CRCL 10-Q Quarterly Reports

Circle Internet Group Quarterly Report for Q3 Ended Sep 30, 2026

Circle Internet Group Quarterly Report for Q2 Ended Jun 30, 2026

Circle Internet Group, Inc. reported a second quarter 2026 with total revenue and reserve income of $701.3 million, up 6.6% from $658.1 million a year earlier, and net income from continuing operations of $48.2 million, compared with a net loss of $482.1 million in the prior-year quarter. The prior-year loss was driven largely by $423.8 million of stock-based compensation tied to RSU vesting at the IPO and $168.5 million of fair value losses on convertible notes that have since converted. Reserve income rose 5.3% to $667.7 million, with the filing attributing the increase to a 25.2% rise in average daily USDC in circulation, largely offset by a 66 basis point decline in average yields. Adjusted EBITDA was $143.5 million, and USDC in circulation at period end was $73.3 billion, up from $61.3 billion a year earlier. The balance sheet shows total assets of $77.2 billion, with cash and cash equivalents segregated for the benefit of stablecoin holders of $73.2 billion offsetting deposits from stablecoin holders of $72.9 billion. Corporate cash and cash equivalents were $1.7 billion, and the company stated total liquidity sources of $2.6 billion. Other current liabilities rose to $256.0 million, reflecting $242.2 million of deferred revenue from a private presale of 807.5 million ARC Tokens at $0.30 per token, of which $222.0 million was received in the quarter. Operating cash flow for the six months was $538.5 million, helped by those presale proceeds. The filing also highlights Arc mainnet expected in September 2026, a private mainnet launched in May 2026, and the OCC approval of First National Digital Currency Bank, N.A. (Circle National Trust), which opened on July 24, 2026. The company remains in a lawsuit brought by a former financial advisor seeking fees, which it says cannot be reasonably quantified or estimated.

Circle Internet Group Quarterly Report for Q1 Ended Mar 31, 2026

Circle Internet Group, Inc. reported first-quarter 2026 total revenue and reserve income of $694.1 million, up 20.0% from $578.6 million a year earlier, driven by reserve income of $652.5 million (up 17.0%) and other revenue of $41.6 million (up 101.5%). Distribution, transaction and other costs rose 17.0% to $406.8 million, and operating expenses rose 75.6% to $242.4 million, led by compensation expenses of $138.1 million (up 82.7%). Operating income from continuing operations fell to $45.0 million from $92.9 million, and net income from continuing operations declined 14.7% to $55.2 million, with diluted EPS of $0.21. Management reports Adjusted EBITDA of $151.4 million, up from $122.4 million, though the company changed its definition beginning in the first quarter of 2026 to exclude payroll tax on stock-based compensation, which was $10.6 million for the quarter. USDC in circulation at quarter end was $77.0 billion, up 28% year over year, and USDC onchain transaction volume grew 263% to $21.5 trillion. The reserve return rate fell to 3.5% from 4.2%, and the filing attributes part of the reserve income decline to interest rate actions by the U.S. Federal Reserve. Cash and cash equivalents segregated for the benefit of stablecoin holders rose to $76.9 billion, against deposits from stablecoin holders of $76.8 billion. Stockholders' equity rose to $3.43 billion, and the convertible notes were fully converted into Class A common stock during the quarter. Subsequent to quarter end, on May 8, 2026, the company sold 740 million ARC Tokens to institutional investors led by a16z crypto at $0.30 per token, for estimated gross proceeds of approximately $222.0 million, implying a fully diluted network valuation of $3.0 billion. The filing also discloses repayment rights for presale purchasers if token delivery or the Arc network's transition to proof-of-stake does not occur by May 8, 2028, and expanded risk factors relating to Arc and the ARC Token. A dispute with a former financial advisor over fees remains pending, and the company says its outcome cannot be reasonably quantified or estimated.

Circle Internet Group Quarterly Report for Q3 Ended Sep 30, 2025

Circle Internet Group, Inc. reported its quarterly results for the period ended September 30, 2025 in this Form 10-Q. Total revenue and reserve income for the three months ended September 30, 2025 was $739.8 million, up from $445.8 million a year earlier, and net income from continuing operations was $214.4 million, compared with $71.0 million. For the nine months, the company posted a net loss from continuing operations of $202.9 million, compared with net income of $152.6 million in the prior-year period, driven largely by $506.8 million of stock-based compensation and a $113.9 million change in the fair value of convertible debt and related instruments. Reserve income was $711.2 million in the quarter and accounted for 96.1% of total revenue, and the company's growth was tied to USDC in circulation, which reached $73.7 billion at September 30, 2025, up from $35.5 billion a year earlier. The company completed its initial public offering in June 2025, raising net proceeds of $583.0 million at $31.00 per share, and a follow-on offering in August 2025, raising $444.8 million at $130.00 per share. Cash and cash equivalents segregated for the benefit of stablecoin holders was $73.4 billion, against deposits from stablecoin holders of $73.3 billion. Adjusted EBITDA, a non-GAAP measure, was $166.5 million for the quarter and $414.7 million for the nine months, and the company stated that its liquidity sources of $2.2 billion are sufficient for at least the next 12 months. The filing also highlights ongoing legal exposure, including a dispute with financial advisor FT Partners that seeks fees tied to transactions the company says it does not owe, and identifies a number of risks, including reliance on Coinbase distribution arrangements, interest rate sensitivity of reserve income, and the pending implementation of the GENIUS Act.

Circle Internet Group Quarterly Report for Q2 Ended Jun 30, 2025

Circle Internet Group, Inc. reported its quarterly results for the period ended June 30, 2025, in a Form 10-Q filed August 12, 2025, following its June 2025 IPO at $31.00 per share, which resulted in net proceeds of $583.0 million before offering costs of $12.8 million. Total revenue and reserve income was $658.1 million for the three months ended June 30, 2025, up from $430.0 million a year earlier, with reserve income of $634.3 million making up the bulk of revenue. The company reported a net loss from continuing operations of $482.1 million for the quarter, compared with net income of $32.9 million in the prior-year quarter, driven primarily by $423.8 million of stock-based compensation recognized on RSUs that vested upon the IPO and a $167.7 million loss from the change in fair value of convertible debt and related instruments. The balance sheet grew substantially with the stablecoin business: cash segregated for the benefit of stablecoin holders reached $61.4 billion at June 30, 2025, against deposits from stablecoin holders of $61.1 billion. USDC in circulation was $61.3 billion at period end, up from $32.2 billion a year earlier, and the company reported a 28% stablecoin market share. Distribution and transaction costs rose to $406.5 million for the quarter, including payments to Coinbase under the Collaboration Agreement. Adjusted EBITDA, a non-GAAP measure, was $125.8 million for the quarter compared with $82.6 million a year earlier. Investors should note the company's heavy reliance on reserve income, which represented between 96.4% and 98.5% of total revenue in the three and six months ended June 30, 2025 and 2024, and the sensitivity of that income to interest rates. The filing also discloses a pending lawsuit from financial advisor FT Partners, which seeks fees related to transactions including the IPO, and states that the outcome cannot be reasonably quantified or estimated. The company also said that the GENIUS Act, signed into law on July 18, 2025, will change the payment stablecoin regulatory framework once effective.