Filing Flows › Circle Internet Group (CRCL) › Q4 2025
Circle Internet Group (CRCL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 9, 2026
Circle Internet Group (CRCL) reported revenue of $770M for the fourth quarter 2025 (Q4 2025), +77% from a year earlier and +4% from the quarter before. Operating margin was 7.2%, net earnings $133M (17.3% of revenue).
Circle Internet Group, Q4 2025: revenue $770M (+77% year over year), operating margin 7.2%, net earnings $133M, operating cash flow $249M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $770M | +4% | +77% |
| Operating profit | $55.2M | -32% | 70× |
| Net earnings | $133M | -38% | 43× |
| Operating cash flow | $249M | — | +134% |
| Free cash flow | $248M | — | +155% |
What changed
Revenue was $770.2M in Q4 2025, up 77% year over year and up 4% from the previous quarter.
Operating profit was $55.2M, a 7.2% margin (up 7.0 points year over year). Of the extra revenue versus a year earlier, 16% reached operating profit, above the 0% margin then. Total costs grew 65% against revenue growth of 77%. The fastest-growing cost line was General & admin (+88%). Net earnings were $133.4M, up 4191% year over year. The effective tax rate was 4.8%. Non-operating items added $85.0M, 61% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $249.1M (up 134% year over year), 187% of net earnings. Non-cash charges added back $25.5M of depreciation and amortization and $59.4M of share-based compensation. Working capital and other items added $30.7M. Capital expenditures of $1.0M left free cash flow of $248.1M.
Questions
What was Circle Internet Group's revenue in the fourth quarter 2025?
Circle Internet Group (CRCL) reported revenue of $770M for the fourth quarter 2025 (Q4 2025), +77% from a year earlier and +4% from the quarter before.
Was Circle Internet Group profitable in the fourth quarter 2025?
Operating profit was $55.2M (7.2% of revenue) and net earnings $133M.