$CRCL

Circle Internet Group, Inc.

CIK:0001876042|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue and reserve income
Reserve income	$ 667,733	$ 634,274	$ 1,320,241	$ 1,192,185
Other revenue	33,582	23,804	75,207	44,466
Total revenue and reserve income	701,315	658,078	1,395,448	1,236,651
Distribution, transaction and other costs
Distribution and transaction costs	410,414	406,472	815,816	753,784
Other costs	2,056	470	3,435	805
Total distribution, transaction and other costs	412,470	406,942	819,251	754,589
Operating expenses
Compensation expenses	133,999	503,392	272,126	579,012
General and administrative expenses	66,273	43,140	123,534	73,824
Depreciation and amortization expenses	29,896	14,209	56,663	28,089
IT infrastructure costs	16,359	8,760	29,081	16,432
Marketing expenses	8,657	7,910	15,274	11,770
Digital assets losses (gains)	(698)	(693)	158	5,577
Total operating expenses	254,486	576,718	496,836	714,704
Operating income (loss) from continuing operations	34,359	(325,582)	79,361	(232,642)
Other income (expense), net	17,947	(160,421)	29,630	(163,524)
Net income (loss) from continuing operations before income taxes	52,306	(486,003)	108,991	(396,166)
Income tax expense (benefit)	4,092	(3,903)	5,531	21,143
Net income (loss) from continuing operations	48,214	(482,100)	103,460	(417,309)
Less: Net loss attributable to noncontrolling interests	(7)	0	(14)	0
Net income (loss) attributable to common stockholders	$ 48,221	$ (482,100)	$ 103,474	$ (417,309)
Earnings (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.19	$ (4.48)	$ 0.42	$ (5.04)
Diluted (in dollars per share)	$ 0.18	$ (4.48)	$ 0.39	$ (5.04)
Weighted-average common shares used in computing earnings (loss) per share attributable to common stockholders:
Basic (in shares)	248,183	107,514	246,122	82,877
Diluted (in shares)	268,637	107,514	267,940	82,877

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss) from continuing operations	$ 103,460	$ (417,309)
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities
Depreciation and amortization expense	56,663	28,089
Realized and unrealized losses (gains) on digital assets	6,375	7,189
Change in fair value of convertible debt, warrant liability, and embedded derivatives	6,716	170,106
Digital assets received for services	(15,960)	(9,416)
Equity securities received for services	(10)	(3,826)
Deferred taxes	705	(5,751)
Realized and unrealized losses (gains) on strategic investments	(6,226)	1,416
Losses on sale of long-lived assets	0	16
Stock-based compensation	105,435	447,682
Charitable contributions to Circle Foundation	13,148	0
Foreign currency remeasurement (gains) losses	(7,140)	8,763
Provision for warrants in common stock	9,161	5,565
Other non-cash items	3,614	2,290
Changes in operating assets and liabilities:
Accounts receivable, net	(24,482)	(8,635)
Prepaid expenses and other current assets	39,008	(42,104)
Accounts payable and accrued expenses	31,923	123,981
Other current liabilities	216,115	(4,340)
Net cash provided by operating activities	538,505	303,716
Cash flows from investing activities
Sale and return of investments	679	194
Purchase of investments	(11,735)	(6,370)
Business combinations, net of cash acquired	0	(7,734)
Proceeds from sale of digital assets	0	79
Capitalization of software development costs	(35,764)	(24,858)
Purchase of long-lived assets	(10,389)	(7,419)
Net cash used in investing activities	(57,209)	(46,108)
Cash flows from financing activities
Net changes in deposits held for stablecoin holders	(2,011,494)	17,339,497
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and offering costs	0	572,558
Payment of withholding taxes on settlement of restricted stock units	(149,496)	(121,794)
Proceeds received from Employee Stock Purchase Plan	4,487	0
Payment of deferred offering costs	(365)	0
Proceeds from exercise of stock options	41,628	6,800
Net cash (used in) provided by financing activities	(2,115,240)	17,797,061
Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash	7,626	53,247
Net (decrease) increase in cash and cash equivalents, restricted and segregated cash	(1,626,318)	18,107,916
Cash and cash equivalents, restricted and segregated cash at the beginning of the period	77,419,733	44,967,604
Cash and cash equivalents, restricted and segregated cash at the end of the period	75,793,415	63,075,520
Cash and cash equivalents, restricted and segregated cash consisted of the following:
Cash and cash equivalents	1,730,126	1,118,119
Restricted cash	12,806	3,210
Cash and cash equivalents segregated for corporate-held stablecoins	889,311	588,271
Cash and cash equivalents segregated for the benefit of stablecoin holders	73,161,172	61,365,920
Total cash and cash equivalents, restricted and segregated cash	75,793,415	63,075,520
Supplemental disclosure of cash flow information
Cash paid for income taxes, net of refunds	(10,762)	13,525
Cash paid for interest	216	180
Supplemental schedule of non-cash activities
Capitalized stock-based compensation expense related to internally developed software	23,211	68,348
Purchases of long-lived assets included in accounts payable and accrued expenses	(20,000)	(1,270)
Non-cash purchase of long-lived assets	(200)	0
Non-cash purchase of investments and digital assets	(21,854)	(379)
Non-cash proceeds from sale of digital assets	2,851	0
Conversion of convertible debt	39,382	0
Re-issuance of treasury stock to Circle Foundation	13,148	0
Net changes in stablecoins receivable	0	7,000
Net changes in the purchase and redemption of digital financial assets	821	(13,820)
Non-cash consideration for acquisitions	(1,150)	(89,919)
Unrealized (loss) gain on convertible notes - credit risk, net of tax	0	(71)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	0	1,140,502
Deferred offering costs not yet paid	$ 0	$ 2,794

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,730,126	$ 1,526,046
Cash and cash equivalents segregated for corporate-held stablecoins	889,311	822,963
Cash and cash equivalents segregated for the benefit of stablecoin holders	73,161,172	75,067,932
Accounts receivable, net	105,431	62,866
Prepaid expenses and other current assets	283,578	321,660
Total current assets	76,169,618	77,801,467
Non-current assets:
Restricted cash	12,806	2,792
Investments	103,757	84,265
Fixed assets, net	22,177	22,791
Digital assets	106,539	86,515
Goodwill	265,742	265,742
Intangible assets, net	446,577	411,146
Deferred tax assets, net	11,354	11,110
Other non-current assets	26,890	27,379
Total assets	77,165,460	78,713,207
Current liabilities:
Deposits from stablecoin holders	72,927,544	74,912,567
Accounts payable and accrued expenses	418,588	360,609
Convertible debt, net of debt discount	0	36,821
Other current liabilities	256,021	18,398
Total current liabilities	73,602,153	75,328,395
Non-current liabilities:
Deferred tax liabilities, net	28,495	28,702
Other non-current liabilities	24,837	25,337
Total liabilities	73,655,485	75,382,434
Commitments and contingencies (see Note 22)
Stockholders’ equity
Treasury stock at cost (4.6 million and 4.7 million shares held as of June 30, 2026 and December 31, 2025, respectively)	(2,645)	(2,721)
Additional paid-in capital	4,693,986	4,610,216
Accumulated deficit	(1,189,235)	(1,292,709)
Accumulated other comprehensive income	6,449	14,515
Total stockholders' equity attributable to common stockholders	3,508,582	3,329,327
Noncontrolling interests	1,393	1,446
Total stockholders’ equity	3,509,975	3,330,773
Total liabilities and stockholders’ equity	77,165,460	78,713,207
Class A common stock
Stockholders’ equity
Common stock, value, issued	$ 25	$ 24
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares, outstanding (in shares)	233,500,000	223,600,000
Class B common stock
Stockholders’ equity
Common stock, value, issued	$ 2	$ 2
Common stock, shares authorized (in shares)	500,000,000.0	500,000,000.0
Common stock, shares, outstanding (in shares)	18,700,000	18,700,000
Common Class C
Stockholders’ equity
Common stock, value, issued	$ 0	$ 0
Common stock, shares authorized (in shares)	500,000,000.0	500,000,000.0
Common stock, shares, outstanding (in shares)	0	0