CRCL
Circle Internet Group83.00
+7.54+9.99%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Key Stats
Market Cap
21.12BP/E (TTM)
-Basic EPS (TTM)
-0.85Dividend Yield
0%Recent Filings
8-K
Q3 revenue up 66%
10-Q
Q3 FY2025 results
Circle crushed Q3 with revenue and reserve income up 66% y/y to $740M, fueled by 97% higher average USDC circulation at $67.8B despite softer reserve yields, while distribution costs climbed 74% y/y. Operating income rose 27% y/y to $81M as other revenue from subscriptions and transactions jumped meaningfully. Cash equivalents swelled to $2.2B post-IPO and follow-on, with $149M convertible debt (2.9% rate, matures Mar 2026). Hashnote closed Jan 2025 for $100.1M (cash/stock), adding $96.8M goodwill and $4.5M finite-lived intangibles (2-year life). Diluted EPS of $0.64 reconciles to 267M shares. Intense competition from yield-bearing rivals pressures non-yield USDC.
8-K
8-K
Circle's Q2 Surge
Circle Internet Group reported Q2 2025 results with USDC circulation surging 90% year-over-year to $61.3 billion, driving total revenue and reserve income up 53% to $658 million. Yet a $482 million net loss stemmed from $591 million in IPO-tied non-cash charges, while adjusted EBITDA climbed 52% to $126 million. The GENIUS Act bolsters regulatory clarity for stablecoins. Circle Payments Network gains traction with 100+ institutions queued. Arc blockchain launches this fall.
10-Q
Q2 FY2025 results
Circle Internet Group swung to a Q2 FY2025 net loss of $482.1M from $32.9M profit a year earlier, driven by $423.8M in stock-based compensation from IPO-related RSU vesting, while revenue and reserve income jumped 53.0% y/y to $658.1M on 86% higher average USDC circulation to $61.0B, despite a 103 basis point drop in reserve return rate to 4.1%. Operating loss widened to $325.6M from $50.2M income, with net loss further pressured by $167.7M fair value loss on convertible debt; diluted EPS fell to $(4.48) from $0.00 on 107.5M shares, reconciling to the net loss without anti-dilution effects. Key drivers included expanded strategic partnerships boosting USDC minting to $42.2B (up 21.1% y/y) and other revenue tripling to $23.8M from integration services and tokenized funds post-January Hashnote acquisition for $100.1M (cash/stock mix, $96.8M goodwill, $4.5M finite-lived intangibles over 2 years). Liquidity strengthened with $1.1B cash equivalents and $588M corporate-held stablecoins, total debt at $206.1M (2.9% convertible note maturing March 2026), and $303.7M operating cash flow yielding $279.9M free cash flow (derived); no revolver or covenants disclosed. Yet competition from yield-bearing tokens like TMMFs threatens USDC's edge in trading collateral.
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