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Jun 30, 2025
Circle Internet Group Inc Q2 2025 Earnings Report
Circle reported its second quarter 2025 results, marked by strong revenue growth and a substantial net loss due to IPO-related non-cash charges.
Key Takeaways
Circle posted $658M in revenue and a net loss of $482M in its first quarter as a public company, impacted by significant IPO-related stock compensation and valuation adjustments.
Total revenue and reserve income reached $658M, up 53% YoY
Net loss of $482M driven by $591M in non-cash IPO-related charges
Adjusted EBITDA rose to $126M, showing 52% YoY growth
USDC in circulation grew 90% YoY to $61.3B at quarter-end
Revenue by Segment
Forward Guidance
Circle provided guidance for FY 2025 with targets for other revenue, RLDC margin, and adjusted operating expenses.
Positive Outlook
- Projected RLDC margin of 36-38% for FY 2025
- Other revenue expected to reach $75M–$85M
- USDC circulation projected to grow at 40% CAGR over multiple years
- Adjusted operating expenses projected to remain controlled between $475M–$490M
- Circle sees strong institutional pipeline for Payments Network expansion
Challenges Ahead
- Uncertainty in regulatory environment despite GENIUS Act progress
- Dependence on USDC demand and stablecoin ecosystem health
- Potential systemic shocks in stablecoin markets could impact reserves
- High exposure to third-party infrastructure and service providers
Historical Earnings Impact
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Avg. Return Before/After Earnings
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