Circle Internet Group, Inc.

CRCL 10-K · FY 2025
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CRCL FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Interest And Dividend Income Operating 2,636,822 1,661,084 +58.7%
Revenue 109,820 15,169 +624.0%
Show Product Lines breakouts
Other 702 6,263 -88.8%
Subscription and services 84,783 6,054 +1300.4%
Transaction revenue 24,335 2,852 +753.3%
Revenue 2,746,642 1,676,253 +63.9%
Distribution And Transaction Costs 1,661,549 1,010,811 +64.4%
Other Cost Of Operating Revenue 2,102 6,553 -67.9%
Distribution Transaction And Other Costs 1,663,651 1,017,364 +63.5%
Labor And Related Expense 844,878 263,410 +220.7%
General & Administrative 190,272 137,283 +38.6%
Depreciation And Amortization 76,627 50,854 +50.7%
Information Technology Infrastructure Costs 36,638 27,109 +35.2%
Marketing Expense 25,718 17,326 +48.4%
Crypto Asset Realized And Unrealized Gain Loss Operating 5,293 -4,251 +224.5%
Operating Expenses 1,179,426 491,731 +139.9%
Operating Income -96,435 167,158 -157.7%
Non-Operating Income (Expense) -6,458 54,416 -111.9%
Income Before Taxes -102,893 221,574 -146.4%
Income Tax Expense (Benefit) -33,375 64,583 -151.7%
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest -69,518 156,991 -144.3%
Net Income -69,518 155,667 -144.7%
Show Equity Components breakouts
Noncontrolling Interest -10 — —
Retained Earnings -69,508 155,667 -144.7%
Net Income Loss Attributable To Noncontrolling Interest -10 — —
Net Income -69,508 155,667 -144.7%
Income Loss From Continuing Operations Per Basic Share -0.44 0.33 -233.3%
EPS (Basic) -0.44 0.33 -233.3%
Income Loss From Continuing Operations Per Diluted Share -0.44 0.3 -246.7%
EPS (Diluted) -0.44 0.3 -246.7%
Wtd Avg Shares (Basic) 158,699 54,413 +191.7%
Wtd Avg Shares (Diluted) 158,699 73,042 +117.3%
Interest Expense -1,226 -1,906 +35.7%
Other Non-Operating Income (Expense) 2,629 1,765 +49.0%
Comprehensive Income -58,637 154,382 -138.0%
Other Comprehensive Income 10,871 -1,285 +946.0%
Net Income Loss Available To Common Stockholders Basic -69,508 18,109 -483.8%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 1,526,046 750,981 +103.2%
Cash And Cash Equivalents Segregated For Corporate Held Stablecoins 822,963 294,493 +179.5%
Cash And Cash Equivalents Segregated For The Benefit Of Stablecoin Holders 75,067,932 43,918,572 +70.9%
Accounts Receivable 62,866 6,418 +879.5%
Prepaid Expenses & Other Current Assets 321,660 187,528 +71.5%
Total Current Assets 77,801,467 45,164,949 +72.3%
Non-Current Assets
Restricted Cash Noncurrent 2,792 3,558 -21.5%
Long Term Investments 84,265 84,114 +0.2%
Property, Plant & Equipment 22,791 18,682 +22.0%
Crypto Asset Fair Value 86,515 31,330 +176.1%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 86,515 31,330 +176.1%
Show Crypto Asset breakouts
Bitcoin 6,409 6,781 -5.5%
Canton Coin 56,028 — —
Ether 5,188 5,815 -10.8%
Other digital assets 13,505 9,251 +46.0%
Sui 5,385 9,483 -43.2%
Goodwill 265,742 169,544 +56.7%
Intangible Assets Net Excluding Goodwill 411,146 331,394 +24.1%
Deferred Tax Assets 11,110 10,223 +8.7%
Other Non-Current Assets 27,379 20,615 +32.8%
Total Assets 78,713,207 45,834,409 +71.7%
Show Legal Entity breakouts
Circle Reserve Fund 69,170,578 30,567,886 +126.3%
Short Duration Yield Fund 1,537,818 — —
Operating Lease Right-of-Use Assets 14,127 15,493 -8.8%
Intangible Assets 144,316 64,990 +122.1%
Show Finite Lived Intangible Assets By Major Class breakouts
Acquired intangible assets 26,510 13,057 +103.0%
Computer Software Intangible Asset 117,806 51,933 +126.8%
Current Liabilities
Deposit Liability Current 74,912,567 43,727,363 +71.3%
Accounts Payable And Accrued Liabilities Current 360,609 287,007 +25.6%
Convertible Notes Payable Current 36,821 — —
Other Liabilities Current 18,398 16,597 +10.9%
Total Current Liabilities 75,328,395 44,030,967 +71.1%
Accrued Liabilities 114,272 70,314 +62.5%
Non-Current Liabilities
Deferred Tax Liabilities 28,702 29,559 -2.9%
Other Non-Current Liabilities 25,337 21,281 +19.1%
Liabilities Noncurrent 54,039 93,148 -42.0%
Total Liabilities 75,382,434 44,124,115 +70.8%
Show Legal Entity breakouts
Circle Reserve Fund 3,104,864 129,015 +2306.6%
Operating Lease Liabilities 11,978 13,074 -8.4%
Stockholders' Equity
Common Stock (Q) — — —
Show Statement Class Of Stock breakouts
Common Class A 24 6 +300.0%
Common Class B 2 — —
Treasury Stock Common Value -2,721 -2,877 +5.4%
Additional Paid-In Capital 4,610,216 1,792,969 +157.1%
Retained Earnings -1,292,709 -1,223,213 -5.7%
Accumulated Other Comprehensive Income 14,515 3,644 +298.3%
Total Stockholders' Equity 3,329,327 570,529 +483.6%
Minority Interest 1,446 — —
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 3,330,773 570,529 +483.8%
Show Equity Components breakouts
Accumulated Other Comprehensive Income 14,515 3,644 +298.3%
Additional Paid In Capital 4,610,216 1,792,969 +157.1%
Aoci Including Portion Attributable To Noncontrolling Interest 14,499 3,644 +297.9%
Common Stock · Common Class A 24 6 +300.0%
Common Stock · Common Class B 2 — —
Noncontrolling Interest 1,446 — —
Retained Earnings -1,292,709 -1,223,213 -5.7%
Treasury Stock Common -2,721 -2,877 +5.4%
Total Liabilities & Equity 78,713,207 45,834,409 +71.7%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 76,627 50,854 +50.7%
Crypto Asset Realized And Unrealized Gain Loss Operating Activities -18,223 -12,878 -41.5%
Change In Fair Value Of Convertible Debt Warrant Liability And Embedded Derivatives And Digital Assets 71,422 -10,024 +812.5%
Digital Assets Received In Kind Operating Activity -28,567 -1,500 -1804.5%
Equity Securities Received For Services -3,302 — —
Deferred Income Tax Expense Benefit Continuing Operations -2,153 -2,806 +23.3%
Realized And Unrealized Gains Losses On Available For Sale Debt Securities And Strategic Investments -294 -434 +32.3%
Gain Loss On Sale Of Property Plant Equipment 22 73 -69.9%
Foreign Currency Transaction Gain Loss Realized 7,790 -565 +1478.8%
Stock-Based Compensation 566,177 50,134 +1029.3%
Show Award Type breakouts
Awards Associated With Business Combinations 26.4 — —
Adjustment Of Warrants Granted For Services 23,592 — —
Non Cash Contributions To Foundation 23,149 — —
Other Noncash Expense 4,936 887 +456.5%
Change in Accounts Receivable -39,379 -4,569 -761.9%
Change in Prepaid & Other Assets -146,502 -21,764 -573.1%
Increase Decrease In Accounts Payable And Accrued Liabilities 81,237 132,878 -38.9%
Increase Decrease In Other Current Liabilities -4,885 10,891 -144.9%
Net Cash from Operations 542,129 344,576 +57.3%
Deferred Income Taxes -2,272 -3,808 +40.3%
Investing Activities
Proceeds From Sale And Maturity Of Other Investments 1,426 739 +93.0%
Payments To Acquire Other Investments -9,291 -4,265 -117.8%
Payments To Acquire Businesses Net Of Cash Acquired -7,734 — —
Proceeds From Disposal Crypto Asset 196 4,805 -95.9%
Payments To Develop Software -56,200 -39,098 -43.7%
Capital Expenditures -12,432 -18,128 +31.4%
Net Cash from Investing -84,035 186,301 -145.1%
Net Changes In The Purchase And Redemption Of Digital Financial Assets -13,810 14,328 -196.4%
Stablecoin Earned But Not Yet Received 7,000 16,513 -57.6%
Noncash Or Part Noncash Acquisition Investments Acquired1 -5,203 -6,570 +20.8%
Stock Issued During Period Value Treasury Stock Reissued 23,182 — —
Show Equity Components breakouts
Additional Paid In Capital 23,026 — —
Treasury Stock Common 156 — —
Conversion Of Stock Amount Converted1 89,003 14,967 +494.7%
Capitalized Stock Based Compensation Expense Related To Internally Developed Software 86,905 13,646 +536.9%
Net Change In Capital Expenditures Incurred But Not Yet Paid -2,722 2,874 -194.7%
Unrealized Gain Loss On Derivatives -49 840 -105.8%
Noncash Or Part Noncash Acquisition Value Of Assets Acquired1 -92,294 — —
Stock Issued1 1,140,502 — —
Financing Activities
Increase Decrease In Deposits 31,139,764 19,452,147 +60.1%
Proceeds From Issuance Initial Public Offering 1,013,097 — —
Tax Withholding for Share Compensation -269,732 — —
Proceeds From Minority Shareholders 1,472 — —
Proceeds From Stock Options Exercised 51,759 1,614 +3106.9%
Net Cash from Financing 31,936,360 19,449,891 +64.2%
Supplemental
Income Tax Paid Federal After Refund Received 11,500 61,572 -81.3%
Income Tax Paid State And Local After Refund Received (FY) — — —
Show Income Tax Authority breakouts
New York City 708 4,061 -82.6%
State And Local Tax Jurisdiction Other -551 4,339 -112.7%
Income Tax Paid Foreign After Refund Received 1,673 1,007 +66.1%
Income Taxes Paid 13,330 75,579 -82.4%
Interest Paid 180 258 -30.2%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 57,675 -7,099 +912.4%
Net Change in Cash 32,452,129 19,973,445 +62.5%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 77,419,733 44,967,604 +72.2%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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