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Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and Block, Inc. (XYZ). Click either name above to swap in a different company.
Block, Inc. is the larger business by last-quarter revenue ($6.3B vs $739.8M, roughly 8.5× Circle Internet Group, Inc.). Circle Internet Group, Inc. runs the higher net margin — 29.0% vs 1.9%, a 27.1% gap on every dollar of revenue. On growth, Circle Internet Group, Inc. posted the faster year-over-year revenue change (5113.5% vs 3.6%). Block, Inc. produced more free cash flow last quarter ($579.8M 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.
Block, Inc. is an American technology company and a financial services provider for consumers and merchants. Founded in 2009 by Jack Dorsey, it is the U.S. market leader in point-of-sale systems. As of 2024, Block serves 57 million users and 4 million sellers, processing $241 billion in payments annually.
CRCL vs XYZ — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $739.8M | $6.3B |
| Net Profit | $214.4M | $115.8M |
| Gross Margin | — | 45.9% |
| Operating Margin | 11.0% | 7.8% |
| Net Margin | 29.0% | 1.9% |
| Revenue YoY | 5113.5% | 3.6% |
| Net Profit YoY | 202.0% | -94.1% |
| EPS (diluted) | $0.64 | $0.19 |
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 | — | $6.3B | ||
| Q3 25 | $739.8M | $6.1B | ||
| Q2 25 | $658.1M | $6.1B | ||
| Q1 25 | — | $5.8B | ||
| Q4 24 | — | $6.0B | ||
| Q3 24 | — | $6.0B | ||
| Q2 24 | $6.8M | $6.2B | ||
| Q1 24 | — | $6.0B |
| Q4 25 | — | $115.8M | ||
| Q3 25 | $214.4M | $461.5M | ||
| Q2 25 | $-482.1M | $538.5M | ||
| Q1 25 | — | $189.9M | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $283.8M | ||
| Q2 24 | $32.9M | $195.3M | ||
| Q1 24 | — | $472.0M |
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 43.5% | ||
| Q2 25 | — | 41.9% | ||
| Q1 25 | — | 39.7% | ||
| Q4 24 | — | 38.3% | ||
| Q3 24 | — | 37.6% | ||
| Q2 24 | — | 36.3% | ||
| Q1 24 | — | 35.2% |
| Q4 25 | — | 7.8% | ||
| Q3 25 | 11.0% | 6.7% | ||
| Q2 25 | -49.5% | 8.0% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | — | 5.0% | ||
| Q1 24 | — | 4.2% |
| Q4 25 | — | 1.9% | ||
| Q3 25 | 29.0% | 7.5% | ||
| Q2 25 | -73.3% | 8.9% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | 486.5% | 3.2% | ||
| Q1 24 | — | 7.9% |
| Q4 25 | — | $0.19 | ||
| Q3 25 | $0.64 | $0.74 | ||
| Q2 25 | $-4.48 | $0.87 | ||
| Q1 25 | — | $0.30 | ||
| Q4 24 | — | $3.06 | ||
| Q3 24 | — | $0.45 | ||
| Q2 24 | $0.00 | $0.31 | ||
| 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 | $6.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | $22.2B |
| Total Assets | $76.8B | $39.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $6.6B | ||
| Q3 25 | $1.3B | $8.3B | ||
| Q2 25 | $1.1B | $6.4B | ||
| Q1 25 | — | $7.1B | ||
| Q4 24 | — | $8.1B | ||
| Q3 24 | — | $8.3B | ||
| Q2 24 | $457.5M | $7.8B | ||
| Q1 24 | — | $5.8B |
| Q4 25 | — | — | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | — | $5.1B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $6.1B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | — | $22.2B | ||
| Q3 25 | $3.0B | $22.5B | ||
| Q2 25 | $2.4B | $22.2B | ||
| Q1 25 | — | $21.5B | ||
| Q4 24 | — | $21.3B | ||
| Q3 24 | — | $19.9B | ||
| Q2 24 | $460.9M | $19.3B | ||
| Q1 24 | — | $19.0B |
| Q4 25 | — | $39.5B | ||
| Q3 25 | $76.8B | $39.2B | ||
| Q2 25 | $64.2B | $36.9B | ||
| Q1 25 | — | $36.4B | ||
| Q4 24 | — | $36.8B | ||
| Q3 24 | — | $36.4B | ||
| Q2 24 | — | $37.5B | ||
| Q1 24 | — | $35.6B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.31× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.22× |
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 | $621.0M |
| Free Cash FlowOCF − Capex | $-14.7M | $579.8M |
| FCF MarginFCF / Revenue | -2.0% | 9.3% |
| Capex IntensityCapex / Revenue | 0.5% | 0.7% |
| Cash ConversionOCF / Net Profit | -0.05× | 5.36× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $621.0M | ||
| Q3 25 | $-10.7M | $1.5B | ||
| Q2 25 | $303.7M | $374.3M | ||
| Q1 25 | — | $133.3M | ||
| Q4 24 | — | $13.8M | ||
| Q3 24 | — | $684.8M | ||
| Q2 24 | — | $519.4M | ||
| Q1 24 | — | $489.4M |
| Q4 25 | — | $579.8M | ||
| Q3 25 | $-14.7M | $1.4B | ||
| Q2 25 | $296.3M | $343.0M | ||
| Q1 25 | — | $101.5M | ||
| Q4 24 | — | $-13.2M | ||
| Q3 24 | — | $628.2M | ||
| Q2 24 | — | $481.0M | ||
| Q1 24 | — | $457.4M |
| Q4 25 | — | 9.3% | ||
| Q3 25 | -2.0% | 22.9% | ||
| Q2 25 | 45.0% | 5.7% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | -0.2% | ||
| Q3 24 | — | 10.5% | ||
| Q2 24 | — | 7.8% | ||
| Q1 24 | — | 7.7% |
| Q4 25 | — | 0.7% | ||
| Q3 25 | 0.5% | 0.8% | ||
| Q2 25 | 1.1% | 0.5% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | 0.5% |
| Q4 25 | — | 5.36× | ||
| Q3 25 | -0.05× | 3.14× | ||
| Q2 25 | — | 0.70× | ||
| Q1 25 | — | 0.70× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | 2.41× | ||
| Q2 24 | — | 2.66× | ||
| Q1 24 | — | 1.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRCL
Segment breakdown not available.
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
