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Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
Riot Platforms, Inc. is the larger business by last-quarter revenue ($152.8M vs $28.5M, roughly 5.4× Circle Internet Group, Inc.). Circle Internet Group, Inc. runs the higher net margin — 751.8% vs -452.0%, a 1203.7% gap on every dollar of revenue. On growth, Circle Internet Group, Inc. posted the faster year-over-year revenue change (5113.5% vs 7.2%). Circle Internet Group, Inc. produced more free cash flow last quarter ($-14.7M vs $-188.0M).
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.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
CRCL vs RIOT — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $28.5M | $152.8M |
| Net Profit | $214.4M | $-690.7M |
| Gross Margin | — | — |
| Operating Margin | — | -447.9% |
| Net Margin | 751.8% | -452.0% |
| Revenue YoY | 5113.5% | 7.2% |
| Net Profit YoY | 202.0% | -606.3% |
| EPS (diluted) | $0.64 | $-1.89 |
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 | — | $152.8M | ||
| Q3 25 | $28.5M | $180.2M | ||
| Q2 25 | $23.8M | $153.0M | ||
| Q1 25 | — | $161.4M | ||
| Q4 24 | — | $142.6M | ||
| Q3 24 | $547.0K | $84.8M | ||
| Q2 24 | $6.8M | $70.0M | ||
| Q1 24 | — | $79.3M |
| Q4 25 | — | $-690.7M | ||
| Q3 25 | $214.4M | $104.5M | ||
| Q2 25 | $-482.1M | $219.5M | ||
| Q1 25 | — | $-296.4M | ||
| Q4 24 | — | $136.4M | ||
| Q3 24 | $71.0M | $-154.4M | ||
| Q2 24 | $32.9M | $-84.4M | ||
| Q1 24 | — | $211.8M |
| Q4 25 | — | -447.9% | ||
| Q3 25 | — | 44.4% | ||
| Q2 25 | -1367.8% | — | ||
| Q1 25 | — | -144.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -143.3% | ||
| Q2 24 | — | -167.2% | ||
| Q1 24 | — | — |
| Q4 25 | — | -452.0% | ||
| Q3 25 | 751.8% | 58.0% | ||
| Q2 25 | -2025.3% | 143.4% | ||
| Q1 25 | — | -183.6% | ||
| Q4 24 | — | 95.7% | ||
| Q3 24 | 12979.2% | -182.1% | ||
| Q2 24 | 486.5% | -120.6% | ||
| Q1 24 | — | 267.1% |
| Q4 25 | — | $-1.89 | ||
| Q3 25 | $0.64 | $0.26 | ||
| Q2 25 | $-4.48 | $0.58 | ||
| Q1 25 | — | $-0.90 | ||
| Q4 24 | — | $0.39 | ||
| Q3 24 | $0.00 | $-0.54 | ||
| Q2 24 | $0.00 | $-0.32 | ||
| Q1 24 | — | $0.81 |
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 | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $3.0B | $2.9B |
| Total Assets | $76.8B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $233.5M | ||
| Q3 25 | $1.3B | $330.7M | ||
| Q2 25 | $1.1B | $255.4M | ||
| Q1 25 | — | $163.7M | ||
| Q4 24 | — | $277.9M | ||
| Q3 24 | $577.3M | $355.7M | ||
| Q2 24 | $457.5M | $481.2M | ||
| Q1 24 | — | $688.5M |
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $5.3M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $2.9B | ||
| Q3 25 | $3.0B | $3.5B | ||
| Q2 25 | $2.4B | $3.3B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | $557.7M | $2.7B | ||
| Q2 24 | $460.9M | $2.6B | ||
| Q1 24 | — | $2.5B |
| Q4 25 | — | $3.9B | ||
| Q3 25 | $76.8B | $4.5B | ||
| Q2 25 | $64.2B | $4.3B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $2.9B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 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 | $-105.5M |
| Free Cash FlowOCF − Capex | $-14.7M | $-188.0M |
| FCF MarginFCF / Revenue | -51.7% | -123.0% |
| Capex IntensityCapex / Revenue | 14.2% | 54.0% |
| Cash ConversionOCF / Net Profit | -0.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-774.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-105.5M | ||
| Q3 25 | $-10.7M | $-114.0M | ||
| Q2 25 | — | $-231.3M | ||
| Q1 25 | — | $-122.1M | ||
| Q4 24 | — | $-98.4M | ||
| Q3 24 | — | $-56.3M | ||
| Q2 24 | — | $-42.5M | ||
| Q1 24 | — | $-57.9M |
| Q4 25 | — | $-188.0M | ||
| Q3 25 | $-14.7M | $-139.7M | ||
| Q2 25 | — | $-291.7M | ||
| Q1 25 | — | $-154.9M | ||
| Q4 24 | — | $-156.6M | ||
| Q3 24 | — | $-127.6M | ||
| Q2 24 | — | $-96.1M | ||
| Q1 24 | — | $-115.2M |
| Q4 25 | — | -123.0% | ||
| Q3 25 | -51.7% | -77.5% | ||
| Q2 25 | — | -190.7% | ||
| Q1 25 | — | -96.0% | ||
| Q4 24 | — | -109.8% | ||
| Q3 24 | — | -150.5% | ||
| Q2 24 | — | -137.2% | ||
| Q1 24 | — | -145.2% |
| Q4 25 | — | 54.0% | ||
| Q3 25 | 14.2% | 14.3% | ||
| Q2 25 | — | 39.5% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | 40.8% | ||
| Q3 24 | — | 84.1% | ||
| Q2 24 | — | 76.5% | ||
| Q1 24 | — | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | -0.05× | -1.09× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.72× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRCL
| Subscription And Services Revenue | $23.6M | 83% |
| Transaction Services | $4.7M | 16% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
