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Circle

Financial analysis and earnings reports for Circle Internet Group (CRCL)

September 13, 2026

Circle Q2 2026: $701M of Reserve Income, and a $530M Swing That Wasn't Operations

Circle's Q2 2026 total revenue and reserve income was $701.3M (+7% YoY), with net income from continuing operations of $48.2M — a $530M YoY swing explained by last year's $503.4M IPO stock-compensation charge rolling off, not USDC demand. Period-end USDC circulation fell to $73.3B from $77.0B, distribution partners kept 58.8% of revenue, and ~$242M of ARC Token presale proceeds sit as deferred revenue ahead of the September 16 Arc mainnet, all reconstructed in Circle's public Beancount ledger.

mike

financial-reportingfinancial-analysisbeancount

July 13, 2026

Circle Q1 2026: $694M in Revenue, and Most of It Never Stays

Circle's Q1 2026 revenue was $694.1M (+20% YoY) with USDC in circulation at $77.0B, but $405.4M — 58.4% — went to distribution partners, leaving an RLDC margin of 41%. Reserve income is 94% of revenue, so the top line tracks short-term interest rates. Rebuilding Circle's books in a public Beancount ledger also shows FY2025 was a net-loss year (−$70M), driven by a one-time $503.4M IPO compensation charge in Q2.

mike

financial-reportingfinancial-analysisbeancount

February 25, 2026

Circle Q4 FY2025 Earnings: From $299 to $50 to a 29% Surge — The Stablecoin Stock That Refused to Die

Circle just posted $770M in Q4 revenue and the stock surged 29%. But eight months ago it was trading at $299. The story of how the first pure-play stablecoin stock crashed, rebuilt, and beat every estimate on the Street.

mike

financial-reportingstablecoinsbeancount

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