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NEW YORK STOCK EXCHANGE, INC. · Technology · CIK 0001876042
$85.87
+5.53% · delayed ~15 min
Last price from Oct 20, 2026
$13.63B market value
From Circle Internet Group, Inc.'s FY2025 10-K, filed Mar 9, 2026 · read the filing
Circle Internet lends money and provides credit. It took in $109.8M last year, which makes it a smaller company. It spends more than it earns — losing about 63 cents on every dollar of sales.
The financial picture is led by growth, while profitability and debt remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
A mixed picture — some clear strengths and some weaknesses.
From Circle Internet Group, Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Revenue
$15.2M → $109.8M
Operating income
$167.2M → -$96.4M
Profit
$155.7M → -$69.5M
Operating margin
1102.0% → -87.8%
Measured against FY2024, from the 10-K filed Mar 9, 2026
Improved: +624.0%
$15.2M to $109.8MCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
How the latest move compares (quote delayed ~15 min), and what was published around it
CRCL rose 5.53% on the latest quote. The average Financials company tracked here moved +1.11%, and the S&P 500 −1.04%. That is 4.4 points above its sector and 6.6 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 38 analysts covering this company, as of . Their views, not this site's.
Of 38 analysts publishing on this company, 7 say strong buy, 14 say buy, 14 say hold, 2 say sell and 1 say strong sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $69.5M last year, losing about 63 cents on every dollar of sales.
Yes, quickly. Sales grew 624.0% last year.
For every $1 it owes, it owns $1.04 in assets. Banks and insurers always carry high debt — that is how lending works — so this is normal for the industry and not comparable with other sectors. Its operating profit does not cover its interest bill — -78.66x against the interest it owes.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it lost $69.5M and generated $542.1M of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Mar 9, 2026Filing for FY2025 | FY202410-K · Mar 9, 2026Filing for FY2024 | FY202310-K · Mar 9, 2026Filing for FY2023 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|
| RevenueWhat is this? | $109.8M | $15.2M | $19.9M | +624.0% |
| Selling, general and administrative | $190.3M | $137.3M | $100.1M | +38.6% |
| Operating income | -$96.4M | $167.2M | $269.5M | n/m |
| Operating marginOperating income ÷ revenueWhat is this? | -87.8% | 1102.0% | 1357.1% | −1189.8 pts |
| Interest expense | $1.2M | $1.9M | $1.9M | −35.7% |
| Income before tax | -$102.9M | $221.6M | $318.9M | n/m |
| Net income | -$69.5M | $155.7M | $267.6M | n/m |
| Net marginNet income ÷ revenueWhat is this? | -63.3% | 1026.2% | 1347.2% | −1089.5 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-0.438 | $2.86 | $5.66 | n/m |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| CRCLCircle Internet Group, Inc. · this page | 4.7/10 | 4/7 | 624.0% |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 23,334 shares at $25.81 ($602.3K)
Holds 741,999 shares after this filing.
Sold on the open market — 26,668 shares at $79.59 ($2.1M)
Holds 715,331 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Had a director or senior officer leave or join · Made a Regulation FD disclosure
Read the filingReported another event
Read the filingWrite down why you are following Circle Internet Group, Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from CRCL's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Mar 9, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 7 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 4.7 | 4/7 | 10-K, filed Mar 9, 2026 |
| FY2024 | 4.7 | 3/4 | 10-K, filed Mar 9, 2026 |
| FY2023 | 6.0 | 1/2 | 10-K, filed Mar 9, 2026 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
4 of 7 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. 2 could not be evaluated and are excluded from the total rather than counted as failures.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: turned negative
$167.2M to -$96.4MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: turned negative
$155.7M to -$69.5MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −1189.8 pts
1102.0% to -87.8%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −1089.5 pts
1026.2% to -63.3%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +62.3%
$326.4M to $529.7MCritical
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Deteriorated: turned negative
$2.86 to -$0.44Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +103.2%
$751.0M to $1.53BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +191.7%
54.4M to 158.7MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Changed: -31.4%
$18.1M to $12.4MSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 5, 2026 — read it.
Improved: +41.1%
$23.8M to $33.6MCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: turned positive
-$325.6M to $34.4MCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: turned positive
-$482.1M to $48.2MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +1470.1 pts
-1367.8% to 102.3%Critical
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +2168.9 pts
-2025.3% to 143.6%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: turned positive
-$4.48 to $0.19Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +54.7%
$1.12B to $1.73BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +130.8%
107.5M to 248.2MCritical
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 5, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +10.8 pts
132.7% to 143.6%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -19.3%
$41.6M to $33.6MSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: -23.7%
$45.0M to $34.4MSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: −5.8 pts
108.1% to 102.3%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: -12.7%
$55.3M to $48.2MNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: -14.2%
$0.23 to $0.19Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +14.0%
$1.52B to $1.73BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: +1.7%
244.0M to 248.2MNotable
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 17.3% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Trailing P/E is not meaningful because the latest trailing earnings are zero or negative. The price-to-book and price-to-sales figures below still provide reference points.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
| -63.3% |
| — |
| 22.64x |
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| UUnity Software Inc. | 3.3/10 | 5/8 | 2.0% | -21.8% | — | 1.03x |
|---|
| Median of peers | 8.0/10 | — | 12.3% | 19.4% | 30.93x | 0.74x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Sold on the open market — 13,035 shares at $82.75 ($1.1M)
Holds 320,725 shares after this filing.
Sold on the open market — 33,145 shares at $83.60 ($2.8M)
Holds 287,580 shares after this filing.
Sold on the open market — 8,666 shares at $84.54 ($732.6K)
Holds 278,914 shares after this filing.
Sold on the open market — 1,354 shares at $85.24 ($115.4K)
Holds 277,560 shares after this filing.
Sold on the open market — 351 shares at $82.75 ($29.0K)
Holds 59,967 shares after this filing.
Sold on the open market — 894 shares at $83.60 ($74.7K)
Holds 59,073 shares after this filing.
Sold on the open market — 234 shares at $84.54 ($19.8K)
Holds 58,839 shares after this filing.
Sold on the open market — 37 shares at $85.24 ($3.2K)
Holds 58,802 shares after this filing.
Sold on the open market — 352 shares at $82.75 ($29.1K)
Holds 59,962 shares after this filing.
Sold on the open market — 894 shares at $83.60 ($74.7K)
Holds 59,068 shares after this filing.
Sold on the open market — 234 shares at $84.54 ($19.8K)
Holds 58,834 shares after this filing.
Sold on the open market — 36 shares at $85.24 ($3.1K)
Holds 58,798 shares after this filing.
Sold on the open market — 352 shares at $82.75 ($29.1K)
Holds 59,962 shares after this filing.
Sold on the open market — 894 shares at $83.60 ($74.7K)
Holds 59,068 shares after this filing.
Sold on the open market — 233 shares at $84.54 ($19.7K)
Holds 58,835 shares after this filing.
Sold on the open market — 37 shares at $85.24 ($3.2K)
Holds 58,798 shares after this filing.
Sold on the open market — 352 shares at $82.75 ($29.1K)
Holds 59,962 shares after this filing.
Sold on the open market — 895 shares at $83.60 ($74.8K)
Holds 59,067 shares after this filing.
Sold on the open market — 233 shares at $84.54 ($19.7K)
Holds 58,834 shares after this filing.
Sold on the open market — 36 shares at $85.24 ($3.1K)
Holds 58,798 shares after this filing.
Had shares withheld to cover taxes — 7,988 shares at $82.17 ($656.4K)
Holds 467,211 shares after this filing.
Had shares withheld to cover taxes — 1,031 shares at $82.17 ($84.7K)
Holds 95,442 shares after this filing.
Sold on the open market — 1,194 shares at $85.78 ($102.4K)
Holds 94,248 shares after this filing.
Had shares withheld to cover taxes — 1,717 shares at $82.17 ($141.1K)
Holds 643,148 shares after this filing.
Sold on the open market — 1,830 shares at $85.78 ($157.0K)
Holds 641,318 shares after this filing.
Had shares withheld to cover taxes — 3,876 shares at $82.17 ($318.5K)
Holds 307,168 shares after this filing.
Sold on the open market — 4,238 shares at $85.78 ($363.5K)
Holds 302,930 shares after this filing.
Had shares withheld to cover taxes — 3,815 shares at $82.17 ($313.5K)
Holds 718,665 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 15,000 shares ($1.4M) on or after .
Shares originally obtained via Stock Option Exercise.
Filed notice to sell 26,668 shares ($2.1M) on or after .
Shares originally obtained via Restricted Stock Vesting.
Filed notice to sell 1,194 shares ($102.4K) on or after .
Shares originally obtained via Restricted Stock Vesting.
Filed notice to sell 1,830 shares ($157.0K) on or after .
Shares originally obtained via Restricted Stock Vesting.
Filed notice to sell 4,238 shares ($363.5K) on or after .
Shares originally obtained via Restricted Stock Vesting.
Filed notice to sell 50,000 shares ($4.1M) on or after .
Shares originally obtained via Stock Option Exercise.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Signed a material agreement · Sold shares outside a public offering · Made a Regulation FD disclosure
Quarterly report for Q2 FY2026
Revenue +41.1% · Operating margin +1470.1 pts · Operating income turned positive — against Q2 FY2025
Read the filingPublished results
Read the filingAnnual report for FY2025
Revenue +624.0% · Operating margin −1189.8 pts · Operating income turned negative — against FY2024
Read the filingReported another event
Read the filingHad a director or senior officer leave or join
Read the filingHeld a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Revenue +101.5% · Operating margin −341.7 pts · Operating income -51.6% — against Q1 FY2026
Read the filingPublished results · Reported another event
Read the filingProxy statement for a shareholder meeting
Read the filingHad a director or senior officer leave or join
Read the filingAnnual report for FY2025
Revenue +624.0% · Operating margin −1189.8 pts · Operating income turned negative — against FY2024
Read the filingPublished results
Read the filingQuarterly report for Q3 FY2025
Revenue +5113.5% · Operating margin −11379.3 pts · Profit +202.0% — against Q3 FY2025
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingRegistration statement for an offering of securities
Read the filingQuarterly report for Q2 FY2025
Revenue +251.8% · Operating margin −2110.3 pts · Operating income turned negative — against Q2 FY2025
Read the filingCircle CEO Shrugs Off Bitcoin's Slump and Pitches Digital Dollars for the AI Era
Yahoo Finance ·
Primary sources and further research