Analyst Consensus ?
ConsensusHold15 ratings
Bullish853.4%
Neutral533.3%
Bearish213.3%
Circle Internet Group · CRCL · FY2026 Q2 · Calendar Q3 2026
Circle raises select 2026 outlook as USDC network expands
The call presents a growth case based on expanding USDC usage and new infrastructure products, but the evidence is not yet uniform: revenue was below consensus while EPS exceeded it, and several planned initiatives still need to demonstrate monetization.
Why did CRCL rise 0.0% after beating EPS estimates in FY2026 Q2?
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Reported Before market openNYSEFinancial Services
$19.33B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.18
Consensus $0.16
EPS surprise
+10.6%
Reported versus consensus
Reported revenue
$701.3M
Consensus $713.1M
Revenue surprise
-1.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.0%
Event window
SPY move
-0.2%
Same window
Abnormal move
+0.2%
Stock minus SPY
Volume
1.6×
Versus trailing sessions
Subsequent drift
+40.1%
Up to 20 sessions
CRCLSPY benchmark
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Why did CRCL rise 0.0% after beating EPS estimates in FY2026 Q2?What changed in CRCL's guidance and outlook in FY2026 Q2?Give me the bull and bear case for CRCL after FY2026 Q2 earnings.
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Transcript intelligence
What changed
Management raised expectations for other revenue and RLDC margin, and highlighted an OCC National Trust Bank charter and an upcoming Arc Mainnet launch. Compared with the prior-quarter analysis, Arc, CPN payments monetization and institutional tokenization partnerships are more central to the stated growth plan.
Guidance delta
Raised expectations for other revenue and RLDC margin; no quantitative change was supplied in the available analysis.
Key takeaways
- USDC circulation and on-chain activity grew, supporting management’s network-expansion narrative.
- Reported EPS exceeded consensus, while revenue fell short of consensus.
- Management positioned Arc, CPN payments and agentic-economy initiatives as additional growth avenues, though timing and monetization remain execution questions.
- The company described wider institutional relationships involving tokenized assets and payments.
Management priorities
- Launch Arc Mainnet and expand its validator ecosystem.
- Begin monetizing CPN payments in the second half of the year.
- Expand USDC distribution and develop agentic-economy use cases.
- Advance institutional tokenization collaborations, including with DTCC and BlackRock.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$76.12Previous close
$34Low
$96.59Average
$190High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Nov 5, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Underweight | Underweight | Maintain | Nov 2, 2026 |
| Needham | Buy | Buy | Maintain | Oct 21, 2026 |
| TD Cowen | Buy | Buy | Maintain | Sep 17, 2026 |
| Wolfe Research | Underperform | Underperform | Maintain | Aug 25, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Aug 24, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Aug 6, 2026 |
| Canaccord Genuity | Buy | Buy | Maintain | Aug 6, 2026 |
| Mizuho | Neutral | Underperform | Upgrade | Jul 31, 2026 |
| Baird | Outperform | Outperform | Maintain | Jul 13, 2026 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jul 2, 2026 |
| Compass Point | Neutral | Sell | Upgrade | Jul 1, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | May 5, 2026 |
| Clear Street | Buy | Buy | Maintain | Mar 18, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Feb 10, 2026 |
| Deutsche Bank | Hold | Hold | Maintain | Nov 13, 2025 |
Named analyst price targets
Upside is calculated against the persisted previous close $76.12. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | James Faucette | $34 | $72.54 | -55.3% | Nov 2, 2026 |
| Mizuho Securities | Dan Dolev | $43 | $85.91 | -43.5% | Oct 26, 2026 |
| US Tiger Securities | Bo Pei | $115 | $84.13 | +51.1% | Oct 6, 2026 |
| Goldman Sachs | James Yaro | $81 | $87.72 | +6.4% | Aug 25, 2026 |
| Wolfe Research | Darrin Peller | $65 | $87.72 | -14.6% | Aug 25, 2026 |
| Susquehanna | Analyst unavailable | $92 | $87.98 | +20.9% | Aug 24, 2026 |
| Seaport Global | Analyst unavailable | $100 | $74.2 | +31.4% | Aug 17, 2026 |
| Goldman Sachs | Analyst unavailable | $71 | $65.12 | -6.7% | Aug 6, 2026 |
| Canaccord Genuity | Analyst unavailable | $130 | $63.28 | +70.8% | Aug 6, 2026 |
| H.C. Wainwright | Analyst unavailable | $104 | $63.28 | +36.6% | Aug 6, 2026 |
| Morgan Stanley | Analyst unavailable | $37 | $63.28 | -51.4% | Aug 6, 2026 |
| Morgan Stanley | James Faucette | $38 | $62.61 | -50.1% | Aug 3, 2026 |
| Mizuho Securities | Analyst unavailable | $45 | $64.24 | -40.9% | Jul 31, 2026 |
| Bernstein | Gautam Chhugani | $140 | $64.32 | +83.9% | Jul 29, 2026 |
| Compass Point | Analyst unavailable | $62 | $63.22 | -18.5% | Jul 15, 2026 |
| Mizuho Securities | Analyst unavailable | $50 | $63 | -34.3% | Jul 14, 2026 |
| Robert W. Baird | David Koning | $100 | $66.14 | +31.4% | Jul 13, 2026 |
| Goldman Sachs | James Yaro | $96 | $61.95 | +26.1% | Jul 2, 2026 |
| Susquehanna | James Friedman | $69 | $62.63 | -9.4% | Jul 1, 2026 |
| Compass Point | Analyst unavailable | $55 | $62.63 | -27.7% | Jun 30, 2026 |
| US Tiger Securities | Analyst unavailable | $100 | $62.64 | +31.4% | Jun 30, 2026 |
| Morgan Stanley | James Faucette | $106 | $111.05 | +39.3% | May 19, 2026 |
| H.C. Wainwright | Analyst unavailable | $150 | $114 | +97.1% | May 18, 2026 |
| Needham | Analyst unavailable | $150 | $125.43 | +97.1% | May 12, 2026 |
| Deutsche Bank | Analyst unavailable | $101 | $127.74 | +32.7% | May 12, 2026 |
| Mizuho Securities | Analyst unavailable | $135 | $131.76 | +77.4% | May 12, 2026 |
| Morgan Stanley | Analyst unavailable | $80 | $103.8 | +5.1% | Apr 20, 2026 |
| Compass Point | Analyst unavailable | $77 | $94.44 | +1.2% | Apr 8, 2026 |
| Mizuho Securities | Dan Dolev | $120 | $114.18 | +57.6% | Mar 13, 2026 |
| Morgan Stanley | James Faucette | $66 | $63.93 | -13.3% | Feb 2, 2026 |
| Compass Point | Analyst unavailable | $60 | $67.55 | -21.2% | Jan 29, 2026 |
| Mizuho Securities | Dan Dolev | $77 | $69.96 | +1.2% | Jan 28, 2026 |
| Bernstein | Analyst unavailable | $190 | $84.42 | +149.6% | Jan 6, 2026 |
| Goldman Sachs | Analyst unavailable | $88 | $83.47 | +15.6% | Jan 5, 2026 |
| H.C. Wainwright | Analyst unavailable | $85 | $80.99 | +11.7% | Dec 19, 2025 |
| Goldman Sachs | Analyst unavailable | $80 | $66.93 | +5.1% | Nov 21, 2025 |
| Robert W. Baird | David Koning | $110 | $82.34 | +44.5% | Nov 14, 2025 |
| Mizuho Securities | Dan Dolev | $70 | $82.34 | -8.0% | Nov 14, 2025 |
| Wells Fargo | Analyst unavailable | $160 | $129.85 | +110.2% | Oct 21, 2025 |
| US Tiger Securities | Analyst unavailable | $140 | $131.56 | +83.9% | Oct 21, 2025 |
| Redburn Partners | Nicholas Watts | $136 | $149.72 | +78.7% | Oct 3, 2025 |
| Robert W. Baird | David Koning | $185 | $159.59 | +143.0% | Aug 13, 2025 |
| Mizuho Securities | Dan Dolev | $85 | $161.17 | +11.7% | Aug 12, 2025 |
| Robert W. Baird | David Koning | $210 | $202.9 | +175.9% | Jul 10, 2025 |
Track every rating change on CRCL the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationCircle Internet Group, Inc. establishes and maintains the core infrastructure for stablecoin and blockchain-based applications, functioning as a foundational platform and network for this innovative financial technology. The company offers an extensive array of stablecoin products and services, empowering organizations to harness the benefits of digital currencies and the evolving internet-driven financial ecosystem. Notably, it is a prominent issuer of a stablecoin pegged to the U.S. dollar. Its robust digital asset network encompasses proprietary Circle stablecoins, tokenized investment funds, liquidity provision, payment processing solutions, and comprehensive support for both developers and system integration. Founded in 2013, the firm maintains its headquarters in New York, New York.
Historical context
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| PRU Prudential Financial, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +6.4% | Prudential’s Q3: Capital rotation advances as Japan remains a drag |
Latest beats and misses
Who reports nextBeat on EPS
- RPRXFY2026 Q3 · November 4, 2026+2.5% EPS+1.7% move
- GFSFY2026 Q3 · November 4, 2026+3.5% EPS-5.9% move
- ZBHFY2026 Q3 · November 4, 2026+1.1% EPS+13.5% move
- CRCLFY2026 Q3 · November 4, 2026+119.5% EPS+1.2% move
- PFGCFY2027 Q1 · November 4, 2026+3.9% EPS+13.5% move
- MDLNFY2026 Q3 · November 4, 2026+28.2% EPS+18.4% move
Missed on EPS
- UTHRFY2026 Q3 · November 4, 2026-5.0% EPS+1.2% move
- TRMBFY2026 Q3 · November 4, 2026-0.2% EPS-17.3% move
- OCFY2026 Q3 · November 4, 2026-20.5% EPS+8.5% move
- OHIFY2026 Q3 · November 3, 2026-42.5% EPS+3.5% move
- MOSFY2026 Q3 · November 3, 2026-1656.0% EPS+17.4% move
- OVVFY2026 Q3 · November 3, 2026-2.0% EPS-5.1% move
Get the CRCL recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-08-05T18:13:18.968513+00:00
- FN2 earnings calendar · 2026-09-10T01:23:13.706414+00:00
- Polygon adjusted daily market bars · 2026-11-05T07:40:44.285463+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-05T07:40:44.283239+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-05. For educational purposes only; not investment advice.