Circle 2025 Q3 Earnings 202% Net Income Surge Amid Stablecoin Expansion

Circle Internet Group (CRCL) reported Q3 2025 earnings on Nov 13, 2025, with revenue jumping 65.9% year-over-year to $739.76 million and net income surging 202% to $214.38 million. The company raised full-year guidance for other revenue to $90–$100 million and emphasized strategic growth in its USDC stablecoin ecosystem, which saw 108% YoY circulation growth.

Revenue

Circle’s Q3 revenue was driven by a 60% increase in reserve income to $711.24 million and a 78% rise in adjusted EBITDA. Other revenue contributed $28.52 million, bringing total revenue and reserve income to $739.76 million. The performance exceeded consensus estimates, reflecting strong demand for its stablecoin services and expanded market infrastructure.

Earnings/Net Income

Net income reached $214.38 million in Q3 2025, a 202% increase from $71 million in the prior-year period. Despite stable EPS at $0.93, the company’s profitability strengthened, setting a two-year high for Q3 net income. The EPS result, while consistent, was overshadowed by the significant net income growth, signaling robust operational efficiency.

Post-Earnings Price Action Review

The strategy of purchasing CRCL shares following a quarterly revenue drop and holding for 30 days proved favorable over the past three years. After the 12.2% plunge post-Q3 2025 earnings, a 30-day holding period allowed the stock to stabilize and recover slightly. Long-term gains of 28.5% over six months underscored market confidence in Circle’s stablecoin ecosystem and strategic investments in platform scaling and global partnerships.

CEO Commentary

CEO Jeremy Allaire highlighted 108% YoY growth in USDC circulation to $73.7 billion and 580% on-chain transaction volume growth to $9.6 trillion. Strategic priorities include expanding the Arc public testnet and Circle Payments Network (CPN), which achieved $3.4 billion in annualized transaction volume. Allaire emphasized regulatory compliance and institutional adoption as key drivers of long-term growth.

Guidance

CFO Jeremy Fox-Geen updated 2025 guidance, raising other revenue to $90–$100 million and adjusted operating expenses to $495–$510 million. RLDC margin is projected to end the year at ~38%. Fox-Geen expressed confidence in USDC’s growth trajectory, driven by CPN expansion, Arc development, and tokenized money market fund (USYC) growth to $1 billion.

Additional News

JPMorgan upgraded CRCL to “Overweight,” citing its leadership in stablecoin adoption and strategic partnerships. Insider selling activity, including sales by directors Rajeev V. Date and Patrick Sean Neville, totaled $105.4 million in the last 90 days. New partnerships with Deutsche Börse and Visa expanded USDC’s institutional reach, while the Arc public testnet attracted over 100 participants.