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Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and Krispy Kreme, Inc. (DNUT). Click either name above to swap in a different company.
Circle Internet Group, Inc. is the larger business by last-quarter revenue ($739.8M vs $392.4M, roughly 1.9× Krispy Kreme, Inc.). Circle Internet Group, Inc. runs the higher net margin — 29.0% vs -7.1%, a 36.1% gap on every dollar of revenue. On growth, Circle Internet Group, Inc. posted the faster year-over-year revenue change (5113.5% vs -2.9%). Krispy Kreme, Inc. produced more free cash flow last quarter ($27.9M vs $-14.7M).
Circle is a payments technology company. Funded by Jeremy Allaire and Sean Neville in 2013, it is currently headquartered in New York City and issues two types of stablecoin: USDC, which has a conversion rate pegged to the U.S. dollar, and EURC, which is euro-denominated. It also issues USYC, a tokenized money market fund.
Krispy Kreme, Inc. is an American multinational doughnut company and coffeehouse chain. Krispy Kreme was founded by Vernon Rudolph (1915–1973), who bought a yeast-raised recipe from a New Orleans chef, rented a building in 1937 in what is now historic Old Salem in Winston-Salem, North Carolina, and began selling to local grocery stores. Steady growth preceded an ambitious expansion as a public company in the period 2000 to 2016, which ultimately proved unprofitable. In 2016, the company retur...
CRCL vs DNUT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $739.8M | $392.4M |
| Net Profit | $214.4M | $-27.8M |
| Gross Margin | — | — |
| Operating Margin | 11.0% | -1.9% |
| Net Margin | 29.0% | -7.1% |
| Revenue YoY | 5113.5% | -2.9% |
| Net Profit YoY | 202.0% | -23.8% |
| EPS (diluted) | $0.64 | $-0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $392.4M | ||
| Q3 25 | $739.8M | $375.3M | ||
| Q2 25 | $658.1M | $379.8M | ||
| Q1 25 | — | $375.2M | ||
| Q4 24 | — | $404.0M | ||
| Q3 24 | — | $379.9M | ||
| Q2 24 | $6.8M | $438.8M | ||
| Q1 24 | — | $442.7M |
| Q4 25 | — | $-27.8M | ||
| Q3 25 | $214.4M | $-19.4M | ||
| Q2 25 | $-482.1M | $-435.3M | ||
| Q1 25 | — | $-33.3M | ||
| Q4 24 | — | $-22.4M | ||
| Q3 24 | — | $39.6M | ||
| Q2 24 | $32.9M | $-5.5M | ||
| Q1 24 | — | $-8.5M |
| Q4 25 | — | -1.9% | ||
| Q3 25 | 11.0% | -1.9% | ||
| Q2 25 | -49.5% | -114.4% | ||
| Q1 25 | — | -5.4% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | — | -4.2% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | — | -7.1% | ||
| Q3 25 | 29.0% | -5.2% | ||
| Q2 25 | -73.3% | -114.6% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | — | -5.6% | ||
| Q3 24 | — | 10.4% | ||
| Q2 24 | 486.5% | -1.3% | ||
| Q1 24 | — | -1.9% |
| Q4 25 | — | $-0.18 | ||
| Q3 25 | $0.64 | $-0.11 | ||
| Q2 25 | $-4.48 | $-2.55 | ||
| Q1 25 | — | $-0.20 | ||
| Q4 24 | — | $-0.13 | ||
| Q3 24 | — | $0.23 | ||
| Q2 24 | $0.00 | $-0.03 | ||
| Q1 24 | — | $-0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $42.4M |
| Total DebtLower is stronger | — | $911.9M |
| Stockholders' EquityBook value | $3.0B | $650.1M |
| Total Assets | $76.8B | $2.6B |
| Debt / EquityLower = less leverage | — | 1.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $42.4M | ||
| Q3 25 | $1.3B | $30.7M | ||
| Q2 25 | $1.1B | $21.3M | ||
| Q1 25 | — | $18.7M | ||
| Q4 24 | — | $29.0M | ||
| Q3 24 | — | $25.4M | ||
| Q2 24 | $457.5M | $28.6M | ||
| Q1 24 | — | $33.1M |
| Q4 25 | — | $911.9M | ||
| Q3 25 | — | $906.2M | ||
| Q2 25 | — | $889.4M | ||
| Q1 25 | — | $935.0M | ||
| Q4 24 | — | $844.5M | ||
| Q3 24 | — | $804.6M | ||
| Q2 24 | — | $895.0M | ||
| Q1 24 | — | $881.8M |
| Q4 25 | — | $650.1M | ||
| Q3 25 | $3.0B | $670.3M | ||
| Q2 25 | $2.4B | $693.6M | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | $460.9M | $1.1B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | — | $2.6B | ||
| Q3 25 | $76.8B | $2.6B | ||
| Q2 25 | $64.2B | $2.6B | ||
| Q1 25 | — | $3.1B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
| Q4 25 | — | 1.40× | ||
| Q3 25 | — | 1.35× | ||
| Q2 25 | — | 1.28× | ||
| Q1 25 | — | 0.85× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.79× | ||
| Q1 24 | — | 0.76× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-10.7M | $45.0M |
| Free Cash FlowOCF − Capex | $-14.7M | $27.9M |
| FCF MarginFCF / Revenue | -2.0% | 7.1% |
| Capex IntensityCapex / Revenue | 0.5% | 4.4% |
| Cash ConversionOCF / Net Profit | -0.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-64.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $45.0M | ||
| Q3 25 | $-10.7M | $42.3M | ||
| Q2 25 | $303.7M | $-32.5M | ||
| Q1 25 | — | $-20.8M | ||
| Q4 24 | — | $27.0M | ||
| Q3 24 | — | $3.3M | ||
| Q2 24 | — | $33.2M | ||
| Q1 24 | — | $-17.7M |
| Q4 25 | — | $27.9M | ||
| Q3 25 | $-14.7M | $15.5M | ||
| Q2 25 | $296.3M | $-60.8M | ||
| Q1 25 | — | $-46.7M | ||
| Q4 24 | — | $-6.9M | ||
| Q3 24 | — | $-22.9M | ||
| Q2 24 | — | $1.6M | ||
| Q1 24 | — | $-46.8M |
| Q4 25 | — | 7.1% | ||
| Q3 25 | -2.0% | 4.1% | ||
| Q2 25 | 45.0% | -16.0% | ||
| Q1 25 | — | -12.5% | ||
| Q4 24 | — | -1.7% | ||
| Q3 24 | — | -6.0% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | -10.6% |
| Q4 25 | — | 4.4% | ||
| Q3 25 | 0.5% | 7.1% | ||
| Q2 25 | 1.1% | 7.4% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | — | 8.4% | ||
| Q3 24 | — | 6.9% | ||
| Q2 24 | — | 7.2% | ||
| Q1 24 | — | 6.6% |
| Q4 25 | — | — | ||
| Q3 25 | -0.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.08× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
