Circle Internet Group, Inc. (CRCL) Balance Sheet
CRCL balance sheet, 2025
December 31, 2025 · U.S. dollars$78.71B assets = $75.38B liabilities + $3.33B equity
Both columns are drawn to the same scale: what CRCL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CRCL financial health
Descriptive bands, not a rating. Fiscal 2025.
CRCL balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.18B2020 | $78.71B2025 | +79.9%/yr | |
| Total liabilities | $4.47B2020 | $75.38B2025 | +76.0%/yr | |
| Shareholders’ equity | −$286.5M2020 | $3.33B2025 | — | |
| Cash & short-term investments | $40.1M2020 | $1.53B2025 | +107.1%/yr | |
| Total debt | $57.2M2020 | $36.8M2025 | −8.4%/yr | |
| Net cash (debt) | −$17.1M2020 | $1.49B2025 | +$1.5B | |
| Working capital | $14.6M2020 | $2.47B2025 | +$2.5B | |
| Book value per share | $5.032023 | $13.742025 | +65.4%/yr | |
| Current ratio | 1.002020 | 1.032025 | +0.03 | |
| Debt / equity | 0.092022 | 0.012025 | −0.08 | |
| Shares outstanding | 67.5M2023 | 242.3M2025 | +89.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CRCL assets
CRCL liabilities and equity
CRCL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CRCL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $1.53B | $765.3M | $520.8M | $45.41B | $161.6M | $40.1M |
| Cash & equivalents | $1.53B | $751.0M | $368.6M | $36.66B | $161.6M | $26.4M |
| Short-term investments | $542,000 | $14.3M | $152.2M | $8.75B | $0 | $13.6M |
| Receivables | $347.1M | $160.8M | $151.3M | $104.2M | $182.0M | $8.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $75.93B | $44.24B | $24.64B | $735.7M | $43.23B | $4.09B |
| Total current assets | $77.80B | $45.16B | $25.31B | $46.25B | $43.57B | $4.14B |
| Property, plant & equipment (net) | $22.8M | $18.7M | $2.6M | $7.2M | $1.2M | $428,000 |
| Goodwill & intangible assets | $676.9M | $500.9M | $496.9M | $217.4M | $272.7M | $32.2M |
| Long-term investments | $170.8M | $115.4M | $175.2M | $0 | $28.2M | $2.3M |
| Other non-current assets | $41.3M | $34.4M | $8.0M | $262.2M | $22.0M | $3.0M |
| Total assets | $78.71B | $45.83B | $26.00B | $46.73B | $43.90B | $4.18B |
| Liabilities | ||||||
| Accounts payable | $105.3M | $123.6M | $10.7M | $11.0M | — | — |
| Short-term debt | $36.8M | — | $1.6M | $1.9M | $24.0M | $12.5M |
| Deferred revenue | — | — | — | — | $415,000 | $888,000 |
| Total current liabilities | $75.33B | $44.03B | $24.44B | $45.59B | $43.48B | $4.13B |
| Long-term debt | $0 | $40.7M | $58.5M | $0 | $904.1M | $44.7M |
| Other long-term liabilities | $54.0M | $1.19B | $1.16B | $260.6M | $280.9M | $294.3M |
| Total liabilities | $75.38B | $45.26B | $25.66B | $45.85B | $44.66B | $4.47B |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $26,000 | $6,000 | $6,000 | $5,000 | $5,000 | $4,000 |
| Retained earnings (deficit) | −$1.29B | −$1.22B | −$1.39B | −$1.65B | −$883.4M | −$374.9M |
| Accumulated other comprehensive income | $14.5M | $3.6M | $4.9M | $3.4M | $4.7M | −$518,000 |
| Minority interest | $1.4M | $0 | — | — | — | — |
| Total shareholders' equity | $3.33B | $570.5M | $339.5M | $879.2M | −$768.4M | −$286.5M |
| Key figures | ||||||
| Total debt | $36.8M | $40.7M | $58.5M | $81.9M | $928.2M | $57.2M |
| Net cash (debt) | $1.49B | $724.6M | $462.3M | $45.33B | −$766.6M | −$17.1M |
| Working capital | $2.47B | $1.13B | $876.4M | $652.9M | $92.5M | $14.6M |
| Tangible book value | $2.65B | $69.6M | −$157.5M | $661.7M | −$1.04B | −$318.7M |
| Book value per share | $13.74 | $7.81 | $5.03 | — | — | — |
| Shares outstanding | 242.3M | 73.0M | 67.5M | — | — | — |
| Current ratio | 1.03 | 1.03 | 1.04 | 1.01 | 1.00 | 1.00 |
| Quick ratio | 0.02 | 0.02 | 0.03 | 1.00 | 0.01 | 0.01 |
| Debt / equity | 0.01 | 0.07 | 0.17 | 0.09 | — | — |
| Equity / assets | 4.2% | 1.2% | 1.3% | 1.9% | −1.8% | −6.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $1.73B | $1.52B | $1.53B | $1.35B | $1.12B | $850.8M | $765.3M |
| Cash & equivalents | $1.73B | $1.52B | $1.53B | $1.35B | $1.12B | $848.6M | $751.0M |
| Short-term investments | $1.4M | $1.2M | $542,000 | $537,000 | $532,000 | $2.2M | $14.3M |
| Receivables | $350.8M | $349.8M | $347.1M | $313.1M | $202.7M | $200.3M | $160.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $74.09B | $77.73B | $75.93B | $74.24B | $61.98B | $60.45B | $44.24B |
| Total current assets | $76.17B | $79.60B | $77.80B | $75.90B | $63.30B | $61.50B | $45.16B |
| Property, plant & equipment (net) | $22.2M | $22.5M | $22.8M | $23.5M | $23.8M | $23.7M | $18.7M |
| Goodwill & intangible assets | $712.3M | $686.8M | $676.9M | $678.4M | $663.4M | $600.7M | $500.9M |
| Long-term investments | $210.3M | $184.3M | $170.8M | $133.3M | $118.9M | $99.5M | $115.4M |
| Other non-current assets | $51.0M | $40.6M | $41.3M | $42.4M | $45.3M | $36.6M | $34.4M |
| Total assets | $77.17B | $80.54B | $78.71B | $76.78B | $64.15B | $62.26B | $45.83B |
| Liabilities | |||||||
| Accounts payable | $172.4M | $50.1M | $105.3M | $35.9M | $222.5M | $111.9M | $123.6M |
| Short-term debt | $3.7M | $2.9M | $36.8M | $149.1M | $206.1M | $2.6M | — |
| Total current liabilities | $73.60B | $77.06B | $75.33B | $73.70B | $61.73B | $60.29B | $44.03B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $37.4M | $40.7M |
| Other long-term liabilities | $53.3M | $52.8M | $54.0M | $55.9M | $52.2M | $1.19B | $1.19B |
| Total liabilities | $73.66B | $77.11B | $75.38B | $73.76B | $61.78B | $61.52B | $45.26B |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $27,000 | $27,000 | $26,000 | $25,000 | $25,000 | $6,000 | $6,000 |
| Retained earnings (deficit) | −$1.19B | −$1.24B | −$1.29B | −$1.43B | −$1.64B | −$1.16B | −$1.22B |
| Accumulated other comprehensive income | $6.4M | $8.4M | $14.5M | $14.7M | $15.4M | $5.4M | $3.6M |
| Minority interest | $1.4M | $1.4M | $1.4M | — | — | — | — |
| Total shareholders' equity | $3.51B | $3.43B | $3.33B | $3.02B | $2.37B | $745.0M | $570.5M |
| Key figures | |||||||
| Total debt | $16.0M | $14.8M | $36.8M | $149.1M | $206.1M | $37.4M | $40.7M |
| Net cash (debt) | $1.72B | $1.50B | $1.49B | $1.20B | $912.5M | $813.4M | $724.6M |
| Working capital | $2.57B | $2.55B | $2.47B | $2.20B | $1.57B | $1.21B | $1.13B |
| Tangible book value | $2.80B | $2.74B | $2.65B | $2.34B | $1.71B | $144.3M | $69.6M |
| Book value per share | $13.06 | $14.14 | $13.74 | $12.91 | $22.05 | $9.85 | $7.81 |
| Shares outstanding | 268.6M | 242.3M | 242.3M | 234.2M | 107.5M | 75.7M | 73.0M |
| Current ratio | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | 1.02 | 1.03 |
| Quick ratio | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Debt / equity | 0.00 | 0.00 | 0.01 | 0.05 | 0.09 | 0.05 | 0.07 |
| Equity / assets | 4.5% | 4.3% | 4.2% | 3.9% | 3.7% | 1.2% | 1.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 9, 2026); data from EODHD.
CRCL financial position
At the end of fiscal 2025 (December 31, 2025), Circle Internet had total assets of $78.7 billion (up 71.7% from a year earlier), total liabilities of $75.4 billion and shareholders' equity of $3.3 billion. It held $1.5 billion in cash and short-term investments against $36.8 million of debt, a net cash position of $1.5 billion. Its current ratio was 1.03. In the latest quarter (ended June 30, 2026) total assets were $77.2 billion and equity $3.5 billion.
Related: CRCL income statement, CRCL cash flow statement, CRCL key metrics. See the CRCL stock overview for the latest quote and news.
CRCL balance sheet FAQ
What are Circle Internet's total assets?
Circle Internet reported total assets of $78.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $45.8 billion a year earlier.
How much debt does Circle Internet have?
Circle Internet had $36.8 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.01.
How much cash does Circle Internet have?
Circle Internet held $1.5 billion in cash and short-term investments at the end of fiscal 2025; with $36.8 million of debt that is net cash of $1.5 billion.
What is Circle Internet's book value?
Circle Internet's shareholders' equity (book value) was $3.3 billion at the end of fiscal 2025, or $13.74 per share.
What is Circle Internet's current ratio?
Circle Internet had current assets of $77.8 billion and current liabilities of $75.3 billion, a current ratio of 1.03 (it can cover its short-term obligations).
How much goodwill does Circle Internet have?
Circle Internet carried $676.9 million of goodwill and intangible assets, 0.9% of total assets, at the end of fiscal 2025.