Circle Internet (CRCL) Operating Expenses (2024 - 2026)
Circle Internet (CRCL) reported Operating Expenses of $242.4 million for Q1 2026, up 75.63% year-over-year from $138.0 million in Q1 2025, and down 4.43% quarter-over-quarter from $253.6 million in Q4 2025.
Circle Internet (CRCL) Operating Expenses (2024 - 2026) Analysis & Trends
Circle Internet (CRCL) has 3 years of Operating Expenses data on file, last reported at $242.4 million in Q1 2026.
- Operating Expenses for Q1 2026 came in at $242.4 million, up 75.63% year-over-year; the trailing twelve-month figure through Mar 2026 was $1.3 billion (up 145.15% YoY), and the FY2025 annual result was $1.2 billion, up 139.85% from the prior year.
- Operating Expenses slipped to $242.4 million in Q1 2026 per CRCL's latest filing, from $253.6 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 $225.9 million and a median of $174.6 million in 2025 frame the typical range for Operating Expenses.
- On a YoY basis, Operating Expenses climbed as much as 338.88% in 2025 and fell as far as 69.91% in 2025.
- A 3-year view of Operating Expenses shows it stood at $130.0 million in 2024, then surged by 95.03% to $253.6 million in 2025, then decreased by 4.43% to $242.4 million in 2026.
- Business Quant data shows CRCL's Operating Expenses at $242.4 million in Q1 2026, $253.6 million in Q4 2025, and $211.1 million in Q3 2025.
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | SOL Strategies | 94,425.84 Bn | 94,425.84 Bn | - | 386,258.80 |
| 2 | Morgan Stanley | 349.82 Bn | 216.29 Bn | - | 13.47 Bn |
| 3 | Goldman Sachs | 333.85 Bn | -603.70 Bn | - | 10.43 Bn |
| 4 | Schwab Charles | 160.31 Bn | 115.33 Bn | - | 3.29 Bn |
| 5 | Robinhood Markets | 97.28 Bn | 92.64 Bn | 960.00 Mn | 656.00 Mn |
| 6 | Interactive Brokers | 42.79 Bn | 53.38 Bn | - | 381.00 Mn |
| 7 | LPL Financial Holdings | 23.54 Bn | 22.51 Bn | - | 4.45 Bn |
| 8 | Tradeweb Markets | 21.20 Bn | 19.96 Bn | - | 330.51 Mn |
| 9 | Iren | 19.97 Bn | 17.75 Bn | 144.76 Mn | 81.75 Mn |
| 10 | Circle Internet | 19.67 Bn | 18.16 Bn | 35.01 Mn | 242.35 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| 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 |