Circle Internet Group, Inc. (CRCL) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CRCL SEC filings page.
Circle Internet Group, Inc. (CRCL) reported $2.9B in revenue over the twelve months to Jun 30, 2026. This page shows its 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).
Circle’s balance-sheet expansion is the dominant mechanic: assets and liabilities grew much faster than revenue, while cash generation stayed positive.
FY2025 revenue increased63.9% from FY2024, but the operating margin shifted from10.0% to-3.5% , showing that growth did not translate into operating profit. At the same time, operating cash flow reached$542M and free cash flow$530M , so cash generation and reported earnings diverged materially rather than moving together.
The business is increasingly balance-sheet intensive: assets expanded from
Liquidity is structurally tight rather than debt-heavy in the conventional sense: the current ratio stayed near 1.0x, while current liabilities represented almost all reported liabilities. Reported leverage nevertheless improved from 77.3x to 22.6x as equity rose from
Financial Health Signals
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.
Circle Internet Group, Inc. earned a return on assets of -0.1% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is down from 0.3% the prior year. Earnings ranks banks on that return over three years, and Circle Internet Group, Inc. scores 19/100 among other banks.
Circle Internet Group, Inc. reported revenue of $2.7B in fiscal year 2025, against $1.7B in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Circle Internet Group, Inc. scores 89/100 among other banks.
Circle Internet Group, Inc. funded 4.2% of its assets with shareholders' equity at the end of fiscal year 2025, holding $3.3B of equity against $78.7B of assets. Capital ranks banks on that cushion, and Circle Internet Group, Inc. scores 3/100 among other banks.
Not available for Circle Internet Group, Inc., and counted as zero in the overall score.
Not available for Circle Internet Group, Inc., and counted as zero in the overall score.
Circle Internet Group, Inc. reported a net loss of $69.5M in fiscal year 2025, against $155.7M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Circle Internet Group, Inc. scores 16/100 among other banks.
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.
Circle Internet Group, Inc. reported a net loss of $69.5M while generating $542.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Circle Internet Group, Inc. reported an operating loss of $96.4M against $1.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Circle Internet Group, Inc. generated $701.3M in revenue in Q2 2026. This represents an increase of 6.6% from the same quarter a year earlier. Against the prior quarter it is up 1.0%.
Circle Internet Group, Inc.'s EBITDA was $64.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 120.6% from the same quarter a year earlier. Against the prior quarter it is down 10.5%.
Circle Internet Group, Inc. reported $48.2M in net income in Q2 2026. This represents an increase of 110.0% from the same quarter a year earlier. Against the prior quarter it is down 12.7%.
Circle Internet Group, Inc. earned $0.18 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 14.3%.
Cash & Balance Sheet
Circle Internet Group, Inc. generated $516.4M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 110.3% from the same quarter a year earlier. Against the prior quarter it is up 4306.1%.
Circle Internet Group, Inc. held $1.7B in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Circle Internet Group, Inc.'s operating margin was 4.9% in Q2 2026, reflecting core business profitability. This is up 54.4 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.6 percentage points.
Circle Internet Group, Inc.'s net profit margin was 6.9% in Q2 2026, showing the share of revenue converted to profit. This is up 80.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.1 percentage points.
Circle Internet Group, Inc.'s ROE was 1.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 21.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.2 percentage points.
Not reported for Q2 2026.
Capital Allocation
Circle Internet Group, Inc. invested $1.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 33.6% from the same quarter a year earlier. Against the prior quarter it is down 89.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
CRCL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $701.3M+6.6% | $694.1M+20.0% | $770.2M | $739.8M+66.0% | $658.1M+53.0% | $578.6M | N/A | $445.8M |
| SG&A Expenses | $66.3M+53.6% | $57.3M+86.6% | $71.0M | $45.5M+36.4% | $43.1M+20.7% | $30.7M | N/A | $33.3M |
| Operating Income | $34.4M+110.6% | $45.0M-51.6% | $55.2M | $81.0M+27.0% | -$325.6M-748.0% | $92.9M | N/A | $63.8M |
| EBITDA | $64.3M+120.6% | $71.8M-32.8% | $80.7M | $104.0M+35.2% | -$311.4M-595.2% | $106.8M | N/A | $76.9M |
| Interest Expense | $64K-81.4% | $38K-88.7% | $193K | $354K-35.4% | $344K-31.7% | $335K | N/A | $548K |
| Income Tax | $4.1M+204.8% | $1.4M-94.3% | $6.8M | -$61.3M-504.1% | -$3.9M-120.3% | $25.0M | N/A | $15.2M |
| Net Income | $48.2M+110.0% | $55.3M-14.7% | $133.4M | $214.4M+202.0% | -$482.1M-1564.3% | $64.8M+33.2% | N/A | $71.0M |
| EPS (Basic) | $0.19+104.2% | $0.23 | $1.09+10800.0% | $0.93 | -$4.48 | $0.00 | $0.01 | $0.00 |
| EPS (Diluted) | $0.18 | $0.21 | $1.09+2080.0% | $0.64 | -$4.48 | $0.00 | $0.05 | $0.00 |
| Diluted Shares (Avg) | 269M | 267M+252.5% | N/A | 267M+264.7% | 108M+52.7% | 76M | N/A | 73M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
CRCL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $77.2B+20.3% | $80.5B | $78.7B+71.7% | $76.8B | $64.2B | N/A | $45.8B | N/A |
| Current Assets | $76.2B+20.3% | $79.6B | $77.8B+72.3% | $75.9B | $63.3B | N/A | $45.2B | N/A |
| Cash & Equivalents | $1.7B+54.7% | $1.5B+78.8% | $1.5B+103.2% | $1.3B+133.7% | $1.1B+144.4% | $848.6M | $751.0M | $577.3M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $105.4M+697.8% | $72.2M | $62.9M+879.5% | $22.2M | $13.2M | N/A | $6.4M | N/A |
| Long-Term Investments | $5.7M-26.9% | $3.7M-51.3% | $5.8M-63.5% | $6.9M-39.5% | $7.8M-13.3% | $7.6M | $15.9M | $11.4M |
| Goodwill | $265.7M-0.2% | $265.7M | $265.7M+56.7% | $266.4M | $266.4M | N/A | $169.5M | N/A |
| Total Liabilities | $73.7B+19.2% | $77.1B | $75.4B+70.8% | $73.8B | $61.8B | N/A | $44.1B | N/A |
| Current Liabilities | $73.6B+19.2% | $77.1B | $75.3B+71.1% | $73.7B | $61.7B | N/A | $44.0B | N/A |
| Non-Current Liabilities | $53.3M+2.1% | $52.8M | $54.0M-42.0% | $55.9M | $52.2M | N/A | $93.1M | N/A |
| Total Equity | $3.5B+48.0% | $3.4B+360.0% | $3.3B+483.6% | $3.0B+442.1% | $2.4B+414.4% | $745.0M+82.5% | $570.5M | $557.7M |
| Retained Earnings | -$1.2B+27.5% | -$1.2B | -$1.3B-5.7% | -$1.4B | -$1.6B | N/A | -$1.2B | N/A |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
CRCL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $517.4M+109.4% | $21.1M-62.8% | $249.1M+134.2% | -$10.7M-109.4% | $247.1M | $56.6M | $106.4M | $113.2M |
| Depreciation & Amortization | $29.9M+110.4% | $26.8M+92.8% | $25.5M+89.1% | $23.0M+75.3% | $14.2M+12.5% | $13.9M | $13.5M | $13.1M |
| Stock-Based Compensation | $53.6M-87.7% | $51.8M+307.6% | N/A | $59.1M+361.7% | $435.0M+2504.8% | $12.7M | N/A | $12.8M |
| Capital Expenditures | $1.0M-33.6% | $9.4M+59.5% | $951K-89.7% | $4.1M-27.2% | $1.6M | $5.9M | $9.2M | $5.6M |
| Free Cash Flow | $516.4M+110.3% | $11.7M-76.9% | $248.1M+155.3% | -$14.7M-113.7% | $245.6M | $50.7M | $97.2M | $107.7M |
| Investing Cash Flow | -$22.0M-5.4% | -$35.2M-39.5% | -$17.6M-123.6% | -$20.3M-134.1% | -$20.9M | -$25.2M | $74.5M | $59.6M |
| Financing Cash Flow | -$3.9B-354.7% | $1.8B-89.0% | $1.6B-80.9% | $12.5B+275.6% | $1.5B | $16.3B | $8.5B | $3.3B |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
CRCL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 4.9%+54.4pp | 6.5%-9.6pp | 7.2% | 10.9%-3.4pp | -49.5%-61.1pp | 16.1% | N/A | 14.3% |
| Net Margin | 6.9%+80.1pp | 8.0%-3.2pp | 17.3% | 29.0%+13.1pp | -73.3%-80.9pp | 11.2% | N/A | 15.9% |
| Return on Equity | 1.4%+21.7pp | 1.6%-7.1pp | 4.0% | 7.1%-5.6pp | -20.3%-27.5pp | 8.7%-3.2pp | N/A | 12.7% |
| Return on Assets | 0.1%+0.8pp | 0.1% | 0.2% | 0.3% | -0.8% | N/A | N/A | N/A |
| Current Ratio | 1.030.0x | 1.03 | 1.030.0x | 1.03 | 1.03 | N/A | 1.03 | N/A |
| Debt-to-Equity | 20.99-5.1x | 22.50 | 22.64-54.7x | 24.40 | 26.06 | N/A | 77.34 | N/A |
| Asset Turnover | 0.010.0x | 0.01 | 0.01 | 0.01 | 0.01 | N/A | N/A | N/A |
| FCF Margin | 73.6%+36.3pp | 1.7%-7.1pp | 32.2% | -2.0%-26.1pp | 37.3% | 8.8% | N/A | 24.1% |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Circle Internet Group, Inc. CRCL | FY2025 | $2.7B | -$69.5M | -2.5% | $24.7B | 21/100 |
| Lpl Financial LPLA | FY2025 | $17.0B | $863.0M | 5.1% | $27.5B | 54/100 |
| Tradeweb Markets TW | FY2025 | $2.1B | $812.8M | 39.6% | $21.7B | 52/100 |
| Futu Holdings Limited FUTU | FY2025 | $2.9B | $1.5B | 49.6% | $16.4B | 50/100 |
| Nomura Hldgs NMR | FY2011 | $13.7B | $346.0M | 2.5% | $30.5B | — |
| Houlihan Lokey Inc HLI | FY2026 | $2.6B | $424.0M | 16.2% | $9.5B | 54/100 |
Where Circle Internet Group, Inc. Ranks
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 P/E ratio?
Circle Internet Group, Inc. (CRCL) trades at 54.7x earnings, its market capitalization divided by net income of $451.3M net income, trailing 12 months to June 30, 2026. The market capitalization is $24.7B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Circle Internet Group, Inc.'s price-to-sales ratio?
Circle Internet Group, Inc. (CRCL) trades at 8.5x sales, its market capitalization divided by revenue of $2.9B revenue, trailing 12 months to June 30, 2026. The market capitalization is $24.7B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
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) reported a net loss of $69.5M while generating $542.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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) reported an operating loss of $96.4M against $1.2M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 21 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.