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Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and Upstart Holdings, Inc. (UPST). 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 $296.1M, roughly 2.5× Upstart Holdings, Inc.). 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 35.2%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M 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.
Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
CRCL vs UPST — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $739.8M | $296.1M |
| Net Profit | $214.4M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | 11.0% | 6.4% |
| Net Margin | 29.0% | 6.3% |
| Revenue YoY | 5113.5% | 35.2% |
| Net Profit YoY | 202.0% | 776.4% |
| EPS (diluted) | $0.64 | $0.20 |
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 | — | $296.1M | ||
| Q3 25 | $739.8M | $277.1M | ||
| Q2 25 | $658.1M | $257.3M | ||
| Q1 25 | — | $213.4M | ||
| Q4 24 | — | $219.0M | ||
| Q3 24 | — | $162.1M | ||
| Q2 24 | $6.8M | $127.6M | ||
| Q1 24 | — | $127.8M |
| Q4 25 | — | $18.6M | ||
| Q3 25 | $214.4M | $31.8M | ||
| Q2 25 | $-482.1M | $5.6M | ||
| Q1 25 | — | $-2.4M | ||
| Q4 24 | — | $-2.8M | ||
| Q3 24 | — | $-6.8M | ||
| Q2 24 | $32.9M | $-54.5M | ||
| Q1 24 | — | $-64.6M |
| Q4 25 | — | 6.4% | ||
| Q3 25 | 11.0% | 8.5% | ||
| Q2 25 | -49.5% | 1.8% | ||
| Q1 25 | — | -2.1% | ||
| Q4 24 | — | -2.2% | ||
| Q3 24 | — | -27.8% | ||
| Q2 24 | — | -43.5% | ||
| Q1 24 | — | -52.8% |
| Q4 25 | — | 6.3% | ||
| Q3 25 | 29.0% | 11.5% | ||
| Q2 25 | -73.3% | 2.2% | ||
| Q1 25 | — | -1.1% | ||
| Q4 24 | — | -1.3% | ||
| Q3 24 | — | -4.2% | ||
| Q2 24 | 486.5% | -42.7% | ||
| Q1 24 | — | -50.5% |
| Q4 25 | — | $0.20 | ||
| Q3 25 | $0.64 | $0.23 | ||
| Q2 25 | $-4.48 | $0.05 | ||
| Q1 25 | — | $-0.03 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | — | $-0.07 | ||
| Q2 24 | $0.00 | $-0.62 | ||
| Q1 24 | — | $-0.74 |
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 | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | $798.8M |
| Total Assets | $76.8B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $652.4M | ||
| Q3 25 | $1.3B | $489.8M | ||
| Q2 25 | $1.1B | $395.9M | ||
| Q1 25 | — | $599.8M | ||
| Q4 24 | — | $788.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | $457.5M | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $798.8M | ||
| Q3 25 | $3.0B | $743.7M | ||
| Q2 25 | $2.4B | $722.0M | ||
| Q1 25 | — | $676.6M | ||
| Q4 24 | — | $633.2M | ||
| Q3 24 | — | $595.5M | ||
| Q2 24 | $460.9M | $594.7M | ||
| Q1 24 | — | $612.8M |
| Q4 25 | — | $3.0B | ||
| Q3 25 | $76.8B | $2.9B | ||
| Q2 25 | $64.2B | $2.5B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $1.9B |
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 | $108.6M |
| Free Cash FlowOCF − Capex | $-14.7M | $108.4M |
| FCF MarginFCF / Revenue | -2.0% | 36.6% |
| Capex IntensityCapex / Revenue | 0.5% | 0.1% |
| Cash ConversionOCF / Net Profit | -0.05× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $108.6M | ||
| Q3 25 | $-10.7M | $-122.6M | ||
| Q2 25 | $303.7M | $-120.2M | ||
| Q1 25 | — | $-13.5M | ||
| Q4 24 | — | $-110.9M | ||
| Q3 24 | — | $179.3M | ||
| Q2 24 | — | $65.3M | ||
| Q1 24 | — | $52.6M |
| Q4 25 | — | $108.4M | ||
| Q3 25 | $-14.7M | $-122.7M | ||
| Q2 25 | $296.3M | $-120.3M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $179.2M | ||
| Q2 24 | — | $65.3M | ||
| Q1 24 | — | $51.9M |
| Q4 25 | — | 36.6% | ||
| Q3 25 | -2.0% | -44.3% | ||
| Q2 25 | 45.0% | -46.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 110.5% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 40.6% |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 0.5% | 0.0% | ||
| Q2 25 | 1.1% | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | — | 5.82× | ||
| Q3 25 | -0.05× | -3.86× | ||
| Q2 25 | — | -21.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRCL
Segment breakdown not available.
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
