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Sep 30, 2025
Circle Internet Group Inc Q3 2025 Earnings Report
Circle delivered strong Q3 2025 results with significant growth in USDC circulation, net income, and adjusted EBITDA.
Key Takeaways
Circle posted a strong quarter with $740M in revenue and $214M in net income, driven by rising USDC adoption and platform expansion. Adjusted EBITDA reached $166M, supported by increasing reserve income and expanding strategic partnerships.
USDC in circulation hit $73.7B, up 108% YoY.
Net income rose to $214M, bolstered by tax benefits and lower debt value.
Adjusted EBITDA reached $166M, reflecting strong operating leverage.
Circle launched the Arc public testnet with over 100 partner institutions.
Revenue by Segment
Forward Guidance
Circle expects continued growth driven by expanding platform utility, increasing USDC circulation, and higher revenue from services.
Positive Outlook
- Raised FY2025 other revenue guidance to $90–100M.
- RLDC margin expected at ~38%, upper end of prior range.
- Adjusted operating expenses raised due to strategic hiring.
- Sustained 40% CAGR guidance for USDC in circulation.
- Ongoing adoption of Circle Payments Network and Arc blockchain.
Challenges Ahead
- Adjusted operating expenses guidance raised to $495–510M.
- Stock-based compensation costs are increasing.
- Regulatory uncertainty around stablecoins remains a risk.
- Fluctuations in interest rates may impact reserve returns.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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