CRCL (Circle Internet Group) Operating Income: $-144 Mil (TTM As of Mar. 2026)

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CRCL Circle Internet Group Inc CRCL
40 GF Score
Price $62.61
! 4 Warning Signs
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What is Circle Internet Group Operating Income?

Circle Internet Group CRCL -2.54% 40 Operating Income is $-144 Mil as of Mar. 2026. GuruFocus rates CRCL with a GF Score™ of 40/100. The stock has 4 warning signs investors should review.

Circle Internet Group's Operating Income for the three months ended in Mar. 2026 was $46 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 was $-144 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Circle Internet Group's Operating Income for the three months ended in Mar. 2026 was $46 Mil. Circle Internet Group's Revenue for the three months ended in Mar. 2026 was $694 Mil. Therefore, Circle Internet Group's Operating Margin % for the quarter that ended in Mar. 2026 was 6.61%.

Circle Internet Group's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Circle Internet Group's annualized ROC % for the quarter that ended in Mar. 2026 was 0.23%. Circle Internet Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 23.57%.


Circle Internet Group  (NYSE:CRCL) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Circle Internet Group's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=183.432 * ( 1 - 2.54% )/( (76826.01 + 78756.051)/ 2 )
=178.7728272/77791.0305
=0.23 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=78713.207 - 360.609 - ( 1526.588 - max(0, 75328.395 - 77801.467+1526.588))
=76826.01

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=80536.778 - 262.215 - ( 1518.512 - max(0, 77055.382 - 79602.575+1518.512))
=78756.051

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Circle Internet Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=226.892/( ( (22.791 + max(918.245, 0)) + (22.52 + max(961.899, 0)) )/ 2 )
=226.892/( ( 941.036 + 984.419 )/ 2 )
=226.892/962.7275
=23.57 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(282.087 + 0 + 75927.732) - (360.609 + 0 + 74930.965)
=918.245

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(282.99 + 0 + 77734.291) - (262.215 + 0 + 76793.167)
=961.899

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Circle Internet Group's Operating Margin % for the quarter that ended in Mar. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Mar. 2026 )/Revenue (Q: Mar. 2026 )
=45.858/694.133
=6.61 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Circle Internet Group Operating Income Related Terms


Circle Internet Group Operating Income Historical Data

* Premium members only.

The historical data trend for Circle Internet Group's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Circle Internet Group Operating Income Chart

Circle Internet Group Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial -80.06 63.51 234.41 162.91 -91.14

Circle Internet Group Quarterly Data
Dec19 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 99.21 -326.28 79.35 56.57 45.86
CRCL
40GF Score
Circle Internet Group Inc CRCL
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
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Circle Internet Group Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $-144 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of $-144 Mil mean?
Circle Internet Group (CRCL) has a Operating Income of $-144 Mil as of Mar. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Circle Internet Group and its competitors.
Is Circle Internet Group's Operating Income too high?
Circle Internet Group's current Operating Income is $-144 Mil. Overall, Circle Internet Group has a GF Score™ of 40/100, reflecting its overall financial health beyond just this single metric.
How does Circle Internet Group's Operating Income compare to FUTU and IREN?
Circle Internet Group's Operating Income of $-144 Mil can be compared against companies in the Capital Markets industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Capital Markets company?
A good Operating Income depends on the Capital Markets industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Circle Internet Group and its competitors. Circle Internet Group's current Operating Income is $-144 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Circle Internet Group stock overvalued right now?
Circle Internet Group (CRCL) has a current Operating Income of $-144 Mil. The current Operating Income is $-144 Mil. Circle Internet Group's overall GF Score™ is 40/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Circle Internet Group (CRCL), the current Operating Income is $-144 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Circle Internet Group Business Description

Other Exchanges 1CRCL:ItalyET9:Germany
Address One World Trade Center, New York, NY, USA, 10007
Circle Internet Group Inc is a financial technology firm engaged in digital currencies and public blockchains for payments, commerce, and financial applications. The company's platform is a full-stack, internet financial platform business, organized around three pillars: Arc Blockchain and Developer Infrastructure, Circle Digital Assets and Services, and Circle Applications.
40GF Score

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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$62.61
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