$CRCL | Circle Internet Q3’25 Earnings Highlights

🔹 Revenue: $740M (Est. $699.6M) 🟢 ; UP +66% YoY
🔹 EPS: $0.64 (Est. $0.18) 🟢
🔹 Stablecoin Market Share: 29%; UP +643 bps YoY

FY25 Guide:
🔹 Adj Operating Expenses: $495M–$510M (Prior $475M–$490M) 🔴
🔹 Other Revenue: $90M–$100M (Prior $75M–$85M) 🟢
🔹 RLDC Margin: ~38% (Prior 36%–38%) 🟢

Segment:
🔹 USDC in Circulation: $73.7B; UP +108% YoY
🔹 Average USDC in Circulation: $67.8B; UP +97% YoY
🔹 Reserve Return Rate: 4.2%; DOWN -96 bps YoY
🔹 USDC Minted: $79.7B; UP +128% YoY
🔹 USDC Redeemed: $67.3B; UP +112% YoY
🔹 USDC on Platform, end of period: $10.2B; UP +1,277% YoY

Other Metrics:
🔹 Net Income: $214M; UP +202% YoY
🔹 Adjusted EBITDA: $166M; UP +78% YoY
🔹 Total Revenue and Reserve Income: $740M; UP +66% YoY
🔹 Revenue Less Distribution Costs: $292M; UP +55% YoY
🔹 RLDC Margin: 39%; DOWN -270 bps YoY
🔹 Adjusted EBITDA Margin: 57%; UP +737 bps YoY
🔹 Net Income Margin: 29%