Filing Flows › Circle Internet Group (CRCL) › Q3 2025
Circle Internet Group (CRCL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Circle Internet Group (CRCL) reported revenue of $740M for the third quarter 2025 (Q3 2025), +66% from a year earlier and +12% from the quarter before. Operating margin was 11.0%, net earnings $214M (29.0% of revenue).
Circle Internet Group, Q3 2025: revenue $740M (+66% year over year), operating margin 11.0%, net earnings $214M, operating cash flow −$10.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $740M | +12% | +66% |
| Operating profit | $81.0M | — | +27% |
| Net earnings | $214M | — | +202% |
| Operating cash flow | −$10.7M | -104% | — |
What changed
Revenue was $739.8M in Q3 2025, up 66% year over year and up 12% from the previous quarter.
Operating profit was $81.0M, a 11.0% margin (down 3.4 points year over year). Of the extra revenue versus a year earlier, 6% reached operating profit, below the 14% margin then. Total costs grew 72% against revenue growth of 66%. The fastest-growing cost line was Other operating costs (+76%). Net earnings were $214.4M, up 202% year over year. The effective tax rate was -40.0%. Non-operating items added $72.1M, 47% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$10.7M. Non-cash charges added back $23.0M of depreciation and amortization and $59.1M of share-based compensation. Working capital and other items used $307.2M. Capital expenditures of $4.1M exceeded it, leaving free cash flow of −$14.7M.
Questions
What was Circle Internet Group's revenue in the third quarter 2025?
Circle Internet Group (CRCL) reported revenue of $740M for the third quarter 2025 (Q3 2025), +66% from a year earlier and +12% from the quarter before.
Was Circle Internet Group profitable in the third quarter 2025?
Operating profit was $81.0M (11.0% of revenue) and net earnings $214M.