CRCL NYSE Finance Services Financials FY2023βFY2025
Circle Internet Group, Inc. had $2.7B of revenue in fiscal 2025, up 63.9% on the year before.
Last close Β· Oct 23, 2026
$85.91
0.8%Hi! I read Circle Internet Group, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+63.9%
Yes. Sales grew 63.9% last year.
Does it make a profit?
β2.5%
No. It lost money last year.
Does profit turn into cash?
19.3%
Yes. 19.3% of sales ends up as free cash.
How healthy are the accounts?
3 / 7
Weak. It passes 3 of 7 health tests.
How is the share priced?
19.4x
One share costs 19.4 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Circle Internet Group, Inc. had $2.7B of revenue in fiscal 2025, up 63.9% on the year before. Its operating margin was β3.5%, down 13.5Β pts: of every 100 in sales, about β4 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Circle Internet Group, Inc. lost $69.5M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $530M in fiscal 2025, 19.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Circle Internet Group, Inc. returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 117.3%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $324M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$324M
10 insiders
Of sales under plans
79%
$257M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 21, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 15,000 | $90.00 | $1.4M | Form 4 |
| Oct 8, 2026 | Nikhil ChandhokChief Product & Tech. Officer | Sold plan | 26,668 | $79.59 | $2.1M | Form 4 |
| Oct 5, 2026 | Jeremy AllaireChairman and CEO, Director | Sold plan | 59,232 | $83.59 | $5.0M | Form 4 |
| Oct 2, 2026 | Hossein RazzaghiChief Commercial Officer | Sold plan | 1,830 | $85.78 | $0.2M | Form 4 |
| Oct 2, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 4,238 | $85.78 | $0.4M | Form 4 |
| Oct 2, 2026 | Tamara L SchulzChief Accounting Officer | Sold plan | 1,194 | $85.78 | $0.1M | Form 4 |
| Sep 8, 2026 | Jeremy AllaireChairman and CEO, Director | Sold plan | 59,231 | $98.04 | $5.8M | Form 4 |
| Sep 8, 2026 | Nikhil ChandhokChief Product & Tech. Officer | Sold plan | 26,666 | $100.40 | $2.7M | Form 4 |
| Sep 2, 2026 | Hossein RazzaghiChief Commercial Officer | Sold plan | 7,458 | $87.87 | $0.7M | Form 4 |
| Sep 2, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 8,120 | $87.87 | $0.7M | Form 4 |
| Sep 2, 2026 | Tamara L SchulzChief Accounting Officer | Sold plan | 1,194 | $87.87 | $0.1M | Form 4 |
| Sep 1, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 15,000 | $92.20 | $1.4M | Form 4 |
| Sep 1, 2026 | Patrick Sean NevilleDirector | Sold plan | 50,000 | $92.09 | $4.6M | Form 4 |
| Aug 21, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 45,000 | $90.00 | $4.1M | Form 4 |
| Aug 20, 2026 | M Michele BurnsDirector | Sold plan | 3,332 | $85.13 | $0.3M | Form 4 |
| Aug 13, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 8,476 | $75.00 | $0.6M | Form 4 |
| Aug 10, 2026 | Nikhil ChandhokChief Product & Tech. Officer | Sold plan | 26,666 | $67.15 | $1.8M | Form 4 |
| Aug 6, 2026 | Danita K OstlingDirector | Sold | 20,000 | $61.65 | $1.2M | Form 4 |
| Aug 5, 2026 | Jeremy AllaireChairman and CEO, Director | Sold plan | 59,233 | $62.03 | $3.7M | Form 4 |
| Aug 4, 2026 | Hossein RazzaghiChief Commercial Officer | Sold plan | 1,829 | $60.08 | $0.1M | Form 4 |
| Aug 4, 2026 | Tamara L SchulzChief Accounting Officer | Sold plan | 1,194 | $60.08 | $0.1M | Form 4 |
| Aug 3, 2026 | Patrick Sean NevilleDirector | Sold plan | 50,000 | $59.55 | $3.0M | Form 4 |
| Jul 8, 2026 | Nikhil ChandhokChief Product & Tech. Officer | Sold plan | 26,666 | $63.90 | $1.7M | Form 4 |
| Jul 6, 2026 | Jeremy AllaireChairman and CEO, Director | Sold plan | 57,716 | $67.16 | $3.9M | Form 4 |
| Jul 6, 2026 | Jeremy AllaireChairman and CEO, Director | Sold plan | 1,516 | $67.16 | $0.1M | Form 4 |
| Jul 2, 2026 | Hossein RazzaghiChief Commercial Officer | Sold plan | 1,831 | $64.40 | $0.1M | Form 4 |
| Jul 2, 2026 | Tamara L SchulzChief Accounting Officer | Sold plan | 1,194 | $64.40 | $0.1M | Form 4 |
| Jul 1, 2026 | Patrick Sean NevilleDirector | Sold plan | 50,000 | $62.65 | $3.1M | Form 4 |
| Jun 24, 2026 | Nikhil ChandhokChief Product & Tech. Officer | Sold plan | 489,737 | $72.37 | $35.4M | Form 4 |
| Jun 10, 2026 | Heath TarbertPresident | Sold plan | 39,240 | $81.47 | $3.2M | Form 4 |
| Jun 10, 2026 | Hossein RazzaghiChief Commercial Officer | Sold plan | 34,623 | $78.85 | $2.7M | Form 4 |
| Jun 9, 2026 | Patrick Sean NevilleDirector | Sold plan | 50,000 | $81.30 | $4.1M | Form 4 |
| Jun 9, 2026 | Rajeev Date VDirector | Sold plan | 1,273 | $85.00 | $0.1M | Form 4 |
| Jun 8, 2026 | Nikhil ChandhokChief Product & Tech. Officer | Sold plan | 26,666 | $83.75 | $2.2M | Form 4 |
| Jun 8, 2026 | Patrick Sean NevilleDirector | Sold plan | 1,034,396 | $82.87 | $85.7M | Form 4 |
| Jun 8, 2026 | Rajeev Date VDirector | Sold plan | 1,273 | $83.75 | $0.1M | Form 4 |
| Jun 5, 2026 | Jeremy AllaireChairman and CEO, Director | Sold plan | 57,716 | $82.93 | $4.8M | Form 4 |
| Jun 5, 2026 | Jeremy AllaireChairman and CEO, Director | Sold plan | 1,516 | $82.93 | $0.1M | Form 4 |
| Jun 5, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 8,120 | $88.00 | $0.7M | Form 4 |
| Jun 3, 2026 | M Michele BurnsDirector | Sold plan | 1,666 | $98.76 | $0.2M | Form 4 |
| Jun 1, 2026 | Patrick Sean NevilleDirector | Sold plan | 35,000 | $107.17 | $3.8M | Form 4 |
| Jun 1, 2026 | Tamara L SchulzChief Accounting Officer | Sold plan | 1,194 | $101.82 | $0.1M | Form 4 |
| May 21, 2026 | Nikhil ChandhokChief Product & Tech. Officer | Sold plan | 10,000 | $111.00 | $1.1M | Form 4 |
| May 12, 2026 | Danita K OstlingDirector | Sold | 1,200 | $132.06 | $0.2M | Form 4 |
| May 6, 2026 | Rajeev Date VDirector | Sold plan | 3,819 | $115.00 | $0.4M | Form 4 |
| May 5, 2026 | M Michele BurnsDirector | Sold plan | 10,000 | $120.15 | $1.2M | Form 4 |
| May 4, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 4,238 | $107.10 | $0.5M | Form 4 |
| May 4, 2026 | M Michele BurnsDirector | Sold plan | 1,666 | $107.61 | $0.2M | Form 4 |
| May 4, 2026 | Tamara L SchulzChief Accounting Officer | Sold plan | 1,194 | $107.10 | $0.1M | Form 4 |
| May 1, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 7,200 | $92.64 | $0.7M | Form 4 |
| May 1, 2026 | Patrick Sean NevilleDirector | Sold plan | 35,000 | $92.65 | $3.2M | Form 4 |
| Apr 21, 2026 | Nikhil ChandhokChief Product & Tech. Officer | Sold plan | 10,000 | $104.00 | $1.0M | Form 4 |
| Apr 13, 2026 | Heath TarbertPresident | Sold plan | 15,000 | $95.04 | $1.4M | Form 4 |
| Apr 7, 2026 | Rajeev Date VDirector | Sold plan | 1,273 | $95.00 | $0.1M | Form 4 |
| Apr 6, 2026 | M Michele BurnsDirector | Sold plan | 1,666 | $92.38 | $0.2M | Form 4 |
| Apr 6, 2026 | Rajeev Date VDirector | Sold plan | 2,546 | $92.99 | $0.2M | Form 4 |
| Apr 2, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 4,238 | $90.00 | $0.4M | Form 4 |
| Apr 2, 2026 | Tamara L SchulzChief Accounting Officer | Sold plan | 1,194 | $87.58 | $0.1M | Form 4 |
| Apr 1, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 7,200 | $98.04 | $0.7M | Form 4 |
| Apr 1, 2026 | Patrick Sean NevilleDirector | Sold plan | 35,000 | $98.04 | $3.4M | Form 4 |
| Mar 23, 2026 | Nikhil ChandhokChief Product & Tech. Officer | Sold plan | 10,000 | $123.08 | $1.2M | Form 4 |
| Mar 13, 2026 | Heath TarbertPresident | Sold plan | 15,000 | $116.04 | $1.7M | Form 4 |
| Mar 12, 2026 | M Michele BurnsDirector | Sold plan | 11,670 | $112.71 | $1.3M | Form 4 |
| Mar 12, 2026 | Rajeev Date VDirector | Sold plan | 3,819 | $113.00 | $0.4M | Form 4 |
| Mar 10, 2026 | Heath TarbertPresident | Sold plan | 43,694 | $117.80 | $5.1M | Form 4 |
| Mar 4, 2026 | M Michele BurnsDirector | Sold | 25,000 | $105.00 | $2.6M | Form 4 |
| Mar 3, 2026 | Hossein RazzaghiChief Commercial Officer | Sold plan | 43,119 | $100.00 | $4.3M | Form 4 |
| Mar 3, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 4,238 | $93.00 | $0.4M | Form 4 |
| Mar 3, 2026 | M Michele BurnsDirector | Sold | 35,000 | $102.21 | $3.6M | Form 4 |
| Mar 3, 2026 | Tamara L SchulzChief Accounting Officer | Sold plan | 1,341 | $93.00 | $0.1M | Form 4 |
| Mar 2, 2026 | Heath TarbertPresident | Sold plan | 122,007 | $94.23 | $11.5M | Form 4 |
| Mar 2, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 7,200 | $90.00 | $0.6M | Form 4 |
| Mar 2, 2026 | M Michele BurnsDirector | Sold | 80,000 | $94.88 | $7.6M | Form 4 |
| Mar 2, 2026 | Patrick Sean NevilleDirector | Sold plan | 35,000 | $90.00 | $3.2M | Form 4 |
| Feb 26, 2026 | Danita K OstlingDirector | Sold | 2,500 | $88.16 | $0.2M | Form 4 |
| Feb 26, 2026 | Heath TarbertPresident | Sold plan | 10,753 | $90.14 | $1.0M | Form 4 |
| Feb 26, 2026 | Jeremy AllaireChairman and CEO, Director | Sold plan | 14,488 | $90.04 | $1.3M | Form 4 |
| Feb 26, 2026 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 47,908 | $90.00 | $4.3M | Form 4 |
| Feb 26, 2026 | M Michele BurnsDirector | Sold | 10,000 | $82.00 | $0.8M | Form 4 |
| Feb 26, 2026 | Nikhil ChandhokChief Product & Tech. Officer | Sold plan | 20,000 | $90.00 | $1.8M | Form 4 |
| Feb 26, 2026 | Patrick Sean NevilleDirector | Sold plan | 35,000 | $90.00 | $3.2M | Form 4 |
| Feb 26, 2026 | Rajeev Date VDirector | Sold | 23,254 | $89.62 | $2.1M | Form 4 |
| Feb 3, 2026 | Tamara L SchulzChief Accounting Officer | Sold plan | 1,527 | $59.80 | $0.1M | Form 4 |
| Jan 5, 2026 | Tamara L SchulzChief Accounting Officer | Sold plan | 4,438 | $85.19 | $0.4M | Form 4 |
| Dec 22, 2025 | Heath TarbertPresident | Sold plan | 3,048 | $90.02 | $0.3M | Form 4 |
| Dec 22, 2025 | Jeremy AllaireChairman and CEO, Director | Sold plan | 7,433 | $90.07 | $0.7M | Form 4 |
| Dec 22, 2025 | Nikhil ChandhokChief Product & Tech. Officer | Sold plan | 10,000 | $90.00 | $0.9M | Form 4 |
| Dec 12, 2025 | Heath TarbertPresident | Sold plan | 1,300 | $90.10 | $0.1M | Form 4 |
| Dec 12, 2025 | Jeremy AllaireChairman and CEO, Director | Sold plan | 7,433 | $90.05 | $0.7M | Form 4 |
| Dec 12, 2025 | Jeremy Fox-GeenChief Financial Officer | Sold plan | 23,830 | $90.00 | $2.1M | Form 4 |
| Dec 12, 2025 | Nikhil ChandhokChief Product & Tech. Officer | Sold plan | 10,000 | $90.00 | $0.9M | Form 4 |
| Dec 12, 2025 | Patrick Sean NevilleDirector | Sold plan | 35,000 | $90.00 | $3.2M | Form 4 |
| Dec 2, 2025 | Tamara L SchulzChief Accounting Officer | Sold plan | 1,000 | $78.02 | $0.1M | Form 4 |
| Dec 1, 2025 | Nikhil ChandhokChief Product & Tech. Officer | Sold | 100,000 | $77.08 | $7.7M | Form 4 |
| Nov 24, 2025 | Rajeev Date VDirector | Sold | 147,247 | $72.28 | $10.6M | Form 4 |
| Nov 20, 2025 | Rajeev Date VDirector | Sold | 7,000 | $70.90 | $0.5M | Form 4 |
| Nov 19, 2025 | Rajeev Date VDirector | Sold | 1 | $67.80 | $0.0M | Form 4 |
| Nov 17, 2025 | Rajeev Date VDirector | Sold | 36,400 | $75.62 | $2.8M | Form 4 |
| Nov 14, 2025 | Rajeev Date VDirector | Sold | 190,867 | $83.58 | $16.0M | Form 4 |
| Nov 13, 2025 | Danita K OstlingDirector | Sold | 2,662 | $84.69 | $0.2M | Form 4 |
| Nov 13, 2025 | Patrick Sean NevilleDirector | Sold | 33,569 | $85.05 | $2.9M | Form 4 |
| Nov 13, 2025 | Rajeev Date VDirector | Sold | 100,100 | $85.49 | $8.6M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Circle Internet Group, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $369M | $751M | $1.5B |
| Interest coverage | 141.0x | 87.7x | β78.7x |
| Current ratio | β | 1.0x | 1.0x |
| Quick ratio | β | 1.0x | 1.0x |
| Total assets | β | $45.8B | $78.7B |
| Total liabilities | β | $44.1B | $75.4B |
| Shareholders' equity | $339M | $571M | $3.3B |
| Net debt (β = net cash) | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Circle Internet Group, Inc. passes 3 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | β / 3 | β / 4 | 3 / 7 |
| Accruals ratio | β | β0.4% | β1.0% |
| Altman Z'' | β | 0.11 | 0.19 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $1.5B | $1.7B | $2.7B |
| Operating income | $270M | $167M | β$96.4M |
| Interest expense | $1.9M | $1.9M | $1.2M |
| Pretax income | $319M | $222M | β$103M |
| Income tax | $47.4M | $64.6M | β$33.4M |
| Net income | $268M | $156M | β$69.5M |
| Net income to common | $44.9M | $18.1M | β$69.5M |
| Diluted EPS | $0.78 | $0.30 | β$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 | β | $45.2B | $77.8B |
| Current liabilities | β | $44.0B | $75.3B |
| Property and equipment, net | β | $18.7M | $22.8M |
| Goodwill | $170M | $170M | $266M |
| Intangible assets | β | $331M | $411M |
| Total assets | β | $45.8B | $78.7B |
| Total liabilities | β | $44.1B | $75.4B |
| Shareholders' equity | $339M | $571M | $3.3B |
| Margins | |||
| Operating margin | 18.6% | 10.0% | β3.5% |
| EBITDA margin | 21.0% | 13.0% | β0.7% |
| Net margin | 18.4% | 9.3% | β2.5% |
| FCF margin | 9.6% | 19.5% | 19.3% |
| Returns | |||
| Return on capital employed | β | 9.3% | β2.8% |
| Return on equity | 78.8% | 34.2% | β3.6% |
| Return on assets | β | 0.3% | β0.1% |
| Return on tangible equity | 26.4% | 26.0% | β2.6% |
| Growth | |||
| Revenue growth | β | 15.6% | 63.9% |
| Net income growth | β | β41.8% | β144.7% |
| EPS growth | β | β61.5% | β246.7% |
| FCF growth | β | 135.0% | 62.3% |
| Share count change | β | 8.1% | 117.3% |
| Financial health | |||
| Interest coverage | 141.0x | 87.7x | β78.7x |
| Current ratio | β | 1.0x | 1.0x |
| Quick ratio | β | 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 | β | β | 3.0 |
| Altman Z'' | β | 0.1 | 0.2 |
| Accruals ratio | β | β0.4% | β1.0% |
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 β not investment advice. Check the original filings before relying on any figure.
