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Q3 2025 Earnings Presentation November 12, 2025
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 2 Non-GAAP Financial Measures We report our financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, Adjusted EBITDA and Adjusted Operating Expenses are non-GAAP financial measures regarding our operational performance. Management and our board of directors use non-GAAP financial measures to (i) monitor and evaluate the growth and performance of our business operations, (ii) evaluate our historical and prospective financial performance as well as our performance relative to our competitors, (iii) review and assess the performance of our management team and other employees, and (iv) prepare budgets and evaluate strategic investments. Accordingly, we believe that non-GAAP measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Non-GAAP financial measures, including Adjusted EBITDA and Adjusted Operating Expenses, have limitations as financial measures and should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with GAAP. Adjusted EBITDA. Adjusted EBITDA is calculated as net income (loss) from continuing operations excluding: depreciation and amortization expense; interest expense, net of amortization of discounts and premiums; interest income; income tax expense (benefit); stock-based compensation expense; certain legal expenses; realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments and strategic investments; realized (gains) losses on available-for-sale debt securities; impairment losses on strategic investments; merger termination expenses; restructuring expenses; acquisition-related costs; change in fair value of convertible debt, warrant liability, and embedded derivatives; losses on sale of long-lived assets; and foreign currency exchange (gain) loss. We believe it is useful to exclude non-cash charges, such as depreciation and amortization, stock-based compensation expense, and change in fair value of various financial instruments from Adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax expense (benefit), interest income, interest expense, and non-routine items as these items are not components of our core business operations. Adjusted Operating Expenses. Adjusted operating expenses excludes depreciation and amortization, future Donor Advised Fund (DAF) contributions to the Circle Foundation, digital asset (gains) losses, and stock-based compensation. We believe it is useful to exclude certain non-cash charges from Adjusted Operating Expenses because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We have provided a reconciliation of Adjusted EBITDA to Net Income (Loss) from Continuing Operations and of Adjusted Operating Expenses to Operating Expenses, in each case, the most directly comparable GAAP financial measure beginning on slide 29 of this presentation. Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position, including for the third quarter ended September 30, 2025; our plans with respect to the anticipated future expenses and investments; expectations relating to certain of our key financial and operating metrics; our business strategy and plans; expectations relating to legal and regulatory proceedings; expectations relating to our industry, the regulatory environment, market conditions, trends and growth; expectations relating to customer behaviors and preferences; our market position; potential market opportunities; and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, but not limited to: intense and increasing competition from new and existing issuers offering competing products, combined with the rise of yield-bearing digital assets, including TMMFs, that are attractive to digital asset trading participants, may reduce market demand and circulation of Circle stablecoins; stablecoins may face periods of uncertainty, loss of trust, or systemic shocks resulting in the potential for rapid redemption requests (or runs), and extreme scenarios, such as market shocks that affect the value of USDC’s reserves or simultaneous requests to redeem all or substantially all USDC in circulation, or concerns related to Circle stablecoin reserves, may lead to redemption delays and USDC reserves being insufficient to meet all redemption requests; as a relatively new innovation, stablecoins are particularly susceptible to operational challenges and risks, including due to surges in demand; any negative publicity regarding stablecoins or the broader digital asset industry may have an outsized negative effect on consumer confidence; the acceptance of Circle stablecoins could be negatively impacted by the disruptions in secondary marketplaces that facilitate the purchase and sale of Circle stablecoins; the GENIUS Act will change the payment stablecoin ecosystem and may affect our business in ways that cannot yet be known; the GENIUS Act amends the U.S. federal securities laws to explicitly exclude from the definition of “security” payment stablecoins issued by PPSIs, which will include USDC, however, until those amendments are effective, we will continue to rely on our conclusion that USDC is not a security under the U.S. federal securities laws; we hold a substantial amount of USDC reserves in the Circle Reserve Fund and thus are subject to risks associated with the issuer, the manager, and the custodian of the Circle Reserve Fund; any significant disruption in our or our third-party service providers' or partners' technology could result in a loss of customers or funds and adversely impact our business, results of operations, financial condition, and prospects; our customers' funds and digital assets may fail to be adequately safeguarded by us or the third-party service providers upon whom we rely; our inability to maintain existing relationships with financial institutions and similar firms or to enter into new such relationships could impact our ability to offer services to customers; we are subject to credit risks in respect of counterparties, including banks and other financial institutions; if we are unable to maintain existing distribution arrangements or enter into additional distribution arrangements on less favorable financial terms, USDC and EURC in circulation and Circle’s financial results may be adversely affected; the Arc network may not be successful and we may not realize a return on our investments and resources devoted to this project; any potential launch of a native token on the Arc network is uncertain and may pose additional risks to Circle; our products and services may be exploited by our customers, employees, service providers, and other third parties to facilitate illegal activity such as fraud, money laundering, terrorist financing, gambling, tax evasion, and scams; our compliance and risk management methods might not be effective; fluctuations in interest rates could impact our results of operations; we are subject to an extensive and highly evolving regulatory landscape; the regulatory environment to which we are subject gives rise to various licensing requirements, significant compliance costs and other restrictions, and noncompliance could result in a range of penalties, including fines, compliance costs, operational restrictions, reputational damage, and loss of licenses; we are subject to laws, regulations, and executive orders regarding economic and trade sanctions, anti-bribery, AML, and counter-terrorism financing that could impair our ability to compete in international markets or subject us to criminal or civil liability if we violate them; and insiders will continue to have substantial control over Circle and limit shareholders ability to influence the outcome of key transactions, including a change of control. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results are, or will be included, in our filings we make with the SEC from time to time, including our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 to be filed with the SEC on November 12, 2025. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 3 The Global Financial System is Colliding with the Internet
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 4 Powering the Internet Financial System Economic Operating Systems for the Internet Stablecoins, Digital Assets, and Tokenization New Application Utilities for the Internet Economy
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 5 First authorized stablecoin Q3 2025 Key Highlights Network Growth1 Financial Results1 $740M Total Revenue & Reserve Income +66% YoY $166M Adj. EBITDA3 +78% YoY 57% Adj. EBITDA Margin4 +737 bps YoY 1 Company data for the quarter ended September 30, 2025. 2 Company data as of September 30, 2025. 3 Adjusted EBITDA, a non-GAAP financial measure, is calculated as net income (loss) from continuing operations excluding: depreciation and amortization expense; interest expense, net of amortization of discounts and premiums; interest income; income tax expense (benefit); stock-based compensation expense; certain legal expenses; realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments and strategic investments; realized (gains) losses on available-for-sale debt securities; impairment losses on strategic investments; merger termination expenses; restructuring expenses; acquisition-related costs; change in fair value of convertible debt, warrant liability, and embedded derivatives; (gains) losses on sale of long-lived assets; and foreign currency exchange (gain) loss. See the Appendix for a reconciliation. 4 Adjusted EBITDA Margin is calculated as Adjusted EBITDA / Total Revenue and Reserve Income less Total Distribution, Transaction & Other Costs. See the Appendix for a reconciliation. Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 5 + 108% YoY $73.7B $9.6T USDC onchain volume +6.8x YoY Expanding Platform Increasing Adoption Launched public testnet with 100+ participants Exploring Arc token CPN product expansion Integrated 5 new chains, 28 now supported 2
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 6 Stablecoin Network Growth & Adoption Update
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 7 1 Source: CoinMarketCap as of September 30, 2025. Stablecoins include USDC, USDT, TUSD, PYUSD, RLUSD, USDG, FDUSD, AUSD. Share defined as the amount of USDC in circulation as a percentage of the total U.S. dollar fiat-backed stablecoins with circulation above $100 million, according to CoinMarketCap. 2 Source: Visa Onchain Analytics. 3 Source: CoinMarketCap as of September 30, 2025. Includes U.S. dollar fiat-backed stablecoins with circulation above $100 million, according to CoinMarketCap. Stablecoin market growing strongly; USDC gaining share STABLECOINS IN CIRCULATION ($B)1 2.3x YoY STABLECOINS IN CIRCULATION AS OF Q3’25 ($B)3 59% YoY STABLECOIN TRANSACTION VOLUMES ($T)2 USDC USDC
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 8 Reserve infrastructure Systemically Important Banks Circle Reserve Fund Banking connectivity 185+ countries1 $1T+ Cumulative USDC minted and redeemed2 Regulated Audited Public Transparent Compliant Developer services for stablecoin apps 28 blockchains1 6.3M Meaningful Wallets1 (+77%YoY) $41T+ Cumulative onchain transaction volume3 Market neutral infrastructure that leading companies build on 1 As of September 30, 2025. 2 From January 2021 through September 30, 2025. 3 From September 2018 through September 30, 2025. Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 8 Liquidity Neutrality Distribution Trust Product Circle’s stablecoin network has durable and powerful network effects
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 9 Circle’s network grew strongly Source: Company data. Note: “Meaningful Wallets” are defined as the number of onchain digital asset wallets with an amount of USDC above $10. Figures as of period end. CCTP VOLUME ($B) 7.4x YoY USDC ONCHAIN TRANSACTION VOLUME ($T) 6.8x YoY 77% YoY MEANINGFUL WALLETS (M)
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 10 Gaining share in digital asset markets remains a priority 1 The Block Research as of September 30, 2025. Figures represent the simple average percentage of spot trading volume denominated in USDC for the three months of each respective quarter. Exchanges included are Binance, Poloniex, Bitfinex, Huobi, OKX, Bittrex, Coinbase, Kraken, and Bitstamp. 2 Binance monthly Proof of Reserves (PoR) as of October 1, 2025 (Q3’25), July 1, 2025 (Q2’25), April 1, 2025 (Q1’25), January 1, 2025 (Q4’24), and October 1, 2024 (Q3’24). Includes fiat stablecoins only. 3 Figures based on the 30 day average up to quarter end. Represents share of total open interest for contracts settled in USDC relative to total open interest for contracts settled in either USDC or USDT. BINANCE STABLECOIN ASSETS HELD IN CUSTODY FOR CUSTOMERS ($B)2 USDC SHARE OF SPOT TRADING VOLUMES1 BINANCE AND HYPERLIQUID USDC PERPS OPEN INTEREST SHARE3 USDC Other $28 $33 $39 $40 $41
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 11 Capital Markets Collaboration to use USDC and EURC in Deutsche Börse Group’s financial market infrastructure Payments Cross-border payments via a stablecoin pilot in Visa Direct Instant global balance payments on corporate cards using USDC Digital Assets Partnership to expand USDC and EURC access on Kraken Collaboration to give Fireblocks’ customers seamless access to Circle’s stablecoin ecosystem Expanded collaboration to enable deeper support for USDC Banking Infrastructure Collaboration to connect banks to Circle’s payments infrastructure via Finastra’s payment hub solutions Dollar Access Integration of USDC into Itau’s consumer product offering to give access to digital dollars in Brazil Adoption continues across a diverse range of use cases
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 12 Circle Platform Expansion
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 13 Arc, our open Layer-1 blockchain network designed to bring real-world economic activity onchain Public testnet launched with over 100 world class companies spanning digital assets, technology, payments, capital markets, and banking Exploring Arc token Fully-integrated across entire Circle platform Anticipate mainnet launch in 2026 The Economic OS for the internet SELECT ARC PARTICIPANTS Banks, Asset Managers, and Insurers Payments, Technology, and Fintech Digital Asset Markets and Liquidity Capital Markets Stablecoin and Asset Issuers Developers
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 14 29 Financial Institutions Enrolled 55 Financial Institutions in Eligibility Reviews 500 Financial Institutions in Pipeline GSIBs, PSPs, Cross Border Firms, Neo-Banks CPN Console CPN Marketplace CPN Payouts 101x Growth1 in Trailing TPV from June $3.4B Annualized TPV1 Live flows including Brazil, Canada, China, Hong Kong, India, Mexico, Nigeria, and United States Upcoming launches expected in Colombia, European Union, Philippines Singapore, UAE, and United Kingdom Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 14 Participants Markets Products Growth Strong early momentum for Circle Payments Network 1 Transaction Volume Processed (TPV) and growth is calculated using the trailing 30 days as of November 7, 2025.
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 15 Financial Review
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 16 An internet platform & network business model, with massive scale potential, and strong inherent operating leverage Build the largest stablecoin network Monetize the money stock on the network Monetize transaction flows and network infrastructure Deliver a highly scalable internet platform business model METRICS Network size and usage USDC in circulation Reserve return rate Reserve margin Other revenue Operating expenses WHY IT MATTERS Foundation of network effects Primary revenue driver today Primary revenue driver today Share of reserve income after partner incentives Fee based revenues that scale with network size and usage Strong operating leverage Core value driver Adj. EBITDA Growth + margin expansion
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 17 USDC circulation and Circle on-platform share is growing Source: Company data. 1 The total amount of USDC minted and outstanding (excluding tokens allowed but not issued and access denied tokens). USDC IN CIRCULATION (EOP, $B)1 USDC IN CIRCULATION MIX BY PLATFORM (EOP, %) RESERVE RETURN RATE (%) 108% YoY
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 18 Revenue growth and resilient RLDC margin Source: Company data. 1 Revenue less Distribution Costs (RLDC) Margin is Total Revenue & Reserve Income less Total Distribution, Transaction & Other Costs as a percentage of Total Revenue & Reserve Income. 66% YoY TOTAL DISTRIBUTION, TRANSACTION & OTHER COSTS ($M) TOTAL REVENUE & RESERVE INCOME ($M) 74% YoY RLDC MARGIN1 (%)
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 19 NRM1 & RLDC MARGIN2 (%) Source: Company data. 1 Net Reserve Margin (NRM) is Reserve Income less Distribution and Transaction Costs as a percentage of Reserve Income. 2 Revenue less Distribution Costs (RLDC) Margin is Total Revenue & Reserve Income less Total Distribution, Transaction & Other Costs as a percentage of Total Revenue & Reserve Income. Strong other revenue growth, benefiting RLDC margin OTHER REVENUE ($M) 52.1x YoY
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 20 Growing profitability and expanding operating leverage TOTAL REVENUE & RESERVE INCOME LESS TOTAL DISTRIBUTION, TRANSACTION & OTHER COSTS ($M) ADJUSTED EBITDA ($M)2 Source: Company data. 1 Adjusted Operating Expenses, a non-GAAP financial measure, excludes depreciation & amortization, future Donor Advised Fund (DAF) contributions to the Circle Foundation, digital asset (gains) / losses, and stock-based compensation. See the Appendix for a reconciliation. 2 Adjusted EBITDA, a non-GAAP financial measure, is calculated as net income (loss) from continuing operations excluding: depreciation and amortization expense; interest expense, net of amortization of discounts and premiums; interest income; income tax expense (benefit); stock-based compensation expense; certain legal expenses; realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments and strategic investments; realized (gains) losses on available-for-sale debt securities; impairment losses on strategic investments; merger termination expenses; restructuring expenses; acquisition-related costs; change in fair value of convertible debt, warrant liability, and embedded derivatives; (gains) losses on sale of long-lived assets; and foreign currency exchange (gain) loss. See the Appendix for a reconciliation. 3 Adjusted EBITDA Margin is calculated as Adjusted EBITDA / Total Revenue and Reserve Income less Total Distribution, Transaction & Other Costs. 55% YoY 35% YoY 78% YoY Margin (%)3 ADJUSTED OPERATING EXPENSES ($M)1
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 21 Outlook
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 22 USDC Circulation Multi-year through cycle 40% CAGR No change Other Revenue FY 2025 $75-$85M $90-$100M RLDC Margin1 FY 2025 36-38% ~38% Adjusted Operating Expenses2 FY 2025 $475-$490M $495-$510M Period Prior Outlook Guidance Update Source: Company data. 1 Revenue less Distribution Costs (RLDC) Margin is Total Revenue & Reserve Income less Total Distribution, Transaction & Other Costs as a percentage of Total Revenue & Reserve Income. 2 Adjusted Operating Expenses, a non-GAAP financial measure, excludes depreciation & amortization, future Donor Advised Fund (DAF) contributions to the Circle Foundation, digital asset (gains) / losses and stock-based compensation. See the Appendix for a reconciliation. Metric Updated Outlook
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 23 Appendix
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 24 Consolidated statement of operations Three months ended September 30, Nine months ended September 30, (in $ millions) 2025 2024 2025 2024 Reserve income $711 $445 $1,903 $1,228 Other revenue 29 1 73 13 Total revenue and reserve income 740 446 1,976 1,241 Distribution and transaction costs 447 257 1,201 707 Other costs 0 0 1 6 Total distribution, transaction and other costs 448 258 1,202 713 Compensation expenses 129 65 708 194 General and administrative expenses 45 33 119 100 Depreciation and amortization expenses 23 13 51 37 IT infrastructure costs 9 7 26 20 Marketing expenses 6 4 17 11 Digital assets (gains) losses (2) 1 4 (0) Total operating expenses 211 124 926 362 Operating income (loss) from continuing operations 81 64 (152) 166 Other (expense) income, net 72 22 (91) 45 Net income (loss) from continuing operations before income taxes 153 86 (243) 211 Income tax expense (benefit) (61) 15 (40) 59 Net income (loss) from continuing operations $214 $71 ($203) $153 Note: Figures presented may not sum precisely due to rounding.
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 25 (in $ millions) September 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $1,349 $751 Cash and cash equivalents segregated for corporate-held stablecoins 837 294 Cash and cash equivalents segregated for the benefit of stablecoin holders 73,373 43,919 Accounts receivable, net 22 6 Stablecoins receivable, net 1 7 Prepaid expenses and other current assets 321 188 Total current assets 75,903 45,165 Non-current assets: Restricted cash 3 4 Investments 82 84 Fixed assets, net 23 19 Digital assets 52 31 Goodwill 266 170 Intangible assets, net 412 331 Deferred tax assets, net 13 10 Other non-current assets 26 21 Total assets $76,781 $45,834 Consolidated balance sheets Note: Figures presented may not sum precisely due to rounding.
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 26 (in $ millions) September 30, 2025 December 31, 2024 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY Current liabilities: Deposits from stablecoin holders $73,267 $43,727 Accounts payable and accrued expenses 269 287 Convertible debt, net of debt discount 149 – Other current liabilities 17 17 Total current liabilities 73,702 44,031 Non-current liabilities: Convertible debt, net of debt discount – 41 Deferred tax liabilities, net 31 30 Warrant liability – 2 Other non-current liabilities 25 21 Total non-current liabilities 56 93 Total liabilities $73,758 $44,124 Consolidated balance sheets (cont’d) Note: Figures presented may not sum precisely due to rounding.
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 27 Consolidated balance sheets (cont’d) (in $ millions, except share information) September 30, 2025 December 31, 2024 Commitments and contingencies Redeemable convertible preferred stock Redeemable convertible preferred stock (0.0001 par value, nil and $139.8 million shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively; aggregate liquidation preference of nil and $1.1 billion as of September 30, 2025 and December 31, 2024, respectively) – 1,140 Stockholders’ equity Class A common stock ($0.0001 par value, 2.5 billion and 300.0 million authorized as of September 30, 2025 and December 31, 2024, respectively; 215.2 million and 56.4 million issued and outstanding as of September 30, 2025 and December 31, 2024, respectively) 0 0 Class B common stock ($0.0001 par value; 500.0 million and nil authorized as of September 30, 2025 and December 31, 2024, respectively; 19.0 million and nil issued and outstanding as of September 30, 2025 and December 31, 2024, respectively) 0 – Class C common stock ($0.0001 par value; 500.0 million and nil authorized as of September 30, 2025 and December 31, 2024, respectively; nil issued and outstanding as of September 30, 2025 and December 31, 2024) – – Treasury stock at cost (5.0 million shares held as of September 30, 2025 and December 31, 2024) (3) (3) Additional paid-in capital 4,438 1,793 Accumulated deficit (1,426) (1,223) Accumulated other comprehensive income 15 4 Total stockholders’ equity 3,023 571 Total liabilities, redeemable convertible preferred stock and stockholders’ equity $76,781 $45,834 Note: Figures presented may not sum precisely due to rounding.
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 28 Calculation of NRM and RLDC margin (in $ millions, except RLDC Margin and Net Reserve Margin) Q3‘25 Q2‘25 Q1‘25 Q4‘24 Q3‘24 Reserve Income $711 $634 $558 $433 $445 Other Revenue 29 24 21 2 1 Total Revenue and Reserve Income 740 658 579 435 446 Distribution and Transaction Costs 447 406 347 304 257 Other Costs 0 0 0 1 0 Total Distribution, Transaction and Other Costs 448 407 348 305 258 Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs $292 $251 $231 $131 $188 RLDC Margin1 39% 38% 40% 30% 42% Net Reserve Margin2 37% 36% 38% 30% 42% Note: Figures presented may not sum precisely due to rounding. 1 RLDC Margin is calculated as Total Revenue and Reserve Income less Total Distribution, Transaction and Other Costs as a percentage of Total Revenue and Reserve Income. 2 Net Reserve Margin is Reserve Income less Distribution and Transaction costs as a percentage of Reserve Income.
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 29 Reconciliation of Adjusted EBITDA to Net income (loss) from continuing operations Note: Figures presented may not sum precisely due to rounding. 1 Reflects interest income from corporate cash and cash and cash equivalents balances. For the avoidance of doubt, this amount does not include the impact of reserve income. 2 Reflects litigation expenses related to the FT Partners litigation, legal and settlement expenses related to legacy businesses, and legal fees related to the one-time establishment of new governance structures to comply with U.S. regulatory requirements. 3 Reflects one-time restructuring expenses incurred in connection with our change in domicile from the Republic of Ireland to the state of Delaware. 4 Reflects one-time legal and professional services costs related to the Hashnote acquisition. (in $ millions) Q3’25 Q2’25 Q1’25 Q4’24 Q3’24 Net income (loss) from continuing operations $214 ($482) $65 $4 $71 Adjusted for: Depreciation and amortization expense 23 14 14 14 13 Interest expense, net of amortization of discounts and premiums 0 0 0 0 1 Interest income1 (13) (10) (8) (9) (9) Income tax expense (benefit) (61) (4) 25 6 15 Stock-based compensation expense 59 435 13 11 13 Legal expenses2 3 2 2 5 2 Realized and unrealized (gains) losses, net, on digital assets held for investment, other related investments and strategic investments (2) (6) 8 (4) (2) Realized (gains) losses on available-for-sale debt securities – – – (0) (0) Impairment losses on strategic investments 1 1 – 2 1 Restructuring expenses3 – – – – 1 Acquisition-related costs4 – 0 1 1 – Change in fair value of convertible debt, warrant liability, and embedded derivatives (56) 168 2 4 (12) Losses on sale of long-lived assets 0 0 0 0 0 Foreign currency exchange (gain) loss (1) 8 1 (1) 1 Adjusted EBITDA $166 $126 $122 $33 $93
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 30 Reconciliation of Adjusted operating expenses to Operating expenses (in $ millions) Q3’25 Q2’25 Q1’25 Q4’24 Q3’24 Operating expenses $211 $577 $138 $130 $124 Adjusted for: Stock-based compensation expense1 (59) (435) (13) (11) (13) Depreciation and amortization expense2 (23) (14) (14) (14) (13) Digital assets (gains) losses3 2 0 (6) 4 (1) Adjusted Operating Expenses $131 $128 $105 $109 $97 Note: Figures presented may not sum precisely due to rounding. 1 Stock-based compensation expense represents equity compensation, a non-cash expense. 2 Depreciation and amortization expense includes depreciation of fixed assets, and amortization of capitalized engineering costs and intangible assets. 3 Digital assets (gains) losses represent the fair value gains/losses of digital assets, a non-cash expense.
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Q3 2025 EARNINGS PRESENTATION NOVEMBER 2025 31 Outlook: Reconciliation of Adjusted operating expenses to Operating expenses FY 2025 (in $ millions) Low High Operating expenses $1,153 $1,193 Adjusted for: Stock-based compensation expense1 (556) (571) Depreciation and amortization expense2 (70) (80) Digital assets (gains) losses3 (4) (4) DAF contribution4 (28) (28) Adjusted Operating Expenses $495 $510 1 Stock-based compensation expense represents equity compensation, a non-cash expense. The range of guidance depends on incremental headcount through the rest of the year. 2 Depreciation and amortization expense includes depreciation of fixed assets, and amortization of capitalized engineering costs and intangible assets. The range of the guidance depends on capitalization rates, total stock-based compensation and cash compensation throughout the rest of the year. 3 Digital assets (gains) losses represents the year to date fair value gains/losses of digital assets, a non-cash expense, and we are not forecasting the amounts in Q4’25. 4 DAF contribution represent our anticipated transfer of 268,240 shares of Class A common stock to the Donor Advised Fund for the Circle Foundation and is a non-cash expense arising from donating the company’s equity. The amount is estimated as at the closing stock price of CRCL on November 7, 2025 ($103.14), however, such amount will be dependent on the stock price on the date of transfer.