Circle cuts 5% of workforce despite revenue rising to $865 million in third quarter
Circle reported third-quarter revenue of $865 million and net income of $226 million, while disclosing a 5% workforce reduction that incurred $9.1 million in restructuring charges.
USDC issuer Circle Internet Group disclosed a workforce reduction of approximately 5% in a regulatory footnote accompanying its third-quarter earnings release on November 4, 2026. The company stated the job cuts were designed to align its organizational structure with its operating model and strategic priorities. Circle recorded $9.1 million in restructuring charges, consisting mainly of cash severance payments, notice periods, and employee benefits. The restructuring also reduced stock-based compensation by $5.7 million due to forfeited restricted stock units.[1][2][4][5]
The staff cuts came alongside strong financial results. Circle posted $865 million in total revenue and reserve income for the quarter, up 17% year-over-year. Net income from continuing operations increased 5% to $226 million, while adjusted EBITDA rose 85% to $317 million. Earnings per share reached $0.84, exceeding analyst estimates of $0.37.[1][3][4][9]
Quarterly performance was boosted by non-reserve revenue. Reserve income, which stems from the interest earned on assets backing USDC, fell 8% year-over-year to $658 million as the return rate dropped 61 basis points to 3.5%. However, other revenue jumped 627% to $207 million, powered by $182 million from the presale of the ARC token for Circle's Arc blockchain. USDC in circulation ended the quarter flat at $73.9 billion, while onchain volume surged 49% to $13.9 trillion.[1][3][4][6]
Circle also affirmed its full-year 2026 outlook, maintaining adjusted operating expense guidance of $570 million to $585 million. In addition to earnings, the company highlighted a $100 million equity investment from Binance, the public mainnet launch of Arc, and an agreement to acquire cross-border payments platform Tazapay.[3][4][8][10]
Key facts
- Circle reduced its workforce by approximately 5%, citing organizational alignment with its operating model and strategic priorities.
- The layoffs incurred $9.1 million in restructuring costs, primarily for severance, notice periods, and employee benefits.
- Forfeited restricted stock units tied to the restructuring lowered stock-based compensation by $5.7 million.
- Q3 total revenue and reserve income climbed 17% year-over-year to $865 million, and net income rose 5% to $226 million.
- Quarterly EPS reached $0.84 and adjusted EBITDA rose 85% to $317 million, both exceeding consensus estimates.
- Presale of the ARC token generated $182 million in revenue, offsetting an 8% drop in reserve income to $658 million.
- USDC in circulation stood at $73.9 billion at quarter-end, while onchain transaction volume expanded 49% to $13.9 trillion.
- Binance made a $100 million equity investment in Circle, and Circle agreed to acquire payments firm Tazapay.
Sources · 10 sources
- TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Circle $CRCL reported $865 million in third-quarter revenue and reserve income, up 17% year-over-year, while net income rose 5% to $226 million. The USDC issuer also reported $182 million in ARC token presale revenue, and disclosed a workforce reduction of approximately 5%.
Open source - DE
DecryptArticle ·
USDC Issuer Circle Quietly Cuts 5% of Staff in Profitable Quarter The USDC issuer disclosed the cuts in its earnings release, booking $9.1 million in restructuring costs as reserve income fell 8%.
Open source - WS
Wall St Engine@wallstenginePost on X ·
CIRCLE $CRCL Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $865M (Est. $778M) 🟢; +17% YoY 🔹 EPS: $0.84 (Est. $0.37) 🟢; +31% YoY 🔹 Adj. EBITDA: $317M (Est. $213M) 🟢; +85% YoY 🔹 Reserve Income: $658M (Est. $656.3M) 🟢; -8% YoY Affirms FY26 Guide: 🔹 Other Revenue: $310M-$330M 🔹 RLDC Margin: 41.7%-43.7% 🔹 Adjusted OpEx: $570M-$585M 2026-2028 Outlook: 🔹 USDC in Circulation: 40% CAGR Announcements: 🔹 Arc Mainnet: 100+ institutional and ecosystem builders on day one 🔹 Tazapay: $25B+ annualized payment volume; 60+ partners; 100+ markets 🔹 ARC Token: 10B-token initial supply; $182M presale revenue 🔹 Arc Community: 75,000+ members; 10,000 ambassadors; 1,200+ projects 🔹 Binance: $100M equity investment in Circle Other Q3 Metrics: 🔹 USDC Circulation: $73.9B; flat YoY 🔹 Average USDC: $73.3B; +8% YoY 🔹 Onchain Volume: $13.9T; +49% YoY 🔹 RLDC Margin: 52%; +1,291 bps YoY 🔹 Other Revenue: $207M; +627% YoY Key Updates: 🔹 Other Revenue: $207M incl. $182M ARC token presale; presale also lifted Adjusted EBITDA Comments: 🔸 “We also launched Arc on public mainnet with more than 100 institutional and ecosystem builders, giving them the infrastructure to build the next generation of financial applications. Together, we’re building the financial and economic infrastructure for the internet, and upgrading the system for a world where people, businesses, and AI agents all transact onchain.”
Open source - UN
UnchainedArticle ·
Circle Cuts About 5% of Its Workforce in Quarter Lifted by ARC Token Presale Circle Internet Group booked $9.1 million in restructuring charges in the third quarter tied to a workforce reduction of about 5% , the USDC issuer disclosed in a footnote to its quarterly results on Nov. 4. Circle said in the release that the cut was “designed to better align our organizational structure with our operating model and strategic priorities.” The release did not say how many employees lost their jobs, when the cut took place or which teams it affected. Circle had approximately 1,100 employees at the end of 2025, according to its annual report . At that size, a 5% reduction would come to roughly 55 people , by Unchained’s calculation. Circle has not disclosed its headcount at the time of the cut. According to Circle, the charges “primarily consisted of cash expenditures for notice period and severance payments, employee benefits and related costs.” The restructuring also lowered stock-based compensation expense by $5.7 million because of forfeited restricted stock units, the company said in a footnote to the release filed with the SEC. Circle left the restructuring charges out of its adjusted EBITDA. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Operating Expenses Still Up 16% Compensation expenses fell 4% from a year earlier to $124.1 million . Total operating expenses rose 16% to $245 million , which Circle put down mainly to higher general and administrative, depreciation and amortization, IT infrastructure and marketing costs. Adjusted operating expenses climbed 13% to $139 million. Circle kept its full-year guidance for adjusted operating expenses at $570 million to $585 million . Circle expects to recognize $219 million to $249 million in stock-based compensation and related payroll taxes this year, a range it said “depends on incremental headcount through the rest of the year and stock price.” ARC Presale Lifts Revenue The reduction came in a quarter when Circle’s total revenue and reserve income rose 17% to $865 million from about $740 million a year earlier. Of that, $182 million came from the presale of ARC , the native token of Circle’s Arc blockchain. Reserve income, the interest earned on the assets backing USDC, fell 8% to $658 million as the reserve return rate dropped, and USDC in circulation ended September at $73.9 billion , flat from a year earlier. Net income from continuing operations rose 5% to $226 million, and adjusted EBITDA climbed 85% to $317 million . The quarter also carried $7.7 million in acquisition-related costs, which included one-time legal and professional fees for Circle’s pending purchase of Singapore-based payments firm Tazapay . Circle has trimmed staff before. It cut jobs in July 2023 as it pulled back from non-core activities, and in December 2024 it confirmed a cut of less than 6% of roles that Bloomberg first reported. Related Listen: CLARITY Act New Draft: Three Lawyers Break Down What Changed The post Circle Cuts About 5% of Its Workforce in Quarter Lifted by ARC Token Presale appeared first on Unchained .
Open source - DN
DEGEN NEWS@DegenerateNewsPost on X ·
NEW: $USDC ISSUER @circle CUT ABOUT 5% OF ITS WORKFORCE, PER ITS Q3 EARNINGS FILING WITH THE SEC THE COMPANY SAYS THE LAYOFFS AIM "TO BETTER ALIGN OUR ORGANIZATIONAL STRUCTURE WITH OUR OPERATING MODEL AND STRATEGIC PRIORITIES" RESTRUCTURING COSTS CAME TO $9.1M SOURCE: https://t.co/FfANr6ARAQ
Open source - JM
Jacquelyn Melinek@jacqmelinekPost on X ·
.@Circle reported Q3 earnings today and the growth didn't come from where you'd expect. It posted $865M in total revenue and reserve income, up 17% from a year ago. Meanwhile, adjusted EBITDA rose 85% to $317M. Circle makes a lot of its money from the interest it earns on the reserves backing USDC. But that reserve income actually fell 8% to $658M after the rate Circle earns on those reserves dropped 61 basis points. Still USDC averaged $73.3B in circulation in the quarter, up 8%, while onchain USDC volume grew 49% to $13.9T. And the Circle Payments Network hit $41.3B in annualized volume. But the boost came from “other revenue” which jumped 627% to $207M, and $182M of that came from the presale of the @Arc incoming token ARC.
Open source - CB
Crypto Briefing@Crypto_BriefingPost on X ·
🔥JUST IN: Circle beats Q3 estimates across key metrics, with EPS reaching $0.84 and adjusted EBITDA climbing 85% to $317 million. https://t.co/G63wtAxPvs
Open source - CB
Coin Bureau@coinbureauPost on X ·
🚨JUST OUT: $CRCL’s Q3 revenue rose 17%, adjusted EBITDA surged 85%, and USDC onchain volume jumped 49% to $13.9 TRILLION. But, despite a profitable quarter Circle cuts about 5% of its staff in Q3, costing $9.1 MILLION, mostly in employee payouts. The cuts come as interest income from USDC reserves FALLS. This brings in about three-quarters of Circle’s revenue. Binance also announced a $100 MILLION equity investment and expanded its USDC partnership. Circle didn’t just post good Q3 earnings. But it also landed a number of business deals. Q3 RESULTS: - Revenue and reserve income $864.9M vs $776.7M expected - Adjusted EBITDA $317M vs $202.8M expected. Net income from continuing operations $226M, up 5% - EPS $0.84, up from $0.64. - USDC minted $104B vs $82.45B expected. - Average USDC circulation $73.3B, up 8%. - Reserve return rate 3.5% vs 3.52% expected. - USDC market share 27%, down 1.83 percentage points year over year. BUSINESS DEALS AND EXPANSION: - Tazapay acquisition agreed, bringing $25B+ in annualized payment volume and payout rails across 100+ markets. Closing expected in 2027, pending approvals. - Circle Payments Network reached $41.3B in annualized volume. - Arc mainnet launched with 100+ builders. Circle minted 10B ARC tokens, with Proof of Stake targeted for 2027. - Arc community includes 75,000+ members and 10,000 ambassadors, with 1,200+ projects built. - Chelsea FC partnership puts Circle and USDC on team shirts from the 2026/27 season. -Allaria expands institutional USDC access in Argentina. - Tereina integrates USDC and EURC into SAP ecosystem payments. - Samsung Wallet enables eligible USDC transfers to bank accounts in 60+ countries. - Visa Direct commercialized USDC prefunding for eligible payouts across 180+ countries. - Volante helps financial institutions integrate stablecoin payments and settlement. Full-year guidance remains unchanged, including $570M–$585M in adjusted operating expenses.
Open source - TR
TrendSpider@TrendSpiderPost on X ·
$CRCL Q3 EARNINGS EPS: $0.84 vs $0.37 est ✅ Sales: $865M vs $778M est ✅ https://t.co/DMSFyaT95e
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Circle Reports Q3 2026 Earnings: Revenue Up 17% to $865 Million, Average USDC Circulation Reaches $73.3 Billion Circle disclosed that revenue and reserve income in the third quarter of 2026 rose 17% year-over-year to $865 million, while net income from continuing operations increased 5% to $226 million. Other income included $182 million from the ARC token presale. During the period, the average circulating supply of USDC stood at $73.3 billion, up 8% year-over-year. Circle also stated that it has completed the genesis mint of 10 billion ARC tokens and signed a definitive agreement to acquire cross-border payments platform Tazapay. The transaction is expected to close in 2027, subject to regulatory approval.
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