Circle Internet
CRCL · NYSEFinance Services · Fiscal year ends Dec 31
Circle Internet reported revenue of $110M in the fiscal year ended Dec 2025, up 624.0% from the year before. Operating income was −$96M, an operating margin of −87.8%, and net income was −$70M. Operating cash flow of $542M less capital expenditure of $12M left free cash flow of $530M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | $20M | $15M | $110M |
| Operating income | $270M | $167M | −$96M |
| Interest expense | $2M | $2M | $1M |
| Pre-tax income | $319M | $222M | −$103M |
| Income tax | $47M | $65M | −$33M |
| Net income | $268M | $156M | −$70M |
| Diluted EPS | 0.78 | 0.30 | −0.44 |
| Diluted shares | 68M | 73M | 159M |
Balance sheet
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | $369M | $751M | $1.5B |
| Receivables | – | $6M | $63M |
| Current assets | – | $45.2B | $77.8B |
| Net PP&E | – | $19M | $23M |
| Goodwill | $170M | $170M | $266M |
| Total assets | – | $45.8B | $78.7B |
| Deferred revenue | $2M | $13M | $12M |
| Current liabilities | – | $44B | $75.3B |
| Total liabilities | – | $44.1B | $75.4B |
| Shareholders' equity | $339M | $571M | $3.3B |
Cash flow
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | $140M | $345M | $542M |
| Capital expenditure | $654,000 | $18M | $12M |
| Free cash flow | $139M | $326M | $530M |
| Depreciation & amortisation | $35M | $51M | $77M |
| Stock-based compensation | $108M | $50M | $566M |
| Acquisitions | $0 | $0 | $8M |
| Share buybacks | $9M | $0 | $0 |
Key ratios
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | −23.6% | 624.0% |
| Operating income growth (YoY) | – | −38.0% | −157.7% |
| EPS growth (YoY) | – | −61.5% | −246.7% |
| Operating margin | 1357.1% | 1102.0% | −87.8% |
| Net margin | 1347.2% | 1026.2% | −63.3% |
| Return on equityBlank when equity is negative | 78.8% | 27.3% | −2.1% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 9.3% | −2.8% |
| Free cash flow margin | 699.5% | 2152.1% | 482.3% |
| Cash conversion (CFO ÷ net income) | 0.52x | 2.21x | −7.80x |
| Receivable days | – | 154 | 209 |
| Interest cover | 141x | 87.7x | −78.7x |
| Current ratio | – | 1.03x | 1.03x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.