Circle Internet Group Q3 2025 earnings: profit rebounds as USDC usage surges
Circle's stablecoin business swung to a strong quarterly profit as USDC in circulation nearly doubled, though a one-time IPO-related charge earlier in 2025 still weighs on the year's totals.
| Q3 2025 | Reported |
|---|---|
| EPS | $0.64 |
| Revenue | $28.5M |
Figures as reported by the company to the SEC for the quarter ended September 30, 2025. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Circle, the company behind the USDC stablecoin, reported net income of $214 million for the third quarter, more than triple what it earned in the same quarter a year earlier, as demand for its dollar-pegged digital currency kept climbing.
- Most of Circle’s income comes from interest earned on the cash and short-term U.S. Treasury bonds that back every USDC token in circulation. That interest income rose sharply as USDC in circulation nearly doubled year-over-year to $73.7 billion.
- Fee-based revenue - money Circle earns from subscriptions, services and transaction fees rather than interest - also grew strongly, part of a push to diversify income beyond swings in interest rates.
- Usage of USDC surged: the value of on-chain transactions settled in the stablecoin jumped roughly sevenfold from a year earlier, a sign more businesses and platforms are using it for payments.
- The trailing-12-month profitability figures shown on this page are still negative, but that mainly reflects a large one-time, non-cash stock-compensation charge tied to Circle’s stock offering earlier in 2025 - it does not reflect the trend in the latest quarter, which was solidly profitable.
- Operating expenses rose sharply from a year earlier, driven largely by higher pay and stock-based compensation as Circle expanded its headcount and platform investments.
- Circle raised its full-year guidance for fee-based revenue and now expects higher operating expenses for the year, as it funds new products including its Arc blockchain network and its payments network linking banks and fintechs.
- CEO Jeremy Allaire said Circle is building “the new Economic OS for the internet,” citing strong early interest in the Arc public blockchain test network and continued growth in the number of financial institutions joining Circle’s payments network.
Q3 2025 in context
| Metric | Sep 2025 | Sep 2024 | Change |
|---|---|---|---|
| Revenue | $740M | $446M | +66.0% |
| Net income | $214M | $71M | +202.0% |
| Free cash flow | -$15M | $108M | -113.7% |
| Diluted EPS | $0.64 | $0.00 | — |
| Operating margin | 11.0% | 14.3% | -3.4 pts |
| Net margin | 29.0% | 15.9% | +13.1 pts |
Figures for the quarter ended Sep 2025 and the quarter ended Sep 2024, as reported to the SEC.
How the stock took it
Circle Internet Group Inc closed at $98.30 on Nov 11, 2025, the last session before the report, and at $82.34 on Nov 13, 2025, the first session after it — -16.2% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · earnings release