Earnings quality
Compare earnings and operating cash flow for earnings quality.
Circle Internet Group
Ticker CRCL · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-07-13 · Period end 2025-12-31
Takeaway
Park for nowProfitability turned negative — read cash flow and notes before treating it as a cash problem.
operating margin is -87.8%; operating cash stayed positive despite an operating loss; equity ratio is 4.2%.
Profitability is under pressure without a clear cash offset in this page — wait for the next cash / segment confirmation.
ActionPark for now
OP margin-87.8%
Equity ratio4.2%
Last priceUSD 72.08
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
CIRCLE INTERNET GROUP, INC. is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel (332) 334-0660 · As of filing date 2026-07-13
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $15.2M | $109.8M |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | $167.2M | -$96.4M |
| Income tax | $64.6M | -$33.4M |
| Net income | $155.7M | -$69.5M |
| Basic EPS | — | — |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $751.0M | $1.5B |
| Current assets | $45.2B | $77.8B |
| Non-current assets* | $669.5M | $911.7M |
| Total assets | $45.8B | $78.7B |
| Current liabilities | $44.0B | $75.3B |
| Non-current liabilities* | $93.1M | $54.0M |
| Total liabilities | $44.1B | $75.4B |
| Stockholders’ equity | $570.5M | $3.3B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $344.6M | $542.1M |
| Investing cash flow | $186.3M | -$84.0M |
| Financing cash flow | $19.4B | $31.9B |
| Cash at end of period | $751.0M | $1.5B |
Five-year trends
Key metrics
| Metric | Trend | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $19.9M | $15.2M | $109.8M | |
| Operating profit | $269.5M | $167.2M | -$96.4M | |
| Net income | $267.6M | $155.7M | -$69.5M | |
| Total assets | — | $45.8B | $78.7B | |
| Cash & equivalents | $368.6M | $751.0M | $1.5B | |
| Stockholders’ equity | — | $570.5M | $3.3B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Challenged
Profitability turned negative — read cash flow and notes before treating it as a cash problem.
On the income statement, revenue moved from $15.2M to $109.8M (▲ +624.0%). Operating profit went from $167.2M to -$96.4M (▼ -157.7%).
Operating cash flow was $542.1M (prior $344.6M), with cash on the balance sheet at $1.5B versus $751.0M.
Liquidity & leverage
Cash moved from $751.0M to $1.5B; current liabilities $75.3B.
Capital buffer
Stockholders’ equity moved from $570.5M to $3.3B.
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Source: SEC EDGAR 0001876042-26-000228
(CIRCLE INTERNET GROUP, INC.), period end 2025-12-31.