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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| John Todaro | Needham | 4 questions · 0% challenging |
| Ken Worthington | JPMorgan | 4 questions · 0% challenging |
| Peter Christiansen | Citigroup | 4 questions · 0% challenging |
| Joe Vafi | Canaccord Genuity | 3 questions · 0% challenging |
| Dan Dolev | Mizuho Securities | 3 questions · 67% challenging |
| Ken Suchoski | Autonomous Research | 3 questions · 67% challenging |
| Jeff Cantwell | Seaport Research Partners | 3 questions · 0% challenging |
| Owen Lau | Clear Street | 2 questions · 0% challenging |
| Devin Ryan | Citizens JMP Securities | 2 questions · 0% challenging |
| James Yaro | Goldman Sachs | 2 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Needham | 1 analyst | 4 questions · 0% challenging |
| JPMorgan | 1 analyst | 4 questions · 0% challenging |
| Citigroup | 1 analyst | 4 questions · 0% challenging |
| Autonomous Research | 1 analyst | 3 questions · 67% challenging |
| Canaccord Genuity | 1 analyst | 3 questions · 0% challenging |
| Mizuho Securities | 1 analyst | 3 questions · 67% challenging |
| Seaport Research Partners | 1 analyst | 3 questions · 0% challenging |
| Citizens JMP Securities | 1 analyst | 2 questions · 0% challenging |
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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.
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…
Newest quarter FY2026 Q2 is part of Pro · see what Pro adds →
GAAP revenue YoY +20.0% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
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.
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 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $435M | — | — | — | 0.2% | 0.7% |
| FY2025 Q1 | $579M | — | $0.00 | — | 16.1% | 11.2% |
| FY2025 Q2 | $658M | +53.0% | $-4.48 | — | -49.5% | -73.3% |
| FY2025 Q3 | $740M | +66.0% | $0.64 | — | 11.0% | 29.0% |
| FY2025 Q4 | $770M | +76.9% | — | — | 7.2% | 17.3% |
| FY2026 Q1Selected | $694M | +20.0% | $0.21 | — | 6.5% | 8.0% |
| FY2026 Q2 | $701M | +6.6% | $0.18 | +104.0% | 4.9% | 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).
What CRCL said about other companies on its FY2026 Q1 call, and what other companies said about CRCL on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. 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 signal.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| CRCLCircle Internet Group | 7 | +20.0% | 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 | |
| BMNRBitmine Immersion Technologies, Inc. | 6 | +627.6% | 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 | |
| CLSKCleanSpark, Inc. | 2 | -24.9% | 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% | |
| FIGRFigure Technology Solutions, Inc. Class A Common Stock | 9 | +201.4% | 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 | |
| GSThe Goldman Sachs Group, Inc. | 7 | +13.9% | Record Global Banking & Markets revenues | |
| HOODRobinhood Markets, Inc. | 8 | +15.1% | Gold Ecosystem Drives Multi-Product Adoption | |
| IBKRInteractive Brokers Group | 8 | +16.9% | Record Commission and Net Revenue | |
| IRENIREN Limited | 6 | -0.0% | IREN's March-quarter revenue was roughly flat year over year at $144.8 million, as Bitcoin mining revenue fell to $111.2 million (from $167.4 million) while AI cloud services revenue nearly doubled to $33.6 million | |
| MARAMarathon Digital Holdings, Inc. | 2 | -18.4% | 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% | |
| MSMorgan Stanley | 9 | +18.8% | Record Firm-Wide Revenues and Earnings | |
| RIOTRiot Platforms, Inc. | 6 | +3.6% | 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 | |
| SCHWCharles Schwab Corporation | 9 | +9.8% | Record Client Growth Drives All-Time NNA Highs |
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%
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| CRCL | No score | No score | No score | 8 | 8 | 7 |
| BMNR | 6 | 6 | 6 | 6 | 6 | 6 |
| CLSK | 9 | 7 | 9 | 8 | 6 | 2 |
| FIGR | No score | No score | No score | 9 | 9 | 9 |
| GS | 8 | 7 | 8 | 8 | 6 | 7 |
| HOOD | 10 | 9 | 9 | 9 | 7 | 8 |
| IBKR | 8 | 6 | 6 | 8 | 7 | 8 |
| IREN | 9 | 9 | 8 | 8 | 8 | 6 |
| MARA | 9 | 7 | 9 | 9 | 2 | 2 |
| MS | 7 | 8 | 7 | 8 | 8 | 9 |
| RIOT | 9 | 7 | 7 | 7 | 5 | 6 |
| SCHW | 10 | 9 | 10 | 10 | 10 | 9 |
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
IREN's March-quarter revenue was roughly flat year over year at $144.8 million, as Bitcoin mining revenue fell to $111.2 million (from $167.4 million) while AI cloud services revenue nearly doubled to $33.6 million
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
Record Client Growth Drives All-Time NNA Highs