Circle Posts $770M Q4 Revenue And 412% EBITDA Surge As USDC Circulation Tops $75B

Shares of Circle (USDC) Internet Group surged roughly 30% on Wednesday to nearly $80, after the company posted fourth-quarter revenue of $770 million - up 77% year-over-year - and a 412% jump in adjusted EBITDA to $167 million.

The results exceeded analyst estimates, with William Blair noting a revenue-less-distribution-cost margin of over 40%, about 240 basis points above its model.

USDC in circulation reached $75.3 billion at year-end, up 72% from 2024, while the company guided to a 40% compound annual growth rate in USDC circulation over coming years.

For the full fiscal year 2025, Circle reported $2.7 billion in total revenue, but posted a net loss of $70 million from continuing operations - largely due to $424 million in stock-based compensation tied to IPO vesting conditions.

What Happened

Circle's Q4 net income from continuing operations hit $133 million, compared with $4 million in the year-ago period. Adjusted EBITDA of $167 million topped William Blair's estimate by 12%.

Analysts Andrew Jeffrey and Adib Choudhury reiterated their "outperform" rating, calling Circle "among a short list of high-quality cryptocurrency infrastructure plays within public markets today."

Shares now trade at roughly 17x the firm's 2027 EBITDA estimate, an 8% premium to fintech peers.