Circle Internet Group, Inc. (CRCL)

Circle Internet Group, Inc. (CRCL) Financial Statements in Beancount — Open Ledger

Circle's income statement and balance sheet, FY2022 through FY2026Q2, as a public, auditable plain-text Beancount ledger — reconstructed line by line from the company's own Form S-1, 10-K and 10-Q filings and version-controlled in git. Part of the Open Ledger project on beancount.io.

Browse it live: beancount.io/ledger/open_ledger/circle

Latest analysis: Circle Q2 2026: $701M of Reserve Income, and a $530M Swing That Wasn't Operations

What's Inside

accounts.bean is the chart of accounts and is included first. FY2022 and
FY2023 are annual files because Circle was private and filed no quarterly
reports; from 2024 the ledger is quarterly, one file per quarter, with no
annual file for 2024 or 2025 — quarterly/2024-Q4.bean is derived as the full
year less the first nine months. Circle's fiscal year ends December 31, its SEC
CIK is 0001876042, and it listed in June 2025: earlier periods come from its
Form S-1 registration statements, later ones from Form 10-Q and the quarterly
earnings releases. Amounts are full US dollars (USD). Reserve income —
interest earned on the reserves backing USDC — is the dominant revenue line
(Income:ReserveIncome); the share paid on to distribution partners is in
Expenses:DistributionAndTransactionCosts.

Quick Start

make install      # uv sync: beancount and fava into .venv
make bean-check   # uv run bean-check main.bean
make serve        # uv run fava main.bean — Fava web UI at http://127.0.0.1:4879

# or, with no virtualenv:
uvx --from beancount bean-check main.bean
uvx --from beanquery bean-query main.bean \
  "SELECT year, sum(position) WHERE account ~ '^Income:(ReserveIncome|OtherRevenue)' GROUP BY year ORDER BY year"

Zero output from make bean-check (or bean-check) means every income
statement sums to zero and every balance-sheet checkpoint matches the figure in
that period's filing. The query prints total revenue and reserve income by
calendar year, which is Circle's fiscal year; income is a credit, so it shows
as a negative number, and the 2026 row is the first two quarters only.

Methodology

• Income statement — a single transaction per period, netting Income and
  Expenses into Equity:RetainedEarnings (and, from Q1 2026 onward,
  Equity:NoncontrollingInterests). Second- and fourth-quarter figures for
  2024 are derived by subtraction from the cumulative periods the filings
  present.
• Balance sheet — checkpoints use pad plus balance directives against
  each period's filing: the pad is dated on the period end and the balance
  the day after, so the period's own transactions are inside the asserted
  figure. The first checkpoint is December 31, 2023 — the Form S-1 presents two
  years of balance sheets, so none exists for December 31, 2022 — and Q1–Q3 of
  2024 carry an income statement only.
• Equity:Plug — the pad source. It absorbs the balance-sheet movement the
  income-statement transactions do not explain; it is a balancing account, not
  a caption from the filings.
• Options — main.bean loads the auto_accounts plugin and sets a
  one-dollar default tolerance.
• Unit — USD, full dollars (filings report in thousands);
  701,315,000 USD means $701,315 thousand.

Analysis

• Circle Q2 2026: $701M of Reserve Income, and a $530M Swing That Wasn't Operations — FY2026Q2
• Circle Q1 2026: $694M in Revenue, and Most of It Never Stays — FY2026Q1
• Circle Q4 FY2025 Earnings: From $299 to $50 to a 29% Surge — The Stablecoin Stock That Refused to Die — FY2025Q4

Corrections

Found a figure that does not match the filing? Email
[email protected] with the period, the account
and the filing page. Corrections are committed with the source cited.

About Open Ledger

Open Ledger is a growing library of public-company financial statements
published as plain-text accounting at
beancount.io/ledger — git-versioned, diffable
across companies, and auditable against primary filings. Read the analysis
behind the numbers on the beancount.io blog.

Disclaimer

This ledger is an independent reconstruction of Circle Internet Group, Inc.'s publicly filed
financial statements, provided for educational and informational purposes
only. It is not investment, financial, legal, tax, or accounting advice, and
is not an offer or recommendation to buy or sell any security. Beancount.io is
not affiliated with, endorsed by, or sponsored by Circle Internet Group, Inc.; all trademarks
belong to their respective owners. Figures may contain errors, omissions, or
simplifications and may lag the latest filings — the company's own regulatory
filings are the authoritative source. Provided "as is" without warranty of any
kind; use at your own risk.