Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 11, 2026
Slide 2: Non-GAAP Financial Measures
This presentation does not constitute an offer to sell or a solicitation of an offer to buy securities or an invitation or inducement to engage in investment activity. Non-GAAP Financial Measures We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”
Slide 3: The Internet's largest paradigm shift, happening now
THE AGENTIC ECONOMY Users and corporations are moving from navigating software to orchestrating AI agents Agents need new economic infrastructure for trusted The Internet’s largest value exchange and economic coordination paradigm shift, happening now The rapid collision of operating systems for ECO
Slide 4: Circle's platform compounds through three reinforcing flywheels
Circle’s platform An Internet Financial Platform compounds through three Apps, Digital Assets, and Arc reinforce one reinforcing flywheels another across the stack Platform-level network effects APPS FLYWHEEL Circle’s native apps, including CPN and Circle Mint, unlock more use cases, driving greater
Slide 5: Key Highlights
Key Highlights Q1’26 Network Growth Q1’26 Financial Results Platform Expansion ARC Token Circle Agent Stack $77.0B $222M $694M Building the financial layer Total Revenue & Reserve for the agentic economy Income 1 +20% YoY Pre-sale raise CPN Managed Payments $3.0B + 28% YoY Turnkey stablecoin payment
Slide 6: Stablecoin Network & Digital Assets Growth & Adoption
Stablecoin Network & Digital Assets Growth & Adoption Q1 2026 EARNINGS PRESENTATION May 2026 6
Slide 7: Continued enterprise and use case expansion
Continued enterprise and use case expansion Payments Capital Markets Digital Assets Treasury Mgmt. First authorized stablecoin Q1 2026 EARNINGS PRESENTATION May 2026 7
Slide 8: Stablecoin market flat; USDC gained transaction volume share
Stablecoin market flat; USDC gained transaction volume share STABLECOIN TRANSACTION VOLUMES STABLECOINS IN CIRCULATION ($B)1 (VISA REPORTED, $T)2 32% YoY 116% YoY USDC USDT Other USDC USDT Other 1 Source: CoinMarketCap as of March 31, 2026. Stablecoin market share is defined as the amount of USDC in
Slide 9: Circle's network grew strongly
Circle’s network grew strongly USDC ONCHAIN TRANSACTION VOLUME ($T) USDC MINT AND REDEEM VOLUME ($B) 3.6x YoY 61% YoY USDC USDC Minted Redeemed Company Data as of March 31, 2026. USDC onchain transaction volume represents native and canonically bridged USDC settled or processed across all natively s
Slide 10: Circle now operates the largest Digital Euro and Tokenized MMF
Circle now operates the largest Digital Euro and Tokenized MMF EURC IN CIRCULATION (EOP, €M) USYC ASSETS (EOP, $B)1 2.1x YoY 4.1x YoY The largest euro stablecoin in the world2 The largest tokenized money market fund in the world2 1 Information about USYC is directed only to individuals and entities
Slide 11: Coming Soon: the Economic OS for the internet
Coming Soon: the Economic OS for the internet ARC ECONOMIC OS STACK Key Features Applications Institutional-Grade Network AI Ready Developer SDKs Will be operated by leading financial institutions, with the trust required for global economic infrastructure Protocol Services Unmatched Interoperabilit
Slide 12: Circle is the leading interoperability platform
Circle is the leading interoperability platform CCTP VOLUME ($B) 3.0x YoY Scaling in volume and market share CCTP accounts for ~60% of all crosschain traffic Opening up CCTP to asset issuers We built the highways for USDC, now we’re opening them up to other stablecoin and RWA asset issuers on Arc CC
Slide 13: ARC Token
ARC Token Will bootstrap and scale the network by aligning incentives across usage, governance, staking, and fee capture (ARC Token Whitepaper Available Today) KEY INVESTORS Network activity Transactions, fees, usage Economic alignment Fee capture TOKEN ALLOCATION Composable access Ecosystem Circle
Slide 14: Circle Agent Stack
AGENTS Circle is building for the agentic economy INTRODUCING Agent Wallets Circle Agent Stack Permissionless, multichain wallet infrastructure for agentic commerce. Agents can onramp to USDC Empower agents to spend, earn, and and transact anywhere with predefined policies coordinate autonomously wi
Slide 15: AI adoption inside Circle is accelerating
AI AI adoption inside Circle is accelerating AI CODING TOOLS WEEKLY ACTIVE USERS (WAU) (% OF EMPLOYEES) Building an AI-Native Company 85% of employees are WAU as of April 30, 2026 Aggressive Rollout and Adoption Circle has dedicated significant resources to ensuring every team, function, and person
Slide 16: CPN: Network growing, with expanded payments products
CPN Network growing, with expanded payments products CPN PAYMENT CORRIDORS CPN payments products Managed Payments Launched Q2 2026 Stablecoin Payments Launched Q3 2025 Fiat Payments Launched Q2 2025 Annualized Financial ⬤ Local fiat payouts TPV 1 Institutions Enrolled2 (50+ countries) ⬤ Stablecoin p
Slide 17: CPN Managed Payments
CPN Unified Stack INTRODUCING Payments, licensing, USDC liquidity, accounts, custody, and compliance in a CPN Managed Payments single integration Onboard stablecoins. Offload the complexity. No Digital Asset Exposure Partners interact only with fiat and Circle settles globally in USDC and/or fiat In
Slide 18: Building the for the era of intelligence
THE ROAD AHEAD Building the for the era of intelligence Software-powered money, partnered with the world’s leading institutions — powering the convergence of AI and economic activity at internet speed. Q1 2026 EARNINGS PRESENTATION May 2026 18
Slide 19: Financial Performance & Guidance
Financial Performance & Guidance Q1 2026 EARNINGS PRESENTATION May 2026 19
Slide 20: USDC circulation growth and increasing Circle on-platform share
USDC circulation growth and increasing Circle on-platform share USDC IN CIRCULATION USDC IN CIRCULATION MIX RESERVE RETURN RATE (EOP, $B)1 BY PLATFORM (EOP, %) (%) 28% YoY Source: Company data. 1 The total amount of USDC minted and outstanding (excluding tokens allowed but not issued and access deni
Slide 21: Revenue growth and resilient RLDC margin
Revenue growth and resilient RLDC margin TOTAL DISTRIBUTION, TOTAL REVENUE & TRANSACTION & OTHER RLDC MARGIN (%)1 RESERVE INCOME ($M) COSTS ($M) 20% YoY 17% YoY Source: Company data. 1 Revenue Less Distribution Costs (RLDC) Margin is Total Revenue & Reserve Income less Total Distribution, Transactio
Slide 22: Strong other revenue growth, benefiting RLDC margin
Strong other revenue growth, benefiting RLDC margin OTHER REVENUE ($M) RLDC MARGIN1 & NRM2 (%) 2.0x YoY Source: Company data. 1 Revenue Less Distribution Costs (RLDC) Margin is Total Revenue & Reserve Income less Total Distribution, Transaction & Other Costs as a percentage of Total Revenue & Reserv
Slide 23: Growing profitability and strong operating leverage
Growing profitability and strong operating leverage TOTAL REVENUE & RESERVE INCOME ADJUSTED OPERATING ADJUSTED EBITDA LESS TOTAL DISTRIBUTION, EXPENSES ($M)1 ($M)2 TRANSACTION & OTHER COSTS Margin (%)3 ($M) 24% YoY 32% YoY 24% YoY Source: Company data. 1 Adjusted Operating Expenses is a non-GAAP fina
Slide 24: Guidance
Guidance Guidance Key Indicator Guidance Period Unchanged Multi-year through USDC in Circulation 40% CAGR cycle Other Revenue FY 2026 $150-170M RLDC Margin1 FY 2026 38-40% Adjusted OpEx2 FY 2026 $570-585M GUIDANCE DOES NOT INCLUDE THE FUTURE FINANCIAL IMPACTS OF ARC TOKEN PRESALE, ARC INCENTIVE PROG
Slide 25: Appendix
Appendix Q1 2026 EARNINGS PRESENTATION May 2026 25
Slide 26: Condensed consolidated statement of operations
Condensed consolidated statement of operations Three months ended March 31, March 31, (in $ millions) 2026 2025 (unaudited) (unaudited) Revenue and reserve income Reserve income $653 $558 Other revenue 42 21 Total revenue and reserve income 694 579 Distribution, transaction and other costs Distribut
Slide 27: Condensed consolidated balance sheets
Condensed consolidated balance sheets March 31, December 31, (in $ millions) 2026 2025 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,517 $ 1,526 Cash and cash equivalents segregated for corporate-held stablecoins 793 823 Cash and cash equivalents segregated for the benefit of stabl
Slide 28: Condensed consolidated balance sheets (cont'd)
Condensed consolidated balance sheets (cont’d) March 31, December 31, (in $ millions) 2026 2025 (unaudited) LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Deposits from stablecoin holders $ 76,779 $ 74,913 Accounts payable and accrued expenses 262 361 Convertible debt, net of debt discoun
Slide 29: Condensed consolidated balance sheets (cont'd)
Condensed consolidated balance sheets (cont’d) March 31, December 31, (in $ millions, except share information) 2026 2025 (unaudited) Stockholders’ equity Class A common stock ($0.0001 par value; 2.5 billion authorized as of March 31, 2026 and December 31, 2025; 228.9 million and 223.6 million issue
Slide 30: Calculation of RLDC margin and NRM
Calculation of RLDC margin and NRM (in $ millions, except RLDC Margin and Net Reserve Margin) Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Reserve Income $ 653 $ 733 $ 711 $ 634 $ 558 Other Revenue 42 37 29 24 21 Total Revenue and Reserve Income 694 770 740 658 579 Distribution and Transaction Costs 405 461 447 40
Slide 31: Reconciliation of Adjusted EBITDA to Net income (loss) from continuing operations
Reconciliation of Adjusted EBITDA to Net income (loss) from continuing operations (in $ millions) Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Net income (loss) from continuing operations $ 55 $ 133 $ 214 $ (482) $ 65 Less: Net loss attributable to noncontrolling interests (0) (0) — — — Net income (loss) from cont
Slide 32: Reconciliation of Adjusted operating expenses to Operating expenses
Reconciliation of Adjusted operating expenses to Operating expenses (in $ millions) Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Operating expenses $ 242 $ 254 $ 211 $ 577 $ 138 Adjusted for: Stock-based compensation expense and related payroll taxes1 (62) (68) (64) (442) (13) Depreciation and amortization expense
Slide 33: Guidance: Reconciliation of Adjusted operating expenses to Operating expenses
Guidance: Reconciliation of Adjusted operating expenses to Operating expenses FY'2026 (in $ millions) Low High Operating expenses $950 $1,025 Adjusted for: Stock-based compensation expense1 (219) (249) Depreciation and amortization expense 2 (108) (118) Digital assets losses (gains)3 — — Charitable