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Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and Madison Square Garden Sports Corp. (MSGS). 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 $403.4M, roughly 1.8× Madison Square Garden Sports Corp.). Circle Internet Group, Inc. runs the higher net margin — 29.0% vs 2.0%, a 26.9% gap on every dollar of revenue. On growth, Circle Internet Group, Inc. posted the faster year-over-year revenue change (5113.5% vs 12.8%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M 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.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
CRCL vs MSGS — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $739.8M | $403.4M |
| Net Profit | $214.4M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | 11.0% | 5.5% |
| Net Margin | 29.0% | 2.0% |
| Revenue YoY | 5113.5% | 12.8% |
| Net Profit YoY | 202.0% | 641.9% |
| EPS (diluted) | $0.64 | $0.34 |
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 | — | $403.4M | ||
| Q3 25 | $739.8M | $39.5M | ||
| Q2 25 | $658.1M | $204.0M | ||
| Q1 25 | — | $424.2M | ||
| Q4 24 | — | $357.8M | ||
| Q3 24 | — | $53.3M | ||
| Q2 24 | $6.8M | $227.3M | ||
| Q1 24 | — | $430.0M |
| Q4 25 | — | $8.2M | ||
| Q3 25 | $214.4M | $-8.8M | ||
| Q2 25 | $-482.1M | $-1.8M | ||
| Q1 25 | — | $-14.2M | ||
| Q4 24 | — | $1.1M | ||
| Q3 24 | — | $-7.5M | ||
| Q2 24 | $32.9M | $25.5M | ||
| Q1 24 | — | $37.9M |
| Q4 25 | — | 5.5% | ||
| Q3 25 | 11.0% | -69.5% | ||
| Q2 25 | -49.5% | -11.1% | ||
| Q1 25 | — | 7.6% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | -15.5% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 18.5% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | 29.0% | -22.3% | ||
| Q2 25 | -73.3% | -0.9% | ||
| Q1 25 | — | -3.4% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | -14.1% | ||
| Q2 24 | 486.5% | 11.2% | ||
| Q1 24 | — | 8.8% |
| Q4 25 | — | $0.34 | ||
| Q3 25 | $0.64 | $-0.37 | ||
| Q2 25 | $-4.48 | $-0.08 | ||
| Q1 25 | — | $-0.59 | ||
| Q4 24 | — | $0.05 | ||
| Q3 24 | — | $-0.31 | ||
| Q2 24 | $0.00 | $1.07 | ||
| Q1 24 | — | $1.57 |
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 | $81.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | $-282.1M |
| Total Assets | $76.8B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $81.3M | ||
| Q3 25 | $1.3B | $48.6M | ||
| Q2 25 | $1.1B | $144.6M | ||
| Q1 25 | — | $96.5M | ||
| Q4 24 | — | $107.8M | ||
| Q3 24 | — | $52.3M | ||
| Q2 24 | $457.5M | $89.1M | ||
| Q1 24 | — | $40.0M |
| Q4 25 | — | $-282.1M | ||
| Q3 25 | $3.0B | $-294.2M | ||
| Q2 25 | $2.4B | $-281.4M | ||
| Q1 25 | — | $-283.4M | ||
| Q4 24 | — | $-273.1M | ||
| Q3 24 | — | $-277.5M | ||
| Q2 24 | $460.9M | $-266.3M | ||
| Q1 24 | — | $-294.0M |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $76.8B | $1.5B | ||
| Q2 25 | $64.2B | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.4B |
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 | $32.4M |
| Free Cash FlowOCF − Capex | $-14.7M | $31.6M |
| FCF MarginFCF / Revenue | -2.0% | 7.8% |
| Capex IntensityCapex / Revenue | 0.5% | 0.2% |
| Cash ConversionOCF / Net Profit | -0.05× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $32.4M | ||
| Q3 25 | $-10.7M | $-85.0M | ||
| Q2 25 | $303.7M | $49.7M | ||
| Q1 25 | — | $6.3M | ||
| Q4 24 | — | $61.8M | ||
| Q3 24 | — | $-26.2M | ||
| Q2 24 | — | $108.4M | ||
| Q1 24 | — | $4.0M |
| Q4 25 | — | $31.6M | ||
| Q3 25 | $-14.7M | $-85.3M | ||
| Q2 25 | $296.3M | $49.4M | ||
| Q1 25 | — | $3.9M | ||
| Q4 24 | — | $61.2M | ||
| Q3 24 | — | $-26.5M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $3.9M |
| Q4 25 | — | 7.8% | ||
| Q3 25 | -2.0% | -216.3% | ||
| Q2 25 | 45.0% | 24.2% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 17.1% | ||
| Q3 24 | — | -49.7% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | — | 0.2% | ||
| Q3 25 | 0.5% | 0.9% | ||
| Q2 25 | 1.1% | 0.2% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | — | 3.94× | ||
| Q3 25 | -0.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 4.25× | ||
| Q1 24 | — | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRCL
Segment breakdown not available.
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
