Circle Internet Group, Inc 10-Q for FY2026 Q3

Circle Internet Group, Inc. (CRCL)

10-Q 2026-11-04 For: 2026-09-30

Added on November 04, 2026

About this 10-Q

Circle Internet Group, Inc filed this 10-Q on November 4, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Circle Internet Group reported revenue and reserve income of $865 million, up 17%, and Adjusted EBITDA of $317 million, up 90%, while average USDC in circulation rose 8% to $73.3 billion. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $864.89M; up 16.9% from $739.76M a year earlier
Net income: $226.02M; up 5.4% from net income of $214.39M a year earlier
Diluted EPS: $0.84; up 31.3% from $0.64 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐


		Page

	PART I
Item 1.	Unaudited Condensed Consolidated Financial Statements	5
	Condensed Consolidated Balance Sheets	6
	Condensed Consolidated Statements Of Operations	8
	Condensed Consolidated Statements Of Comprehensive Income (Loss)	9
	Condensed Consolidated Statements Of Changes In Redeemable Convertible Preferred Stock And Stockholders' Equity	10
	Condensed Consolidated Statements Of Cash Flows	12
	Notes To Condensed Consolidated Financial Statements	14
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	41
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63
Item 4.	Controls and Procedures	64
	PART II
Item 1.	Legal Proceedings	65
Item 1A.	Risk Factors	65
Item 2.	Unregistered Sales Of Equity Securities And Use Of Proceeds	65
Item 3.	Defaults Upon Senior Securities	65
Item 4.	Mine Safety Disclosures	65
Item 5.	Other Information	66
Item 6.	Exhibits	68
	Signatures	69


Index to Unaudited Condensed Consolidated Financial Statements			Page

Condensed C onsolidated Balance Sheets			6
Condensed C onsolidated Statements Of Operations			8
Condensed Consolidated Statements Of Comprehensive Income (Loss)			9
Condensed C onsolidated Statements Of Changes In Redeemable Convertible Preferred Stock And Stockholder s' Equity			10
Condensed C onsolidated Statements O f Cash Flows			12
N otes to Condensed Consolidated Finan cial S t atements			14


(in thousands, except share information)	September 30, 2026		December 31, 2025
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,699,951	$	1,526,046
Cash and cash equivalents segregated for corporate-held stablecoins	1,016,461		822,963
Cash and cash equivalents segregated for the benefit of stablecoin holders	73,574,857		75,067,932

Accounts receivable, net	67,972		62,866
Stablecoins receivable, net	5,540		—
Prepaid expenses and other current assets	334,448		321,660
Total current assets	76,699,229		77,801,467
Non-current assets:
Restricted cash	2,814		2,792
Investments	124,356		84,265
Fixed assets, net	21,150		22,791
Digital assets	130,014		86,515
Goodwill	265,742		265,742
Intangible assets, net	446,352		411,146
Deferred tax assets, net	9,079		11,110
Other non-current assets	27,203		27,379
Total assets	$	77,725,939	$	78,713,207
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Deposits from stablecoin holders	$	73,451,092	$	74,912,567
Accounts payable and accrued expenses	290,764		360,609
Convertible debt, net of debt discount	—		36,821
Other current liabilities	73,479		18,398
Total current liabilities	73,815,335		75,328,395
Non-current liabilities:

Deferred tax liabilities, net	27,228		28,702

Other non-current liabilities	19,488		25,337

Total liabilities	$	73,862,051	$	75,382,434


(in thousands, except share information)	September 30, 2026		December 31, 2025
	(unaudited)
Commitments and contingencies (see Note 22)
Stockholders’ equity
Class A common stock ($0.0001 par value; 2.5 billion authorized as of September 30, 2026 and December 31, 2025; 237.1 million and 223.6 million issued and outstanding as of September 30, 2026 and December 31, 2025, respectively)	25		24
Class B common stock ($0.0001 par value; 500.0 million authorized as of September 30, 2026 and December 31, 2025; 19.1 million and 18.7 million issued and outstanding as of September 30, 2026 and December 31, 2025, respectively)	2		2
Class C common stock ($0.0001 par value; 500.0 million authorized as of September 30, 2026 and December 31, 2025; nil issued and outstanding as of September 30, 2026 and December 31, 2025)	—		—
Treasury stock at cost (4.5 million and 4.7 million shares held as of September 30, 2026 and December 31, 2025, respectively)	(2,607)		(2,721)
Additional paid-in capital	4,823,113		4,610,216
Accumulated deficit	(963,211)		(1,292,709)
Accumulated other comprehensive income	5,138		14,515
Total stockholders' equity attributable to common stockholders	3,862,460		3,329,327
Noncontrolling interests	1,428		1,446
Total stockholders’ equity	3,863,888		3,330,773
Total liabilities and stockholders’ equity	$	77,725,939	$	78,713,207


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


(in thousands, except per share information)	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue and reserve income
Reserve income	$	657,624	$	711,241	$	1,977,865	$	1,903,426
Other revenue	207,264		28,518		282,471		72,984
Total revenue and reserve income	864,888		739,759		2,260,336		1,976,410
Distribution, transaction and other costs
Distribution and transaction costs	409,169		447,199		1,224,985		1,200,983
Other costs	2,465		413		5,900		1,218
Total distribution, transaction and other costs	411,634		447,612		1,230,885		1,202,201
Operating expenses
Compensation expenses	124,130		129,295		396,256		708,307
General and administrative expenses	59,542		45,477		183,076		119,301
Depreciation and amortization expenses	34,169		23,002		90,832		51,091
IT infrastructure costs	17,919		9,401		47,000		25,833
Marketing expenses	11,318		5,623		26,592		17,393
Digital assets losses (gains)	(2,158)		(1,671)		(2,000)		3,906
Total operating expenses	244,920		211,127		741,756		925,831
Operating income (loss) from continuing operations	208,334		81,020		287,695		(151,622)
Other income (expense), net	19,915		72,071		49,545		(91,453)
Net income (loss) from continuing operations before income taxes	228,249		153,091		337,240		(243,075)
Income tax expense (benefit)	2,237		(61,294)		7,768		(40,151)
Net income (loss) from continuing operations	226,012		214,385		329,472		(202,924)


Less: Net loss attributable to noncontrolling interests	(12)		—		(26)		—
Net income (loss) attributable to common stockholders	$	226,024	$	214,385	$	329,498	$	(202,924)

Earnings (loss) per share attributable to common stockholders:



Basic	$	0.89	$	0.93	$	1.33	$	(1.53)




Diluted	$	0.84	$	0.64	$	1.23	$	(1.53)

Weighted-average common shares used in computing earnings (loss) per share attributable to common stockholders:
Basic	253,070		229,895		248,463		132,422

Diluted	267,776		266,682		268,155		132,422


(in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net income (loss) attributable to common stockholders	$	226,024	$	214,385	$	329,498	$	(202,924)
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax	(1,264)		(642)		(9,381)		11,151

Unrealized gain (loss) on convertible notes – credit risk, net of tax	—		15		—		(56)
Total other comprehensive income (loss), net of tax	(1,264)		(627)		(9,381)		11,095
Less: other comprehensive income (loss) attributable to noncontrolling interests	47		—		(4)		—
Total other comprehensive income (loss) attributable to common stockholders	(1,311)		(627)		(9,377)		11,095
Comprehensive income (loss) attributable to common stockholders	$	224,713	$	213,758	$	320,121	$	(191,829)


	Temporary Equity			Permanent Equity
(in thousands)	Redeemable convertible preferred stock			Class A common stock			Class B common stock			Treasury stock			Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive income		Noncontrolling Interests		Total Stockholders' Equity
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Balance at December 31, 2025	—	$	—	228,286	$	24	18,665	$	2	4,692	$	(2,721)	$	4,610,216	$	(1,292,709)	$	14,515	$	1,446	$	3,330,773
Issuance of common stock upon exercise of stock options	—	—		2,483	1		60	—		—	—		14,411		—		—		—		14,412
Issuance of common stock upon settlement of restricted stock units, net of shares withheld	—	—		1,688	—		60	—		—	—		(80,453)		—		—		—		(80,453)
Issuance of common stock upon exercise of warrants, net of provision for warrants in common stock	—	—		525	—		—	—		—	—		4,659		—		—		—		4,659
Re-issuance of treasury stock to Circle Foundation	—	—		—	—		—	—		(67)	38		7,699		—		—		—		7,737
Conversion of Class B common stock to Class A common stock	—	—		70	—		(70)	—		—	—		—		—		—		—		—
Conversion of convertible debt, net	—	—		465	—		—	—		—	—		39,382		—		—		—		39,382
Vesting of restricted stock units, and common stock in connection with business combinations	—	—		37	—		—	—		—	—		—		—		—		—		—
Stock-based compensation	—	—		—	—		—	—		—	—		61,279		—		—		—		61,279
Other comprehensive income (loss), net of tax	—	—		—	—		—	—		—	—		—		—		(6,148)		(24)		(6,172)
Capital contribution from noncontrolling interest	—	—		—	—		—	—		—	—		(12)		—		—		12		—
Other	—	—		—	—		—	—		—	—		1,768		—		—		—		1,768
Net income (loss)	—	—		—	—		—	—		—	—		—		55,253		—		(7)		55,246
Balance at March 31, 2026	—	$	—	233,554	$	25	18,715	$	2	4,625	$	(2,683)	$	4,658,949	$	(1,237,456)	$	8,367	$	1,427	$	3,428,631
Issuance of common stock upon exercise of stock options	—	—		1,737	—		1,969	—		—	—		27,216		—		—		—		27,216
Issuance of common stock upon settlement of restricted stock units, net of shares withheld	—	—		1,092	—		20	—		—	—		(69,392)		—		—		—		(69,392)
Issuance of common stock upon exercise of warrants, net of provision for warrants in common stock	—	—		195	—		—	—		—	—		4,502		—		—		—		4,502
Re-issuance of treasury stock to Circle Foundation	—	—		—	—		—	—		(67)	38		5,373		—		—		—		5,411
Conversion of Class B common stock to Class A common stock	—	—		1,470	—		(1,470)	—		—	—		—		—		—		—		—
Vesting of restricted stock units, and common stock in connection with business combinations	—	—		16	—		—	—		—	—		—		—		—		—		—
Stock-based compensation	—	—		—	—		—	—		—	—		67,367		—		—		—		67,367
Other comprehensive income (loss), net of tax	—	—		—	—		—	—		—	—		—		—		(1,918)		(27)		(1,945)

Other	—	—		—	—		—	—		—	—		(29)		—		—		—		(29)
Net income (loss)	—	—		—	—		—	—		—	—		—		48,221		—		(7)		48,214
Balance at June 30, 2026	—	$	—	238,064	$	25	19,234	$	2	4,558	$	(2,645)	$	4,693,986	$	(1,189,235)	$	6,449	$	1,393	$	3,509,975
Issuance of common stock upon exercise of stock options	—	—		313	—		—	—		—	—		4,089		—		—		—		4,089
Issuance of common stock upon settlement of restricted stock units, net of shares withheld	—	—		925	—		20	—		—	—		(48,348)		—		—		—		(48,348)
Issuance of common stock in connection with business combinations	—	—		546	—		—	—		—	—		4,200		—		—		—		4,200
Issuance of common stock in connection with private placement	—	—		1,237	—		—	—		—	—		100,000		—		—		—		100,000
Issuance of common stock under Employee Stock Purchase Plan, net of shares withheld	—	—		74	—		—	—		—	—		6,399		—		—		—		6,399
Provision for warrants in common stock	—	—		—	—		—	—		—	—		4,503		—		—		—		4,503
Re-issuance of treasury stock to Circle Foundation	—	—		—	—		—	—		(67)	38		4,591		—		—		—		4,629
Conversion of Class B common stock to Class A common stock	—	—		150	—		(150)	—		—	—		—		—		—		—		—
Vesting of restricted stock units, and common stock in connection with business combinations	—	—		278	—		—	—		—	—		—		—		—		—		—
Stock-based compensation	—	—		—	—		—	—		—	—		53,701		—		—		—		53,701
Other comprehensive income (loss), net of tax	—	—		—	—		—	—		—	—		—		—		(1,311)		47		(1,264)

Other	—	—		—	—		—	—		—	—		(8)		—		—		—		(8)
Net income (loss)	—	—		—	—		—	—		—	—		—		226,024		—		(12)		226,012
Balance at September 30, 2026	—	—		241,587	$	25	19,104	$	2	4,491	$	(2,607)	$	4,823,113	$	(963,211)	$	5,138	$	1,428	$	3,863,888


Cash and cash equivalents	$	2,412
Accounts receivable, net	193
Prepaid expenses and other current assets	109
Fixed assets, net	8
Digital assets	104
Goodwill	96,198
Intangible assets, net	4,480
Accounts payable and accrued expenses	(655)
Other current liabilities	(2,383)
Deferred tax liabilities, net	(401)
Total purchase consideration	$	100,065


Table 4.1. Lease Cost
	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Operating lease cost	$	1,759	$	850	$	3,432	$	2,522
Short-term lease cost	$	673	$	168	$	1,010	$	500


Table 4.2. Details of Lease Right-of-use Assets and Liabilities
	September 30, 2026		December 31, 2025
Operating lease right-of-use assets	$	16,444	$	14,127

Operating lease liabilities - current	$	4,835	$	2,686
Operating lease liabilities - non-current	12,383		11,978
Total operating lease liabilities	$	17,218	$	14,664


Table 4.3. Weighted-average Lease Terms and Discount Rates
	September 30, 2026		December 31, 2025
Weighted-average remaining lease term	5.7 years		7.4 years
Weighted-average discount rates	12.2	%	13.4	%


Table 4.4. Maturities of Lease Liabilities
	Years ending December 31,
2026 (remaining 3 months)	$	1,388
2027	5,400
2028	3,610
2029	3,058
2030	3,119
Thereafter	8,825
Total lease payments	25,400
Less: imputed interest	8,182

Total lease liabilities	$	17,218


Table 5.1. Acquired Intangible Assets Useful Life
	Useful life (years) at acquisition
Developed technology	2	~	6
Customer relationships	2
Regulatory licenses	5
Patents and trade name	2	~	17


Table 5.2. Details of Intangible Assets, net
As of September 30, 2026	Gross carrying amount		Accumulated amortization		Intangible assets, net		Weighted average remaining useful life (in years)
Amortizing intangible assets
Internally developed software	$	372,066	$	(239,080)	$	132,986	1.4
Acquired intangible assets	68,309		(21,773)		46,536		6.8
Total amortizing intangible assets	$	440,375	$	(260,853)	$	179,522
Indefinite-lived intangible assets
Acquired intangible assets	266,830		—		266,830
Total intangible assets, net	$	707,205	$	(260,853)	$	446,352


As of December 31, 2025	Gross carrying amount		Accumulated amortization		Intangible assets, net		Weighted average remaining useful life (in years)
Amortizing intangible assets
Internally developed software	$	279,472	$	(161,666)	$	117,806	1.5
Acquired intangible assets	38,109		(11,599)		26,510		3.0
Total amortizing intangible assets	$	317,581	$	(173,265)	$	144,316
Indefinite-lived intangible assets
Acquired intangible assets	266,830		—		266,830
Total intangible assets, net	$	584,411	$	(173,265)	$	411,146


Table 6.1. Details of Fixed Assets, net
	September 30, 2026		December 31, 2025
Computers & equipment	$	7,039	$	5,815
Leasehold improvements	20,304		20,102

Other	4,106		4,113
Total fixed assets	31,449		30,030
Less: accumulated depreciation	(10,299)		(7,239)
Total fixed assets, net	$	21,150	$	22,791


Table 5.3. Details of Amortization Expense of Intangible Assets
	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Internally developed software	$	28,217	$	20,688	$	77,562	$	45,092
Acquired intangible assets	4,869		1,342		10,175		4,025
Total amortization expense of intangible assets	$	33,086	$	22,030	$	87,737	$	49,117


Table 5.4. Future Amortization Expense of Intangible Assets
	Years ending December 31,
2026 (remaining 3 months)	$	34,160
2027	100,941
2028	26,715
2029	1,663
2030	1,663
Thereafter	14,380
Total amortization expense	$179,522


Table 7.1. Details of Digital Assets
	September 30, 2026					December 31, 2025
	Quantity	Cost Basis		Fair Value		Quantity	Cost Basis		Fair Value
Canton Coin	379,921,930	$	19,956	$	47,987	367,760,063	$	13,612	$	56,028
Hyperliquid	504,210	22,749		45,880		81,437	4,578		2,072
Bitcoin(1)	77	4,747		6,390		73	2,255		6,409
Sui	4,098,935	8,898		4,765		3,838,405	8,599		5,385
Ether	1,728	4,455		4,637		1,747	4,529		5,188
Other digital assets(2)	n.m.	32,530		23,696		n.m.	22,302		11,433
Total digital assets		$	93,335	$	133,355		$	55,875	$	86,515


Table 7.2. Digital assets losses (gains)
	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
(Gains) losses on disposals of digital assets	$	(2,256)	$	(24)	$	(2,177)	$	(54)


Unrealized (gains) losses on changes in fair value of digital assets	98		(1,647)		177		3,960

Total	$	(2,158)	$	(1,671)	$	(2,000)	$	3,906


Table 8.1. Changes in the Carrying Value of Equity Investments under Measurement Alternative
Balance as of December 31, 2025	$	78,508
Net investments and returns in privately held companies	34,776
Upward adjustments	8,303
Downward adjustments	(3,141)
Realized gains (losses) and impairments	(194)
Balance as of September 30, 2026(1)	$	118,252


Balance as of December 31, 2024	$	68,229
Net investments and returns in privately held companies	10,348
Upward adjustments	1,789
Downward adjustments	(4,740)
Realized gains (losses) and impairments	(692)
Balance as of September 30, 2025(1)	$	74,934


Table 9.1. Fair Value of Derivative and Embedded Derivative Assets and Liabilities
	September 30, 2026		December 31, 2025
Investments - embedded derivatives	$	1,405	$	899
Investments - derivatives	$	1,634	$	473
Accounts receivable, net - embedded derivatives	$	—	$	19,942


Table 9.2. Notional Amounts of Derivative and Embedded Derivative Assets and Liabilities
	September 30, 2026		December 31, 2025
Investments - embedded derivatives	$	1,656	$	1,153
Investments - derivatives	$	480	$	582
Accounts receivable, net - embedded derivatives	$	—	$	4,000


Table 9.3. Gains (losses) on Derivatives and Embedded Derivatives
	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025

Investments - derivatives and embedded derivatives	$	2,489	$	138	$	2,328	$	(3,993)
Accounts receivable, net - embedded derivatives	$	(18,173)	$	(1,178)	$	(22,170)	$	(2,562)


Table 10.1. Fair Value Hierarchy
(in thousands)	September 30, 2026						December 31, 2025
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Cash equivalents(1)	$	65,673,263	$	—	$	—	$	67,483,506	$	—	$	—
Digital assets(2)	133,355		—		—		86,515		—		—
Digital financial assets	524		—		—		542		—		—
Investments - derivatives and embedded derivatives(3)(4)	—		3,039		—		—		1,372		—
Accounts receivable, net - embedded derivatives(5)	—		—		—		—		19,942		—
Total assets	$	65,807,142	$	3,039	$	—	$	67,570,563	$	21,314	$	—
Liabilities
Convertible debt, net of debt discount	$	—	$	—	$	—	$	—	$	—	$	36,821

Total liabilities	$	—	$	—	$	—	$	—	$	—	$	36,821


Table 10.2. Changes in Carrying Value of Convertible Debt
Balance as of December 31, 2025	$	36,821
Net discount on convertible notes	—
Capitalized interest	—
Fair value adjustment	2,558
Fair value adjustment – credit risk	—
Conversion of convertible notes	(39,379)
Balance as of September 30, 2026	$	—


Balance as of December 31, 2024	$	40,717
Net discount on convertible notes	642
Capitalized interest	334
Fair value adjustment	107,338
Fair value adjustment – credit risk	63
Balance as of September 30, 2025	$	149,094


Table 10.3. Significant Unobservable Inputs
	September 30, 2026	December 31, 2025
Discount rate	N/A	8.0	%
Volatility	N/A	44.8	%
Risk-free rate	N/A	3.7	%


Table 11.1. Revenue by Product and Service
	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Reserve income	$	657,624	$	711,241	$	1,977,865	$	1,903,426
Other revenue
Subscription and services	19,587		23,594		82,604		60,089
Transaction revenue	5,335		4,664		17,395		12,115
Other	182,342		260		182,472		780

Total other revenue	207,264		28,518		282,471		72,984
Total revenue and reserve income	$	864,888	$	739,759	$	2,260,336	$	1,976,410


Table 11.2. Changes in Deferred Revenue
Balance at December 31, 2025	$	11,512
Deferred revenue additions in the current period, net of revenue recognized	61,400
Revenue recognized that was included in the beginning period	(11,118)
Balance at September 30, 2026	$	61,794


Balance at December 31, 2024	$	13,390
Deferred revenue additions in the current period, net of revenue recognized	5,961
Revenue recognized that was included in the beginning period	(13,390)
Balance at September 30, 2025	$	5,961


Table 12.1. Other income (expense), net
	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Realized and unrealized gains (losses), net, on digital assets held for investment, other related investments, and strategic investments	$	18,545	$	2,267	$	18,922	$	(258)
Impairment losses on strategic investments	—		(500)		(366)		(1,006)
Interest income on corporate balances	14,102		13,453		42,328		31,370
Changes in fair value of convertible debt, warrant liability, embedded derivatives and U.S. Treasury securities	(13,916)		56,212		(19,900)		(113,894)
Interest expense, net of amortization of discounts and premiums	(24)		(354)		(126)		(1,033)
Foreign currency exchange gains (losses)	1,153		655		7,749		(7,950)
Other, net	55		338		938		1,318
Total other income (expense), net	$	19,915	$	72,071	$	49,545	$	(91,453)


Table 17.1. Summary of Outstanding Stock Options Activities
	Number of Stock Options (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2025	13,450	$	11.36	4.2	$	919,115

Options exercised	(6,562)	6.97

Balance as of September 30, 2026	6,888	$	15.54	4.7	$	464,041
Exercisable at September 30, 2026	6,553	$	13.72	4.6	$	449,776


Table 17.2. Summary of Restricted Stock Units Activities
	Number of Shares (in thousands)	Weighted- Average Grant Date Fair Value
Balance as of December 31, 2025	14,711	$	35.16
RSUs granted	5,645	$	71.45
RSUs vested	(6,203)	$	36.97
RSUs forfeited	(1,685)	$	43.42
Balance as of September 30, 2026	12,468	$	49.58


Table 17.3. Summary of Shares Issued for Business Combinations Activities
	Number of Shares (in thousands)	Weighted- Average Grant Date Fair Value
Balance as of December 31, 2025	1,744	$	33.75

Shares vested	(1,046)	$	35.39
Shares forfeited	(5)	$	47.82
Balance as of September 30, 2026	693	$	31.16