0001876042-26-000309
SEC filingCircle Q3'26营收增17%至$865M，ARC代币预售推动Adjusted EBITDA增85%，但储备收益率下滑拖累储备收入。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Total Revenue and Reserve Income | $865M | $740M | 17% |
| Reserve Income | $658M | $711M | (8%) |
| Other Revenue | $207M | $29M | 627% |
| Operating Income from Continuing Operations | $208M | $81M | — |
| Net Income from Continuing Operations | $226M | $214M | 5% |
| Diluted EPS | $0.84 | $0.64 | — |
| Adjusted EBITDA (Non-GAAP) | $317M | $171M | 85% |
| RLDC Margin | 52% | 39% | 1,291bps |
| Adjusted Operating Expenses (Non-GAAP) | $139M | $123M | 13% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY 2026 | Other Revenue | $310-$330M | N/A |
| FY 2026 | RLDC Margin | 41.7-43.7% | Non-GAAP |
| FY 2026 | Adjusted Operating Expenses | $570-$585M | Non-GAAP |
| Multi-year through cycle | USDC in Circulation | 40% CAGR | N/A |
本季营收增长的核心并非储备收入，而是 Other Revenue 因 ARC token presale 确认 $182M 而同比暴增 627% 至 $207M；Reserve Income 则因 Reserve Return Rate 下降 61bps 至 3.5% 而同比下滑 8% 至 $658M，仅靠平均 USDC 流通量增 8% 部分对冲。利润率端，Total Distribution, Transaction and Other Costs 同比降 8% 至 $412M，叠加 ARC 预售收入，推动 RLDC Margin 升至 52%（+1,291bps）、Adjusted EBITDA Margin 达 70%（+1,117bps），Adjusted EBITDA 增 85% 至 $317M；但 Operating Expenses 增 16% 至 $245M，含约 5% 裁员重组费用 $9.1M 及 Tazapay 收购相关成本 $7.7M。
运营指标显示 USDC 期末流通量 $73.9B 同比持平、稳定币市场份额降至 27%（-183bps），而链上交易量 $13.9T 增 49%、USDC on Platform 增 36% 至 $13.9B，表明使用深度提升但存量规模承压。管理层维持 FY26 指引不变（Other Revenue $310-$330M、RLDC Margin 41.7-43.7%、Adjusted OpEx $570-$585M），并强调 Arc 主网上线、100 亿枚 ARC 创世铸造、Tazapay 收购与 Binance $100M 战略投资等动作；需关注储备收益率下行、稳定币竞争与赎回冲击，以及 ARC 代币与 Arc 网络的监管和执行风险。