Circle Internet Group (CRCL) Q3 2026 earnings summary

Executive summary

• Q3 revenue and reserve income was $865M, up 17% YoY; Adjusted EBITDA was $317M, up 85%, including $181.8M of ARC presale revenue.

• Average USDC circulation rose 8% YoY to $73.3B, while onchain transaction volume increased 49% to $13.9T; quarter-end circulation was $73.9B, flat YoY.

• Arc launched on mainnet, CPN annualized payment volume reached $41.3B, and management highlighted distribution, liquidity and platform scaling as growth priorities.

Financial highlights

• Revenue and reserve income was $864.9M, up 17% YoY; excluding $181.8M of ARC presale revenue, it was $683M.

• Reserve income was $657.6M, down 7.5% YoY; other revenue was $207.3M, including $181.8M of ARC presale revenue.

• GAAP operating income was $208.3M versus $81.0M; net income attributable to common stockholders was $226.0M, with basic EPS of $0.89 and diluted EPS of $0.84.

• Revenue less distribution costs was $453M, up 55% YoY; adjusted operating expenses were $139M, up 13% YoY.

• Adjusted EBITDA was $317M, up 85% YoY; its margin was 70%, or 50% excluding ARC presale revenue.

Outlook and guidance

• FY2026 other revenue guidance remained $310M–$330M, including recognized ARC presale revenue; revenue less distribution cost margin guidance was 41.7%–43.7%.

• FY2026 adjusted operating expenses were guided at $570M–$585M and were trending toward the high end of the range.

• Multi-year USDC circulation guidance remained 40% CAGR through the cycle.

• Material CPN revenue was expected in 2027 following the expected Tazapay close and integration; formal FY2027 guidance was deferred.

• Operating cash flow and $2.7B of liquid sources were expected to cover working capital and capital spending needs for at least 12 months.