Circle Internet Group, Inc. (CRCL) Cash Flow Statement
Where CRCL’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $542.1M +57.3% vs 2024
- Capital expenditures
- $12.4M 0.5% of revenue
- Free cash flow
- $529.7M 19.3% margin
- Returned to shareholders
- —
- Change in cash
- $775.1M cash at year-end $1.53B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CRCL operating cash flow, capex and free cash flow
CRCL cash flow trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$14.9M2020 | $542.1M2025 | — | |
| Capital expenditures | $7.1M2020 | $12.4M2025 | +11.9%/yr | |
| Free cash flow | −$22.0M2020 | $529.7M2025 | — | |
| Free cash flow margin | −142.5%2020 | 19.3%2025 | +161.8 pts | |
| Operating cash flow / net income | −3.942020 | 2.212024 | +6.15 | |
| Stock-based compensation | $3.2M2020 | $566.2M2025 | +182.2%/yr | |
| Share buybacks (net) | $02022 | $02025 | — | |
| Capex / revenue | 45.9%2020 | 0.5%2025 | −45.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CRCL cash flow by activity
CRCL net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CRCL cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Operating activities | ||||||
| Net income | −$69.5M | $155.7M | $267.6M | −$768.8M | −$508.2M | $3.8M |
| Depreciation & amortization | $76.6M | $50.9M | $34.9M | $13.3M | $3.9M | $4.5M |
| Stock-based compensation | $566.2M | $50.1M | $108.0M | $69.3M | $18.4M | $3.2M |
| Change in working capital | −$109.5M | $117.4M | −$172.5M | $170.9M | −$6.2M | $14.1M |
| Other non-cash items | $78.4M | −$29.5M | −$98.4M | $442.7M | $399.8M | −$40.5M |
| Cash from operating activities | $542.1M | $344.6M | $139.6M | −$72.7M | −$92.3M | −$14.9M |
| Investing activities | ||||||
| Capital expenditures | −$12.4M | −$39.1M | −$32.9M | −$18.3M | −$7.9M | −$7.1M |
| Investments (net) | −$7.7M | $186.3M | $8.51B | −$8.49B | −$28.9M | — |
| Acquisitions & other investing | −$62.5M | $39.1M | $32.9M | $18.3M | $7.9M | −$10.9M |
| Cash from investing activities | −$82.6M | $186.3M | $8.51B | −$8.49B | −$28.9M | −$17.9M |
| Financing activities | ||||||
| Share repurchases & issuance (net) | $0 | $0 | −$8.7M | $0 | — | — |
| Net borrowing (repayment) | — | — | — | — | $438.5M | — |
| Shares issued | $1.01B | $0 | $0 | $401.0M | $482,000 | $0 |
| Other financing | $30.92B | $19.45B | −$20.32B | $2.18B | $38.28B | $3.53B |
| Cash from financing activities | $31.94B | $19.45B | −$20.33B | $2.58B | $38.72B | $3.53B |
| Summary | ||||||
| Net change in cash | $775.1M | $19.97B | −$11.68B | −$5.98B | $38.60B | $3.49B |
| Cash at end of period | $1.53B | $44.97B | $24.99B | $36.67B | $42.65B | $4.05B |
| Free cash flow | $529.7M | $305.5M | $106.7M | −$91.0M | −$100.2M | −$22.0M |
| Free cash flow margin | 19.3% | 18.2% | 7.4% | −11.8% | −118.0% | −142.5% |
| Capex / revenue | 0.5% | 2.3% | 2.3% | 2.4% | 9.3% | 45.9% |
| Operating cash flow / net income | — | 2.21 | 0.52 | — | — | −3.94 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $48.2M | $55.3M | $133.4M | $214.4M | −$482.1M | $64.8M | $3.1M | $71.0M | $32.9M | $48.6M |
| Depreciation & amortization | $29.9M | $26.8M | $25.5M | $23.0M | $14.2M | $13.9M | $13.5M | $13.1M | $12.6M | $11.6M |
| Stock-based compensation | $53.6M | $51.8M | $58.9M | $59.6M | $435.0M | $12.7M | $11.1M | $12.8M | $16.7M | $9.5M |
| Change in working capital | $386.9M | −$124.3M | $77.3M | −$255.7M | $118.0M | −$49.1M | $83.4M | $30.5M | −$21.6M | $25.2M |
| Other non-cash items | −$1.2M | $11.6M | −$46.0M | −$52.0M | $162.1M | $14.3M | −$4.8M | −$14.2M | $7.1M | −$17.7M |
| Cash from operating activities | $517.4M | $21.1M | $249.1M | −$10.7M | $247.1M | $56.6M | $106.4M | $113.2M | $47.8M | $77.2M |
| Investing activities | ||||||||||
| Capital expenditures | −$15.6M | −$15.6M | −$15.6M | −$15.6M | −$11.7M | −$11.7M | −$11.6M | −$5.6M | −$9.0M | −$8.9M |
| Investments (net) | −$827,000 | −$10.2M | −$938,000 | −$20.3M | −$20.9M | −$25.2M | $95.4M | $59.6M | $46.0M | $6.2M |
| Acquisitions & other investing | −$5.6M | −$9.4M | −$1.0M | $15.6M | $11.7M | $11.7M | −$9.2M | $5.6M | $9.0M | $8.9M |
| Cash from investing activities | −$22.0M | −$35.2M | −$17.6M | −$20.3M | −$20.9M | −$25.2M | $74.5M | $59.6M | $46.0M | $6.2M |
| Financing activities | ||||||||||
| Shares issued | $0 | $0 | $0 | $441.1M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.91B | $1.79B | $1.62B | $12.08B | $1.53B | $16.26B | $8.49B | $3.33B | −$197.9M | $7.83B |
| Cash from financing activities | −$3.91B | $1.79B | $1.62B | $12.52B | $1.53B | $16.26B | $8.49B | $3.33B | −$197.9M | $7.83B |
| Summary | ||||||||||
| Net change in cash | −$3.41B | −$8.8M | $177.1M | $12.49B | $269.5M | $16.30B | $8.66B | $3.51B | −$104.8M | $7.91B |
| Cash at end of period | $75.79B | $1.52B | $1.53B | $75.56B | $1.12B | $61.27B | $44.97B | $36.31B | $32.80B | $32.91B |
| Free cash flow | $533.0M | $5.5M | $264.7M | −$26.3M | $258.8M | $44.9M | $94.7M | $107.7M | $38.8M | $68.3M |
| Free cash flow margin | 76.0% | 0.8% | 34.4% | −3.6% | 39.3% | 7.8% | 21.8% | 24.2% | 9.0% | 18.7% |
| Capex / revenue | 2.2% | 2.2% | 2.0% | 2.1% | 1.8% | 2.0% | 2.7% | 1.3% | 2.1% | 2.4% |
| Operating cash flow / net income | 10.73 | 0.38 | 1.87 | −0.05 | — | 0.87 | 34.22 | 1.60 | 1.45 | 1.59 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CRCL cash generation
In fiscal 2025 (ended December 31, 2025), Circle Internet generated $542.1 million of cash from operations (up 57.3%) and spent $12.4 million on capital expenditures, leaving free cash flow of $529.7 million, 19.3% of revenue. Cash and equivalents rose by $775.1 million over the year.
Related: CRCL income statement, CRCL balance sheet. See the CRCL stock overview for the latest quote and news.
CRCL cash flow FAQ
What is Circle Internet's free cash flow?
Circle Internet's free cash flow was $529.7 million in fiscal 2025: $542.1 million of operating cash flow minus $12.4 million of capital expenditures It was $305.5 million a year earlier..
How much cash does Circle Internet generate from operations?
Circle Internet generated $542.1 million of cash from operating activities in fiscal 2025.
How much does Circle Internet spend on capital expenditures?
Circle Internet spent $12.4 million on capital expenditures in fiscal 2025, 0.5% of revenue, compared with $39.1 million the year before.