$CRCL | Circle Internet Q3’25 Earnings Highlights 🔹 Revenue: $740M (Est. $699.6M) 🟢; UP +66% YoY 🔹 EPS: $0.64 (Est. $0.18) 🟢 🔹 Stablecoin Market Share: 29%; UP +643 bps YoY FY25 Guide: 🔹 Adj Operating Expenses: $495M–$510M (Prior $475M–$490M) 🔴 🔹 Other Revenue: $90M–$100M (Prior $75M–$85M) 🟢 🔹 RLDC Margin: ~38% (Prior 36%–38%) 🟢 Segment: 🔹 USDC in Circulation: $73.7B; UP +108% YoY 🔹 Average USDC in Circulation: $67.8B; UP +97% YoY 🔹 Reserve Return Rate: 4.2%; DOWN -96 bps YoY 🔹 USDC Minted: $79.7B; UP +128% YoY 🔹 USDC Redeemed: $67.3B; UP +112% YoY 🔹 USDC on Platform, end of period: $10.2B; UP +1,277% YoY Other Metrics: 🔹 Net Income: $214M; UP +202% YoY 🔹 Adjusted EBITDA: $166M; UP +78% YoY 🔹 Total Revenue and Reserve Income: $740M; UP +66% YoY 🔹 Revenue Less Distribution Costs: $292M; UP +55% YoY 🔹 RLDC Margin: 39%; DOWN -270 bps YoY 🔹 Adjusted EBITDA Margin: 57%; UP +737 bps YoY 🔹 Net Income Margin: 29% CEO Commentary: 🔸 “Circle continued to see accelerating adoption of USDC and our platform in the third quarter as we build the new Economic OS for the internet.” – CEO Jeremy Allaire Corporate and Commercial Updates: 🔹 Arc public testnet launched with 100+ participating companies 🔹 Exploring a native token on the Arc network 🔹 Circle Payments Network: 29 financial institutions enrolled, 55 in eligibility review, 500 in pipeline 🔹 New and expanded partnerships across Brex, Deutsche Börse Group, Finastra, Fireblocks, Hyperliquid, Kraken, Unibanco Itaú and Visa