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Circle Internet Group 8-K Report, Financial Results (Feb 25, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 25, 2026
Period End
February 25, 2026
Security
CRCL
In the record · 2025–202610-K210-Q58-K16

CRCL filed 2 annual reports (10-K), 5 quarterly reports (10-Q) and 16 current reports (8-K) between 2025 and 2026.

  1. Leadership change8-K · Sep ’25Sep ’25
  2. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.

Circle Internet Group, Inc. (NYSE: CRCL) reported fourth quarter and full fiscal year 2025 results on February 25, 2026, as stated in Item 2.02 of this Form 8-K and its Exhibit 99.1 press release.

USDC in circulation reached $75.3 billiona at year end, up 72%, and total revenue and reserve income was $770 million in Q4'25 (up 77%) and $2.7 billion for FY25 (up 64%). Reserve income was $733 million in Q4'25, up 69% year-over-year, driven by 100% growth in average USDC in circulation, partially offset by a lower reserve return rate of 3.8%. Profitability was mixed.

Net income from continuing operations was $133 millionb in Q4'25, compared with $4 million in Q4'24, aided by other income of $85 million, including a benefit from a lower fair value of convertible debt. For FY25, the company posted a net loss from continuing operations of $70 million, which the filing attributes significantly to $424 million of stock-based compensation tied to vesting conditions met by its IPO. Adjusted EBITDA was $167 million in Q4'25 (up 412%) and $582 million for FY25 (up 104%).

Management guided to a multi-year through-cycle USDC in circulation CAGR of 40%, FY2026 other revenue of $150c-$170 million, an FY2026 RLDC margin of 38-40%, and FY2026 Adjusted Operating Expenses of $570-$585 million. The filing also highlights Arc public testnet progress with mainnet targeted for 2026, CPN expansion, and a conditional OCC approval in December for a national trust bank charter.

02—Key points

Key Highlights

  1. USDC in circulation of $75.3 billion at year end 2025, up 72%; USDC onchain transaction volume in Q4'25 was $11.9 trillion, up 247%.
  2. Q4'25 total revenue and reserve income of $770 million, up 77%; FY25 total revenue and reserve income of $2.7 billion, up 64%.
  3. FY25 net loss from continuing operations of $70 million, significantly impacted by $424 million of stock-based compensation tied to IPO-related vesting conditions, versus net income of $157 million in FY24.
  4. Adjusted EBITDA of $167 million in Q4'25 (up 412%) and $582 million for FY25 (up 104%).
  5. FY2026 guidance: other revenue $150-$170 million, RLDC margin 38-40%, and Adjusted Operating Expenses $570-$585 million; USDC in circulation targeted at a 40% multi-year through-cycle CAGR.
  6. Arc public testnet launched with 100+ participants, with mainnet launch still expected in 2026; CPN had 55 enrolled institutions and 74 in eligibility review as of February 20, 2026.
  7. In December, Circle received conditional OCC approval to establish a national trust bank.

03—Questions

Frequently Asked Questions

  1. Why did Circle report a full-year net loss despite strong revenue growth?

    The filing attributes the FY25 net loss from continuing operations of $70 million significantly to $424 million of stock-based compensation related to vesting conditions met by the IPO, compared with net income from continuing operations of $157 million in FY24.

  2. What drove the growth in reserve income?

    Q4'25 reserve income of $733 million rose 69% year-over-year, primarily from 100% growth in average USDC in circulation, partially offset by a 68 bps decline in the reserve return rate to 3.8%.

  3. What is management guiding for 2026?

    Guidance includes a multi-year through-cycle USDC in circulation CAGR of 40%, FY2026 other revenue of $150-$170 million, an RLDC margin of 38-40%, and Adjusted Operating Expenses of $570-$585 million under the amended definition.

  4. Did the company change how it defines Adjusted Operating Expenses?

    Yes. Beginning in Q1 2026, Adjusted Operating Expenses will exclude payroll tax expense related to stock-based compensation, certain one-time legal expenses, acquisition-related costs, and where relevant, restructuring expenses. Under the new definition FY25 Adjusted Operating Expenses were $477.5 million versus $508.2 million under the prior definition.

  5. What is the status of Arc and the national trust charter?

    Arc's public testnet has over 100 participants, near 100% uptime, and total transactions exceeding 166 million since launch, with mainnet remaining on track for 2026. Circle received conditional OCC approval in December to establish a national trust bank, as stated in the press release.

04—Continue

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