Circle Internet Group, Inc. (CRCL) Form 10-Q — Aug 5, 2026
Circle reported Q2 2026 total revenue and reserve income of $701.3 million, up 7% year over year, with net income from continuing operations of $48.2 million ($0.19 basic EPS) — a $530 million swing from the year-ago loss that was burdened by IPO-related stock compensation and convertible debt fair-value marks. Adjusted EBITDA rose 14% to $143 million at a 50% margin. USDC in circulation grew 19% to $73.3 billion and USDC onchain transaction volume grew 151% to $14.8 trillion, but the reserve return rate slipped to 3.5% from 4.1% and reserve income still represents 95.2% of total revenue, leaving results highly rate-sensitive.
Key figures
- Eps
- $0.19 basic / $0.18 diluted (Q2 2026); $0.42 basic / $0.39 diluted (H1 2026)
- Revenue
- 701315000
- Net Income
- 48214000
- Total Debt
- 0
- Revenue Yoy
- 7% (Q2 2026 total revenue and reserve income vs Q2 2025)
- Total Assets
- 77165460000
- Cash Position
- 1730126000
- Shares Outstanding
- 253.9 million total (234.7M Class A + 19.2M Class B as of July 30, 2026)
- Rldc margin q2
- 41%
- Usdc minted q2
- $83.0 billion
- Deferred revenue
- $246.2 million as of June 30, 2026
- Usdc redeemed q2
- $86.8 billion
- Reserve income q2
- $667.7 million (95.2% of total revenue)
- Adjusted ebitda q2
- $143 million, up 14% YoY
- Usdc in circulation
- $73.3 billion, up 19% YoY
- Reserve return rate q2
- 3.5% vs 4.1% year-ago
- Arc token presale price
- $0.30 per token
- Stablecoin market share
- 27% vs 28% year-ago
- Adjusted ebitda margin q2
- 50%
- Circle reserve fund balance
- $61.9 billion (managed by BlackRock Advisors)
- Stock based compensation h1
- $105.4 million
- Arc token presale gross proceeds
- $242.2 million ($222.0 million received in Q2)
- Deposits from stablecoin holders
- $72.9 billion
- Usdc onchain transaction volume q2
- $14.8 trillion, up 151% YoY
- Arc fully diluted network valuation
- $3.0 billion
- Net cash provided by operating activities h1
- $538.5 million
Price after filing
Close on the filing date to close N calendar days later (from $63.25). Historical, not a forecast.
AI analysis
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