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Circle Internet GroupCRCL

Legal name
Circle Internet Group, Inc.
Sector
Other
Industry
Finance Services

Stock Price $CRCL

Latest filings

You are here#75 of 76 in Financials by market cap

Filing record · 2025–202610-K210-Q58-K16

CRCL filed 2 annual reports (10-K), 5 quarterly reports (10-Q) and 16 current reports (8-K) between 2025 and 2026.

  1. Leadership change8-K · Sep ’25Sep ’25
  2. Material agreement8-K · Sep ’26Sep ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  3. $2.75B
YoY changeLargest recent move+15.6%in FY24Latest +63.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All CRCL Financial Metrics48 metrics

Income Statement11

Balance Sheet21

Cash Flow12

Per Share4

02—Overview

Circle Internet Group Financial Overview 2025–2025

Updated Nov 4, 2026

A single $423.8 milliona stock-based compensation charge flipped $157.0 million of net income in FY2024 into a $69.5 million net loss in FY2025. The charge came from RSUs that vested at the June IPO, not from a weaker business. Circle is a high-growth float business whose underlying earnings roughly doubled: Adjusted EBITDA rose to $582.2 million from $284.9 million. Its profits still hinge on reserve yields and a single distribution partner.

Revenue climbed 63.9% to $2.75 billionb in FY2025, and 96.0% of it was reserve income. The growth engine is USDC in circulation, which expanded from $43.9 billion at year-end FY2024 to $75.3 billion at year-end FY2025. Segregated cash of $75.1 billion covered $74.9 billion of holder deposits. The cost of that growth is steep: distribution and transaction costs reached $1.66 billion, including $1.4 billion paid to Coinbase, about 60% of revenue. Rate sensitivity is already visible. The reserve return rate slipped to 3.5% from 4.2% in Q1 2026, and revenue growth slowed to 20.0%.

The market looked past the GAAP loss. Shares closed at $79.30c on December 30, FY2025, against the $31.00 IPO price in June and the $130.00 follow-on price in August. With FY2025 EPS at -$0.44, no meaningful P/E existed at that date. Investors were pricing the float, not reported earnings.

Recent Developments (Q1 and Q2 2026)

Growth decelerated sharply in Q2 2026. Revenue rose just 6.6% to $701.3 milliond, down from 20.0% in Q1 2026, as a 66 basis point drop in average yields offset a 25.2% rise in average USDC circulation. USDC ended the quarter at $73.3 billion, below the $77.0 billion at Q1 2026. Net income from continuing operations was $48.2 million, against a $482.1 million loss a year earlier. Management raised FY2026 Other Revenue guidance to $310-$330 million from $150-$170 million, citing the Arc token presale and new products. Arc public mainnet is set for September 16.

Leadership and deal activity picked up. The CFO will step down by December 2026, and co-founder Sean Neville left the Board. Circle agreed to buy Tazapay for $400 millione in stock and sold $100 million of shares to Binance at $80.84. The bull case is Arc, new trust charters and diversified revenue. The bear case is falling yields, flat circulation and executive turnover. At $63.28 on August 4, 2026, the stock sat below the Binance price.

What to watch: CFO successor and Arc mainnet adoption; USDC circulation against yield compression

03—Filings

Recent SEC Filings

  1. 8-KCircle Internet Group 8-K Report, Financial Results (Nov 4, 2026)
  2. 8-KCircle Internet Group 8-K Report, Executive Changes (Sep 25, 2026)Circle Internet Group, Inc. (NYSE: CRCL) reported two leadership changes in this Current Report dated September 25, 2026. Director P. Sean Neville, a co-founder who has served on the Board since 2016, resigned effective immediately for personal reasons as part of an orderly Board refreshment; the filing states this was not due to any disagreement with the Company. The Board size was reduced from eight to seven directors as a result. Chief Financial Officer Jeremy Fox-Geen notified the Company of his intention to step down. He will remain CFO through the end of December 2026, or until a successor is appointed if sooner, and the Company has commenced a search for a new CFO with a leading executive search firm. Under a Post-Termination Restrictive Covenant Agreement, he will continue to receive his $500,000 annualized base salary, remain eligible for a 2026 annual incentive at a target of 110% of base salary, and keep vesting in equity awards. In exchange for compliance with restrictive covenants and a release, he will receive a cash payment of $1,050,000 paid monthly over 12 months, two additional months of RSU vesting acceleration, and a 12-month extension of the exercise period for his non-qualified stock options. The Company also furnished a press release (Exhibit 99.1) announcing the CFO transition, in which Chairman and CEO Jeremy Allaire thanked Mr. Fox-Geen for his role in building the finance organization and the company's $1.2 billion initial public offering. The filing states the press release is furnished under Item 7.01 and not deemed filed for Section 18 purposes.
  3. 8-KCircle Internet Group 8-K Report, Corporate Update (Sep 22, 2026)Circle Internet Group, Inc. disclosed under Item 8.01 that on September 17, 2026, certain of its subsidiaries entered into arrangements with Binance that expand their existing strategic partnership to promote USDC held through Circle's Modular Smart Contract Wallet infrastructure service. The new agreement supersedes and replaces the arrangements the company previously entered into with Binance in November 2024 and August 2025. Under the arrangements, Circle agreed to pay Binance a monthly incentive fee calculated as a percentage of the USDC held through the service, and Binance agreed to undertake certain other activities to promote USDC on its platform. The arrangement has a five-year term, and either party may unilaterally terminate it before expiration upon specified events. On the same date, Circle entered into a subscription agreement with Binance and sold 1,237,011 shares of Class A common stock at $80.84 per share, for aggregate proceeds to the company of $100 million. The filing states the price reflected a discount to the market price of the Class A common stock prior to closing. The sale closed substantially concurrently with the execution of the subscription agreement and the commercial arrangements. The shares were issued in a private placement exempt from registration under the Securities Act of 1933. Under the subscription agreement, Binance agreed not to sell, transfer, pledge, or hedge the subscribed shares until the earlier of the second anniversary of the closing or a termination of the commercial arrangements by Binance under certain circumstances, subject to customary exceptions. Binance retains its stockholder rights during that period, including voting rights.
  4. 8-KCircle Internet Group 8-K Report, Material Agreement (Sep 8, 2026)On September 8, 2026, Circle Internet Group, Inc. (NYSE: CRCL) announced that on September 4, 2026 it entered into a Share Purchase Agreement under which its indirect wholly owned subsidiary, Taurus Acquisition Inc., will acquire all outstanding shares of Singapore-based Tazapay Pte. Ltd. not already held by Purchaser or its affiliates. The aggregate consideration is $400,000,000 (adjusted for unpaid indebtedness, Target Company transaction expenses and cash held by the Target Company and its subsidiaries), payable in Circle Class A common stock, with the share count determined by dividing that amount by the 20-day volume-weighted average closing price ending the trading day before closing. A portion of the consideration is held back as recourse for indemnification: shares representing 5% of the aggregate consideration (Indemnity Holdback Shares, released in installments at 6, 12 and 18 months) and shares representing 3% (Indemnity Additional Holdback Shares, released in installments at 12, 24, 36 and 48 months). Circle also agreed to grant restricted stock units with an aggregate grant date fair value of $25,000,000 to agreed Tazapay employees following closing. The company's press release states the deal is expected to close in 2027, subject to closing conditions and regulatory approvals, including from the Monetary Authority of Singapore. The agreement has a nine-month initial outside date, extendable up to 15 months, and does not provide for any termination fee. The filing states that Tazapay brings over $25 billion of annualized payment volume, 60+ banking and fintech partners and local payout rails covering over 100 markets, and that approximately 60% of its transaction volume already includes stablecoins. The shares to be issued will initially be unregistered under Section 4(a)(2) and Regulation D or Regulation S, and Circle must file a prospectus supplement to its August 5, 2026 Form S-3 to provide for their resale at closing.
  5. 8-KCircle Internet Group 8-K Report, Financial Results (Aug 5, 2026)Circle Internet Group, Inc. reported second-quarter 2026 results in a press release furnished as Exhibit 99.1 to this Form 8-K. USDC in circulation was $73.3 billion at quarter end, up 19% year-over-year, and USDC onchain transaction volume in Q2'26 was $14.8 trillion, up 151% year-over-year. Total revenue and reserve income was $701 million, up 7%, and Revenue Less Distribution Costs (RLDC) was $289 million, up 15%, at a 41% RLDC margin. Net income from continuing operations was $48 million, an increase of $530 million year-over-year that management attributes to lower stock-based compensation following the Q2 2025 IPO. Adjusted EBITDA was $143 million, up 8%, with an Adjusted EBITDA margin of 50%. The company also reported that Circle received final approval from the U.S. Office of the Comptroller of the Currency to establish Circle National Trust, and approval from the New York Department of Financial Services for Circle New York Trust. Management said the Arc public mainnet launches September 16, and that CPN reached $14.7 billion in annualized transaction volume for the trailing 30 days as of quarter end, up 76% quarter-over-quarter. The CEO cited a slowed crypto market and current rate environment as conditions affecting quarterly results. Full-year 2026 guidance was revised: Other Revenue is now $310-$330 million (previously $150-$170 million), and the RLDC margin is now 41.7%-43.7% (previously 38%-40%). Adjusted Operating Expenses guidance is unchanged at $570-$585 million, and the multi-year USDC in circulation outlook remains a 40% CAGR.
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04—See also

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