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Sentiment · FY2026 Q2
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.
Revenue Growth | Demand | Product Launch | Competitive Dynamics | Margin | Regulation Policy | Guidance Reliability | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2025Q3 | 3 | 4 | 3 | 3 | 2 | 2 | 1 | 1 |
| 2025Q4 | 3 | 3 | 3 | 1 | 1 | 1 | 1 | 1 |
| 2026Q1 | 2 | 1 | 2 | 3 | 2 | 1 | 2 |
| '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|
| Revenue Growth | 3 | 3 | 2 |
| Demand | 4 | 3 | 1 |
| Product Launch | 3 | 3 | 2 |
| Competitive Dynamics | 3 | 1 | 3 |
| Margin | 2 | 1 | 2 |
| Regulation Policy | 2 | 1 | 1 |
| Guidance Reliability | 1 | 1 | 2 |
| Innovation & R&D | 1 | 1 |
| 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 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| John Todaro | Needham | 4 (0%) |
| Ken Worthington | JPMorgan | 4 (0%) |
| Peter Christiansen | Citigroup |
| $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% |
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).
| Joe Vafi | Canaccord Genuity | 3 (0%) |
| Dan Dolev | Mizuho Securities | 3 (67%) |
| Ken Suchoski | Autonomous Research | 3 (67%) |
| Jeff Cantwell | Seaport Research Partners | 3 (0%) |
| Owen Lau | Clear Street | 2 (0%) |
| Devin Ryan | Citizens JMP Securities | 2 (0%) |
| James Yaro | Goldman Sachs | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Needham | 1 | 4 (0%) |
| JPMorgan | 1 | 4 (0%) |
| Citigroup | 1 | 4 (0%) |
| Autonomous Research | 1 | 3 (67%) |
| Canaccord Genuity | 1 | 3 (0%) |
| Mizuho Securities | 1 | 3 (67%) |
| Seaport Research Partners | 1 | 3 (0%) |
| Citizens JMP Securities | 1 | 2 (0%) |
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.
“marquee clients like Stripe and Circle”
Circle is cited as a marquee client of Fifth Third's Newline embedded-payments platform, which grew revenue 30% year-over-year.
“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.
“capital markets firms such as Bullish, Intercontinental Exchange, Marshall Waste and SBI Group”
Intercontinental Exchange participated as a strategic investor in Circle's Arc token presale.
“includes some of the world's largest asset managers, including Apollo Funds, Arc Invest, BlackRock, Janus Henderson Investors”
BlackRock participated as a strategic investor in Circle's Arc token presale.
“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.
“Polymarket adopting USDC for funding and settlement on their leading prediction market.”
Polymarket is using USDC for funding and settlement on its prediction market.
“DoorDash paying out USDC, the drivers and other global enterprises embracing USDC in their payment flows.”
DoorDash is paying out drivers in USDC, extending stablecoin use into gig-economy payouts.
“Meta the world's most preeminent social platform began using USDC for creator payouts.”
Meta began using USDC for creator payouts, choosing USDC rather than launching its own stablecoin, a marquee adoption read-through.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
CRCL Circle Internet Group | 7 | +20.0% | |
| FIGR Figure Technology Solutions, Inc. Class A Common Stock | 9 | +201.4% | |
| GS The Goldman Sachs Group, Inc. | 7 | +13.9% | |
| HOOD Robinhood Markets, Inc. | 8 | +15.1% | |
| MS Morgan Stanley | 9 | +18.8% | |
| RIOT Riot Platforms, Inc. | 6 | +3.6% | |
| RJF Raymond James Financial | 7 | +12.4% | |
| SCHW Charles Schwab Corporation | 9 | +9.8% |