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Circle Internet Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$35.6M in Q3 2026 · $741M over twelve months

Operating cash flow−$15.5M
Capital spending−$20.0M
Free cash flow−$35.6M
Cash / net income-0.1×

Analysis

In Q3 2026, Circle Internet Group generated −$15.5M of operating cash flow and spent $20.0M on capital projects, leaving free cash flow of −$35.6M. That is $20.8M less than in Q3 2025 (−$14.7M).

Over the twelve months to Sep 30, 2026, operating cash flow was $772M; the largest uses were taxes on employees’ shares ($254M), other investing ($86.7M), capital spending ($31.4M); besides operations, cash came from other financing ($241M), shares issued ($80.6M); the cash balance rose by $732M.

Operating cash flow was −$15.5M against net income of $226M — -0.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other liabilities −$165M, payables −$104M, prepaid and other assets −$47.9M.

Free cash flow

Circle Internet Group: free cash flow by quarterCircle Internet Group: free cash flow by quarter$97.2MQ4 2024$50.7MQ1 2025$246MQ2 2025−$14.7MQ3 2025$248MQ4 2025$11.7MQ1 2026$516MQ2 2026−$35.6MQ3 2026
Operating cash flow less capital spending.
Circle Internet Group: operating cash flow against capital spendingCircle Internet Group: operating cash flow against capital spendingOperating cash flowCapital spending$106M$9.2MQ4 2024$56.6M$5.9MQ1 2025$247M$1.6MQ2 2025−$10.7M$4.1MQ3 2025$249M$951KQ4 2025$21.1M$9.4MQ1 2026$517M$1.0MQ2 2026−$15.5M$20.0MQ3 2026
Latest (Q3 2026): Operating cash flow −$15.5M, Capital spending $20.0M.

Capital allocation, year by year

Circle Internet Group: where the cash came from (up) and went (down), by fiscal yearCircle Internet Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2023: Operating cash flow $140MFY2023: Shares issued $1.0MFY2023: Capital spending −$654KFY2023: Buybacks −$8.7M$141MFY2023FY2024: Operating cash flow $345MFY2024: Shares issued $1.6MFY2024: Capital spending −$18.1M$346MFY2024FY2025: Operating cash flow $542MFY2025: Shares issued $1.1BFY2025: Capital spending −$12.4MFY2025: Acquisitions −$7.7M$1.6BFY2025
Over these 3 years operating cash flow totalled $1.0B; the largest uses were capital spending ($31.2M) and buybacks ($8.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.7B
Debtnone
Net cash$1.7B

Circle Internet Group funds itself: free cash flow was $741M over the last twelve months, with $1.7B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Circle Internet Group: sources (+) and uses (−) of cash, Q3 2026Circle Internet Group: sources (+) and uses (−) of cash, Q3 2026Other financing$606MCash drawn (+) / kept (−)−$501MTaxes on employees’ shares−$48.5MOther investing−$23.3MCapital spending−$20.0MOperating cash flow−$15.5MShares issued$4.1MExchange rates−$1.9M
Circle Internet Group: sources (+) and uses (−) of cash, TTM to Q3 2026Circle Internet Group: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$772MCash drawn (+) / kept (−)−$732MTaxes on employees’ shares−$254MOther financing$241MOther investing−$86.7MShares issued$80.6MCapital spending−$31.4MExchange rates$10.2M

From profit to cash

Circle Internet Group: net income to operating cash flow, Q3 2026Circle Internet Group: net income to operating cash flow, Q3 2026Net income$226MDepreciation & amortization$34.2MStock-based pay$43.1MReceivables−$2.3MPayables−$104MPrepaid and other assets−$47.9MOther liabilities−$165MOperating cash flow−$15.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$15.5M−$20.0M—$4.1M−$501M−$35.6M
Q2 2026$517M−$1.0M—$27.2M$3.4B$516M
Q1 2026$21.1M−$9.4M—$14.4M−$1.8B$11.7M
Q4 2025$249M−$951K—$34.9M−$1.9B$248M
Q3 2025−$10.7M−$4.1M—$451M−$12.5B−$14.7M
Q2 2025$247M−$1.6M−$294K$6.2M−$1.8B$246M
Q1 2025$56.6M−$5.9M−$7.4M$642K−$16.3B$50.7M
Q4 2024$106M−$9.2M—$920K−$8.7B$97.2M

Circle Internet Group: income statement and cash flow

Circle Internet Group, Q3 2026: revenue $865M (+17% year over year), operating margin 24.1%. The chart follows the revenue to costs, profit and cash.

Circle Internet Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.