v3.26.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2025
USD ($)
Pay vs Performance Disclosure  
Pay vs Performance Disclosure, Table
Summary
Compensation
Table Total
for CEO
($)
Compensation
Actually Paid to
CEO
($)(1)(2)
Average
Summary
Compensation
Table Total for
Non-CEO NEOs
($)
Average
Compensation
Actually Paid to
Non-CEO NEOs
($)(1)(2)
Year-End Value of $100
Invested on June 5, 2025
Net
Income
(Loss)
($ in
Millions)
Company
Selected
Measure:
Adjusted
EBITDA
($ in
Millions)
Year
Total
Shareholder
Return
($)(3)
Peer Group
Total
Shareholder
Return
($)(4)
2025
16,260,836
54,952,569
11,451,492
45,273,868
95.28
98.24
(70)
582
Company Selected Measure Name Adjusted EBITDA
Peer Group Issuers, Footnote The Peer Group Total Shareholder Return (“TSR”) set forth in this table utilizes the custom peer group which we also utilize in the stock
performance graph required by Item 201(e) of Regulation S-K included in the Annual Report. The custom peer group includes COIN, PYPL, V, MA,
XYZ, HOOD, and BLSH.
PEO Total Compensation Amount $ 16,260,836
PEO Actually Paid Compensation Amount $ 54,952,569
Adjustment To PEO Compensation, Footnote Compensation Actually Paid to the CEO and the average CAP for the non-CEO NEOs in the table above reflects the following adjustments from the Summary
Compensation Table above. The amounts shown for CAP have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect
compensation actually earned, realized, or received by the CEO or non-CEO NEOs during 2025.
CEO
Dec 31 2025
($)
Average
Non-CEO NEOs
Dec 31, 2025
($)
Summary Compensation Table Total for CEO
16,260,836
11,451,492
Minus Grant Date Fair Value of Equity Awards in Summary Compensation Table
8,999,974
9,426,957
Plus Year End Fair Value of Equity Awards Granted During Year That are Outstanding and
Unvested at FYE
22,904,298
16,593,700
Adjust for Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards
12,917,073
11,745,459
Adjust for Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year
—
152,865
Adjust for Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that
Vested in the Year
11,870,336
14,757,310
Equals Compensation Actually Paid
54,952,569
45,273,868
Non-PEO NEO Average Total Compensation Amount $ 11,451,492
Non-PEO NEO Average Compensation Actually Paid Amount $ 45,273,868
Adjustment to Non-PEO NEO Compensation Footnote Compensation Actually Paid to the CEO and the average CAP for the non-CEO NEOs in the table above reflects the following adjustments from the Summary
Compensation Table above. The amounts shown for CAP have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect
compensation actually earned, realized, or received by the CEO or non-CEO NEOs during 2025.
CEO
Dec 31 2025
($)
Average
Non-CEO NEOs
Dec 31, 2025
($)
Summary Compensation Table Total for CEO
16,260,836
11,451,492
Minus Grant Date Fair Value of Equity Awards in Summary Compensation Table
8,999,974
9,426,957
Plus Year End Fair Value of Equity Awards Granted During Year That are Outstanding and
Unvested at FYE
22,904,298
16,593,700
Adjust for Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards
12,917,073
11,745,459
Adjust for Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year
—
152,865
Adjust for Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that
Vested in the Year
11,870,336
14,757,310
Equals Compensation Actually Paid
54,952,569
45,273,868
Compensation Actually Paid vs. Total Shareholder Return COMPENSATION ACTUALLY PAID VS. TOTAL SHAREHOLDER RETURN (DEC. 31, 2025)
03_CRCL_PXY_Pay vs TSR.jpg
  
02_CRCL_PXY_Box_Legend box Jelly.gif
CEO CAP
  
02_CRCL_PXY_Box_Legend box Licorice.gif
Avg NEO CAP
  
02_CRCL_PXY_Line_Legend Gumdrop 400.jpg
CRCL TSR
  
02_CRCL_PXY_Line_Legend.jpg
PEER TSR
Compensation Actually Paid vs. Net Income COMPENSATION ACTUALLY PAID VS. NET INCOME (LOSS) (DEC. 31, 2025)
03_CRCL_PXY_Pay vs Net Income.jpg
  
02_CRCL_PXY_Box_Legend box Jelly.gif
CEO CAP
  
02_CRCL_PXY_Box_Legend box Licorice.gif
Avg NEO CAP
  
02_CRCL_PXY_Box_Legend box Licorice 800.jpg
Net Income/Loss
Compensation Actually Paid vs. Company Selected Measure COMPENSATION ACTUALLY PAID VS. ADJUSTED EBITDA(1) (DEC. 31, 2025)
03_CRCL_PXY_Pay vs_EBITDA.jpg
  
02_CRCL_PXY_Box_Legend box Jelly.gif
CEO CAP
  
02_CRCL_PXY_Box_Legend box Licorice.gif
Avg NEO CAP
  
02_CRCL_PXY_Box_Legend box Licorice 800.jpg
Adj EBITDA
(1)See “Additional Information—Non-GAAP Financial Measures” for a reconciliation of Adjusted EBITDA to net income (loss) from
continuing operations.
Total Shareholder Return Vs Peer Group COMPENSATION ACTUALLY PAID VS. TOTAL SHAREHOLDER RETURN (DEC. 31, 2025)
03_CRCL_PXY_Pay vs TSR.jpg
  
02_CRCL_PXY_Box_Legend box Jelly.gif
CEO CAP
  
02_CRCL_PXY_Box_Legend box Licorice.gif
Avg NEO CAP
  
02_CRCL_PXY_Line_Legend Gumdrop 400.jpg
CRCL TSR
  
02_CRCL_PXY_Line_Legend.jpg
PEER TSR
Tabular List, Table
Adjusted EBITDA
Stock Price
Revenue
Total Shareholder Return Amount $ 95.28
Peer Group Total Shareholder Return Amount 98.24
Net Income (Loss) $ (70,000,000)
Company Selected Measure Amount 582,000,000
Additional 402(v) Disclosure Stock options are valued as of the applicable measurement date using a Black-Scholes model, with assumptions consistent with those used for
grant date fair value under ASC 718.
Total Shareholder Return reflects the cumulative total return of an initial $100 investment in our Class A common stock, measured from June 5,
2025 (the date our Class A common stock began trading on the NYSE). Historical stock price performance is not necessarily indicative of future
stock price performance. There were no dividends or other earnings paid in the covered fiscal year.
Measure:: 1  
Pay vs Performance Disclosure  
Name Adjusted EBITDA
Measure:: 2  
Pay vs Performance Disclosure  
Name Stock Price
Measure:: 3  
Pay vs Performance Disclosure  
Name Revenue
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table  
Pay vs Performance Disclosure  
Adjustment to Compensation, Amount $ (8,999,974)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested  
Pay vs Performance Disclosure  
Adjustment to Compensation, Amount 22,904,298
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested  
Pay vs Performance Disclosure  
Adjustment to Compensation, Amount 12,917,073
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year  
Pay vs Performance Disclosure  
Adjustment to Compensation, Amount 0
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year  
Pay vs Performance Disclosure  
Adjustment to Compensation, Amount 11,870,336
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table  
Pay vs Performance Disclosure  
Adjustment to Compensation, Amount (9,426,957)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested  
Pay vs Performance Disclosure  
Adjustment to Compensation, Amount 16,593,700
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested  
Pay vs Performance Disclosure  
Adjustment to Compensation, Amount 11,745,459
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year  
Pay vs Performance Disclosure  
Adjustment to Compensation, Amount 152,865
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year  
Pay vs Performance Disclosure  
Adjustment to Compensation, Amount $ 14,757,310