Circle Internet (CRCL) Operating Expenses (2024 - 2026)
Circle Internet's (CRCL) quarterly Operating Expenses came in at $254.5 million in Q2 2026, down 55.87% year-over-year from $576.7 million in Q2 2025, and up 5.01% quarter-over-quarter from $242.4 million in Q1 2026.
Analysis
Circle Internet (CRCL) Operating Expenses (2024 - 2026) Analysis & Trends
Circle Internet (CRCL) has reported Operating Expenses for 3 consecutive years, with $254.5 million the latest figure, recorded in Q2 2026.
- On a quarterly basis, Operating Expenses fell 55.87% year-over-year to $254.5 million in Q2 2026; TTM through Jun 2026 was $961.6 million, a 0.77% decrease from a year earlier, with the FY2025 full-year figure at $1.2 billion, up 139.85% from the prior year.
- Operating Expenses was $254.5 million for Q2 2026 at Circle Internet, up from $242.4 million in the prior quarter.
- Over five years, Operating Expenses peaked at $576.7 million in Q2 2025 and troughed at $124.3 million in Q3 2024.
- A 3-year average of $229.1 million and a median of $211.1 million in 2025 frame the typical range for Operating Expenses.
- Across the five-year window, Operating Expenses soared 338.88% in 2025 and sank 55.87% in 2026, its largest moves.
- Over 3 years, Operating Expenses stood at $130.0 million in 2024, then jumped by 95.03% to $253.6 million in 2025, then rose by 0.35% to $254.5 million in 2026.
- The last three Operating Expenses figures came in at $254.5 million (Q2 2026), $242.4 million (Q1 2026), and $253.6 million (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Circle Internet | 21.16 Bn | 19.43 Bn | 288.85 Mn | 254.49 Mn |
| 2 | Galaxy Digital | 9.54 Bn | 8.88 Bn | 8.38 Bn | 8.84 Bn |
| 3 | Gemini Space Station | 573.86 Mn | 385.24 Mn | - | 122.42 Mn |
| 4 | Solana | 177.06 Mn | 173.41 Mn | 2.45 Mn | 35.12 Mn |
| 5 | Empery Digital | 85.45 Mn | 85.45 Mn | -68,184.00 | 42.00 Mn |
| 6 | Metalpha Technology Holding | 40.05 Mn | 36.11 Mn | - | - |
| 7 | Fold Holdings | 29.71 Mn | 1.31 Mn | 5.36 Mn | 13.86 Mn |
| 8 | Amber International Holding | 28.97 Mn | -4.44 Mn | 11.06 Mn | -10.03 Mn |
| 9 | Fabric.AI | 10.06 Mn | -11.61 Mn | - | 3.33 Mn |
| 10 | CEA Industries | 7.41 Mn | 324,022.19 | 1.96 Mn | 23.20 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 254.49 Mn |
| Mar 31, 2026 | 242.35 Mn |
| Dec 31, 2025 | 253.60 Mn |
| Sep 30, 2025 | 211.13 Mn |
| Jun 30, 2025 | 576.72 Mn |
| Mar 31, 2025 | 137.99 Mn |
| Dec 31, 2024 | 130.03 Mn |
| Sep 30, 2024 | 124.26 Mn |
| Jun 30, 2024 | 131.41 Mn |