Circle Internet Group, Inc.
CRCL NYSE Finance Services Financials FY2023–FY2025
Revenue
Total sales reported in the income statement.
$2.7B
63.9%
vs prior year
Operating margin
Operating income as a share of revenue.
−3.5%
13.5 pts
Net income
Profit after all expenses, interest and tax.
−$69.5M
144.7%
Free cash flow
Cash from operations minus capital spending.
$530M
62.3%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $4.43 EPS (TTM)
What Circle Internet Group, Inc. does
No business description yet.
- Legal name
- Circle Internet Group, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 9, 2026
- Accession · CIK
- 0001876042-26-000062
0001876042
Revenue and margins
Circle Internet Group, Inc. had $2.7B of revenue in fiscal 2025, up 63.9% on the year before.
FY23
Revenue $1.5B
FY24
Revenue $1.7B
FY25
Revenue $2.7B
Q1 '24
Revenue —
Q2 '24
Revenue $430M
Q3 '24
Revenue $446M
Q4 '24
Revenue $435M
Q1 '25
Revenue $579M
Q2 '25
Revenue $658M
Q3 '25
Revenue $740M
Q4 '25
Revenue $770M
Q1 '26
Revenue $694M
Q2 '26
Revenue $701M
FY23
Gross —
Operating 18.6%
Net 18.4%
FCF 9.6%
FY24
Gross —
Operating 10.0%
Net 9.3%
FCF 19.5%
FY25
Gross —
Operating −3.5%
Net −2.5%
FCF 19.3%
Gross
Operating
Net
FCF
Q1 '24
Gross —
Operating —
Net —
FCF —
Q2 '24
Gross —
Operating 11.7%
Net 7.7%
FCF —
Q3 '24
Gross —
Operating 14.3%
Net 15.9%
FCF 24.2%
Q4 '24
Gross —
Operating 0.2%
Net 0.7%
FCF 22.3%
Q1 '25
Gross —
Operating 16.1%
Net 11.2%
FCF 8.8%
Q2 '25
Gross —
Operating −49.5%
Net −73.3%
FCF 37.3%
Q3 '25
Gross —
Operating 11.0%
Net 29.0%
FCF −2.0%
Q4 '25
Gross —
Operating 7.2%
Net 17.3%
FCF 32.2%
Q1 '26
Gross —
Operating 6.5%
Net 8.0%
FCF 1.7%
Q2 '26
Gross —
Operating 4.9%
Net 6.9%
FCF 73.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income $268M
FY24
Net income $156M
FY25
Net income −$69.5M
Q1 '24
Net income $48.6M
Q2 '24
Net income $32.9M
Q3 '24
Net income $71.0M
Q4 '24
Net income $3.1M
Q1 '25
Net income $64.8M
Q2 '25
Net income −$482M
Q3 '25
Net income $214M
Q4 '25
Net income $133M
Q1 '26
Net income $55.3M
Q2 '26
Net income $48.2M
FY23
Diluted EPS $0.78
FY24
Diluted EPS $0.30
FY25
Diluted EPS −$0.44
Q1 '24
Diluted EPS —
Q2 '24
Diluted EPS $0.00
Q3 '24
Diluted EPS $0.00
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS $0.00
Q2 '25
Diluted EPS −$4.48
Q3 '25
Diluted EPS $0.64
Q4 '25
Diluted EPS $3.40
Q1 '26
Diluted EPS $0.21
Q2 '26
Diluted EPS $0.18
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity 78.8%
Return on assets —
FY24
Return on capital —
Return on equity 34.2%
Return on assets 0.3%
FY25
Return on capital —
Return on equity −3.6%
Return on assets −0.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $530M in fiscal 2025, 19.3% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow $139M
FY24
Free cash flow $326M
FY25
Free cash flow $530M
Q1 '24
Free cash flow —
Q2 '24
Free cash flow —
Q3 '24
Free cash flow $108M
Q4 '24
Free cash flow $97.2M
Q1 '25
Free cash flow $50.7M
Q2 '25
Free cash flow $246M
Q3 '25
Free cash flow −$14.7M
Q4 '25
Free cash flow $248M
Q1 '26
Free cash flow $11.7M
Q2 '26
Free cash flow $516M
FY23
Cash from operations $140M
Capital spending $0.7M
FY24
Cash from operations $345M
Capital spending $18.1M
FY25
Cash from operations $542M
Capital spending $12.4M
Cash from operations
Capital spending
Q1 '24
Cash from operations —
Capital spending —
Q2 '24
Cash from operations —
Capital spending —
Q3 '24
Cash from operations $113M
Capital spending $5.6M
Q4 '24
Cash from operations $106M
Capital spending $9.2M
Q1 '25
Cash from operations $56.6M
Capital spending $5.9M
Q2 '25
Cash from operations $247M
Capital spending $1.6M
Q3 '25
Cash from operations −$10.7M
Capital spending $4.1M
Q4 '25
Cash from operations $249M
Capital spending $1.0M
Q1 '26
Cash from operations $21.1M
Capital spending $9.4M
Q2 '26
Cash from operations $517M
Capital spending $1.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Circle Internet Group, Inc. returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 117.3%.
FY23
Dividends —
Buybacks $8.7M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.07B
FY25
Diluted shares 0.16B
Balance sheet
Cash, debt and the ratios that show how comfortably Circle Internet Group, Inc. can carry it.
FY23
Cash $369M
Debt —
FY24
Cash $751M
Debt —
FY25
Cash $1.5B
Debt —
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $369M | $751M | $1.5B |
| Interest coverage | 141.0x | 87.7x | −78.7x |
| Current ratio | — | 1.0x | 1.0x |
| Quick ratio | — | 1.0x | 1.0x |
| Total assets | — | $45.8B | $78.7B |
| Total liabilities | — | $44.1B | $75.4B |
| Shareholders' equity | $339M | $571M | $3.3B |
| Net debt (− = net cash) | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | ✓ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | — | ✕ |
| F-score | — / 3 | — / 4 | 3 / 7 |
| Accruals ratio | — | −0.4% | −1.0% |
| Altman Z'' | — | 0.11 | 0.19 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $1.5B | $1.7B | $2.7B |
| Operating income | $270M | $167M | −$96.4M |
| Interest expense | $1.9M | $1.9M | $1.2M |
| Pretax income | $319M | $222M | −$103M |
| Income tax | $47.4M | $64.6M | −$33.4M |
| Net income | $268M | $156M | −$69.5M |
| Net income to common | $44.9M | $18.1M | −$69.5M |
| Diluted EPS | $0.78 | $0.30 | −$0.44 |
| Diluted shares | 0.07B | 0.07B | 0.16B |
| Cash flow | |||
| Cash from operations | $140M | $345M | $542M |
| Capital expenditure | $0.7M | $18.1M | $12.4M |
| Free cash flow | $139M | $326M | $530M |
| Depreciation and amortization | $34.9M | $50.9M | $76.6M |
| Stock-based compensation | $108M | $50.1M | $566M |
| Acquisitions | $0.0M | $0.0M | $7.7M |
| Share buybacks | $8.7M | $0.0M | $0.0M |
| Dividends and buybacks | $8.7M | $0.0M | $0.0M |
| Balance sheet | |||
| Cash and short-term investments | $369M | $751M | $1.5B |
| Current assets | — | $45.2B | $77.8B |
| Current liabilities | — | $44.0B | $75.3B |
| Property and equipment, net | — | $18.7M | $22.8M |
| Goodwill | $170M | $170M | $266M |
| Intangible assets | — | $331M | $411M |
| Total assets | — | $45.8B | $78.7B |
| Total liabilities | — | $44.1B | $75.4B |
| Shareholders' equity | $339M | $571M | $3.3B |
| Margins | |||
| Operating margin | 18.6% | 10.0% | −3.5% |
| EBITDA margin | 21.0% | 13.0% | −0.7% |
| Net margin | 18.4% | 9.3% | −2.5% |
| FCF margin | 9.6% | 19.5% | 19.3% |
| Returns | |||
| Return on capital employed | — | 9.3% | −2.8% |
| Return on equity | 78.8% | 34.2% | −3.6% |
| Return on assets | — | 0.3% | −0.1% |
| Return on tangible equity | 26.4% | 26.0% | −2.6% |
| Growth | |||
| Revenue growth | — | 15.6% | 63.9% |
| Net income growth | — | −41.8% | −144.7% |
| EPS growth | — | −61.5% | −246.7% |
| FCF growth | — | 135.0% | 62.3% |
| Share count change | — | 8.1% | 117.3% |
| Financial health | |||
| Interest coverage | 141.0x | 87.7x | −78.7x |
| Current ratio | — | 1.0x | 1.0x |
| Quick ratio | — | 1.0x | 1.0x |
| Capital allocation | |||
| Capex / revenue | 0.0% | 1.1% | 0.5% |
| Stock comp / revenue | 7.4% | 3.0% | 20.6% |
| Payouts / FCF | 6.3% | 0.0% | 0.0% |
| Quality scores | |||
| Piotroski F-score | — | — | 3.0 |
| Altman Z'' | — | 0.1 | 0.2 |
| Accruals ratio | — | −0.4% | −1.0% |
Source: SEC EDGAR XBRL filings (CIK 0001876042). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.