Circle Internet Group, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
CRCL$64.98-3.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements Of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
| (in thousands) | Nine Months Ended September 30, | |
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net income (loss) | $(202,924) | $152,558 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization expense | 51,091 | 37,347 |
| Accretion of premium on available-for-sale debt securities | — | (2,183) |
| Realized and unrealized losses (gains) on digital assets | 2,002 | (3,243) |
| Change in fair value of convertible debt, warrant liability, and embedded derivatives | 113,894 | (14,249) |
| Digital assets received for services | (13,695) | (1,500) |
| Equity securities received for services | (3,287) | — |
| Deferred taxes | (2,474) | (3,420) |
| Realized and unrealized losses (gains) on available-for-sale debt securities and strategic investments | 3,167 | (2,754) |
| Stock-based compensation | 506,763 | 38,992 |
| Foreign currency remeasurement | 8,026 | 1,064 |
| Provision for warrants in common stock | 13,796 | — |
| Other non-cash items | 3,501 | 1,553 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (19,225) | 515 |
| Prepaid expenses and other current assets | (145,170) | (337) |
| Accounts payable and accrued expenses | (12,950) | 28,285 |
| Other current liabilities | (9,481) | 5,569 |
| Net cash provided by operating activities | 293,034 | 238,197 |
| Cash flows from investing activities | ||
| Purchase of available-for-sale debt securities | — | (90,321) |
| Sale and maturities of available-for-sale securities | — | 234,609 |
| Business combinations, net of cash acquired | (7,734) | — |
| Sale and return of investments | 885 | 536 |
| Purchase of investments | (7,695) | (1,279) |
| Proceeds from sale of digital assets | 79 | 4,629 |
| Capitalization of software development costs | (40,504) | (27,449) |
| Purchase of long-lived assets | (11,481) | (8,933) |
| Net cash (used in) provided by investing activities | (66,450) | 111,792 |
| Cash flows from financing activities | ||
| Net changes in deposits held for stablecoin holders | 29,498,718 | 10,966,892 |
| Proceeds from issuance of common stock in connection with initial public offering and follow-on public offering, net of underwriting discounts and commissions and offering costs | 1,013,643 | — |
| Payment of withholding taxes on settlement of restricted stock units | (213,882) | — |
| Capitalized transaction costs | — | (3,143) |
| Proceeds from exercise of stock options | 16,311 | 694 |
| Net cash provided by financing activities | 30,314,790 | 10,964,443 |
| Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash | 53,131 | 393 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
| (in thousands) | Nine Months Ended September 30, | |
|---|---|---|
| 2025 | 2024 | |
| Unrealized gains (losses) on available-for-sale debt securities classified as cash equivalents, net of tax | — | (90) |
| Net increase in cash and cash equivalents, restricted and segregated cash | 30,594,505 | 11,314,735 |
| Cash and cash equivalents, restricted and segregated cash at the beginning of the period | 44,967,604 | 24,994,159 |
| Cash and cash equivalents, restricted and segregated cash at the end of the period | $75,562,109 | $36,308,894 |
| Cash and cash equivalents, restricted and segregated cash consisted of the following: | ||
| Cash and cash equivalents | $1,348,901 | $577,277 |
| Restricted cash | 3,222 | 3,579 |
| Cash and cash equivalents segregated for corporate-held stablecoins | 837,143 | 369,797 |
| Cash and cash equivalents segregated for the benefit of stablecoin holders | 73,372,843 | 35,358,241 |
| Total cash and cash equivalents, restricted and segregated cash | $75,562,109 | $36,308,894 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for income taxes | $13,843 | $58,593 |
| Cash paid for interest | $180 | $258 |
| Supplemental schedule of non-cash activities | ||
| Capitalized stock-based compensation expense related to internally developed software | $77,581 | $10,114 |
| Purchases of long-lived assets included in accounts payable and accrued expenses | $(1,927) | $4,197 |
| Non-cash purchase of investments and digital assets | $(4,952) | $(5,903) |
| Net changes in stablecoins receivable | $6,000 | $16,513 |
| Net changes in the purchase and redemption of digital financial assets | $(13,815) | $11,855 |
| Obligations to return digital asset collateral | $— | $(1,905) |
| Digital assets collateral received | $— | $1,905 |
| Non-cash consideration for business combinations | $89,919 | $— |
| Unrealized (loss) gain on convertible notes - credit risk, net of tax | $(56) | $1,034 |
| Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering | $1,140,502 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.