Circle Internet Group, Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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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, 2026 · Filed Nov 4, 2026
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, | |
|---|---|---|
| 2026 | 2025 | |
| Cash flows from operating activities | ||
| Net income (loss) from continuing operations | $329,472 | $(202,924) |
| Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities | ||
| Depreciation and amortization expenses | 90,832 | 51,091 |
| Realized and unrealized (gains) losses on digital assets | (15,552) | 2,002 |
| Change in fair value of convertible debt, warrant liability, and embedded derivatives | 22,400 | 113,894 |
| Digital assets received for services | (21,935) | (13,695) |
| Equity securities received for services | (29) | (3,287) |
| Deferred taxes | 1,587 | (2,474) |
| Realized and unrealized (gains) losses on strategic investments | (5,003) | 3,167 |
| Losses on sale of long-lived assets | — | 21 |
| Stock-based compensation | 148,527 | 506,763 |
| Charitable contributions to Circle Foundation | 17,777 | — |
| Foreign currency remeasurement (gains) losses | (8,501) | 8,026 |
| Provision for warrants in common stock | 13,664 | 13,796 |
| Other non-cash items | 6,160 | 3,480 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (26,762) | (19,225) |
| Prepaid expenses and other current assets | (8,912) | (145,170) |
| Accounts payable and accrued expenses | (72,191) | (12,950) |
| Other current liabilities | 51,444 | (9,481) |
| Net cash provided by operating activities | 522,978 | 293,034 |
| Cash flows from investing activities | ||
| Sale and return of investments | 743 | 885 |
| Purchase of investments | (13,311) | (7,695) |
| Business combinations, net of cash acquired | — | (7,734) |
| Proceeds from sale of digital assets | — | 79 |
| Capitalization of internally developed software | (57,535) | (40,504) |
| Purchase of long-lived assets | (30,435) | (11,481) |
| Net cash used in investing activities | (100,538) | (66,450) |
| Cash flows from financing activities | ||
| Net changes in deposits held for stablecoin holders | (1,408,874) | 29,498,718 |
| 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 | (197,950) | (213,882) |
| Proceeds received from Employee Stock Purchase Plan | 7,699 | — |
| Payment of deferred offering costs | (365) | — |
| Proceeds from exercise of stock options | 45,717 | 16,311 |
| Net cash (used in) provided by financing activities | (1,553,773) | 30,314,790 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
| (in thousands) | Nine Months Ended September 30, | |
|---|---|---|
| 2026 | 2025 | |
| Effect of exchange rate changes on cash and cash equivalents, restricted and segregated cash | 5,683 | 53,131 |
| Net (decrease) increase in cash and cash equivalents, restricted and segregated cash | (1,125,650) | 30,594,505 |
| Cash and cash equivalents, restricted and segregated cash at the beginning of the period | 77,419,733 | 44,967,604 |
| Cash and cash equivalents, restricted and segregated cash at the end of the period | $76,294,083 | $75,562,109 |
| Cash and cash equivalents, restricted and segregated cash consisted of the following: | ||
| Cash and cash equivalents | $1,699,951 | $1,348,901 |
| Restricted cash | 2,814 | 3,222 |
| Cash and cash equivalents segregated for corporate-held stablecoins | 1,016,461 | 837,143 |
| Cash and cash equivalents segregated for the benefit of stablecoin holders | 73,574,857 | 73,372,843 |
| Total cash and cash equivalents, restricted and segregated cash | $76,294,083 | $75,562,109 |
| Supplemental disclosure of cash flow information | ||
| Cash paid for income taxes, net of refunds | $(10,728) | $13,843 |
| Cash paid for interest | $216 | $180 |
| Supplemental schedule of non-cash activities | ||
| Capitalized stock-based compensation expense related to internally developed software | $33,820 | $77,581 |
| Purchases of long-lived assets included in accounts payable and accrued expenses | $— | $(1,927) |
| USDC purchase of long-lived assets | $(200) | $— |
| USDC purchase of investments and digital assets | $(42,112) | $(4,952) |
| USDC proceeds from sale of investments and digital assets | $5,326 | $100 |
| USDC proceeds from issuance of common stock in connection with private placement | $100,000 | $— |
| Conversion of convertible debt | $39,382 | $— |
| Re-issuance of treasury stock to Circle Foundation | $17,777 | $— |
| Net changes in stablecoins receivable | $5,540 | $6,000 |
| Net changes in the purchase and redemption of digital financial assets | $(18) | $(13,815) |
| Non-cash consideration for acquisitions | $(5,350) | $(89,919) |
| Unrealized (loss) gain on convertible notes - credit risk, net of tax | $— | $(56) |
| Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering | $— | $1,140,502 |
| Right-of-use assets obtained in exchange for operating lease liabilities | $4,175 | $— |
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