Logo

CRCL

Circle Internet Group

CRCL

Circle Internet Group • NYSE
$79.93 ▲ 10.04% (+7.29)
Market Cap $18.82 B
52w High $298.99
52w Low $64.00
Dividend Yield 0%
P/E -92.94
Volume 22.25M
Outstanding Shares 235.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $739.759M ▲ $81.832M ▲ $214.385M ▲ 28.98% ▲ $0.92 ▲ $176.447M ▲
Q2-2025 $658.078M ▲ $73.326M ▲ $-482.1M ▼ -73.259% ▼ $-4.48 ▼ $-471.45M ▼
Q1-2025 $578.573M ▲ $62.366M ▲ $64.791M ▲ 11.198% ▼ $1.12 ▲ $104.052M ▲
Q1-2024 $365.094M $44.889M $48.639M 13.322% $0.9 $84.966M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.349B ▲ $76.781B ▲ $73.758B ▲ $3.023B ▲
Q2-2025 $1.118B ▲ $64.154B ▲ $61.783B ▲ $2.371B ▲
Q1-2025 $850.796M $62.262B $60.377B $1.885B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $214.385M ▲ $-10.682M ▼ $-20.342M ▲ $12.518B ▲ $12.487B ▲ $-26.328M ▼
Q2-2025 $-482.1M ▼ $247.123M ▲ $-20.883M ▲ $1.534B ▼ $269.513M ▼ $258.798M ▲
Q1-2025 $64.791M ▲ $56.593M ▼ $-25.225M ▼ $16.263B ▲ $16.301B ▲ $44.918M ▼
Q1-2024 $48.639M $77.167M $6.172M $7.83B $7.912B $68.284M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown very quickly over the last few years, moving from a small base to a meaningful business. The company has shifted from sizable losses to solid profitability, which is a major change in the story. However, while sales kept rising in the most recent year, profit levels actually stepped down a bit, suggesting pressure on margins or higher spending to support growth. Overall, the income statement shows a business that has reached profitability but is still finding a stable level of earnings as it scales and invests at the same time.

Balance Sheet

Balance Sheet The balance sheet is asset‑heavy, which is typical for a regulated stablecoin issuer holding large reserves. Equity has moved from negative a few years ago to clearly positive, which signals a much healthier financial foundation than in the past. The company carries very little financial debt, so leverage risk looks low, but the capital base is still relatively thin compared with the size of the assets it manages. In practice, traditional balance‑sheet ratios are harder to interpret here because a large part of the assets are backing customer stablecoins rather than funding long‑term projects or acquisitions.

Cash Flow

Cash Flow Cash flow has improved meaningfully, transitioning from cash burn to consistently positive cash generation from the core business in the last couple of years. Free cash flow is positive and growing, helped by very modest capital spending needs, which is typical for a software‑ and network‑driven model. This suggests the underlying operations are not just profitable on paper but also converting earnings into cash. The track record is still relatively short, though, so the durability of this cash performance through different market conditions is not yet fully proven.

Competitive Edge

Competitive Edge Circle sits in a strong competitive spot within digital finance, anchored by USDC and EURC as regulated, fiat‑backed stablecoins. Its main edge comes from regulatory compliance, transparency of reserves, and trust, which differentiate it from less transparent rivals. Large network effects around USDC, deep ties with major payment networks and asset managers, and integrations across many blockchains further reinforce its position. The flip side is that competition from other stablecoins, exchanges, and potential future central bank digital currencies remains intense, and any loss of trust or regulatory setback could quickly weaken this position.

Innovation and R&D

Innovation and R&D The company is highly innovation‑driven, building not just coins but a full stack of infrastructure: cross‑chain transfer protocols, developer tools, programmable wallets, and institutional payment rails. The planned Arc blockchain, designed specifically for stablecoin finance, shows Circle pushing deeper into core infrastructure, not just applications. Tools like the Circle Payments Network, Circle Gateway, and tokenized money market products are aimed at making stablecoins more useful for banks, fintechs, and developers, which can expand the ecosystem if adopted widely. The main execution risk is that these ambitious projects must gain real‑world traction in a crowded and fast‑moving landscape where technology standards can change quickly.

Summary

Circle has evolved from a loss‑making early‑stage fintech into a profitable, cash‑generating platform at the center of the regulated stablecoin market. Financially, revenue momentum is strong, profitability is now established, and cash flows are positive, although margins slipped a bit in the latest year and equity remains thin relative to the size of reserves managed. Strategically, its moat is built around regulation, transparency, and network effects in USDC, reinforced by major partnerships and broad multi‑chain support. Future performance will likely hinge on three things: maintaining regulatory leadership, scaling new products like the payments network and Arc blockchain, and defending its position against aggressive competitors and evolving digital asset rules worldwide.

NEWS

November 18, 2025 · 8:00 AM UTC

Circle to Participate in Citi's 14th Annual FinTech Conference

Read more

November 12, 2025 · 6:25 AM UTC

Circle Reports Third Quarter 2025 Results

Read more

October 29, 2025 · 8:00 AM UTC

Corcel Announces Non-Brokered Private Placement

Read more

October 28, 2025 · 7:00 AM UTC

Circle Launches Arc Public Testnet

Read more

October 27, 2025 · 8:00 AM UTC

Corcel Exploration Announces Historical Critical Mineral Potential at Yuma King Project

Read more