Circle Internet Group, Inc. (CRCL) financials

NYSE · Financial Services · Financial - Capital Markets · 1,100 employees · CEO Jeremy D. Allaire

Price: $72.54 -9.31%
Market cap: $18.4B
Enterprise value: $16.7B
Last report: Q2 '26 filed 2026-08-05
Next report: 2026-11-04 EPS est. $0.37

Revenue (TTM)$2.91B+37.2% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)8.2%+16.1 pp vs a year agoOperating income $239M

Net income (TTM)$451M+231.5% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$777M+53.5% vs a year agoCapex $0

Diluted EPS (TTM)$1.88+172.1% vs a year agoSum of the last 4 quarters

Net cash$1.73B+89.7% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $18.4B
Revenue: $2.91B
Revenue growth: +10%
Profit margin: 15.5%
P/E: 38.4×
P/S: 6.3×
EV / EBITDA: 33.4×
Free cash flow: $777M
Net income: $451M
Revenue estimate: $3.03B
Earnings: 2026-11-04
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-05): revenue missed by 1.7%, EPS beat by 10.6%Revenue $701M vs $713M expected (-1.7%); EPS $0.18 vs $0.16 (+10.6%).
Revenue growth slowing: 6.6% year on yearQ2 '26 revenue $701M, against an average of 54.0% over the four quarters before.
Operating margin 8.2% (TTM), +16.1 pp on a year agoOperating income grew 241.9% while revenue grew 37.2%.
40.7% of pre-tax profit is non-operatingPre-tax income $402M vs operating income $239M (TTM). Gains on equity stakes and other one-off items lift net income and EPS - operating income is the cleaner measure of the business.
Capex 0.0% of revenue (a year ago 0.8%)$0 invested in the last 4 quarters (-100.0% on a year earlier). Free cash flow $777M = 172.2% of net income.
Diluted share count up 149.9% in a year269M diluted shares in Q2 '26, 108M a year earlier.
Net cash $1.73BCash + short-term investments $1.73B, debt incl. leases $0; a year ago net cash $913M.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$701M	$658M	+6.6%
Gross margin	17.8%	-38.3%	+56.1 pp
Operating income	$45.9M	-$326M	+114.1%
Operating margin	6.5%	-49.5%	+56.0 pp
Net income	$48.2M	-$482M	+110.0%
Diluted EPS	$0.18	-$4.48	+104.0%
Operating cash flow	$517M	$247M	+109.4%
Capex	-$15.6M	-$11.7M	-33.6%
Free cash flow	$533M	$259M	+106.0%
R&D	$0	$0	–
Stock-based compensation	$53.6M	$435M	-87.7%

Reported vs consensus

2026-08-05

	Actual	Consensus	vs consensus
Revenue	$701M	$713M	-1.7%
EPS (as estimated)	$0.18	$0.16	+10.6%

From the report of 2026-08-05 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Reserve income	$668M	–	95.2%	–	–
Subscription and services	$28.2M	–	4.0%	–	–
Subscription and Services Revenue	–	–	–	–	–
Transaction revenue	$5.33M	–	0.8%	–	–
Transaction Services	–	–	–	–	–
Other Services	–	–	–	–	–
Other	$96K	–	0.0%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $777M
Capex: $0
Buybacks: $0
Dividends: $0
Acquisitions: $0
Net debt issued: $0
Stock-based compensation: $224M
Free cash flow: $777M
Returned to shareholders / FCF: -0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	38.4×	8.2× 2 of 5 years	5.5× – 10.8×
EV / EBITDA	33.4×	18.0× 3 of 5 years	3.2× – 47.3×
EV / Sales	5.7×	8.3× 4 of 5 years	0.6× – 25.2×
Price / FCF	23.7×	18.5× 3 of 5 years	5.5× – 36.3×
Price / Book	5.1×	3.7× 4 of 5 years	1.6× – 5.8×
FCF yield	4.2%	2.9%	-7.3% – 18.1%
Return on invested capital	6.7%	-0.7%	-19.5% – 14.7%
Return on equity	13.6%	16.5%	-87.5% – 78.8%

Analysts

Consensus target $94.29 (+30.0%)
range $37.00 – $150.00 · rating Buy

Strong buy0

Buy8

Hold5

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$3.03B	+10.3%	$1.12	+486.2%	64.8×	17
FY2027	$3.83B	+26.4%	$1.45	+29.5%	50.0×	16
FY2028	$4.74B	+23.9%	$2.11	+45.6%	34.4×	16

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 289 figures Circle Internet Group tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	$3.7M	$5.74M	-35.5%	–	–	–
Accounts Payable and Accrued Liabilities, Current	$419M	$412M	+1.7%	$361M	$287M	+25.6%
Accounts Payable, Other, Current	$20.7M	$10.4M	+98.5%	$20.3M	$9.12M	+123.1%
Accounts Receivable, after Allowance for Credit Loss, Current	$105M	$13.2M	+697.8%	$62.9M	$6.42M	+879.5%
Accretion (Amortization) of Discounts and Premiums, Investments	$02025-12-31	$85K	-100.0%	$0	$2.27M	-100.0%
Accrued Income Taxes, Current	$3.5M	$3.85M	-9.1%	$1.63M	$678K	+140.7%
Accrued Liabilities, Current	$116M	$66.8M	+73.9%	$114M	$70.3M	+62.5%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$9.22M	$5.44M	+69.6%	$7.24M	$4.78M	+51.4%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$6.45M	$15.4M	-58.0%	$14.5M	$3.64M	+298.3%
Additional Paid in Capital	$4.69B	$4B	+17.4%	$4.61B	$1.79B	+157.1%
Adjustment of Warrants Granted for Services	$4.5M	$4.5M	0.0%	$23.6M	$0	–
Adjustments to Additional Paid in Capital, Warrant Issued	$8.23M2025-09-30	–	–	$23.6M	–	–
Amortization of Intangible Assets	$28.9M	$13.6M	+112.0%	$73.7M	$49M	+50.4%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	766K	40.7M	-98.1%	31.8M	140M	-77.3%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$67.4M	$14.5M	+365.4%	$166M	$63.6M	+161.5%
Assets	$77.2B	$64.2B	+20.3%	$78.7B	$45.8B	+71.7%
Assets, Current	$76.2B	$63.3B	+20.3%	$77.8B	$45.2B	+72.3%
Capital Expenditures Incurred but Not yet Paid	$0	$0	–	–	–	–
Cash and Cash Equivalents, at Carrying Value	$1.73B	$1.12B	+54.7%	$1.53B	$751M	+103.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$75.8B	$63.1B	+20.2%	$77.4B	$45B	+72.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$3.41B	$1.81B	-288.9%	$32.5B	$20B	+62.5%
Common Stock, Capital Shares Reserved for Future Issuance	63.8M2025-12-31	193M	-66.9%	63.8M	193M	-66.9%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$46.3M	-$472M	+109.8%	-$58.6M	$154M	-138.0%
Contract with Customer, Liability	$246M	$8.51M	+2,794.1%	$11.5M	$13.4M	-14.0%
Contract with Customer, Liability, Revenue Recognized	$7.61M2026-03-31	$9.85M	-22.7%	$13.4M	$2.5M	+435.8%
Conversion of Stock, Amount Converted	$0	$0	–	$89M	$15M	+494.7%
Convertible Debt, Noncurrent	$02025-12-31	$40.7M	-100.0%	$0	$40.7M	-100.0%
Convertible Notes Payable, Current	$0	$206M	-100.0%	$36.8M	$0	–
CryptoAssetAddition	–	–	–	$37.6M	$12.3M	+204.5%
CryptoAssetCost	$84.7M	$30.7M	+175.6%	$55.9M	$19.8M	+182.8%
CryptoAssetFairValue	$107M	$35.1M	+203.4%	$86.5M	$31.3M	+176.1%
CryptoAssetFairValueRestricted	$1.6M	$2.4M	-33.3%	$1.5M	–	–
CryptoAssetPaymentForService	–	–	–	$605K	$10.1M	-94.0%
CryptoAssetRealizedAndUnrealizedGainLossOperating	$698K	$693K	+0.7%	-$5.29M	$4.25M	-224.5%
CryptoAssetRealizedAndUnrealizedGainOperating	–	–	–	$44.2M	$13.5M	+228.1%
CryptoAssetRealizedAndUnrealizedLossOperating	–	–	–	$26M	$2.59M	+903.6%
CryptoAssetRealizedGainLossNonoperating	-$3.58M2026-03-31	-$8.26M	+56.7%	$23.8M	$8.56M	+178.2%
CryptoAssetRealizedGainLossOperating	-$79K	$7K	-1,228.6%	$55K	$3.38M	-98.4%
CryptoAssetUnrealizedGainLossOperating	$777K	$686K	+13.3%	-$5.35M	$2.51M	-313.5%
Current Federal Tax Expense (Benefit)	–	–	–	-$32.8M	$57.6M	-156.9%
Current Foreign Tax Expense (Benefit)	–	–	–	$2.4M	$542K	+342.8%
Current Income Tax Expense (Benefit)	–	–	–	-$31.1M	$68.4M	-145.5%
Current State and Local Tax Expense (Benefit)	–	–	–	-$698K	$10.2M	-106.8%
Debt Securities, Available-for-sale, Unrealized Gain (Loss)	$02025-12-31	$134K	-100.0%	$0	$224K	-100.0%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$2.3M	$7.63M	-69.9%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$2.88M	-$10.8M	+73.3%
Deferred Income Tax Assets, Net	$11.4M	$17.5M	-35.0%	$11.1M	$10.2M	+8.7%
Deferred Income Tax Expense (Benefit)	$202K2025-12-31	-$388K	+152.1%	-$2.27M	-$3.81M	+40.3%
Deferred Income Tax Liabilities, Net	$28.5M	$31.8M	-10.4%	$28.7M	$29.6M	-2.9%
Deferred Offering Costs	$02025-12-31	$4.24M	-100.0%	$0	$4.24M	-100.0%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$1.69M	-$652K	-159.4%
Deferred Tax Assets, Capital Loss Carryforwards	$7.83M2025-12-31	$5.76M	+35.9%	$7.83M	$5.76M	+35.9%
Deferred Tax Assets, Charitable Contribution Carryforwards	$4.8M2025-12-31	$0	–	$4.8M	$0	–
Deferred Tax Assets, Gross	$225M2025-12-31	$81.1M	+177.2%	$225M	$81.1M	+177.2%
Deferred Tax Assets, Net of Valuation Allowance	$66.6M2025-12-31	$50M	+33.1%	$66.6M	$50M	+33.1%
Deferred Tax Assets, Operating Loss Carryforwards	$117M2025-12-31	$13M	+803.5%	$117M	$13M	+803.5%
Deferred Tax Assets, Other	$2.08M2025-12-31	$395K	+426.1%	$2.08M	$395K	+426.1%
Deferred Tax Assets, Tax Credit Carryforwards	$11.7M2025-12-31	$1.42M	+722.4%	$11.7M	$1.42M	+722.4%
Deferred Tax Assets, Tax Credit Carryforwards, Research	$8.42M2025-12-31	$18.3M	-53.9%	$8.42M	$18.3M	-53.9%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$59.8M2025-12-31	$25.7M	+132.4%	$59.8M	$25.7M	+132.4%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30

Data as of 2026-11-02