Filing Flows › Circle Internet Group (CRCL) › Q2 2025
Circle Internet Group (CRCL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 12, 2025
Circle Internet Group (CRCL) reported revenue of $658M for the second quarter 2025 (Q2 2025), +53% from a year earlier and +14% from the quarter before. Operating margin was -49.5%, net loss $482M (73.3% of revenue).
Circle Internet Group, Q2 2025: revenue $658M (+53% year over year), operating margin -49.5%, net loss $482M, operating cash flow $247M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $658M | +14% | +53% |
| Operating profit | −$326M | — | — |
| Net earnings | −$482M | — | — |
| Operating cash flow | $247M | +337% | — |
| Free cash flow | $246M | +384% | — |
What changed
Revenue was $658.1M in Q2 2025, up 53% year over year and up 14% from the previous quarter.
Operating costs exceeded revenue by $325.6M, an operating margin of -49.5%. Total costs grew 159% against revenue growth of 53%. The fastest-growing cost line was Other operating costs (+173%). The quarter ended with a net loss of $482.1M, after a profit of $64.8M the previous quarter.
Operating cash flow was $247.1M. Non-cash charges added back $14.2M of depreciation and amortization and $435.0M of share-based compensation. Working capital and other items added $280.0M. Capital expenditures of $1.6M left free cash flow of $245.6M.
Questions
What was Circle Internet Group's revenue in the second quarter 2025?
Circle Internet Group (CRCL) reported revenue of $658M for the second quarter 2025 (Q2 2025), +53% from a year earlier and +14% from the quarter before.
Was Circle Internet Group profitable in the second quarter 2025?
Operating loss was $326M (-49.5% of revenue) and net loss $482M.