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Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and Virtu Financial, Inc. (VIRT). Click either name above to swap in a different company.
Virtu Financial, Inc. is the larger business by last-quarter revenue ($969.9M vs $739.8M, roughly 1.3× Circle Internet Group, Inc.). Circle Internet Group, Inc. runs the higher net margin — 29.0% vs 14.4%, a 14.6% gap on every dollar of revenue. On growth, Circle Internet Group, Inc. posted the faster year-over-year revenue change (5113.5% vs 16.3%). Virtu Financial, Inc. produced more free cash flow last quarter ($495.6M 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.
Virtu Financial, Inc. is an American high-frequency trading company. The company went public on the Nasdaq in 2015.
CRCL vs VIRT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $739.8M | $969.9M |
| Net Profit | $214.4M | $139.9M |
| Gross Margin | — | — |
| Operating Margin | 11.0% | 35.4% |
| Net Margin | 29.0% | 14.4% |
| Revenue YoY | 5113.5% | 16.3% |
| Net Profit YoY | 202.0% | 48.7% |
| EPS (diluted) | $0.64 | $1.54 |
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 | — | $969.9M | ||
| Q3 25 | $739.8M | $824.8M | ||
| Q2 25 | $658.1M | $999.6M | ||
| Q1 25 | — | $837.9M | ||
| Q4 24 | — | $834.3M | ||
| Q3 24 | — | $706.8M | ||
| Q2 24 | $6.8M | $693.0M | ||
| Q1 24 | — | $642.8M |
| Q4 25 | — | $139.9M | ||
| Q3 25 | $214.4M | $77.6M | ||
| Q2 25 | $-482.1M | $151.2M | ||
| Q1 25 | — | $99.7M | ||
| Q4 24 | — | $94.1M | ||
| Q3 24 | — | $60.0M | ||
| Q2 24 | $32.9M | $66.6M | ||
| Q1 24 | — | $55.8M |
| Q4 25 | — | 35.4% | ||
| Q3 25 | 11.0% | 21.8% | ||
| Q2 25 | -49.5% | 34.7% | ||
| Q1 25 | — | 26.7% | ||
| Q4 24 | — | 24.3% | ||
| Q3 24 | — | 20.8% | ||
| Q2 24 | — | 22.4% | ||
| Q1 24 | — | 21.8% |
| Q4 25 | — | 14.4% | ||
| Q3 25 | 29.0% | 9.4% | ||
| Q2 25 | -73.3% | 15.1% | ||
| Q1 25 | — | 11.9% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | — | 8.5% | ||
| Q2 24 | 486.5% | 9.6% | ||
| Q1 24 | — | 8.7% |
| Q4 25 | — | $1.54 | ||
| Q3 25 | $0.64 | $0.86 | ||
| Q2 25 | $-4.48 | $1.65 | ||
| Q1 25 | — | $1.08 | ||
| Q4 24 | — | $1.03 | ||
| Q3 24 | — | $0.64 | ||
| Q2 24 | $0.00 | $0.71 | ||
| Q1 24 | — | $0.59 |
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 | $1.1B |
| Total DebtLower is stronger | — | $2.0B |
| Stockholders' EquityBook value | $3.0B | $1.6B |
| Total Assets | $76.8B | $20.2B |
| Debt / EquityLower = less leverage | — | 1.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.1B | ||
| Q3 25 | $1.3B | $707.9M | ||
| Q2 25 | $1.1B | $752.1M | ||
| Q1 25 | — | $723.6M | ||
| Q4 24 | — | $872.5M | ||
| Q3 24 | — | $701.4M | ||
| Q2 24 | $457.5M | $684.8M | ||
| Q1 24 | — | $399.6M |
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.7B |
| Q4 25 | — | $1.6B | ||
| Q3 25 | $3.0B | $1.5B | ||
| Q2 25 | $2.4B | $1.4B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | $460.9M | $1.2B | ||
| Q1 24 | — | $1.2B |
| Q4 25 | — | $20.2B | ||
| Q3 25 | $76.8B | $21.3B | ||
| Q2 25 | $64.2B | $19.3B | ||
| Q1 25 | — | $17.5B | ||
| Q4 24 | — | $15.4B | ||
| Q3 24 | — | $14.4B | ||
| Q2 24 | — | $13.9B | ||
| Q1 24 | — | $12.8B |
| Q4 25 | — | 1.29× | ||
| Q3 25 | — | 1.40× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.33× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.41× | ||
| Q1 24 | — | 1.42× |
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 | $518.4M |
| Free Cash FlowOCF − Capex | $-14.7M | $495.6M |
| FCF MarginFCF / Revenue | -2.0% | 51.1% |
| Capex IntensityCapex / Revenue | 0.5% | 2.4% |
| Cash ConversionOCF / Net Profit | -0.05× | 3.71× |
| TTM Free Cash FlowTrailing 4 quarters | — | $485.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $518.4M | ||
| Q3 25 | $-10.7M | $-68.7M | ||
| Q2 25 | $303.7M | $62.8M | ||
| Q1 25 | — | $15.0M | ||
| Q4 24 | — | $599.0M | ||
| Q3 24 | — | $112.1M | ||
| Q2 24 | — | $490.8M | ||
| Q1 24 | — | $-395.4M |
| Q4 25 | — | $495.6M | ||
| Q3 25 | $-14.7M | $-76.7M | ||
| Q2 25 | $296.3M | $57.6M | ||
| Q1 25 | — | $9.2M | ||
| Q4 24 | — | $586.6M | ||
| Q3 24 | — | $106.2M | ||
| Q2 24 | — | $486.9M | ||
| Q1 24 | — | $-398.2M |
| Q4 25 | — | 51.1% | ||
| Q3 25 | -2.0% | -9.3% | ||
| Q2 25 | 45.0% | 5.8% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 15.0% | ||
| Q2 24 | — | 70.3% | ||
| Q1 24 | — | -61.9% |
| Q4 25 | — | 2.4% | ||
| Q3 25 | 0.5% | 1.0% | ||
| Q2 25 | 1.1% | 0.5% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 1.5% | ||
| Q3 24 | — | 0.8% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.4% |
| Q4 25 | — | 3.71× | ||
| Q3 25 | -0.05× | -0.89× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 6.37× | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 7.37× | ||
| Q1 24 | — | -7.08× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
