Circle Internet (CRCL) Cost of Revenue (2024 - 2026)
Circle Internet's Cost of Revenue came in at $412.47 million for Q2 2026, up 1.4% from $406.94 million a year earlier and up 1.4% from the prior quarter.
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Analysis
Circle Internet (CRCL) Cost of Revenue (2024 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, Circle Internet reported Cost of Revenue of $1.73 billion, up 31.2% year-over-year; for FY2025, it was $1.66 billion, up 63.5% from FY2024.
- Going back by year, Cost of Revenue was $1.02 billion in FY2024 (+39.8%) and $727.72 million in FY2023.
- The five-year range for quarterly Cost of Revenue is $248.38 million (Q2 2024) to $461.45 million (Q4 2025).
- Year-over-year, Cost of Revenue has increased for five consecutive quarters, with growth averaging 41.5% over the last five quarters.
- Business Quant data shows CRCL's Cost of Revenue at $406.78 million (Q1 2026), $461.45 million (Q4 2025) and $447.61 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 109.27 Bn | 97.61 Bn | - | - |
| 2 | Bank of New York Mellon | 98.55 Bn | 37.92 Bn | - | - |
| 3 | Intercontinental Exchange | 91.26 Bn | 85.07 Bn | - | - |
| 4 | Robinhood Markets | 85.47 Bn | 66.56 Bn | - | - |
| 5 | Nasdaq | 57.27 Bn | 54.71 Bn | 1.48 Bn | 912.00 Mn |
| 6 | State Street | 46.11 Bn | 46.11 Bn | - | - |
| 7 | Interactive Brokers | 36.17 Bn | 29.63 Bn | - | - |
| 8 | Cboe Global Markets | 35.59 Bn | 27.25 Bn | 731.60 Mn | 711.20 Mn |
| 9 | Northern Trust | 30.73 Bn | 30.73 Bn | - | - |
| 10 | Circle Internet | 20.06 Bn | 13.94 Bn | 288.85 Mn | 412.47 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 412.47 Mn |
| Mar 31, 2026 | 406.78 Mn |
| Dec 31, 2025 | 461.45 Mn |
| Sep 30, 2025 | 447.61 Mn |
| Jun 30, 2025 | 406.94 Mn |
| Mar 31, 2025 | 347.65 Mn |
| Dec 31, 2024 | 304.55 Mn |
| Sep 30, 2024 | 257.70 Mn |
| Jun 30, 2024 | 248.38 Mn |
API Access
Circle Internet Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=CRCL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "CRCL", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=CRCL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();