Circle Internet Group, Inc. · NYSE:CRCL

Circle Internet — Q3 2026 Earnings Presentation

28 slides from Circle Internet's earnings presentation, Nov 4, 2026

  1. Slide 1: Q3 2026 Earnings Presentation

    Q3 2026 Earnings Presentation November 4, 2026

  2. Slide 2: Non-GAAP Financial Measures

    This presentation does not constitute an offer to sell or a solicitation of an offer to buy securities or an invitation or inducement to engage in investment activity. Non-GAAP Financial Measures We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”

  3. Slide 3: This is Circle's moment

    AN INFLECTION POINT · THE GENIUS ACT TAKES EFFECT JANUARY 2027 This is Circle’s moment Regulated digital dollars are entering the mainstream, and Circle is built for it. CIRCLE IS MADE FOR THIS MOMENT JANUARY 2027 The GENIUS Act Market leadership Deep global liquidity takes effect USDC is the world’

  4. Slide 4: Three networks, each compounding the others

    Circle Apps CPN and more: a global network of institutions USDC adoption drives CPN brings traffic and More members demand for CPN more value usage onto Arc THE CIRCLE PLATFORM CPN drives demand for Arc gives CPN instant, our digital assets programmable settlement Three networks, ONE PLATFORM Every

  5. Slide 5: Q3 brought platform milestones and strong financial results

    Q3 2026 HIGHLIGHTS Q3 brought platform milestones and strong financial results $73.3B $13.9T $865M $317M Average USDC in USDC onchain Total revenue and reserve Adjusted EBITDA³, 70% circulation¹ transaction volume² income margin⁴ +8% YoY +49% YoY +17% YoY +85% YoY PLATFORM MILESTONES Arc CPN Tazapay

  6. Slide 6: Binance and Chelsea expand USDC's global reach

    Digital assets Circle apps Arc Binance and Chelsea expand USDC’s global reach ACTIVATION AWARENESS Binance Chelsea FC World’s largest digital asset platform; USDC Principal Partner and front-of-shirt sponsor for the agreement renewed for five years 2026/27 season 300M+ 650M+ registered users fans wo

  7. Slide 7: CPN annualized TPV grew 15.2x YoY

    Digital assets Circle apps Arc CPN annualized TPV grew 15.2x YoY (2.8x QoQ) ANNUALIZED TPV ($B)1 EXPANDING FULL-STACK PAYMENTS INFRASTRUCTURE 15.2x YoY TREASURY MANAGEMENT Enables treasury teams to move USDC and EURC across subsidiaries $41.3 and counterparties through familiar platforms, including

  8. Slide 8: Tazapay: Bringing USDC to the last mile

    Digital assets Circle apps Arc + Tazapay: Bringing USDC to the last mile $25B+ ~60% 100+ 60+ $400M Annualized payment Of volume already Payout Banking and fintech Class A Common volume involves stablecoins markets partners Stock consideration LOCAL RAIL IN EMERGING MARKETS ACCELERATES CPN PRODUCT LI

  9. Slide 9: Arc is live: focus is scaling transactions, assets, integrations

    Digital assets Circle apps Arc Arc is live: focus is scaling transactions, assets, integrations, and new apps $1.5B $30B+ ~500K Assets on Arc USDC volume since mainnet launch Transactions per day ~$1B a day over the past week 50M+ transactions since launch ■ USDC $1.1B ■ cirBTC $410M ■ EURC $10M BUI

  10. Slide 10: Agent Stack: The Agentic Economy Opens for Business

    Agent Stack: The Agentic Economy Opens for Business By Q1 2027, AI agents can be found, hired, paid, and trusted for the work they do, running on Circle. WHAT AGENTS CAN DO ON CIRCLE Publish a paid service Earn by the call Earn by the second 1 A two-person startup's data A translation agent is paid

  11. Slide 11: Supply is steady, USDC usage keeps climbing

    Digital assets Circle apps Arc Supply is steady, USDC usage keeps climbing $274B USDC SHARE OF STABLECOINS Share of transaction volume vs. share of supply in circulation ● Share of transaction volume² ● Share of supply¹ Stablecoin supply1 82% +8% YoY and ~flat through 2026 78% 79% 66% 68% $13.9T 50%

  12. Slide 12: Liquidity infrastructure for global settlement

    Digital assets Circle apps Arc Liquidity infrastructure for global settlement USDC MINT AND REDEEM VOLUME ($B) A LIQUIDITY MOAT THAT COMPOUNDS $208B in Q3, a record quarter 1:1 mint and redeem, 24/7, worldwide +42% YoY · ≈ $2.3B every day · $523B year to date ■ Minted: dollars in ■ Redeemed: dollars

  13. Slide 13: This is the moment to seize

    THE ROAD AHEAD This is the moment to seize We are investing to win As digital dollars reach from hundreds of millions of people to billions, and millions of businesses A platform built for The leading digital New platforms, real More entrenched this moment dollar traction every quarter As the financ

  14. Slide 14: Financial Performance & Guidance

    Financial Performance & Guidance Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 14

  15. Slide 15: The reserve engine: steady balances, a stabilizing rate

    USDC CIRCULATION AND RESERVE INCOME The reserve engine: steady balances, a stabilizing rate $73.3B +8% YoY 3.54% -61bps YoY $658M -8% YoY Average USDC in circulation¹ Reserve return rate Reserve income ($M)3 × = $76.2 $75.2 $76.5 4.15% $711 $733 $67.8 $73.3 3.81% 3.50% 3.54% $653 $668 $658 3.48% Q3'

  16. Slide 16: Revenue up 17%, with ARC adding a new revenue line

    REVENUE AND RESERVE INCOME Revenue up 17%, with ARC adding a new revenue line $865M +17% YoY 52.4% $207M Revenue & reserve income RLDC margin1 Other revenue ($M) $683M excl. ARC 39.7% excl. ARC Incl. $182M ARC token sales; $25M excl. ARC Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 RLDC MARGIN 52.4% 39.5% 40.1% 41

  17. Slide 17: How Circle captures value from Arc

    ARC ECONOMICS How Circle captures value from Arc REVENUE EBITDA TIMING STAKE Recurring¹ Staking rewards Other Revenue Adds to EBITDA When received after proof of stake ARC earned for staking and running a validator SELL Event Based Token sales Other Revenue Adds to EBITDA Upon Completion ARC sold se

  18. Slide 18: Q3, from top to bottom

    RLDC AND ADJUSTED EBITDA Q3, from top to bottom Q3 2026, FROM REVENUE TO ADJUSTED EBITDA ($M) FIVE-QUARTER VIEW ■ Excl. ARC token sales ■ ARC token sales ■ Costs Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 YoY Total revenue & reserve income $683 $182 $865M +17% YoY 453 RLDC 292 309 287 289 271 +55% ($M) ex-ARC Di

  19. Slide 19: Guidance

    Guidance Key Indicator Guidance Period Guidance Unchanged Multi-year through USDC in Circulation 40% CAGR cycle Other Revenue FY 2026 $310-330M3 RLDC Margin1 FY 2026 41.7-43.7%3 Adjusted OpEx2 FY 2026 $570-585M Source: Company data. 1 Revenue Less Distribution Costs (RLDC) Margin is Total Revenue &

  20. Slide 20: Appendix

    Appendix Q3 2026 EARNINGS PRESENTATION NOVEMBER 2026 20

  21. Slide 21: Condensed consolidated statement of operations

    Condensed consolidated statement of operations Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, (in $ millions) 2026 2025 2026 2025 (unaudited) (unaudited) (unaudited) (unaudited) Revenue and reserve income Reserve income $658 $711 $1,978 $1,903 Other reve

  22. Slide 22: Condensed consolidated balance sheets

    Condensed consolidated balance sheets September 30, December 31, (in $ millions) 2026 2025 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,700 $ 1,526 Cash and cash equivalents segregated for corporate-held stablecoins 1,016 823 Cash and cash equivalents segregated for the benefit of

  23. Slide 23: Condensed consolidated balance sheets (cont'd)

    Condensed consolidated balance sheets (cont’d) September 30, December 31, (in $ millions) 2026 2025 (unaudited) LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Deposits from stablecoin holders $ 73,451 $ 74,913 Accounts payable and accrued expenses 291 361 Convertible debt, net of debt dis

  24. Slide 24: Condensed consolidated balance sheets (cont'd)

    Condensed consolidated balance sheets (cont’d) September 30, December 31, (in $ millions, except share information) 2026 2025 (unaudited) Stockholders’ equity Class A common stock ($0.0001 par value; 2.5 billion authorized as of September 30, 2026 and December 31, 2025; 237.1 million and 223.6 milli

  25. Slide 25: Calculation of RLDC margin and NRM

    Calculation of RLDC margin and NRM (in $ millions, except RLDC Margin and Net Reserve Margin) Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Reserve Income $ 658 $ 668 $ 653 $ 733 $ 711 Other Revenue 207 34 42 37 29 Total Revenue and Reserve Income $ 865 $ 701 $ 694 $ 770 $ 740 Distribution and Transaction Costs $ 4

  26. Slide 26: Reconciliation of Adjusted EBITDA to Net income from continuing operations

    Reconciliation of Adjusted EBITDA to Net income from continuing operations (in $ millions) Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Net income from continuing operations $ 226 $ 48 $ 55 $ 133 $ 214 Less: Net loss attributable to noncontrolling interests (0) (0) (0) (0) — Net income attributable to common stock

  27. Slide 27: Reconciliation of Adjusted operating expenses to Operating expenses

    Reconciliation of Adjusted operating expenses to Operating expenses (in $ millions) Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Operating expenses $ 245 $ 254 $ 242 $ 254 $ 211 Adjusted for: Stock-based compensation expense and related payroll taxes1 (46) (61) (62) (68) (64) Depreciation and amortization expenses

  28. Slide 28: Guidance: Reconciliation of Adjusted operating expenses to Operating expenses

    Guidance: Reconciliation of Adjusted operating expenses to Operating expenses FY'2026 (in $ millions) Low High Operating expenses $973 $1,056 Adjusted for: Stock-based compensation expense and related payroll taxes1 (219) (249) Depreciation and amortization expense 2 (116) (141) Digital assets losse

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