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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Circle Internet Group
Circle Internet Group (CRCL) investor relations material
Circle Internet Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
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.
Arc mainnet launch: expected business impact
FY25 Net Loss vs. Adjusted EBITDA drivers
CPN expansion: revenue contribution outlook
What is the impact of new Adj OpEx definition?
Expected revenue contribution from Arc Mainnet
What drives the strong 'Other Revenue' growth?
Circle Gateway's impact on AI agent payments
Arc Mainnet: Partner selection and governance
CPN scaling and monetization strategy
Partial view of Summaries dataset, powered by Quartr API
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Next Circle Internet Group earnings date
Q1 202613 May, 2026
Circle Internet Group
Next Circle Internet Group earnings date
Q1 202613 May, 2026
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