gains on digital assets held for investments due to increases in
underlying market prices, as well as an increase in interest income
received on corporate cash balances. The prior year period included the
one-time distribution cost.
-- Adjusted EBITDA of $167 million increased 412% year-over-year
reflecting the revenue growth from higher USDC in circulation and the
(MORE TO FOLLOW) Dow Jones Newswires
February 25, 2026 06:25 ET (11:25 GMT)
Comments