Circle Internet Group, Inc. (CRCL) — Open Ledger

Circle's complete financial history, from FY2022 through Q1 2026, modeled as a public, auditable plain-text Beancount ledger. Part of the Open Ledger project on beancount.io — public companies' income statements and balance sheets, reconstructed line-by-line from their own SEC filings and version-controlled in git.

Companion analysis: Circle Q1 2026: $694M in Revenue, and Most of It Never Stays

Quick Start

uvx --from beancount bean-check main.bean

Zero output means the ledger is internally consistent — every income statement sums to zero, and every balance-sheet snapshot below reconciles to Circle's own filed totals.

What's Inside

Circle's fiscal year ends December 31. Reserve income (interest earned on USDC reserves) is the dominant revenue line — see the companion post for how much of it actually stays with Circle after distribution-partner payouts.

Methodology

• All figures sourced from SEC filings (S-1/A, 10-Q, 10-K) and public financial data.
• Income statement items are recorded as a single transaction per period, netting Income/Expenses into Equity:RetainedEarnings (and, from Q1 2026 onward, Equity:NoncontrollingInterests).
• Balance sheet checkpoints use pad (from Equity:Plug) plus balance directives, verified against each period's filing.
• Amounts are in USD.

About Open Ledger

This repository is part of a growing library of public-company ledgers published at beancount.io/ledger — plain-text, git-versioned, and fully auditable. Explore more companies, or read the analysis behind the numbers, on the beancount.io blog.