Circle Internet Group (CRCL) Q4 2025 earnings summary

Executive summary

• USDC in circulation reached $75.3 billion at year-end Q4'25, up 72% year-over-year, with onchain transaction volume hitting $11.9 trillion, up 247% year-over-year.

• Achieved strong Q4 and FY 2025 results, with significant growth in revenue, platform expansion, and deepening institutional adoption.

• Launched Arc testnet with over 100 companies participating, expanded product suite with StableFX and xReserve, and advanced Arc network development.

• Positioned as a leading regulated stablecoin network, with growing adoption across 30+ blockchains and strong network effects.

• Major business developments included strategic partnerships with Visa, Intuit, Polymarket, and Bermuda's plans to become the first fully onchain national economy using Circle's infrastructure.

Financial highlights

• Q4 total revenue and reserve income rose 77% year-on-year to $770 million; full-year FY25 revenue and reserve income was $2.75 billion, up 64%.

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

• Q4 net income from continuing operations was $133 million, up $129 million year-over-year; FY25 net loss was $70 million, impacted by $424 million in stock-based compensation tied to IPO vesting.

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

• RLDC margin for Q4 was 40.1%, up 0.6 percentage points sequentially; full-year RLDC margin was 39.4%.

Outlook and guidance

• FY 2026 guidance: other revenue expected between $150 million and $170 million, RLDC margin guided to 38%-40%, and adjusted operating expenses expected between $570 million and $585 million (new definition excludes payroll tax on stock-based compensation and certain one-time costs).

• Management targets USDC to grow at a 40% CAGR over a multi-year cycle, but no specific guidance on circulation.

• Mainnet launch of Arc network expected in 2026.