10-Q · May 11, 2026
Circle Internet Group, Inc. reported a quarterly revenue of $694 million for Q1 2026, reflecting a 20% year-over-year increase, though it was slightly below analyst expectations of $714.9 million. EPS was reported at…
Earnings analysis · 10-K
CRCL earnings analysis
Filed July 13, 2026 · Our reading of the company's report
The latest report
Circle Internet Group, Inc. demonstrated strong revenue performance with Q1 2026 revenue of $694 million, although it fell short of the expected $715 million. The company reported a notable EPS of $0.21 against…
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Circle Internet Group, Inc. demonstrated strong revenue performance with Q1 2026 revenue of $694 million, although it fell short of the expected $715 million. The company reported a notable EPS of $0.21 against estimates of $0.17, indicating robust earnings amidst a competitive landscape. Looking ahead, Circle has maintained its growth outlook despite acknowledging increased competitive pressures.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.21
What stood out
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Strong Q1 2026 EPS Performance
EPS for Q1 2026 rose to $0.21, surpassing estimated EPS of $0.17 by 23.53%.
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Decent Revenue at $694M
Revenue totaled $694 million in Q1 2026, although below estimates of $715 million.
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Free Cash Flow Improvement
Free cash flow showed positive growth at $12 million for Q1 2026 after a poor performance in the previous quarters.
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High Gross Margin Percentage
Gross margin for Q1 2026 remained robust at 41.4%, reflecting effective cost management.
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Significant National Bank Charter Win
Circle became the only licensed stablecoin bank, enhancing its regulatory position and competitive moat.
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Consistent Previous Quarter Performance
The company generated $2.67 billion in revenue and had an EPS of $1.09 in Q4 2025, indicating strong recovery.
What to watch
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Operational Cost Increases
Ongoing inflation may continue to drive operational costs up, significantly impacting margins.
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Regulatory Challenges Ahead
Increased scrutiny on stablecoins poses a risk, especially after becoming the only licensed stablecoin bank.
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Continued Competitive Pressures
The competitive landscape is intensifying with emerging fintech players offering comparable services.
Management's outlook
Annual outlook deferred to earnings press release / call.
Earlier filings 3
10-K · March 9, 2026
Circle positions itself as a full‑stack internet financial platform anchored by its payment stablecoins and a three‑pillar roadmap: Arc Layer‑1 blockchain, Circle Digital Assets & Liquidity Services (USDC, EURC, USYC),…
10-Q · August 12, 2025
Circle reported strong top-line growth as revenue rose to $658.1M in Q2 2025 from $430.0M a year ago (+~53%), driven by reserve income of $634.3M. Profitability deteriorated materially: operating loss was $(325.6)M and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.