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Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and Perella Weinberg Partners (PWP). 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 $219.2M, roughly 3.4× Perella Weinberg Partners). Circle Internet Group, Inc. runs the higher net margin — 29.0% vs 6.3%, a 22.7% 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%). Perella Weinberg Partners produced more free cash flow last quarter ($30.5M 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.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
CRCL vs PWP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $739.8M | $219.2M |
| Net Profit | $214.4M | $13.8M |
| Gross Margin | — | — |
| Operating Margin | 11.0% | 8.5% |
| Net Margin | 29.0% | 6.3% |
| Revenue YoY | 5113.5% | -2.9% |
| Net Profit YoY | 202.0% | — |
| EPS (diluted) | $0.64 | $0.11 |
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 | — | $219.2M | ||
| Q3 25 | $739.8M | $164.6M | ||
| Q2 25 | $658.1M | $155.3M | ||
| Q1 25 | — | $211.8M | ||
| Q4 24 | — | $225.7M | ||
| Q3 24 | — | $278.2M | ||
| Q2 24 | $6.8M | $272.0M | ||
| Q1 24 | — | $102.1M |
| Q4 25 | — | $13.8M | ||
| Q3 25 | $214.4M | $6.0M | ||
| Q2 25 | $-482.1M | $2.7M | ||
| Q1 25 | — | $17.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $16.4M | ||
| Q2 24 | $32.9M | $-66.0M | ||
| Q1 24 | — | $-35.8M |
| Q4 25 | — | 8.5% | ||
| Q3 25 | 11.0% | 5.4% | ||
| Q2 25 | -49.5% | 5.8% | ||
| Q1 25 | — | 5.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.9% | ||
| Q2 24 | — | -30.2% | ||
| Q1 24 | — | -52.4% |
| Q4 25 | — | 6.3% | ||
| Q3 25 | 29.0% | 3.6% | ||
| Q2 25 | -73.3% | 1.8% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.9% | ||
| Q2 24 | 486.5% | -24.3% | ||
| Q1 24 | — | -35.1% |
| Q4 25 | — | $0.11 | ||
| Q3 25 | $0.64 | $0.08 | ||
| Q2 25 | $-4.48 | $0.04 | ||
| Q1 25 | — | $0.24 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0.24 | ||
| Q2 24 | $0.00 | $-1.21 | ||
| Q1 24 | — | $-0.91 |
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 | $255.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | $-127.4M |
| Total Assets | $76.8B | $797.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $255.9M | ||
| Q3 25 | $1.3B | $185.5M | ||
| Q2 25 | $1.1B | $145.0M | ||
| Q1 25 | — | $111.2M | ||
| Q4 24 | — | $407.4M | ||
| Q3 24 | — | $335.1M | ||
| Q2 24 | $457.5M | $185.3M | ||
| Q1 24 | — | $156.7M |
| Q4 25 | — | $-127.4M | ||
| Q3 25 | $3.0B | $-302.4M | ||
| Q2 25 | $2.4B | $-318.4M | ||
| Q1 25 | — | $-323.1M | ||
| Q4 24 | — | $-421.4M | ||
| Q3 24 | — | $-360.8M | ||
| Q2 24 | $460.9M | $-283.0M | ||
| Q1 24 | — | $161.9M |
| Q4 25 | — | $797.6M | ||
| Q3 25 | $76.8B | $650.2M | ||
| Q2 25 | $64.2B | $606.7M | ||
| Q1 25 | — | $570.5M | ||
| Q4 24 | — | $876.8M | ||
| Q3 24 | — | $810.9M | ||
| Q2 24 | — | $645.5M | ||
| Q1 24 | — | $583.6M |
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 | $34.8M |
| Free Cash FlowOCF − Capex | $-14.7M | $30.5M |
| FCF MarginFCF / Revenue | -2.0% | 13.9% |
| Capex IntensityCapex / Revenue | 0.5% | 2.0% |
| Cash ConversionOCF / Net Profit | -0.05× | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $34.8M | ||
| Q3 25 | $-10.7M | $59.2M | ||
| Q2 25 | $303.7M | $56.1M | ||
| Q1 25 | — | $-176.5M | ||
| Q4 24 | — | $223.4M | ||
| Q3 24 | — | $200.3M | ||
| Q2 24 | — | $90.0M | ||
| Q1 24 | — | $-206.3M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | $-14.7M | $57.6M | ||
| Q2 25 | $296.3M | $55.3M | ||
| Q1 25 | — | $-177.6M | ||
| Q4 24 | — | $207.0M | ||
| Q3 24 | — | $199.3M | ||
| Q2 24 | — | $83.7M | ||
| Q1 24 | — | $-214.8M |
| Q4 25 | — | 13.9% | ||
| Q3 25 | -2.0% | 35.0% | ||
| Q2 25 | 45.0% | 35.6% | ||
| Q1 25 | — | -83.8% | ||
| Q4 24 | — | 91.7% | ||
| Q3 24 | — | 71.6% | ||
| Q2 24 | — | 30.8% | ||
| Q1 24 | — | -210.3% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | 0.5% | 0.9% | ||
| Q2 25 | 1.1% | 0.5% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | 8.3% |
| Q4 25 | — | 2.52× | ||
| Q3 25 | -0.05× | 9.85× | ||
| Q2 25 | — | 20.50× | ||
| Q1 25 | — | -10.18× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.23× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
