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Dec 31, 2025
Circle Internet Group Inc Q4 2025 Earnings Report
Circle reported strong fourth quarter growth driven by higher USDC circulation, with significant expansion in revenue, profitability, and margins.
Key Takeaways
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.
Revenue by Segment
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.
Positive Outlook
- 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.
Challenges Ahead
- 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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