Circle Internet (CRCL) Operating Margin (2024 - 2026)
Circle Internet (CRCL) recorded Operating Margin of 24.09% in Q3 2026, up 13.14 percentage points from 10.95% a year earlier and up 19.19 percentage points from the prior quarter.
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Analysis
Circle Internet (CRCL) Operating Margin (2024 - 2026) Analysis & Trends
On a TTM basis, Circle Internet's Operating Margin came in at 11.31% as of Sep 30, 2026, up 17.57 percentage points year-over-year; for FY2025, it was -3.51%, down 13.48 percentage points from FY2024.
- Across earlier years, Operating Margin came in at 9.97% in FY2024 (-8.61 pp) and 18.58% in FY2023.
- The Q3 2026 figure is the highest quarterly Operating Margin in data going back to Q2 2024.
- On a year-over-year basis, Operating Margin rose in three of the last six quarters, with an average year-over-year change of +0.07 percentage points.
- Per Business Quant, the preceding three quarters came in at 4.90% (Q2 2026), 6.48% (Q1 2026) and 7.16% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 113.65 Bn | 101.99 Bn | 359.20 Mn | 65.70% |
| 2 | Bank of New York Mellon | 103.23 Bn | 37.32 Bn | - | - |
| 3 | Intercontinental Exchange | 99.60 Bn | 93.42 Bn | 1.22 Bn | 38.84% |
| 4 | Robinhood Markets | 70.15 Bn | 49.76 Bn | - | - |
| 5 | Nasdaq | 60.57 Bn | 58.01 Bn | 1.48 Bn | 30.59% |
| 6 | State Street | 47.32 Bn | 43.94 Bn | - | - |
| 7 | Cboe Global Markets | 39.19 Bn | 29.68 Bn | 712.20 Mn | 39.32% |
| 8 | Interactive Brokers | 37.06 Bn | 20.72 Bn | - | - |
| 9 | Northern Trust | 32.28 Bn | 32.28 Bn | - | - |
| 10 | Circle Internet | 15.74 Bn | 9.27 Bn | 453.25 Mn | 24.09% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 24.09% |
| Jun 30, 2026 | 4.90% |
| Mar 31, 2026 | 6.48% |
| Dec 31, 2025 | 7.16% |
| Sep 30, 2025 | 10.95% |
| Jun 30, 2025 | -49.47% |
| Mar 31, 2025 | 16.06% |
| Dec 31, 2024 | 0.18% |
| Sep 30, 2024 | 14.31% |
| Jun 30, 2024 | 11.68% |
API Access
Circle Internet Operating Margin 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=operating-margin&ticker=CRCL&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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=operating-margin&ticker=CRCL&period=max&api_key=YOUR_API_KEY");
const data = await res.json();