--- title: "Circle | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 701.32 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/294947247.md" datetime: "2026-08-05T10:14:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294947247.md) - [en](https://longbridge.com/en/news/294947247.md) - [zh-HK](https://longbridge.com/zh-HK/news/294947247.md) generator: "portal-rs" --- # Circle | 8-K: FY2026 Q2 Revenue Misses Estimate at USD 701.32 M Revenue: As of FY2026 Q2, the actual value is USD 701.32 M, missing the estimate of USD 713.32 M. EPS: As of FY2026 Q2, the actual value is USD 0.18. EBIT: As of FY2026 Q2, the actual value is USD 34.42 M. ### Financial Highlights (Q2’26 vs. Q2’25) #### Revenue and Income - **Total revenue and reserve income**: Circle Internet Group, Inc. reported $701 million in Q2’26, marking a 7% year-over-year growth. - **Net income from continuing operations**: Net income was $48 million in Q2’26, which is an increase of $530 million year-over-year, primarily due to prior-year IPO stock-based compensation impacts. - **Adjusted EBITDA**: Adjusted EBITDA reached $143 million in Q2’26, reflecting an 8% growth year-over-year. #### Operational Metrics (Q2’26 vs. Q2’25) - **Revenue Less Distribution Costs (RLDC)**: RLDC was $289 million, a 15% increase year-over-year. - **RLDC Margin**: The RLDC Margin was 41%, an increase of 302 basis points. - **Net Income from Continuing Operations Margin**: This margin was 7%. - **Adjusted EBITDA Margin**: The Adjusted EBITDA Margin was 50%, a decrease of -329 basis points. - **Reserve Income**: Reserve Income was $668 million, increasing 5% year-over-year, primarily driven by 25% growth in average USDC in Circulation, partially offset by a -66 basis points decline in the Reserve Return Rate. - **Other Revenue**: Other Revenue was $34 million, increasing 41% year-over-year due to growth in subscription and services revenue. - **Total Distribution, Transaction and Other Costs**: These costs totaled $412 million, increasing 1% year-over-year, mostly from increased distribution payments. - **Operating Expenses**: Operating Expenses were $254 million, decreasing 56% year-over-year, primarily due to lower stock-based compensation expense following Circle Internet Group, Inc.’s IPO in Q2 2025. - **Adjusted Operating Expenses**: Adjusted Operating Expenses were $146 million, increasing 23% year-over-year, primarily driven by continued investment in product development, infrastructure, and AI capabilities. - **Operating income (loss) from continuing operations**: Operating income from continuing operations was $34,359 thousand for the three months ended June 30, 2026, compared to -$325,582 thousand for the same period in 2025. #### Unique Metrics - **USDC in circulation**: USDC in circulation was $73.3 billion at quarter end, showing 19% growth year-over-year. - **USDC onchain transaction volume**: USDC onchain transaction volume reached $14.8 trillion in Q2’26, growing 151% year-over-year. - **USDC in Circulation, average of period**: The average USDC in Circulation for the period was $76.5 billion, up 25% year-over-year. - **Reserve Return Rate**: The Reserve Return Rate was 3.5%, a decrease of -66 basis points. - **USDC on Platform, end of period**: USDC on Platform was $12.4 billion at the end of the period, a 106% increase year-over-year. - **USDC on Platform, daily weighted average percentage**: This percentage was 19.5%, an increase of 1,204 basis points. - **USDC Minted**: USDC Minted totaled $83 billion, an increase of 97% year-over-year. - **USDC Redeemed**: USDC Redeemed amounted to $87 billion, an increase of 113% year-over-year. - **Stablecoin Market Share**: Stablecoin Market Share was 27% at quarter end, a decrease of -66 basis points. - **Meaningful Wallets**: There were 7.0 million Meaningful Wallets at quarter end, representing a 24% increase year-over-year. - **Circle Payments Network (CPN) annualized transaction volume**: CPN annualized transaction volume reached $14.7 billion for the trailing 30 days as of the end of Q2, up 76% quarter-over-quarter. - **CPN financial institutions enrolled**: 175 financial institutions were enrolled in CPN, up 29% quarter-over-quarter. ### Outlook / Guidance (FY 2026) Circle Internet Group, Inc. maintains its multi-year guidance for USDC in Circulation at a 40% CAGR. The company revised its FY 2026 Other Revenue guidance upwards to $310-$330 million and RLDC Margin to 41.7-43.7%. Adjusted Operating Expenses guidance for FY 2026 remains unchanged at $570-$585 million. ### Related Stocks - [CRCL.US](https://longbridge.com/en/quote/CRCL.US.md) ## Related News & Research - [OpenPayd integrates with Circle Payments Network to enable near-instant global fiat payments to businesses](https://longbridge.com/en/news/296875082.md) - [Cathie Wood Says Analysts Can’t ‘Fathom’ Circle, Calls It a ‘Prime Beneficiary’ of Payments Disruption](https://longbridge.com/en/news/296771549.md) - [OSL StableHub works with Circle on USDC integration, hits USDC 200 million deposits](https://longbridge.com/en/news/296754014.md) - [Green Circle Decarbonize Technology Limited Announce Share Capital Increase and Share Capital Alteration | GCDT Stock News](https://longbridge.com/en/news/296245929.md) - [Stablecoin issuer Circle now runs a bank (of sorts). Does that matter for Circle stock?](https://longbridge.com/en/news/295865356.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**