Most analytical or semi-analytical analyses of the load-settlement response of axially loaded piles are only applicable to piles embedded in either homogeneous or Gibson soil. In reality, soil deposits consist of multiple soil layers with different properties. In this paper, we present a load-settlement analysis applicable to a pile with circular cross section installed in multilayered soil. The analysis follows from the solution of the differential equations governing the displacements of the pile-soil system obtained using variational principles. The input parameters needed for the analysis are the pile geometry and the elastic constants of the soil and pile. Pile displacements and vertical soil displacements calculated using this analysis match well those from fi nite element analysis. A parametric study highlights some important insights for circular piles in multilayered soil.