Circle Internet (CRCL): All Eyes On Today’s Q3 Earnings Report

TLDR

• Circle Internet (CRCL) reports Q3 2025 earnings on November 12, with Wall Street expecting $0.22 EPS and $706.70 million revenue.
• The company rebounded from Q2’s $4.48 per share loss, though stock is down 8.7% year-to-date after surging 235% post-IPO in June.
• Circle announced partnerships with Deutsche Börse and Visa, plus exploring reversible stablecoin transactions for institutional platform Arc.
• Analyst ratings are split with J.P. Morgan maintaining Sell rating while Monness Crespi Hardt initiated coverage with Buy rating and $150 price target.
• TipRanks consensus shows Moderate Buy with average price target of $166.19, implying 69.1% upside from current levels.

Circle Internet Group is releasing its third-quarter fiscal 2025 results before markets open on November 12. Wall Street analysts expect earnings of $0.22 per share on revenue of $706.70 million.

The forecast marks a sharp turnaround from Q2’s disappointing performance. Last quarter, Circle reported a net loss of $4.48 per share, missing analyst expectations by a wide margin.

Circle Internet Group, CRCL

Revenue in Q2 jumped 53% year-over-year to $658 million. The growth came despite the company’s profitability challenges.

Circle is the largest issuer of the USDC stablecoin. The digital payment token has become a cornerstone of the cryptocurrency ecosystem.

Shares surged over 235% following the company’s June 2025 IPO at $31 per share. The initial enthusiasm has cooled considerably since then.

The stock is currently down 8.7% year-to-date. Investors have pulled back as valuation concerns mount.

Strategic Partnerships Drive Growth Potential

Circle recently announced a partnership with Deutsche Börse to expand stablecoin adoption across Europe. The deal represents a push into traditional financial markets.

The company also launched a pilot program with Visa. These partnerships could boost transaction volume in coming quarters.

Circle is exploring reversible stablecoin transactions for its institutional Arc platform. The feature would allow banks to reverse transactions, similar to traditional payment refunds.

This represents a departure from cryptocurrency’s traditional immutability. Banks have expressed interest in refund-like capabilities for institutional transactions.

Analyst Opinions Remain Divided

J.P. Morgan analyst Ken Worthington maintains a Sell rating on CRCL stock. He raised his price target from $93 to $94, implying 4.4% downside.

Worthington believes the stock is overvalued relative to its fundamentals. He argues that investor optimism has already priced in near-term growth prospects.

Monness Crespi Hardt analyst Gustavo Gala recently initiated coverage with a Buy rating. His $150 price target suggests 52.6% upside potential.

Gala argues that Circle is well positioned to capture on-chain money supply market share. He notes that USDC strengthens U.S. dollar dominance in global transactions.

The analyst points out Circle’s valuation is lower than competitor Tether. He expects margin expansion and stronger dollar-denominated revenues ahead.

Wells Fargo initiated coverage with an Overweight rating in recent weeks. The firm sees growth opportunities in the stablecoin market.

TipRanks consensus rating stands at Moderate Buy based on eight Buy ratings, five Holds, and three Sells. The average price target of $166.19 implies 69.1% upside from current levels.

Investors will watch key metrics including transaction volume and market share in the stablecoin sector. Updates on new product launches and strategic partnerships will also be scrutinized.

Profitability trends remain a focus as Circle faces competition from Tether and decentralized payment solutions. The company must demonstrate it can convert revenue growth into consistent earnings.

Circle’s Q3 results could benefit from clearer regulatory frameworks for stablecoins. Growing institutional interest and network partnerships may provide revenue momentum.

Wells Fargo and Monness Crespi Hardt initiated positive coverage in recent weeks, while J.P. Morgan reiterated its Underweight stance on Tuesday.

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