Circle Internet Group (NYSE: CRCL) reported audited financial results on February 25, 2026, closing out a year of record USDC adoption despite posting a technical full-year net loss.
Investors responded positively, sending the stock up more than 18% in premarket trading after revenue and Adjusted EBITDA significantly exceeded expectations.
The results underline accelerating stablecoin growth and strong operational leverage, even as IPO-related accounting charges temporarily impacted net income.
Q4 2025: Strong Revenue and Profit Expansion
In the fourth quarter of 2025, Circle generated $770 million in total revenue and reserve income, representing a 77% year-over-year increase. Net income for the quarter came in at $133 million, a sharp improvement from the near break-even position recorded in the same period a year earlier.
Adjusted EBITDA reached $167 million in Q4, marking a 412% year-over-year surge. The growth reflects expanding USDC balances and increasing reserve income efficiency.
By year-end, USDC circulation had climbed to a record $75.3 billion, representing 72% annual growth and securing approximately 28% of the total stablecoin market share. On-chain USDC transaction volume reached $11.9 trillion during the quarter alone, up 247% compared to the prior year.
Full-Year 2025: IPO Charges Mask Operational Growth
For the full fiscal year 2025, Circle reported total revenue of $2.7 billion, a 64% year-over-year increase. Adjusted EBITDA rose to $582 million, up 104% from fiscal 2024.
Despite this strong operational performance, the company posted a net loss of $70 million for the year. This compares to a $157 million net profit in 2024. The loss was primarily driven by approximately $424 million in one-time, non-cash stock-based compensation expenses triggered by vesting conditions related to Circle’s June 2025 IPO.
Excluding these IPO-related charges, the company’s core business showed substantial profitability growth.
2026 Outlook: Targeting 40% USDC Growth
Looking ahead, management issued guidance targeting a 40% compound annual growth rate in USDC circulation. Circle is also preparing for several major milestones in 2026, including the mainnet launch of Arc, its enterprise-focused “Economic OS” blockchain, and continued expansion of the Circle Payments Network, which currently processes an annualized $5.7 billion in transaction volume.
With USDC supply at record levels and transaction activity accelerating, Circle appears positioned to further strengthen its role in the global stablecoin ecosystem. Investors are focusing on revenue growth, expanding margins, and market share gains as key indicators of long-term scalability.
