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Circle
Financial analysis and earnings reports for Circle Internet Group (CRCL)
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·mike
Circle Q1 2026: $694M in Revenue, and Most of It Never Stays
Circle's Q1 2026 revenue was $694.1M (+20% YoY) with USDC in circulation at $77.0B, but $405.4M — 58.4% — went to distribution partners, leaving an RLDC margin of 41%. Reserve income is 94% of revenue, so the top line tracks short-term interest rates. Rebuilding Circle's books in a public Beancount ledger also shows FY2025 was a net-loss year (−$70M), driven by a one-time $503.4M IPO compensation charge in Q2.
financial-reporting
financial-analysis
beancount
·mike
Circle Q4 FY2025 Earnings: From $299 to $50 to a 29% Surge — The Stablecoin Stock That Refused to Die
Circle just posted $770M in Q4 revenue and the stock surged 29%. But eight months ago it was trading at $299. The story of how the first pure-play stablecoin stock crashed, rebuilt, and beat every estimate on the Street.
financial-reporting
stablecoins
beancount