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
DateValue
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