CRCL

MKT CAP:$27B

Circle Internet Group

Market Cap

$27B

Financial Services·Financial - Capital Markets·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$99.57+$16.10 (+19.29%)

Apr 24, 2026

Company Details

Circle Internet Group, Inc. operates as a platform, network, and market infrastructure for stablecoin and blockchain applications. The company provides a suite of stablecoins and related products that include a network utility and applicati...

CEO

Jeremy D. Allaire

IPO Date

Jun 4, 2025

Website

www.circle.com

Key Metrics TTM

Revenue

$2.7B

+63.9% YoY

Net Income

-$70M

EPS (Diluted)

-$2.15

Free Cash Flow

$542M

Revenue / Share

$11.34

Gross Margin

7.7%

Operating Margin

-3.5%

Net Margin

-2.5%

FCF Margin

19.7%

P/S

9.7x

P/E

—

Earnings Reports

FY 2025

Mar 9, 2026

$2.7B+63.9%EPS -$0.29

Q4 2025

Mar 9, 2026

$770M+76.9%EPS $0.55

Q3 2025

Nov 12, 2025

$740M+66.0%EPS $0.92

Q2 2025

Aug 12, 2025

$658M+53.0%EPS -$4.48

Q1 2025

Mar 31, 2025

$579M+58.5%EPS $0.86

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 24	$365M	$97M	$52M
Q2 24	$430M	$114M	$50M
Q3 24	$446M	$123M	$64M
Q4 24	$435M	$61M	$794.0K
Q1 25	$579M	$155M	$93M
Q2 25	$658M	-$252M	-$326M
Q3 25	$740M	$163M	$81M
Q4 25	$770M	$147M	$57M

Valuation

Quarter	P/S	P/E
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	15.7x	169.2x
Q1 25	13.9x	153.3x
Q2 25	20.0x	—
Q3 25	13.0x	—
Q4 25	6.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 24	$77M	$68M
Q2 24	$48M	$39M
Q3 24	$0	$0
Q1 25	$57M	$45M
Q2 25	$247M	$259M
Q3 25	-$11M	-$26M
Q4 25	$249M	$265M

Capital Expenditures

Quarter	CapEx
Q1 24	$9M
Q2 24	$9M
Q3 24	$0
Q1 25	$12M
Q2 25	$12M
Q3 25	$16M
Q4 25	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 25	+58.5%	+55.3%
Q2 25	+53.0%	+159.0%
Q3 25	+66.0%	+72.5%
Q4 25	+76.9%	+64.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 24	$9M	2.6%
Q2 24	$17M	3.9%
Q3 24	$0	0.0%
Q1 25	$13M	2.2%
Q2 25	$435M	66.1%
Q3 25	$60M	8.1%
Q4 25	$59M	7.6%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 24	$31M	$818.0K	—
Q2 24	$36M	$6M	—
Q3 24	$33M	$4M	—
Q4 24	$38M	$6M	—
Q1 25	$31M	$4M	—
Q2 25	$43M	$8M	—
Q3 25	$45M	$6M	—
Q4 25	—	—	$90M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 24	$0	$0	$0
Q1 25	$849M	$2M	$851M
Q2 25	$1.1B	$532.0K	$1.1B
Q3 25	$1.3B	$0	$1.3B
Q4 25	$77.4B	$0	$77.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 24	73M	—	—
Q2 24	70M	-3.2%	—
Q3 24	73M	+3.8%	—
Q4 24	73M	-0.1%	—
Q1 25	76M	+3.6%	+3.9%
Q2 25	108M	+42.1%	+52.7%
Q3 25	234M	+117.8%	+220.3%
Q4 25	242M	+3.5%	+231.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	$700.2K	1K

Revenue / Employee