Circle Internet Group reported fourth-quarter revenue of $770 million and net income of $133.4 million, or 43 cents per share, surpassing analyst expectations of 16 cents per share on $747 million in revenue.
The earnings beat was driven by a 72% year-on-year increase in circulation of its US dollar-pegged stablecoin USDC, which reached approximately $75.3 billion by Dec. 31, 2025.
For the full year, Circle posted revenue of $2.7 billion, up 64% from the prior year, while recording a net loss of $70 million largely due to $424 million in stock-based compensation linked to its 2025 initial public offering.
Despite the annual loss, operating income was positive at roughly $157 million, signalling underlying profitability as the company expanded its payments and blockchain infrastructure offerings.
Circle said its Arc blockchain infrastructure platform entered public testnet with more than 100 institutional participants and that its Circle Payments Network expanded to 55 financial institutions, while EURC circulation rose 284% year on year to 310 million euros.
The company has also benefited from a more supportive US regulatory environment following passage of the GENIUS Act, which established a federal framework for payment stablecoins, although broader market structure reforms under the proposed CLARITY Act remain stalled.
Following the announcement Circle shares surged more than 20% in early trading to nearly $74.