["Business Strategy and the Environment, Volume 35, Issue 4, Page 5452-5470, May 2026. ", "\nABSTRACT\nAlthough recent literature on the circular economy (CE) has highlighted the important role of ecosystems, there is still limited understanding of the main themes that characterize circular ecosystems. This study addresses this gap by combining a comprehensive topic modeling analysis employing latent Dirichlet allocation (LDA) with a systematic literature review of 66 articles focused on circular ecosystems. The main results reveal that circular ecosystems have often been analyzed through the lens of (i) circular business models and ecosystem innovation, (ii) CE policies and stakeholder governance, and (iii) implementation and transition to CE. Furthermore, based on this study's findings, topics that have not yet been explored in this area are identified, and a research agenda is suggested. The results of this study also underscore key themes in the relationship between CE and ecosystems and provide managers with guidance on better integrating their businesses into ecosystems aligned with circularity objectives.\n"]