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Sentiment · FY2026 Q2
As of FY2026 Q1, the Tellvest earnings-call sentiment score for Circle Internet Group (CRCL) is 7/10.
Circle's first quarter of 2026 showed decelerating headline growth, with total revenue and reserve income of $694 million, up 20% year over year, as USDC circulation held around $77 billion (up 28% year over year but roughly flat sequentially) amid a roughly 45% drop in digital-asset markets from their October 2025 peak. Adjusted EBITDA grew 24% to $151 million at a 53% margin, but GAAP operating income fell about 41% year over year as the post-IPO stock-compensation step-up weighed on the operating line and the reserve return rate slipped to 3.5%. GAAP diluted EPS was $0.23 versus $0.86 in the pre-IPO year-ago quarter, distorted by the larger post-IPO share count. Product momentum was the offset: Circle announced an Arc token presale raising $222 million at a $3 billion fully diluted value, launched its Circle Agent stack for machine-to-machine USDC payments, and grew CPN to $8.3 billion annualized volume across 136 institutions, while Meta, DoorDash and Polymarket expanded USDC usage. Management left full-year 2026 guidance unchanged, deferring the financial impact of Arc to the next call.
Scored from Circle Internet Group’s FY2026 Q1 earnings call. The newest quarter is available with Tellvest Pro.
All prior quarters are free.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $435M | — | $0.04 | — | 0.2% | 0.7% |
| FY2025 Q1 | $579M | +58.5% | $0.86 | +28.4% | 16.1% | 11.2% |
| FY2025 Q2 | $658M | +53.0% | $-4.48 | -1053.2% | -49.5% | -73.3% |
| FY2025 Q3 | $740M | +66.0% | $0.92 | -5.2% | 11.0% | 29.0% |
| FY2025 Q4 | $770M | +76.9% | $0.55 | +1191.1% | 7.3% | 17.3% |
| FY2026 Q1 | $694M | +20.0% | $0.23 | -73.3% | 7.9% | 8.0% |
| FY2026 Q2 | $701M | +6.6% | $0.18 | +104.0% | 6.5% | 6.9% |
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