Circle Internet Group, Inc. · NYSE:CRCL
Circle Internet — Q3 2025 Earnings Presentation
31 slides from Circle Internet's earnings presentation, Nov 12, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 12, 2025
Slide 2: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, Adjusted EBITDA and Adjusted Operating Expenses are non-GAAP financial measures regarding our operational performance. Management and our board of directors
Slide 3: The Global Financial System is Colliding with the Internet
The Global Financial System is Colliding with the Internet Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 3
Slide 4: Powering the Internet Financial System
Powering Economic Operating Systems for the Internet the Internet Stablecoins, Digital Assets, and Tokenization Financial System New Application Utilities for the Internet Economy Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 4
Slide 5: Q3 2025 Key Highlights
Q3 2025 Key Highlights Network Growth1 Financial Results1 Expanding Platform Increasing Adoption $740M $73.7B 2 Total Revenue & Reserve Income Launched public testnet +66% YoY with 100+ participants + 108% YoY Exploring Arc token $166M CPN product expansion Adj. EBITDA3 $9.6T +78% YoY Integrated 5 n
Slide 6: Stablecoin Network Growth & Adoption Update
Stablecoin Network Growth & Adoption Update Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 6
Slide 7: Stablecoin market growing strongly; USDC gaining share
Stablecoin market growing strongly; USDC gaining share STABLECOINS IN STABLECOIN TRANSACTION STABLECOINS IN CIRCULATION CIRCULATION ($B)1 VOLUMES ($T)2 AS OF Q3’25 ($B)3 59% YoY 2.3x YoY USDC USDC 1 Source: CoinMarketCap as of September 30, 2025. Stablecoins include USDC, USDT, TUSD, PYUSD, RLUSD, U
Slide 8: Circle's stablecoin network has durable and powerful network effects
Circle’s stablecoin network has durable and powerful network effects Trust Liquidity Distribution Product Neutrality Regulated Reserve infrastructure 28 blockchains1 Market neutral Systemically Important Banks infrastructure Audited Circle Reserve Fund 6.3M Meaningful that leading Wallets1 companies
Slide 9: Circle's network grew strongly
Circle’s network grew strongly USDC ONCHAIN TRANSACTION CCTP VOLUME ($B) MEANINGFUL WALLETS (M) VOLUME ($T) 6.8x YoY 7.4x YoY 77% YoY Source: Company data. Note: “Meaningful Wallets” are defined as the number of onchain digital asset wallets with an amount of USDC above $10. Figures as of period end.
Slide 10: Gaining share in digital asset markets remains a priority
Gaining share in digital asset markets remains a priority USDC SHARE OF SPOT TRADING BINANCE STABLECOIN ASSETS HELD BINANCE AND HYPERLIQUID USDC VOLUMES1 IN CUSTODY FOR CUSTOMERS ($B)2 PERPS OPEN INTEREST SHARE3 USDC Other $40 $41 $39 $33 $28 1 The Block Research as of September 30, 2025. Figures re
Slide 11: Adoption continues across a diverse range of use cases
Adoption continues across a diverse range of use cases Collaboration to use USDC and EURC in Deutsche Börse Group’s financial Capital Markets market infrastructure Cross-border payments via a stablecoin pilot in Visa Direct Payments Instant global balance payments on corporate cards using USDC Partn
Slide 12: Circle Platform Expansion
Circle Platform Expansion Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 12
Slide 13: The Economic OS for the internet
The Economic OS for the internet SELECT ARC PARTICIPANTS Arc, our open Layer-1 Banks, Asset Payments, Digital Asset Capital blockchain network designed Managers, and Technology, and Markets and Markets Insurers Fintech Liquidity to bring real-world economic activity onchain Public testnet launched w
Slide 14: Strong early momentum for Circle Payments Network
Strong early momentum for Circle Payments Network Products Participants Markets Growth CPN Console 29 Financial Institutions Live flows including 101x Growth1 Enrolled Brazil, Canada, China, in Trailing TPV from June CPN Marketplace Hong Kong, India, Mexico, 55 Financial Institutions Nigeria, and Un
Slide 15: Financial Review
Financial Review Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 15
Slide 16: An internet platform & network business model with massive scale potential
An internet platform & network business model, with massive scale potential, and strong inherent operating leverage Core value driver METRICS WHY IT MATTERS Build the largest Network size and usage Foundation of network effects stablecoin network USDC in circulation Primary revenue driver today Mone
Slide 17: USDC circulation and Circle on-platform share is growing
USDC circulation and Circle on-platform share is growing USDC IN CIRCULATION USDC IN CIRCULATION MIX RESERVE RETURN RATE (%) (EOP, $B)1 BY PLATFORM (EOP, %) 108% YoY Source: Company data. 1 The total amount of USDC minted and outstanding (excluding tokens allowed but not issued and access denied tok
Slide 18: Revenue growth and resilient RLDC margin
Revenue growth and resilient RLDC margin TOTAL DISTRIBUTION, TOTAL REVENUE & RESERVE TRANSACTION & OTHER COSTS RLDC MARGIN1 (%) INCOME ($M) ($M) 66% YoY 74% YoY Source: Company data. 1 Revenue less Distribution Costs (RLDC) Margin is Total Revenue & Reserve Income less Total Distribution, Transactio
Slide 19: Strong other revenue growth, benefiting RLDC margin
Strong other revenue growth, benefiting RLDC margin OTHER REVENUE ($M) NRM1 & RLDC MARGIN2 (%) 52.1x YoY Source: Company data. 1 Net Reserve Margin (NRM) is Reserve Income less Distribution and Transaction Costs as a percentage of Reserve Income. Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 19 2 Reve
Slide 20: Growing profitability and expanding operating leverage
Growing profitability and expanding operating leverage TOTAL REVENUE & RESERVE INCOME ADJUSTED OPERATING EXPENSES LESS TOTAL DISTRIBUTION, ADJUSTED EBITDA ($M)2 ($M)1 TRANSACTION & OTHER COSTS ($M) Margin (%)3 55% YoY 35% YoY 78% YoY Source: Company data. 1 Adjusted Operating Expenses, a non-GAAP fin
Slide 21: Outlook
Outlook Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 21
Slide 22: Guidance Update
Guidance Update Metric Period Prior Outlook Updated Outlook USDC Circulation Multi-year through 40% CAGR No change cycle Other Revenue FY 2025 $75-$85M $90-$100M RLDC Margin1 FY 2025 36-38% ~38% Adjusted Operating Expenses2 FY 2025 $475-$490M $495-$510M Source: Company data. 1 Revenue less Distribut
Slide 23: Appendix
Appendix Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 23
Slide 24: Consolidated statement of operations
Consolidated statement of operations Three months ended Nine months ended September 30, September 30, (in $ millions) 2025 2024 2025 2024 Reserve income $711 $445 $1,903 $1,228 Other revenue 29 1 73 13 Total revenue and reserve income 740 446 1,976 1,241 Distribution and transaction costs 447 257 1,
Slide 25: Consolidated balance sheets
Consolidated balance sheets September 30, December 31, (in $ millions) 2025 2024 ASSETS Current assets: Cash and cash equivalents $1,349 $751 Cash and cash equivalents segregated for corporate-held stablecoins 837 294 Cash and cash equivalents segregated for the benefit of stablecoin holders 73,373 4
Slide 26: Consolidated balance sheets (cont'd)
Consolidated balance sheets (cont’d) September December (in $ millions) 30, 2025 31, 2024 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY Current liabilities: Deposits from stablecoin holders $73,267 $43,727 Accounts payable and accrued expenses 269 287 Convertible debt,
Slide 27: Consolidated balance sheets (cont'd)
Consolidated balance sheets (cont’d) September December (in $ millions, except share information) 30, 2025 31, 2024 Commitments and contingencies Redeemable convertible preferred stock Redeemable convertible preferred stock (0.0001 par value, nil and $139.8 million shares issued and outstanding as o
Slide 28: Calculation of NRM and RLDC margin
Calculation of NRM and RLDC margin (in $ millions, except RLDC Margin and Net Reserve Margin) Q3‘25 Q2‘25 Q1‘25 Q4‘24 Q3‘24 Reserve Income $711 $634 $558 $433 $445 Other Revenue 29 24 21 2 1 Total Revenue and Reserve Income 740 658 579 435 446 Distribution and Transaction Costs 447 406 347 304 257 O
Slide 29: Reconciliation of Adjusted EBITDA to Net income (loss) from continuing operations
Reconciliation of Adjusted EBITDA to Net income (loss) from continuing operations (in $ millions) Q3’25 Q2’25 Q1’25 Q4’24 Q3’24 Net income (loss) from continuing operations $214 ($482) $65 $4 $71 Adjusted for: Depreciation and amortization expense 23 14 14 14 13 Interest expense, net of amortization
Slide 30: Reconciliation of Adjusted operating expenses to Operating expenses
Reconciliation of Adjusted operating expenses to Operating expenses (in $ millions) Q3’25 Q2’25 Q1’25 Q4’24 Q3’24 Operating expenses $211 $577 $138 $130 $124 Adjusted for: Stock-based compensation expense1 (59) (435) (13) (11) (13) 2 Depreciation and amortization expense (23) (14) (14) (14) (13) Dig
Slide 31: Outlook: Reconciliation of Adjusted operating expenses to Operating expenses
Outlook: Reconciliation of Adjusted operating expenses to Operating expenses FY 2025 (in $ millions) Low High Operating expenses $1,153 $1,193 Adjusted for: Stock-based compensation expense1 (556) (571) Depreciation and amortization expense2 (70) (80) 3 Digital assets (gains) losses (4) (4) DAF cont
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