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Circle Internet Group, Inc.

CRCL Financial Capital Markets

Circle Internet Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.7 billion, up 63.9% from fiscal 2024.

Revenue
+16.9%
EPS
−4.30%
Free cash flow
−88.7%

Quarter to September 2026, against a year earlier

68.42 1.06 −1.53%
Market cap
$17.7B
P/E
37.4×
Fwd P/E
65.3×
Dividend yield
—
F-score
n/a
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Circle Internet Group, Inc. (CRCL) Earnings & Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Latest quarter

Circle reported Q2 FY2026 revenue of $701.3 million, below the consensus estimate of $741.8 million. Adjusted earnings per share were $0.18, above the consensus of $0.16.

Revenue rose from $658.1 million a year earlier. Circle’s filing said reserve income increased by $33.5 million as growth in average daily USDC in circulation was partly offset by lower yields. Other revenue rose by $9.8 million, helped by integration services and higher fund management and stablecoin redemption fees.

Circle reported gross margin of 41.2%, compared with 38.2% a year earlier, and operating margin of 4.90%, compared with −49.5%. Its filing said the prior-year quarter included $423.8 million in stock-based compensation expense related to its IPO.

Diluted earnings per share were $0.18, compared with −$4.48 a year earlier. Circle reported free cash flow of $496.2 million, up from $232.4 million.

Q2 FY2026 Q2 FY2025 Change
Revenue $701.3 million $658.1 million 6.57%
Diluted EPS $0.18 −$4.48 —
Gross margin 41.2% 38.2% 3.0 percentage points
Operating margin 4.90% −49.5% 54.4 percentage points
Free cash flow $496.2 million $232.4 million 113.5%
Against the consensus Reported Consensus Result
Adjusted EPS $0.18 $0.16 Beat by 12.5%
Revenue $701.3 million $741.8 million Missed by 5.46%

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

No earnings call was available for this quarter. In its filing, Circle said distribution costs depend partly on where USDC is held, while interest rates and USDC circulation both affect reserve income.

Guidance

In its results release, Circle raised its FY2026 other revenue guidance to $310.0 million–$330.0 million, replacing its previous outlook for other revenue for the same fiscal year.

Metric For Guide Previous guide Change
Operating expenses, non-GAAP FY2026 $570.0 million–$585.0 million — New
Revenue, Other Revenue FY2026 $310.0 million–$330.0 million — New

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.