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Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Toast, Inc. is the larger business by last-quarter revenue ($1.6B vs $739.8M, roughly 2.2× Circle Internet Group, Inc.). Circle Internet Group, Inc. runs the higher net margin — 29.0% vs 6.2%, a 22.8% gap on every dollar of revenue. On growth, Circle Internet Group, Inc. posted the faster year-over-year revenue change (5113.5% vs 22.0%). Toast, Inc. produced more free cash flow last quarter ($178.0M 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.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
CRCL vs TOST — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $739.8M | $1.6B |
| Net Profit | $214.4M | $101.0M |
| Gross Margin | — | 25.9% |
| Operating Margin | 11.0% | 5.2% |
| Net Margin | 29.0% | 6.2% |
| Revenue YoY | 5113.5% | 22.0% |
| Net Profit YoY | 202.0% | 215.6% |
| 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 | — | $1.6B | ||
| Q3 25 | $739.8M | $1.6B | ||
| Q2 25 | $658.1M | $1.6B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | $6.8M | $1.2B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | — | $101.0M | ||
| Q3 25 | $214.4M | $105.0M | ||
| Q2 25 | $-482.1M | $80.0M | ||
| Q1 25 | — | $56.0M | ||
| Q4 24 | — | $32.0M | ||
| Q3 24 | — | $56.0M | ||
| Q2 24 | $32.9M | $14.0M | ||
| Q1 24 | — | $-83.0M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
| Q4 25 | — | 5.2% | ||
| Q3 25 | 11.0% | 5.1% | ||
| Q2 25 | -49.5% | 5.2% | ||
| Q1 25 | — | 3.2% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | — | 2.6% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | — | -5.2% |
| Q4 25 | — | 6.2% | ||
| Q3 25 | 29.0% | 6.4% | ||
| Q2 25 | -73.3% | 5.2% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 4.3% | ||
| Q2 24 | 486.5% | 1.1% | ||
| Q1 24 | — | -7.7% |
| Q4 25 | — | $0.18 | ||
| Q3 25 | $0.64 | $0.16 | ||
| Q2 25 | $-4.48 | $0.13 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | — | $0.07 | ||
| Q2 24 | $0.00 | $0.02 | ||
| Q1 24 | — | $-0.15 |
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 | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | $2.1B |
| Total Assets | $76.8B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.4B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $903.0M | ||
| Q3 24 | — | $761.0M | ||
| Q2 24 | $457.5M | $691.0M | ||
| Q1 24 | — | $578.0M |
| Q4 25 | — | $2.1B | ||
| Q3 25 | $3.0B | $2.0B | ||
| Q2 25 | $2.4B | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | $460.9M | $1.3B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | — | $3.1B | ||
| Q3 25 | $76.8B | $3.0B | ||
| Q2 25 | $64.2B | $2.8B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
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 | $194.0M |
| Free Cash FlowOCF − Capex | $-14.7M | $178.0M |
| FCF MarginFCF / Revenue | -2.0% | 10.9% |
| Capex IntensityCapex / Revenue | 0.5% | 1.0% |
| Cash ConversionOCF / Net Profit | -0.05× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $194.0M | ||
| Q3 25 | $-10.7M | $165.0M | ||
| Q2 25 | $303.7M | $223.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | — | $147.0M | ||
| Q3 24 | — | $109.0M | ||
| Q2 24 | — | $124.0M | ||
| Q1 24 | — | $-20.0M |
| Q4 25 | — | $178.0M | ||
| Q3 25 | $-14.7M | $153.0M | ||
| Q2 25 | $296.3M | $208.0M | ||
| Q1 25 | — | $69.0M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | — | $97.0M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $-33.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | -2.0% | 9.4% | ||
| Q2 25 | 45.0% | 13.4% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | — | 8.7% | ||
| Q1 24 | — | -3.1% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | 0.5% | 0.7% | ||
| Q2 25 | 1.1% | 1.0% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.2% |
| Q4 25 | — | 1.92× | ||
| Q3 25 | -0.05× | 1.57× | ||
| Q2 25 | — | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | — | 4.59× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | — | 8.86× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRCL
Segment breakdown not available.
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
