# Circle Internet Group (CRCL)

> Source: Nexqual · https://nexqual.com/CRCL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Circle Internet Group (CRCL), nexqual.com/CRCL" · informational, not investment advice.

**Price:** USD 86.62 (-3.44% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 89.71 · day 84.59–87.97 · 52w 49.9–147.44 · market cap $22.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.91B, net income $451M (15.5% margin) (SEC filings).
- Valuation: P/E 48.7x.
- Earnings quality: non-operating income $187M vs operating income $216M over the last four quarters; P/E excluding non-operating income ≈83.1x (estimate: non-operating income taxed at the company's 0% effective rate).
- 1 of 80 tracked superinvestors hold CRCL (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: Hold (mean 2.52 on a 1–5 scale) (29 analysts), mean target USD 107.35 (range 37–243).
- Total return with dividends: 1Y -33.3% vs S&P 500 +14.9%; 5Y -19.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.38, revenue estimate $788M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $1.45B | $1.68B | $2.75B | $2.91B |
| Operating income | $270M | $167M | -$96.4M | $216M |
| Net income | $268M | $156M | -$69.5M | $451M |
| EPS (diluted) | $0.78 | $0.30 | -$0.44 | — |
| Free cash flow | $139M | $326M | $530M | $762M |
| Operating margin | 18.6% | 10.0% | -3.5% | 7.4% |
| Net margin | 18.4% | 9.3% | -2.5% | 15.5% |
| Revenue growth | — | +15.6% | +63.9% | — |
| Cash + short-term investments | $369M | $751M | $1.53B | — |
| Total debt | — | $40.7M | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 48.7x · P/E ex non-operating (est.) ≈83.1x · P/S 7.6x · P/FCF 28.9x · P/B 6.3x · FCF yield 3.46% · Earnings yield 2.05%

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CRCL. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Duan Yongping | H&H International Investment | 0.07% | $12.5M | Unchanged |

## Analysts
Consensus Hold (mean 2.52 on a 1–5 scale), 29 analysts; mean target USD 107.35 (low 37, high 243).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Needham | Target raised | Buy | $130 → $134 |
| 2026-09-17 | TD Cowen | Target raised | Buy | $87 → $92 |
| 2026-09-08 | Keefe, Bruyette & Woods | Initiated | Market Perform | $105 |
| 2026-08-25 | Wolfe Research | Target raised | Underperform | $50 → $65 |
| 2026-08-24 | Needham | Target raised | Buy | $127 → $130 |
| 2026-08-24 | Susquehanna | Target raised | Neutral | $69 → $92 |
| 2026-08-12 | TD Cowen | Target raised | Buy | $82 → $87 |
| 2026-08-06 | Canaccord Genuity | Target lowered | Buy | $160 → $130 |
| 2026-08-06 | Morgan Stanley | Target lowered | Underweight | $38 → $37 |
| 2026-08-06 | HC Wainwright & Co. | Target lowered | Buy | $115 → $104 |
| 2026-08-06 | Needham | Target lowered | Buy | $150 → $127 |
| 2026-08-03 | TD Cowen | Initiated | Buy | $82 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2025-06-02) |
|---|---|---|
| Total return | -33.3% | -19.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -33.4% | -14.5% |
| Volatility (annualized) | 95.2% | 100.9% |
| Max drawdown | -65.0% (Oct 2025→Feb 2026) | -76.3% (Jun 2025→Feb 2026) |

## Peers (Capital Markets)
LPLA (LPL Financial Holdings Inc.) USD 318.85 -0.68% · TW (Tradeweb Markets Inc.) USD 121.89 +1.57% · NMR (Nomura Holdings Inc) USD 9.04 -1.95% · XP (XP Inc.) USD 29.35 -3.52% · FUTU (Futu Holdings Limited) USD 98.92 -5.82% · BMNR (BitMine Immersion Technologies,) USD 22.5 -6.09%

## More
Full page: https://nexqual.com/CRCL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CRCL's own 10-K filed 2026-03-09 (https://www.sec.gov/Archives/edgar/data/1876042/000187604226000062/crcl-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | BlackRock, Inc. (BLK) | "Partnership with BlackRock" |
| Partner | Centre Consortium | "In 2018, we partnered with Coinbase, the leading U.S. digital asset exchange, through the Centre Consortium, a joint venture between Coinbase and us, to support the growth of USDC and promote broader adoption of stableco…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription and services | $28.2M | 83.8% | +58.3% |
| Transaction revenue | $5.3M | 15.9% | -8.5% |
| Other | $96,000 | 0.3% | -50.8% |
| Total revenue | $33.6M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.38 | $0.28 | +34.4% | $787.7M | 18 |
| Next quarter (ends 2026-12-31) | $0.33 | $0.22 | +49.9% | $832.7M | 18 |
| Current fiscal year (ends 2026-12-31) | $1.10 | $0.85 | +29.2% | $3.02B | 22 |
| Next fiscal year (ends 2027-12-31) | $1.43 | $1.49 | -4.3% | $3.83B | 21 |