Crypto Plumbing
Follow the stablecoin dollar past distribution.
Circle’s revenue headline is the beginning of the economics. The next stop is distribution, transaction and other costs. Profit comes later.
Circle reported $701m in total revenue and reserve income and $412m in distribution, transaction and other costs for Q2FY2026. The company reported $48m in net income from continuing operations. [1]
READ THE MECHANISM
Follow the stablecoin dollar past distribution.
Scroll the diagram horizontally to compare every measure. Exact values and definitions are below.
Circle Q2FY2026 · rounded company figures
Revenue split at this cost line
- Revenue + reserve income
- $701mCompany-reported total
- Distribution + other costs
- $412mDistribution, transaction and other costs
- After those costs
- $289mBefore operating expenses and other items; not net profit
A partial income bridge. The remainder is not net profit.
Read the exact values and definitions
| Measure | Value | Basis |
|---|---|---|
| Revenue + reserve income | 0.701 | Company-reported total |
| Distribution + other costs | 0.412 | Distribution, transaction and other costs |
| After those costs | 0.289 | Before operating expenses and other items; not net profit |
Method. Nexural calculation using rounded reported amounts: $701m−$412m=$289m. Band widths encode the two components relative to $701m. This is a deliberately partial income bridge, not a full GAAP reconciliation.
- The $412m category aggregates distribution, transaction and other costs. It is not a disclosed Coinbase-only payment.
- The remainder still precedes operating expenses and other income-statement items. Circle reported $48m net income from continuing operations; do not label $289m as profit.
Subtract the rounded cost category from the rounded revenue total: $701m−$412m=$289m. That is the space left after these costs, before operating expenses and other items. It is a waypoint on an income statement. [1]
Nexural’s read: distribution belongs in the stablecoin story. An issuer’s income and the economics of getting its product into use are different questions. Start with the issuer’s own cost categories, then ask how growth, rates and partner terms affect what remains. [1]
Inspect the sources and methods 1 source record
CRCL: primary financial disclosure
Q2FY2026 results, published August 5, 2026: Financial Highlights and Financial Highlights and Operating Results. Uses the rounded total revenue/reserve-income and distribution/transaction/other-cost figures.
Source reference