Revenue scaled from $365.1M in 2024Q1 to $770.2M by 2025Q4, though gross margins remain highly unstable, swinging from a 26.8% peak in 2025Q1 to a negative 38.3% in 2025Q2.
| Sales/Revenue | 2.86B | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | 205.26M | 238.11M | 395.48M | 426.69M | 249.74M | -25.91M | -7.1M |
| Gross Margin % | 7.17% | 8.67% | 23.59% | 29.42% | 32.35% | -30.53% | -45.99% |
| Gross Profit Growth % | - | -39.79% | -7.31% | 70.85% | 1063.71% | -264.88% | - |
| Operating Expenses | 338.25M | 329.25M | 228.32M | 157.16M | 287.85M | 60.18M | 23.79M |
| OpEx % of Revenue | - | 11.99% | 13.62% | 10.84% | 37.28% | 70.91% | 154.06% |
| Selling, General & Admin | 245.32M | 215.99M | 154.61M | 136.67M | 161.11M | 44.82M | 14.32M |
| SG&A % of Revenue | - | 7.86% | 9.22% | 9.42% | 20.87% | 52.81% | 92.71% |
| Research & Development | 0 | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - |
| Operating Income | -132.99M | -91.14M | 167.16M | 269.53M | -38.12M | -86.1M | -30.89M |
| Operating Margin % | -4.65% | -3.32% | 9.97% | 18.58% | -4.94% | -101.44% | -200.05% |
| Operating Income Growth % | - | -154.52% | -37.98% | 807.13% | 55.73% | -178.72% | - |
| EBITDA | -43.48M | -14.52M | 218.01M | 304.42M | -24.84M | -82.15M | -26.39M |
| EBITDA Margin % | -1.52% | -0.53% | 13.01% | 20.99% | -3.22% | -96.79% | -170.91% |
| EBITDA Growth % | - | -106.66% | -28.38% | 1325.55% | 69.77% | -211.3% | - |
| D&A (Non-Cash Add-back) | 89.51M | 76.63M | 50.85M | 34.89M | 13.28M | 3.94M | 4.5M |
| EBIT | -136.84M | -101.67M | 223.48M | 320.86M | -755.83M | -499.09M | -13.84M |
| Net Interest Income | 52.49M | 46.45M | 32.81M | 27.35M | 5.96M | -4.77M | -3.36M |
| Interest Income | 53.42M | 47.67M | 34.71M | 29.26M | 8.64M | 0 | 0 |
| Interest Expense | 929K | 1.23M | 1.91M | 1.91M | 2.68M | 4.77M | 3.36M |
| Other Income/Expense | 0 | - | - | - | - | - | - |
| Pretax Income | -136.04M | -102.89M | 221.57M | 318.95M | -758.51M | -503.86M | -17.2M |
| Pretax Margin % | -4.75% | -3.75% | 13.22% | 21.99% | -98.25% | -593.63% | -111.38% |
| Income Tax | -56.98M | -33.38M | 64.58M | 47.4M | 3.26M | 4.85M | 115K |
| Effective Tax Rate % | 41.88% | 32.44% | 29.15% | 14.86% | -0.43% | -0.96% | -0.67% |
| Net Income | -79.05M | -69.51M | 155.67M | 267.56M | -768.85M | -508.21M | 3.79M |
| Net Margin % | -2.76% | -2.53% | 9.29% | 18.45% | -99.58% | -598.76% | 24.55% |
| Net Income Growth % | - | -144.65% | -41.82% | 134.8% | -51.29% | -13509.13% | - |
| Net Income (Continuing) | -79.06M | -69.52M | 156.99M | 271.55M | -761.77M | -508.71M | -17.31M |
| Discontinued Operations | 0 | 0 | -1.32M | -3.99M | -7.08M | 507K | 21.1M |
| Minority Interest | 0 | 1.45M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.33 | -0.29 | 2.13 | 3.96 | -16.48 | -11.46 | 0.09 |
| EPS Growth % | - | -113.61% | -46.21% | 124.03% | -43.8% | -13503.51% | - |
| EPS (Basic) | - | -0.29 | 2.86 | 5.66 | -16.48 | -11.47 | 0.09 |
| Diluted Shares Outstanding | 242.3M | 242.3M | 73.04M | 67.55M | 46.66M | 44.35M | 44.35M |
| Basic Shares Outstanding | 242.3M | 242.3M | 54.41M | 47.27M | 46.66M | 44.3M | 44.3M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Interest rate sensitivity
As reported in financial statements, CRCL's revenue has demonstrated a clear upward trajectory, climbing from $365.1M in 2024Q1 to $770.2M by 2025Q4, largely driven by the yield generated on its substantial reserve assets as the broader interest rate environment remained supportive of float-based income models.
The consistent revenue expansion suggests that the company is successfully leveraging its reserve float to drive top-line growth. However, investors should monitor whether this growth is sustainable if the federal funds rate enters a downward cycle, as the current revenue model appears heavily tethered to macroeconomic yield conditions.
Based on reported figures, gross margins have exhibited significant instability, fluctuating from a peak of 26.8% in 2025Q1 to a negative 38.3% in 2025Q2, indicating that the company's cost of revenue is highly sensitive to operational adjustments or potential non-recurring charges within the reserve management framework.
The extreme variance in gross margins suggests that the firm's cost structure is not yet optimized for consistent profitability. This volatility warrants further investigation into the underlying components of the cost of revenue, which may include variable partner payouts or custodial expenses that fluctuate with market conditions.
According to recent financial disclosures, the company's net income has been significantly impacted by non-cash expenses, most notably the $435.0M in stock-based compensation recorded in 2025Q2, which appears to have been a primary driver behind the reported quarterly net loss of $482.1M during that period.
The reliance on heavy stock-based compensation suggests that reported net income may not accurately reflect the underlying cash-generating capability of the core issuance business. Analysts should adjust for these non-cash items to better understand the true operational efficiency and the potential for future shareholder dilution.
As indicated by the income statement data, SG&A expenses have trended upward from $31.3M in 2024Q1 to $79.3M in 2025Q4, reflecting the significant fixed-cost investment required to maintain a regulated financial infrastructure and support the company's institutional-first growth strategy in a competitive digital asset landscape.
The rising SG&A profile suggests that the company is prioritizing long-term regulatory compliance and market positioning over immediate operating leverage. While this may build a durable moat, it also places pressure on operating margins, requiring the firm to scale its reserve float significantly to achieve consistent profitability.
Quick answers to the most common questions about buying CRCL stock.
Circle Internet Group (CRCL) reported a net loss of $69.5M for the fiscal year ending 2025.
Circle Internet Group (CRCL) reported an operating income of $-91.1M, resulting in an operating profit margin of -3.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Circle Internet Group (CRCL) generated $238.1M in gross profit for the year, representing a gross profit margin of 8.7%. This demonstrates the company's core pricing power and production efficiency.