Circle Internet Group Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Highlights

  • USDC in circulation ended 2025 at $75.3B, up 72% year‑on‑year (YoY) and outpacing overall CFX stablecoin market growth.
  • On‑platform USDC (held within Circle’s infrastructure) grew 5.6× YoY to $12.5B, now 17% of total circulation.
  • Total Q4 revenue and reserve income reached $770M, a 77% YoY increase.
  • Adjusted EBITDA was $167M, up 412% YoY, with a 54% margin.
  • Other revenue was $37M in Q4, driven by:
    • $24.7M in subscription/services revenue (mainly blockchain network partnership revenue).
    • $12.2M in transaction revenue (including strong Canton Network validator rewards).
  • Revenue less distribution, transaction and other costs (RLDC) was $309M, up 136% YoY.
  • FY2025 other revenue totaled $110M, exceeding guidance of $90–$100M.
  • FY2025 RLDC margin was 39.4%, above guidance (~38%).
  • FY2025 adjusted operating expenses were $508M, in line with guidance.

FY2026 Outlook

  • No circulation guidance for USDC due to market variability; long‑term expectation remains ~40% multiyear CAGR.
  • FY2026 other revenue guidance: $150–$170M.
  • FY2026 RLDC margin guidance: 38–40%.
  • FY2026 adjusted operating expenses: $570–$585M.

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Operator: Good morning, ladies and gentlemen, and thank you for standing by. My name is Kelvin and I will be your conference operator today. At this time, I would like to welcome everyone to the Circle Internet Group's Fourth Quarter and Full Year 2025 Earnings Call. [Operator Instructions] Thank you. I would now like to turn the call over to John Andrews, Vice President of Capital Markets and Investor Relations. Please go ahead. John Andrews: Thank you, operator, and good morning. I'd like to welcome you to Circle's Fourth Quarter and Full Year 2025 Earnings Conference Call. I'm joined by Jeremy Allaire, our Co-Founder, Chief Executive Officer and Chairman; and Jeremy Fox-Geen, our Chief Financial Officer. Earlier this morning, we posted our earnings press release and earnings presentation on the Circle Investor Relations website, investor.circle.com. A transcript of this call will be posted on that website once available. I do need to remind everyone that our earnings press release presentation and this call contain statements that are forward looking. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those project

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