What is CIRCLE INTERNET GROUP INC's earnings per share (EPS)?

CIRCLE INTERNET GROUP INC (CRCL) reported diluted earnings per share of $-0.44 for fiscal year 2025. This represents a -246.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

CIRCLE INTERNET GROUP INC Financials

CRCL

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows CIRCLE INTERNET GROUP INC (CRCL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CRCL FY2025 2026-05-11

Circle’s economics look balance-sheet-driven: a liability-funded asset base is producing cash even as reported operating margins turn negative.

In the latest year, revenue and free cash flow reached $2.7B and $530M. Yet operating income moved to -$96M from a $167M profit a year earlier, a cash-versus-earnings split that suggests balance-sheet and working-capital movements are doing more of the economic work than current-period margin.

Current assets and current liabilities were almost matched at $77.8B and $75.3B. With total liabilities still equal to 95.8% of assets, the company remains obligation-funded, although equity’s rise to $3.3B leaves a thicker cushion than before, not a roomy one.

Capital spending stayed tiny relative to cash generation, with capex at $12M against operating cash flow of $542M. That points to a low physical capital burden: free cash flow depends less on heavy reinvestment and more on managing a balance sheet that is unusually large for a company with $2.7B of revenue.

Financial Health Signals

Financial Health Score 20/100

Scored as: Banks peer group

Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of CIRCLE INTERNET GROUP INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Earnings

Growth

Capital

Stability

Piotroski F-Score Partial

3/6

CIRCLE INTERNET GROUP INC passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-7.80x

For every $1 of reported earnings, CIRCLE INTERNET GROUP INC generates $-7.80 in operating cash flow ($542.1M OCF vs -$69.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-78.7x

CIRCLE INTERNET GROUP INC earns $-78.7 in operating income for every $1 of interest expense (-$96.4M vs $1.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.7B

YoY+63.9%

CIRCLE INTERNET GROUP INC generated $2.7B in revenue in fiscal year 2025. This represents an increase of 63.9% from the prior year.

EBITDA

-$19.8M

YoY-109.1%

CIRCLE INTERNET GROUP INC's EBITDA was -$19.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 109.1% from the prior year.

Net Income

-$69.5M

YoY-144.7%

CIRCLE INTERNET GROUP INC reported -$69.5M in net income in fiscal year 2025. This represents a decrease of 144.7% from the prior year.

EPS (Diluted)

$-0.44

YoY-246.7%

CIRCLE INTERNET GROUP INC earned $-0.44 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 246.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$529.7M

YoY+62.3%

CIRCLE INTERNET GROUP INC generated $529.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 62.3% from the prior year.

Cash & Debt

$1.5B

YoY+103.2%

CIRCLE INTERNET GROUP INC held $1.5B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

-3.5%

YoY-13.5pp

CIRCLE INTERNET GROUP INC's operating margin was -3.5% in fiscal year 2025, reflecting core business profitability. This is down 13.5 percentage points from the prior year.

Net Margin

-2.5%

YoY-11.8pp

CIRCLE INTERNET GROUP INC's net profit margin was -2.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 11.8 percentage points from the prior year.

Return on Equity

-2.1%

YoY-29.4pp

CIRCLE INTERNET GROUP INC's ROE was -2.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 29.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

CIRCLE INTERNET GROUP INC spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$12.4M

YoY-31.4%

CIRCLE INTERNET GROUP INC invested $12.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 31.4% from the prior year.

CRCL Income Statement

Metric	FY25	FY24	FY23
Revenue	$2.7B+63.9%	$1.7B+15.6%	$1.5B
Cost of Revenue	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A
SG&A Expenses	$190.3M+38.6%	$137.3M+37.1%	$100.1M
Operating Income	-$96.4M-157.7%	$167.2M-38.0%	$269.5M
Interest Expense	$1.2M-35.7%	$1.9M-0.3%	$1.9M
Income Tax	-$33.4M-151.7%	$64.6M+36.3%	$47.4M
Net Income	-$69.5M-144.7%	$155.7M-41.8%	$267.6M
EPS (Diluted)	$-0.44-246.7%	$0.30-61.5%	$0.78

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$694.1M-9.9%	$770.2M+4.1%	$739.8M+12.4%	$658.1M+13.7%	$578.6M	N/A	$445.8M+3.7%	$430.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$57.3M-19.3%	$71.0M+56.1%	$45.5M+5.4%	$43.1M+40.6%	$30.7M	N/A	$33.3M-6.7%	$35.7M
Operating Income	$45.0M-18.5%	$55.2M-31.9%	$81.0M+124.9%	-$325.6M-450.3%	$92.9M	N/A	$63.8M+27.0%	$50.2M
Interest Expense	$38K-80.3%	$193K-45.5%	$354K+2.9%	$344K+2.7%	$335K	N/A	$548K+8.7%	$504K
Income Tax	$1.4M-78.8%	$6.8M+111.1%	-$61.3M-1470.4%	-$3.9M-115.6%	$25.0M	N/A	$15.2M-21.2%	$19.2M
Net Income	$55.3M-58.6%	$133.4M-37.8%	$214.4M+144.5%	-$482.1M-844.1%	$64.8M	N/A	$71.0M+115.6%	$32.9M
EPS (Diluted)	$0.21	N/A	$0.64+114.3%	$-4.48	$0.00	N/A	$0.00	$0.00

CRCL Balance Sheet

Metric	FY25	FY24	FY23
Total Assets	$78.7B+71.7%	$45.8B	N/A
Current Assets	$77.8B+72.3%	$45.2B	N/A
Cash & Equivalents	$1.5B+103.2%	$751.0M+103.7%	$368.6M
Inventory	N/A	N/A	N/A
Accounts Receivable	$62.9M+879.5%	$6.4M	N/A
Goodwill	$265.7M+56.7%	$169.5M0.0%	$169.5M
Total Liabilities	$75.4B+70.8%	$44.1B	N/A
Current Liabilities	$75.3B+71.1%	$44.0B	N/A
Long-Term Debt	N/A	N/A	N/A
Total Equity	$3.3B+483.6%	$570.5M+68.1%	$339.5M
Retained Earnings	-$1.3B-5.7%	-$1.2B	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$80.5B+2.3%	$78.7B+2.5%	$76.8B+19.7%	$64.2B	N/A	$45.8B	N/A	N/A
Current Assets	$79.6B+2.3%	$77.8B+2.5%	$75.9B+19.9%	$63.3B	N/A	$45.2B	N/A	N/A
Cash & Equivalents	$1.5B-0.6%	$1.5B+13.1%	$1.3B+20.6%	$1.1B+31.8%	$848.6M+13.0%	$751.0M+30.1%	$577.3M+26.2%	$457.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$72.2M+14.8%	$62.9M+183.8%	$22.2M+67.6%	$13.2M	N/A	$6.4M	N/A	N/A
Goodwill	$265.7M0.0%	$265.7M-0.2%	$266.4M0.0%	$266.4M	N/A	$169.5M	N/A	N/A
Total Liabilities	$77.1B+2.3%	$75.4B+2.2%	$73.8B+19.4%	$61.8B	N/A	$44.1B	N/A	N/A
Current Liabilities	$77.1B+2.3%	$75.3B+2.2%	$73.7B+19.4%	$61.7B	N/A	$44.0B	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$3.4B+2.9%	$3.3B+10.1%	$3.0B+27.5%	$2.4B+218.2%	$745.0M+30.6%	$570.5M+2.3%	$557.7M+21.0%	$460.9M
Retained Earnings	-$1.2B+4.3%	-$1.3B+9.4%	-$1.4B+13.1%	-$1.6B	N/A	-$1.2B	N/A	N/A

CRCL Cash Flow Statement

Metric	FY25	FY24	FY23
Operating Cash Flow	$542.1M+57.3%	$344.6M+146.9%	$139.6M
Capital Expenditures	$12.4M-31.4%	$18.1M+2671.9%	$654K
Free Cash Flow	$529.7M+62.3%	$326.4M+135.0%	$138.9M
Investing Cash Flow	-$84.0M-145.1%	$186.3M-97.8%	$8.5B
Financing Cash Flow	$31.9B+64.2%	$19.4B+195.7%	-$20.3B
Dividends Paid	N/A	N/A	N/A
Share Buybacks	$0	$0-100.0%	$8.7M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$21.1M-91.5%	$249.1M+2431.9%	-$10.7M-104.3%	$247.1M+336.7%	$56.6M-46.8%	$106.4M-6.1%	$113.2M	N/A
Capital Expenditures	$9.4M+883.8%	$951K-76.6%	$4.1M+161.2%	$1.6M-73.5%	$5.9M-36.2%	$9.2M+64.7%	$5.6M	N/A
Free Cash Flow	$11.7M-95.3%	$248.1M+1783.0%	-$14.7M-106.0%	$245.6M+384.1%	$50.7M-47.8%	$97.2M-9.7%	$107.7M	N/A
Investing Cash Flow	-$35.2M-100.1%	-$17.6M+13.6%	-$20.3M+2.6%	-$20.9M+17.2%	-$25.2M-133.9%	$74.5M+25.1%	$59.6M	N/A
Financing Cash Flow	$1.8B+10.5%	$1.6B-87.0%	$12.5B+716.0%	$1.5B-90.6%	$16.3B+91.7%	$8.5B+154.6%	$3.3B	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CRCL Financial Ratios

Metric	FY25	FY24	FY23
Gross Margin	N/A	N/A	N/A
Operating Margin	-3.5%-13.5pp	10.0%-8.6pp	18.6%
Net Margin	-2.5%-11.8pp	9.3%-9.2pp	18.4%
Return on Equity	-2.1%-29.4pp	27.3%-51.5pp	78.8%
Return on Assets	-0.1%-0.4pp	0.3%	N/A
Current Ratio	1.030.0	1.03	N/A
Debt-to-Equity	22.64-54.7	77.34	N/A
FCF Margin	19.3%-0.2pp	19.5%+9.9pp	9.6%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	6.5%-0.7pp	7.2%-3.8pp	10.9%+60.4pp	-49.5%-65.5pp	16.1%	N/A	14.3%+2.6pp	11.7%
Net Margin	8.0%-9.4pp	17.3%-11.7pp	29.0%+102.2pp	-73.3%-84.5pp	11.2%	N/A	15.9%+8.3pp	7.7%
Return on Equity	1.6%-2.4pp	4.0%-3.1pp	7.1%+27.4pp	-20.3%-29.0pp	8.7%	N/A	12.7%+5.6pp	7.1%
Return on Assets	0.1%-0.1pp	0.2%-0.1pp	0.3%+1.0pp	-0.8%	N/A	N/A	N/A	N/A
Current Ratio	1.030.0	1.030.0	1.030.0	1.03	N/A	1.03	N/A	N/A
Debt-to-Equity	22.50-0.1	22.64-1.8	24.40-1.7	26.06	N/A	77.34	N/A	N/A
FCF Margin	1.7%-30.5pp	32.2%+34.2pp	-2.0%-39.3pp	37.3%+28.5pp	8.8%	N/A	24.1%	N/A

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Frequently Asked Questions

What is CIRCLE INTERNET GROUP INC's annual revenue?

CIRCLE INTERNET GROUP INC (CRCL) reported $2.7B in total revenue for fiscal year 2025. This represents a 63.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is CIRCLE INTERNET GROUP INC's revenue growing?

CIRCLE INTERNET GROUP INC (CRCL) revenue grew by 63.9% year-over-year, from $1.7B to $2.7B in fiscal year 2025.

Is CIRCLE INTERNET GROUP INC profitable?

No, CIRCLE INTERNET GROUP INC (CRCL) reported a net income of -$69.5M in fiscal year 2025, with a net profit margin of -2.5%.

What is CIRCLE INTERNET GROUP INC's EBITDA?

CIRCLE INTERNET GROUP INC (CRCL) had EBITDA of -$19.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is CIRCLE INTERNET GROUP INC's operating margin?

CIRCLE INTERNET GROUP INC (CRCL) had an operating margin of -3.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is CIRCLE INTERNET GROUP INC's net profit margin?

CIRCLE INTERNET GROUP INC (CRCL) had a net profit margin of -2.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is CIRCLE INTERNET GROUP INC's return on equity (ROE)?

CIRCLE INTERNET GROUP INC (CRCL) has a return on equity of -2.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is CIRCLE INTERNET GROUP INC's free cash flow?

CIRCLE INTERNET GROUP INC (CRCL) generated $529.7M in free cash flow during fiscal year 2025. This represents a 62.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is CIRCLE INTERNET GROUP INC's operating cash flow?

CIRCLE INTERNET GROUP INC (CRCL) generated $542.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are CIRCLE INTERNET GROUP INC's total assets?

CIRCLE INTERNET GROUP INC (CRCL) had $78.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are CIRCLE INTERNET GROUP INC's capital expenditures?

CIRCLE INTERNET GROUP INC (CRCL) invested $12.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is CIRCLE INTERNET GROUP INC's current ratio?

CIRCLE INTERNET GROUP INC (CRCL) had a current ratio of 1.03 as of fiscal year 2025, which is considered adequate.

What is CIRCLE INTERNET GROUP INC's debt-to-equity ratio?

CIRCLE INTERNET GROUP INC (CRCL) had a debt-to-equity ratio of 22.64 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is CIRCLE INTERNET GROUP INC's return on assets (ROA)?

CIRCLE INTERNET GROUP INC (CRCL) had a return on assets of -0.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is CIRCLE INTERNET GROUP INC's Piotroski F-Score?

CIRCLE INTERNET GROUP INC (CRCL) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are CIRCLE INTERNET GROUP INC's earnings high quality?

CIRCLE INTERNET GROUP INC (CRCL) has an earnings quality ratio of -7.80x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can CIRCLE INTERNET GROUP INC cover its interest payments?

CIRCLE INTERNET GROUP INC (CRCL) has an interest coverage ratio of -78.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is CIRCLE INTERNET GROUP INC?

CIRCLE INTERNET GROUP INC (CRCL) scores 20 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.