Circle Internet Group, Inc. (CRCL) Q1 2026 Financial Results Summary

Release Date: May 11, 2026

Circle Internet Group, Inc. (NYSE: CRCL) reported its financial results for the first quarter of fiscal year 2026. Below is a comprehensive summary of the highlights and key metrics compared to the same quarter last year.

Financial Highlights (Q1’26 vs. Q1’25)

• USDC in Circulation: $77.0 billion at quarter end, grew 28%.
• USDC Onchain Transaction Volume: $21.5 trillion, grew 263%.
• Total Revenue and Reserve Income: $694 million, grew 20%.
• Net Income from Continuing Operations: $55 million, decreased 15%.
• Adjusted EBITDA: $151 million, grew 24%.

Key Financial Results and Operating Indicators

• Total Revenue and Reserve Income: $694 million, 20% increase YoY.
• Revenue Less Distribution Costs (RLDC): $287 million, 24% increase YoY.
• RLDC Margin: 41%, increased by 148 bps.
• Net Income Margin from Continuing Operations: 8%, decreased by 324 bps.
• Adjusted EBITDA Margin: 53%, decreased by 33 bps.

Key Operating Indicators

• USDC in Circulation, End of Period: $77.0 billion, 28% increase YoY.
• Average USDC in Circulation: $75.2 billion, 39% increase YoY.
• Reserve Return Rate: 3.5%, decreased by 66 bps.
• USDC on Platform, End of Period: $13.7 billion, grew 254% YoY.
• Meaningful Wallets: 7.2 million, increased by 47% YoY.

Business Highlights

• ARC Token: Completed a presale raise of $222 million, resulting in a $3 billion fully diluted network valuation from a consortium of major investors. Whitepaper published detailing its role in governance, security, and network operations.
• The Agent Stack: New permissions and infrastructure announced to support agent-led financial operations using USDC across multiple blockchains and payment protocols.
• CPN Expansion: CPN network transaction volume reached $8.3 billion annualized during the trailing 30 days as of March 31, 2026. Introduced Managed Payments for financial institutions to facilitate stablecoin payments without digital asset management.
• Digital Assets Growth: USDC constituted 63% of stablecoin transaction volumes in Q1, per Visa Onchain Analytics.
• New Use Cases for USDC: Partnerships with Kyriba for treasury systems and Polymarket for market collateral.

Operating Expenses & Other Metrics

• Operating Expenses: Totaled $242 million, increased by 76% YoY, mainly due to higher compensation costs.
• Adjusted Operating Expenses: $136 million, increased by 32% YoY.
• Distribution, Transaction and Other Costs: $407 million, increased by 17% YoY.

Dividends and Share Repurchase

• Quarterly Dividend Declared: Not applicable.
• Share Repurchase: No share repurchase program was reported.

Outlook

Management is affirming its previous guidance:

• USDC in Circulation: Expected 40% CAGR through the cycle.
• Other Revenue for FY 2026: Projected between $150-$170 million.
• Adjusted Operating Expenses for FY 2026: Estimated between $570-$585 million.

This report highlights the strong performance in terms of revenue growth and the expansion of USDC’s presence in the market, despite the decrease in net income. The increase in operational expenses indicates significant investments in future growth opportunities.

For more detailed information, Circle will hold a conference call at 8:00 am ET on May 11, 2026. Access will be available through its Investor Relations website.

Here are the extracted tables in Markdown format:

CIRCLE INTERNET GROUP, INC. – CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in $ thousands, except per share information)

Note: All amounts are in thousands.

Three Months Ended	March 31, 2026	March 31, 2025
Revenue and reserve income
Reserve income	$652,508	$557,911
Other revenue	$41,625	$20,662
Total revenue and reserve income	$694,133	$578,573
Distribution, transaction and other costs
Distribution and transaction costs	$405,402	$347,312
Other costs	$1,379	$335
Total distribution, transaction and other costs	$406,781	$347,647
Operating expenses
Compensation expenses	$138,127	$75,620
General and administrative expenses	$57,261	$30,684
Depreciation and amortization expenses	$26,767	$13,880
IT infrastructure costs	$12,722	$7,672
Marketing expenses	$6,617	$3,860
Digital assets losses (gains)	$856	$6,270
Total operating expenses	$242,350	$137,986
Operating income from continuing operations	$45,002	$92,940
Other income (expense), net	$11,683	($3,103)
Net income from continuing operations before income taxes	$56,685	$89,837
Income tax expense (benefit)	$1,439	$25,046
Net income from continuing operations	$55,246	$64,791
Less: Net loss attributable to noncontrolling interests	($7)	—
Net income attributable to common stockholders	$55,253	$64,791
Earnings per share attributable to common stockholders:
Basic	$0.23	—
Diluted	$0.21	—
Weighted-average shares used to compute earnings per share attributable to common stockholders:
Basic	244,038	57,966
Diluted	266,687	75,650

CIRCLE INTERNET GROUP, INC. – CONDENSED CONSOLIDATED BALANCE SHEETS (in $ thousands, except share information)

Note: All amounts are in thousands.

March 31, 2026	December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$1,517,264	$1,526,046
Cash and cash equivalents segregated for corporate-held stablecoins	$792,662	$822,963
Cash and cash equivalents segregated for the benefit of stablecoin holders	$76,893,681	$75,067,932
Accounts receivable, net	$72,168	$62,866
Prepaid expenses and other current assets	$326,800	$321,660
Total current assets	$79,602,575	$77,801,467
Non-current assets:
Restricted cash	$2,800	$2,792
Investments	$100,073	$84,265
Fixed assets, net	$22,520	$22,791
Digital assets	$84,217	$86,515
Goodwill	$265,742	$265,742
Intangible assets, net	$421,017	$411,146
Deferred tax assets, net	$11,285	$11,110
Other non-current assets	$26,549	$27,379
Total assets	$80,536,778	$78,713,207
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Deposits from stablecoin holders	$76,778,530	$74,912,567
Accounts payable and accrued expenses	$262,215	$360,609
Convertible debt, net of debt discount	—	$36,821
Other current liabilities	$14,637	$18,398
Total current liabilities	$77,055,382	$75,328,395
Non-current liabilities:
Deferred tax liabilities, net	$28,071	$28,702
Other non-current liabilities	$24,694	$25,337
Total non-current liabilities	$52,765	$54,039
Total liabilities	$77,108,147	$75,382,434
Stockholders’ equity
Class A common stock ($0.0001 par value)	$25	$24
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