Circle Internet Group, Inc. Financial Statements FY2022-FY2026Q3

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

Circle's income statement and balance sheet, FY2022 through FY2026Q3, 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 Q3 2026 Earnings: Revenue Up 17%, but Without the ARC Token Sale It Fell 8%

Key Figures

Amounts in MUSD (millions of US dollars), exactly as the ledger records them.

What's Inside

main.bean declares the chart of accounts and includes one file per period. 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 — FY2024/FY2024Q4.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. Reserve income — interest earned on the reserves backing
USDC — is the dominant part of Income:Revenue (each posting's comment splits
reserve income from other revenue); the share paid on to distribution partners
is the first Expenses:CostOfRevenue posting.

Quick Start

uvx --from beancount bean-check main.bean
uvx --from beanquery bean-query main.bean \
  "SELECT narration, sum(number) WHERE account = 'Income:Revenue' GROUP BY narration ORDER BY narration"

Zero output from 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 period; income is a credit, so
it shows as a negative number.

Methodology

• Chart — the Open Ledger house chart, in MUSD (millions of US dollars)
  with three decimals, exact to the filed USD thousand. The ledger was first
  kept in full US dollars with Circle-specific account names and was converted
  on 2026-11-08; every value is unchanged. Circle presents operating expenses by
  nature, so compensation, general and administrative and marketing expenses are
  Expenses:SellingGeneralAdministrative, and depreciation and amortization,
  IT infrastructure, digital-asset gains and losses and other income and expense
  are labeled postings on Expenses:OtherNet; the filing's operating income is
  therefore not a ledger subtotal.
• Income statement — a single zero-sum transaction per period;
  Equity:Adjustments carries consolidated net income, including noncontrolling
  interests. Second- and fourth-quarter figures for 2024 are derived by
  subtraction from the cumulative periods the filings present.
• Balance sheet — each changed line is a pad from Equity:Adjustments the
  day before the period end and a balance on the period end, with an explicit
  zero tolerance. 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. USDC reserve assets and the
  matching deposits from stablecoin holders are carried gross, as filed.

Analysis

• Circle Q3 2026 Earnings: Revenue Up 17%, but Without the ARC Token Sale It Fell 8% — FY2026Q3
• 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.