vs
Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and Qnity Electronics, Inc. (Q). Click either name above to swap in a different company.
Qnity Electronics, Inc. is the larger business by last-quarter revenue ($1.3B vs $739.8M, roughly 1.8× Circle Internet Group, Inc.). Circle Internet Group, Inc. runs the higher net margin — 29.0% vs 12.3%, a 16.7% gap on every dollar of revenue. On growth, Circle Internet Group, Inc. posted the faster year-over-year revenue change (5113.5% vs 10.5%).
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.
CRCL vs Q — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $739.8M | $1.3B |
| Net Profit | $214.4M | $162.0M |
| Gross Margin | — | 47.0% |
| Operating Margin | 11.0% | — |
| Net Margin | 29.0% | 12.3% |
| Revenue YoY | 5113.5% | 10.5% |
| Net Profit YoY | 202.0% | 48.6% |
| EPS (diluted) | $0.64 | $0.72 |
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.
| Q1 26 | — | $1.3B | ||
| Q3 25 | $739.8M | $1.3B | ||
| Q2 25 | $658.1M | — | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $6.8M | — |
| Q1 26 | — | $162.0M | ||
| Q3 25 | $214.4M | $211.0M | ||
| Q2 25 | $-482.1M | — | ||
| Q3 24 | — | $199.0M | ||
| Q2 24 | $32.9M | — |
| Q1 26 | — | 47.0% | ||
| Q3 25 | — | 45.1% | ||
| Q2 25 | — | — | ||
| Q3 24 | — | 47.0% | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q3 25 | 11.0% | 21.3% | ||
| Q2 25 | -49.5% | — | ||
| Q3 24 | — | 21.8% | ||
| Q2 24 | — | — |
| Q1 26 | — | 12.3% | ||
| Q3 25 | 29.0% | 16.5% | ||
| Q2 25 | -73.3% | — | ||
| Q3 24 | — | 17.3% | ||
| Q2 24 | 486.5% | — |
| Q1 26 | — | $0.72 | ||
| Q3 25 | $0.64 | $1.01 | ||
| Q2 25 | $-4.48 | — | ||
| Q3 24 | — | $0.95 | ||
| Q2 24 | $0.00 | — |
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 | $857.0M |
| Total DebtLower is stronger | — | $4.0B |
| Stockholders' EquityBook value | $3.0B | $7.5B |
| Total Assets | $76.8B | $14.1B |
| Debt / EquityLower = less leverage | — | 0.54× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $857.0M | ||
| Q3 25 | $1.3B | $128.0M | ||
| Q2 25 | $1.1B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $457.5M | — |
| Q1 26 | — | $4.0B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $7.5B | ||
| Q3 25 | $3.0B | $9.1B | ||
| Q2 25 | $2.4B | — | ||
| Q3 24 | — | $11.1B | ||
| Q2 24 | $460.9M | — |
| Q1 26 | — | $14.1B | ||
| Q3 25 | $76.8B | $12.5B | ||
| Q2 25 | $64.2B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 0.54× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| Free Cash FlowOCF − Capex | $-14.7M | — |
| FCF MarginFCF / Revenue | -2.0% | — |
| Capex IntensityCapex / Revenue | 0.5% | 9.3% |
| Cash ConversionOCF / Net Profit | -0.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q3 25 | $-10.7M | $782.0M | ||
| Q2 25 | $303.7M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q3 25 | $-14.7M | $568.0M | ||
| Q2 25 | $296.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q3 25 | -2.0% | 44.5% | ||
| Q2 25 | 45.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 9.3% | ||
| Q3 25 | 0.5% | 16.8% | ||
| Q2 25 | 1.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q3 25 | -0.05× | 3.71× | ||
| Q2 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
