Circle Internet Group, Inc.
NYSE: CRCL · FINANCIAL SERVICES · CAPITAL MARKETS
Updated 2026-06-12
Circle Internet Group, Inc. (CRCL) Financial statements
SEC filings — annual and quarterly data.
Cash flow — annual
| Item | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | $-14.92M | $-92.33M | $-72.69M | $139.57M | $344.58M | $542.13M |
| Capital expenditures | $7.08M | $7.87M | $18.32M | $32.86M | $39.10M | $12.43M |
| Depreciation | $4.50M | $3.94M | $13.28M | $34.89M | $50.85M | — |
| Stock-based comp | $3.16M | $18.38M | $69.27M | $108.00M | $50.13M | $566.18M |
| Free cash flow | $-22.01M | $-100.20M | $-91.01M | $106.71M | $305.48M | $529.70M |
| Investing cash flow | $-17.93M | $-28.85M | $-8.49B | $8.51B | $186.30M | — |
| Financing cash flow | $3.53B | $38.72B | $2.58B | $-20.33B | $19.45B | — |
| Dividends paid | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — |
| Debt repayment | — | — | — | — | — | — |
| Net change in cash | — | — | — | — | — | — |
Frequently asked questions
What is Circle Internet Group, Inc.'s revenue?
Circle Internet Group, Inc.'s trailing twelve-month revenue is $2.86B, and consensus projects about $8.30B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is CRCL?
In its most recent fiscal year, CRCL ran a gross margin of 8.67%, an operating margin of -3.32%, and a net margin of -2.53%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does CRCL generate?
CRCL produced $529.70M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is CRCL's balance sheet healthy?
CRCL holds $77.42B in cash and equivalents against — in long-term debt, on $3.33B of shareholder equity. That debt is best read against the cash flow the business throws off each year.