{
  "url": "https://struct.news/briefs/circle-turned-profitable-but-the-biggest-swing-was-its-ipo-stock-comp-bill",
  "title": "Circle turned profitable, but the biggest swing was its IPO stock-comp bill",
  "summary": "A $423.8 million RSU vesting charge hit last year’s three-month results, making this year’s turnaround unusually compensation-heavy.",
  "published_at": "2026-08-05T13:09:35.199326+00:00",
  "publisher": "Struct",
  "usage": "Figures are as reported by the company. Quote with attribution to the source filing.",
  "company": {
    "name": "Circle Internet Group, Inc.",
    "ticker": "CRCL",
    "cik": "1876042",
    "sector": "Financial Services",
    "industry": "Capital Markets"
  },
  "source_filing": {
    "form": "10-Q",
    "filed": "2026-08-05",
    "accession": "0001876042-26-000248",
    "url": "https://www.sec.gov/Archives/edgar/data/1876042/000187604226000248/crcl-20260630.htm"
  },
  "comparison_filing": {
    "form": "10-Q",
    "filed": "2025-08-12",
    "url": "https://www.sec.gov/Archives/edgar/data/1876042/000162828025039781/crcl-20250630.htm"
  },
  "reported_figures": [
    {
      "group": "Circle’s sales multiple",
      "label": "Market cap",
      "value": 10052788155,
      "display": "$10.1B",
      "unit": "usd",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "market_data",
        "label": "Observed market close",
        "as_of": "2026-08-04"
      }
    },
    {
      "group": "Circle’s sales multiple",
      "label": "EV / sales",
      "value": 77.64288977417593,
      "display": "77.6x",
      "unit": "multiple",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "jodie_calculation",
        "label": "Calculated from filed company results",
        "form": "10-Q",
        "accession": "0001876042-26-000248",
        "filing_date": "2026-08-05"
      }
    },
    {
      "group": "Circle’s sales multiple",
      "label": "Cash-flow yield",
      "value": 5.392822286127246,
      "display": "+5.4%",
      "unit": "percent",
      "period": "2025-12-31",
      "detail": null,
      "source": {
        "kind": "jodie_calculation",
        "label": "Calculated from filed company results",
        "form": "10-Q",
        "accession": "0001876042-26-000248",
        "filing_date": "2026-08-05"
      }
    }
  ],
  "watch_next": [
    {
      "type": "demand",
      "statement": "Circle’s reserve income growth includes a quantified contribution from higher average daily USDC in circulation and expanded partnerships.",
      "importance": "medium",
      "evidence": "Reserve income increased by $33.5 million, or 5.3%, for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, of which approximately $147.4 million of the increase is attributable to a 25.2% increase in average daily USDC in circulation",
      "source_date": "2026-08-05"
    }
  ],
  "related_tickers": [
    "CRCL"
  ],
  "disclaimer": "Descriptive reporting of filed results. Not investment advice, and contains no forecast or recommendation."
}