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Material event since the last analyzed call: CFO to step down by year-end; co-founder director resigns (Sep 25, 2026). See corporate events below.
Top analysts & firms
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
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Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
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.
Key Themes7
positive📊 company
Revenue And Reserve Income Growth
Total revenue and reserve income of $694 million grew 20% year-over-year, decelerating from prior quarters as circulation growth and other revenue were offset by a lower reserve rate.
Revenue Growth
mixed📊 company
USDC Circulation Flat Sequentially
USDC circulation ended the quarter at $77 billion, up 28% year-on-year but roughly flat sequentially, despite a roughly 45% decline in digital asset markets since their peak in October 2025.
Demand
positive📊 company
Onchain Volume And Utility Share Leadership
Onchain transaction volume grew over 260% year-over-year to $21.5 trillion, and USDC took a majority of onchain utility share, reaching approximately 80% by some third-party measures.
Filed after the FY2026 Q1 call day (May 11, 2026) through the next call day (Aug 19, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Key financials
FY2026 Q1 selectedReported GAAP figures from SEC filings
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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 Q1Selected
$694M
+20.0%
$0.23
-73.3%
7.9%
8.0%
FY2026 Q2
$701M
+6.6%
$0.18
+104.0%
6.5%
6.9%
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Revenue
“Total revenue and reserve income of $694 million, grew 20% year-over-year”
Adjusted ebitda
“Adjusted EBITDA grew to $151 million, 24% year-over-year growth and we continue to maintain a strong adjusted EBITDA margin of 53%”
Guidance
“We are leaving our full year 2026 guidance unchanged.”
Usdc circulation
Adjusted EBITDA Growth Versus GAAP OI Decline
Adjusted EBITDA grew 24% year-over-year to $151 million at a 53% margin, while GAAP operating income declined as the post-IPO stock-based-compensation step-up weighed on the operating line.
Margin
mixed🌍 macro
Reserve Return Rate Declines With SOFR
The reserve return rate was 3.5% for the quarter, down 66 basis points year-on-year, reflecting the decline in SOFR during this period.
MacroeconomicMargin
positive📊 company
Arc Token Presale And Mainnet Approach
Circle announced an Arc token presale raising $222 million at a $3 billion fully diluted network value, led by A16Z crypto, with Arc mainnet launch coming soon.
Capital AllocationInnovation & R&D
positive🏢 sector
Circle Agent Stack And Enterprise Adoption
Circle launched its Agent stack for machine-to-machine USDC payments, with 99.8% of X402 agentic payments settled in USDC, while Meta, DoorDash and Polymarket expanded USDC usage.
Cloud & AIProduct Launch
Seaport Research Partners
Maybe just talk more about what you saw during the quarter because the onchain data had the high
how do we think about a world for USDC, where revenue for Circle continues to be earned on assets but rewards are paid to end customers more based on transactions.
CompanyFiscal year ends DecMost recent earnings call: Aug 19, 2026 (FY2026 Q2)Est. next earnings call: Nov 4, 2026
7/ 10
FY2026 Q1Positive−1.0 vs FY2025 Q4Default view · newest free
Calendar quarter Q1 2026Earnings call May 11, 2026
FY2026 Q1 in brief
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…
PositiveRevenue And Reserve Income Growth
MixedUSDC Circulation Flat Sequentially
PositiveOnchain Volume And Utility Share Leadership
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
13%company-level, not the selected quarter
GAAP revenue YoY +20.0% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base8Base 8GAAP revenue YoY +20.0% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue ($694M, +19.97%) is clean reserve income plus other revenue. Circle is not on the closed Sector Rules Table, so no Tier 2 adjustment; the sequential-circulation softness and rate headwind are captured in the base and themes, not a revenue distortion.+
How this score was built
Base8Base 8GAAP revenue YoY +20.0% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue ($694M, +19.97%) is clean reserve income plus other revenue. Circle is not on the closed Sector Rules Table, so no Tier 2 adjustment; the sequential-circulation softness and rate headwind are captured in the base and themes, not a revenue distortion.+
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for Circle Internet Group (CRCL), FY2026 Q1: 7/10. Scores: Circle Internet Group’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: CRCL daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Mentions8
What CRCL and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“the contracts that we have in place in Circle are set. And as Alesia has underscored, they auto renew. So we expect to continue to go forward with our relationship with Circle under those same terms.”
Coinbase reaffirms its USDC revenue-share partnership with Circle is contractually set and auto-renewing, implying stable, durable economics for Circle.
“includes some of the world's largest asset managers, including Apollo Funds, Arc Invest, BlackRock, Janus Henderson Investors”
Apollo participated as a strategic investor in Circle's Arc token presale, which raised $222 million at a $3 billion fully diluted network value.
EPS
-1
EPS -1GAAP EPS YoY -73.26% vs revenue +19.97% = spread -93.23 percentage points (outside -5 percentage points). Operating income cross-check: operating_income_yoy -40.82% vs revenue +19.97% = operating income spread -60.79 percentage points (also outside -5 percentage points, same negative direction). GAAP OI declined largely on the post-IPO stock-based-compensation step-up (Q1 2025 was pre-IPO with minimal SBC). Management's adjusted EBITDA grew 24% (roughly in line with revenue), but per the rubric adjusted EBITDA cannot substitute for GAAP OI and SBC is not a qualifying closed-list add-back, so the GAAP OI figure stands and confirms margin compression relative to revenue -> EPS adjustment -1. GAAP EPS also depressed by the larger post-IPO share count, but OI anchors the -1. Override false (GAAP OI used directly).
+
Guidance0Guidance 0Management explicitly left full-year 2026 guidance unchanged ('We are leaving our full year 2026 guidance unchanged'). The Arc token financial impacts were deferred to the next call and are not yet quantified. Guidance reiterated/maintained -> 0.
=
Final7
EPS-1
EPS -1GAAP EPS YoY -73.26% vs revenue +19.97% = spread -93.23 percentage points (outside -5 percentage points). Operating income cross-check: operating_income_yoy -40.82% vs revenue +19.97% = operating income spread -60.79 percentage points (also outside -5 percentage points, same negative direction). GAAP OI declined largely on the post-IPO stock-based-compensation step-up (Q1 2025 was pre-IPO with minimal SBC). Management's adjusted EBITDA grew 24% (roughly in line with revenue), but per the rubric adjusted EBITDA cannot substitute for GAAP OI and SBC is not a qualifying closed-list add-back, so the GAAP OI figure stands and confirms margin compression relative to revenue -> EPS adjustment -1. GAAP EPS also depressed by the larger post-IPO share count, but OI anchors the -1. Override false (GAAP OI used directly).
+
Guidance0Guidance 0Management explicitly left full-year 2026 guidance unchanged ('We are leaving our full year 2026 guidance unchanged'). The Arc token financial impacts were deferred to the next call and are not yet quantified. Guidance reiterated/maintained -> 0.
=
Final7
Polymarketnot trackedFY2026 Q1Partner
“Polymarket adopting USDC for funding and settlement on their leading prediction market.”
Polymarket is using USDC for funding and settlement on its prediction market.
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
Bitmine Immersion's fiscal 2026 second-quarter 10-Q shows a company now built around an Ethereum treasury and staking model, with total revenue rising to $11,041 from $1,517 almost entirely on newly initiated native staking income of $10,201, while legacy self-mining shrank to $219 and the machine-lease agreements expired unrenewed
CleanSpark's fiscal second quarter of 2026 saw revenue fall approximately 25% year-over-year to $136 million, directly attributable to a slide in the average Bitcoin price to roughly $76,000 from about $94,000 a year earlier, even though Bitcoin production declined only about 7%
Figure Technology Solutions grew consumer loan marketplace volume over 110% year-over-year to approximately $2.9 billion, and adjusted net revenue rose 92% to $167 million with an adjusted EBITDA margin of 50%, versus 33% a year earlier
MARA reported first-quarter revenue of $174.6 million, down from $213.9 million a year earlier, as an 18% decline in Bitcoin's average price cut revenue by $33.1 million even as energized hashrate reached a record 72.2 exahash per second, up 33%
Riot Platforms reported Q1 2026 revenue of $167 million (+3.61% YoY) and a net loss of $500 million ($1.44/share) driven by $326.7 million in Bitcoin MTM losses, while launching its data center segment with $33.2 million in revenue including $900,000 in operating lease income at 91% margin from the initial AMD delivery