Circle Internet Group Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Q3 2026 Earnings Summary

  • Total Revenue & Reserve Income: $865 million, +17% YoY (vs. Q3 2025), +23% sequentially (vs. Q2 2026). Includes $182 million from ARC Token presale (75% recognized in Q3).
  • Adjusted EBITDA: $317 million, +85% YoY. Margin 70% overall (50% excluding Arc).
  • Reserve Income: $658 million, -8% YoY due to lower reserve return rate (3.54%, -61 bps YoY) offset partially by higher average circulation.
  • RLDC: $453 million, +55% YoY. RLDC margin 52.4% (+13 pts YoY); 39.7% excluding Arc.
  • Adjusted Operating Expenses: $139 million, +13% YoY; -5% sequentially.

USDC & Digital Assets

  • Circulation: Ended quarter at ~$74 billion (flat YoY vs. Q3 2025); average $73.3 billion (+8% YoY, -4% vs. Q2 2026). 19% held on Circle infrastructure (+36% YoY).
  • Onchain Transaction Volume: $13.9 trillion, +49% YoY. USDC captured 79% of all stablecoin volume (vs. 66% YoY) on ~27% of supply.
  • Mint/Redemption Volume: Record $208 billion (+42% YoY), ~$2.3 billion daily.
  • Other Assets: EURC +92% YoY to €413 million; USYC +230% YoY to $2.4 billion.

Platform & Business Updates

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Scott Blair: Good morning, and welcome to Circle's Third Quarter 2026 Earnings Call. I'm Scott Blair, Circle's Head of Strategic Finance and Investor Relations. 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 need to remind everyone that our earnings press release, presentation in 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. Information concerning risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in our forward-looking statements is included in our SEC filings. Additionally, nothing in this presentation constitutes an offer to sell or a solicitation of an offer to buy securities or an invitation or inducement to engage in investment activity. We will also disclose non-GAAP financial measures on this call today. Definitions of those non-GAAP financial measures and reconciliations can be found in the earnings release and earnings presentation, which are posted on investor.circle.com. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAA
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