Annual Income Statements for CoreWeave
This table shows CoreWeave's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for CoreWeave
This table shows CoreWeave's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
| Metric |
|
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Q3 2025 |
Q4 2025 |
| Net Income / (Loss) Attributable to Common Shareholders |
|
-129 |
-339 |
-389 |
-80 |
-343 |
-291 |
-110 |
-452 |
| Consolidated Net Income / (Loss) |
|
-129 |
-323 |
-360 |
-51 |
-315 |
-291 |
-110 |
-452 |
| Net Income / (Loss) Continuing Operations |
|
-129 |
-323 |
-360 |
-51 |
-315 |
-291 |
-110 |
-452 |
| Total Pre-Tax Income |
|
-114 |
-283 |
-318 |
-29 |
-269 |
-243 |
-237 |
-467 |
| Total Operating Income |
|
17 |
78 |
117 |
112 |
-27 |
19 |
52 |
-90 |
| Total Gross Profit |
|
129 |
287 |
441 |
565 |
719 |
900 |
996 |
1,063 |
| Total Revenue |
|
189 |
395 |
584 |
747 |
982 |
1,213 |
1,365 |
1,572 |
| Operating Revenue |
|
189 |
395 |
584 |
747 |
982 |
1,213 |
1,365 |
1,572 |
| Total Cost of Revenue |
|
59 |
109 |
143 |
182 |
262 |
313 |
369 |
509 |
| Operating Cost of Revenue |
|
59 |
109 |
143 |
182 |
262 |
313 |
369 |
509 |
| Total Operating Expenses |
|
113 |
209 |
324 |
453 |
747 |
881 |
944 |
1,152 |
| Selling, General & Admin Expense |
|
16 |
22 |
34 |
48 |
175 |
174 |
152 |
150 |
| Marketing Expense |
|
4.05 |
4.17 |
4.55 |
5.22 |
11 |
37 |
45 |
52 |
| Other Operating Expenses / (Income) |
|
93 |
183 |
286 |
400 |
561 |
670 |
747 |
950 |
| Total Other Income / (Expense), net |
|
-131 |
-361 |
-435 |
-141 |
-241 |
-262 |
-289 |
-377 |
| Interest & Investment Income |
|
-41 |
-67 |
-104 |
-149 |
-264 |
-267 |
-311 |
-388 |
| Other Income / (Expense), net |
|
-90 |
-294 |
-331 |
7.75 |
23 |
5.02 |
22 |
10 |
| Income Tax Expense |
|
15 |
40 |
42 |
22 |
46 |
48 |
-127 |
-15 |
| Basic Earnings per Share |
|
($0.62) |
($1.62) |
($1.82) |
($0.24) |
($1.40) |
($0.60) |
($0.22) |
($0.53) |
| Weighted Average Basic Shares Outstanding |
|
209.23M |
209.63M |
213.81M |
218M |
245.61M |
486.59M |
497.89M |
435M |
| Diluted Earnings per Share |
|
($0.62) |
($1.62) |
($1.82) |
($0.24) |
($1.49) |
($0.60) |
($0.22) |
($0.50) |
| Weighted Average Diluted Shares Outstanding |
|
209.23M |
209.63M |
213.81M |
218M |
249.29M |
486.59M |
497.89M |
436M |
| Weighted Average Basic & Diluted Shares Outstanding |
|
- |
- |
- |
0.00 |
479.98M |
488.57M |
498.32M |
525.69M |
Annual Cash Flow Statements for CoreWeave
This table details how cash moves in and out of CoreWeave's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
| Metric |
2023 |
2024 |
2025 |
| Net Change in Cash & Equivalents |
473 |
1,555 |
2,095 |
| Net Cash From Operating Activities |
1,833 |
2,749 |
3,058 |
| Net Cash From Continuing Operating Activities |
1,833 |
2,749 |
3,058 |
| Net Income / (Loss) Continuing Operations |
-594 |
-863 |
-1,167 |
| Consolidated Net Income / (Loss) |
-594 |
-863 |
-1,167 |
| Depreciation Expense |
103 |
863 |
2,454 |
| Amortization Expense |
16 |
33 |
110 |
| Non-Cash Adjustments To Reconcile Net Income |
569 |
922 |
979 |
| Changes in Operating Assets and Liabilities, net |
1,739 |
1,794 |
682 |
| Net Cash From Investing Activities |
-3,148 |
-8,658 |
-10,271 |
| Net Cash From Continuing Investing Activities |
-3,148 |
-8,658 |
-10,271 |
| Purchase of Property, Plant & Equipment |
-2,943 |
-8,702 |
-10,309 |
| Acquisitions |
0.00 |
0.00 |
-108 |
| Purchase of Investments |
-172 |
-34 |
-47 |
| Sale and/or Maturity of Investments |
6.00 |
188 |
43 |
| Other Investing Activities, net |
-39 |
-110 |
150 |
| Net Cash From Financing Activities |
1,788 |
7,464 |
9,308 |
| Net Cash From Continuing Financing Activities |
1,788 |
7,464 |
9,308 |
| Repayment of Debt |
-54 |
-671 |
-3,519 |
| Payment of Dividends |
0.00 |
-58 |
-29 |
| Issuance of Debt |
1,404 |
7,018 |
11,829 |
| Issuance of Preferred Equity |
421 |
1,172 |
0.00 |
| Issuance of Common Equity |
15 |
0.00 |
1,491 |
| Other Financing Activities, net |
2.00 |
3.00 |
-464 |
| Cash Interest Paid |
0.00 |
184 |
869 |
Quarterly Cash Flow Statements for CoreWeave
This table details how cash moves in and out of CoreWeave's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
| Metric |
|
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Q3 2025 |
Q4 2025 |
| Net Change in Cash & Equivalents |
|
1,187 |
-427 |
682 |
113 |
482 |
-464 |
915 |
1,162 |
| Net Cash From Operating Activities |
|
2,039 |
-118 |
641 |
187 |
61 |
-251 |
1,689 |
1,559 |
| Net Cash From Continuing Operating Activities |
|
2,039 |
-118 |
641 |
187 |
61 |
-251 |
1,689 |
1,559 |
| Net Income / (Loss) Continuing Operations |
|
-129 |
-323 |
-360 |
-51 |
-315 |
-291 |
-110 |
-452 |
| Consolidated Net Income / (Loss) |
|
-129 |
-323 |
-360 |
-51 |
-315 |
-291 |
-110 |
-452 |
| Depreciation Expense |
|
80 |
164 |
254 |
365 |
443 |
559 |
630 |
821 |
| Amortization Expense |
|
8.06 |
7.55 |
7.40 |
10.00 |
38 |
29 |
21 |
22 |
| Non-Cash Adjustments To Reconcile Net Income |
|
115 |
351 |
398 |
58 |
173 |
273 |
249 |
284 |
| Changes in Operating Assets and Liabilities, net |
|
1,966 |
-317 |
342 |
-196 |
-278 |
-823 |
899 |
884 |
| Net Cash From Investing Activities |
|
-1,771 |
-2,250 |
-1,173 |
-3,464 |
-1,433 |
-2,442 |
-2,470 |
-3,926 |
| Net Cash From Continuing Investing Activities |
|
-1,771 |
-2,250 |
-1,173 |
-3,464 |
-1,433 |
-2,442 |
-2,470 |
-3,926 |
| Purchase of Property, Plant & Equipment |
|
-1,742 |
-2,247 |
-1,215 |
-3,498 |
-1,407 |
-2,453 |
-2,389 |
-4,060 |
| Acquisitions |
|
- |
- |
- |
- |
- |
- |
-10 |
-52 |
| Purchase of Investments |
|
-29 |
-50 |
-4.75 |
50 |
-55 |
55 |
-47 |
0.25 |
| Sale and/or Maturity of Investments |
|
0.00 |
49 |
47 |
92 |
29 |
- |
- |
14 |
| Other Investing Activities, net |
|
- |
- |
- |
-109 |
- |
- |
-24 |
172 |
| Net Cash From Financing Activities |
|
919 |
1,940 |
1,214 |
3,391 |
1,854 |
2,229 |
1,696 |
3,529 |
| Net Cash From Continuing Financing Activities |
|
919 |
1,940 |
1,214 |
3,391 |
1,854 |
2,229 |
1,696 |
3,529 |
| Repayment of Debt |
|
-37 |
-98 |
-264 |
-272 |
-298 |
-1,358 |
-1,434 |
-429 |
| Payment of Dividends |
|
0.00 |
- |
-29 |
-29 |
-26 |
-2.59 |
- |
-0.31 |
| Issuance of Debt |
|
932 |
890 |
1,508 |
3,689 |
785 |
3,648 |
3,130 |
4,266 |
| Issuance of Common Equity |
|
0.00 |
- |
- |
- |
1,423 |
68 |
- |
0.71 |
| Other Financing Activities, net |
|
0.05 |
0.60 |
0.69 |
1.67 |
-13 |
-115 |
1.50 |
-337 |
| Cash Interest Paid |
|
1.97 |
23 |
73 |
87 |
142 |
219 |
196 |
312 |
Annual Balance Sheets for CoreWeave
This table presents CoreWeave's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
| Metric |
2024 |
2025 |
| Total Assets |
17,833 |
49,302 |
| Total Current Assets |
1,916 |
7,488 |
| Cash & Equivalents |
1,361 |
3,127 |
| Restricted Cash |
37 |
819 |
| Short-Term Investments |
0.00 |
34 |
| Accounts Receivable |
417 |
3,169 |
| Prepaid Expenses |
101 |
339 |
| Plant, Property, & Equipment, net |
11,915 |
30,557 |
| Total Noncurrent Assets |
4,002 |
11,257 |
| Long-Term Investments |
29 |
0.00 |
| Goodwill |
20 |
1,101 |
| Intangible Assets |
5.00 |
235 |
| Other Noncurrent Operating Assets |
3,311 |
9,737 |
| Other Noncurrent Nonoperating Assets |
637 |
184 |
| Total Liabilities & Shareholders' Equity |
17,833 |
49,302 |
| Total Liabilities |
16,525 |
45,967 |
| Total Current Liabilities |
4,963 |
16,440 |
| Short-Term Debt |
2,468 |
6,708 |
| Accounts Payable |
868 |
1,623 |
| Accrued Expenses |
356 |
5,773 |
| Current Deferred Revenue |
769 |
1,709 |
| Other Current Liabilities |
502 |
627 |
| Total Noncurrent Liabilities |
11,562 |
29,527 |
| Long-Term Debt |
5,458 |
14,665 |
| Noncurrent Deferred Revenue |
3,295 |
6,476 |
| Noncurrent Deferred & Payable Income Tax Liabilities |
149 |
115 |
| Other Noncurrent Operating Liabilities |
2,660 |
8,271 |
| Commitments & Contingencies |
0.00 |
0.00 |
| Redeemable Noncontrolling Interest |
1,722 |
0.00 |
| Total Equity & Noncontrolling Interests |
-414 |
3,335 |
| Total Preferred & Common Equity |
-414 |
3,335 |
| Preferred Stock |
0.00 |
0.00 |
| Total Common Equity |
-414 |
3,335 |
| Common Stock |
1,096 |
6,012 |
| Retained Earnings |
-1,476 |
-2,643 |
| Treasury Stock |
-34 |
-34 |
Quarterly Balance Sheets for CoreWeave
This table presents CoreWeave's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
| Metric |
Q1 2025 |
Q2 2025 |
Q3 2025 |
| Total Assets |
21,860 |
26,241 |
32,910 |
| Total Current Assets |
3,103 |
3,946 |
4,731 |
| Cash & Equivalents |
1,276 |
1,153 |
1,894 |
| Restricted Cash |
624 |
560 |
597 |
| Short-Term Investments |
- |
- |
47 |
| Accounts Receivable |
1,055 |
1,934 |
1,659 |
| Prepaid Expenses |
147 |
299 |
533 |
| Plant, Property, & Equipment, net |
14,211 |
16,632 |
20,659 |
| Total Noncurrent Assets |
4,547 |
5,664 |
7,520 |
| Long-Term Investments |
0.00 |
0.00 |
0.00 |
| Goodwill |
20 |
813 |
830 |
| Intangible Assets |
4.40 |
206 |
200 |
| Other Noncurrent Operating Assets |
3,906 |
4,304 |
6,013 |
| Other Noncurrent Nonoperating Assets |
617 |
341 |
478 |
| Total Liabilities & Shareholders' Equity |
21,860 |
26,241 |
32,910 |
| Total Liabilities |
18,791 |
22,421 |
29,032 |
| Total Current Liabilities |
7,131 |
7,556 |
9,715 |
| Short-Term Debt |
3,777 |
3,628 |
3,712 |
| Accounts Payable |
1,242 |
1,227 |
1,157 |
| Accrued Expenses |
1,377 |
1,411 |
3,172 |
| Current Deferred Revenue |
437 |
951 |
1,108 |
| Other Current Liabilities |
299 |
340 |
566 |
| Total Noncurrent Liabilities |
11,660 |
14,864 |
19,318 |
| Long-Term Debt |
4,935 |
7,424 |
10,323 |
| Noncurrent Deferred Revenue |
3,611 |
3,896 |
4,228 |
| Noncurrent Deferred & Payable Income Tax Liabilities |
194 |
246 |
118 |
| Other Noncurrent Operating Liabilities |
2,920 |
3,299 |
4,649 |
| Commitments & Contingencies |
0.00 |
0.00 |
0.00 |
| Redeemable Noncontrolling Interest |
1,163 |
1,163 |
0.00 |
| Total Equity & Noncontrolling Interests |
1,906 |
2,658 |
3,878 |
| Total Preferred & Common Equity |
1,906 |
2,658 |
3,878 |
| Preferred Stock |
0.00 |
0.00 |
0.00 |
| Total Common Equity |
1,906 |
2,658 |
3,878 |
| Common Stock |
3,731 |
4,773 |
6,104 |
| Retained Earnings |
-1,791 |
-2,081 |
-2,192 |
| Treasury Stock |
-34 |
-34 |
-34 |
| Accumulated Other Comprehensive Income / (Loss) |
- |
-0.27 |
-1.28 |
Annual Metrics And Ratios for CoreWeave
This table displays calculated financial ratios and metrics derived from CoreWeave's official financial filings.
| Metric |
2023 |
2024 |
2025 |
| DEI Shares Outstanding |
0.00 |
0.00 |
498,317,512.00 |
| DEI Adjusted Shares Outstanding |
0.00 |
0.00 |
498,317,512.00 |
| DEI Earnings Per Adjusted Shares Outstanding |
0.00 |
0.00 |
-2.40 |
| Growth Metrics |
- |
- |
- |
| Profitability Metrics |
- |
- |
- |
| Net Operating Profit after Tax (NOPAT) |
-9.80 |
227 |
-32 |
| Return On Investment Capital (ROIC_SIMPLE) |
- |
3.02% |
-0.13% |
| Earnings before Interest and Taxes (EBIT) |
-530 |
-383 |
14 |
| Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
-411 |
513 |
2,578 |
| Valuation Ratios |
- |
- |
- |
| Leverage & Solvency |
- |
- |
- |
| Liquidity Ratios |
- |
- |
- |
| Cash Flow Metrics |
- |
- |
- |
| Free Cash Flow to Firm (FCFF) |
0.00 |
-6,943 |
-13,406 |
| Efficiency Ratios |
- |
- |
- |
| Capital & Investment Metrics |
- |
- |
- |
| Invested Capital |
0.00 |
7,170 |
20,544 |
| Increase / (Decrease) in Invested Capital |
0.00 |
7,170 |
13,374 |
| Book Value per Share |
$0.00 |
($1.90) |
$6.69 |
| Tangible Book Value per Share |
$0.00 |
($2.01) |
$4.01 |
| Total Capital |
0.00 |
9,234 |
24,708 |
| Total Debt |
0.00 |
7,926 |
21,373 |
| Total Long-Term Debt |
0.00 |
5,458 |
14,665 |
| Net Debt |
0.00 |
6,499 |
17,393 |
| Capital Expenditures (CapEx) |
2,943 |
8,702 |
10,309 |
| Debt-free, Cash-free Net Working Capital (DFCFNWC) |
0.00 |
-1,977 |
-6,224 |
| Debt-free Net Working Capital (DFNWC) |
0.00 |
-579 |
-2,244 |
| Net Working Capital (NWC) |
0.00 |
-3,047 |
-8,952 |
| Net Nonoperating Expense (NNE) |
584 |
1,090 |
1,135 |
| Net Nonoperating Obligations (NNO) |
0.00 |
5,862 |
17,209 |
| Total Depreciation and Amortization (D&A) |
119 |
896 |
2,564 |
| Earnings Adjustments |
- |
- |
- |
| Adjusted Basic Earnings per Share |
$0.00 |
$0.00 |
($2.75) |
| Adjusted Weighted Average Basic Shares Outstanding |
0.00 |
0.00 |
435M |
| Adjusted Diluted Earnings per Share |
$0.00 |
$0.00 |
($2.81) |
| Adjusted Weighted Average Diluted Shares Outstanding |
0.00 |
0.00 |
436M |
| Adjusted Basic & Diluted Earnings per Share |
$0.00 |
$0.00 |
$0.00 |
| Adjusted Weighted Average Basic & Diluted Shares Outstanding |
0.00 |
0.00 |
525.69M |
| Normalized Net Operating Profit after Tax (NOPAT) |
-9.80 |
227 |
-32 |
| Debt Service Ratios |
- |
- |
- |
| Payout Ratios |
- |
- |
- |
Quarterly Metrics And Ratios for CoreWeave
This table displays calculated financial ratios and metrics derived from CoreWeave's official financial filings.
| Metric |
|
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Q3 2025 |
Q4 2025 |
| DEI Shares Outstanding |
|
- |
- |
- |
0.00 |
- |
- |
- |
498,317,512.00 |
| DEI Adjusted Shares Outstanding |
|
- |
- |
- |
0.00 |
- |
- |
- |
498,317,512.00 |
| DEI Earnings Per Adjusted Shares Outstanding |
|
- |
- |
- |
0.00 |
- |
- |
- |
-0.91 |
| Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
| Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
| Net Operating Profit after Tax (NOPAT) |
|
12 |
54 |
82 |
79 |
-19 |
13 |
36 |
-63 |
| Return On Investment Capital (ROIC_SIMPLE) |
|
- |
- |
- |
1.05% |
-0.18% |
0.10% |
0.20% |
-0.25% |
| Earnings before Interest and Taxes (EBIT) |
|
-73 |
-216 |
-214 |
120 |
-4.77 |
24 |
74 |
-79 |
| Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
14 |
-44 |
48 |
495 |
476 |
613 |
725 |
764 |
| Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
| Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
| Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
| Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
| Free Cash Flow to Firm (FCFF) |
|
0.00 |
0.00 |
0.00 |
0.00 |
-9,282 |
-12,805 |
-14,861 |
-13,437 |
| Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
| Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
| Invested Capital |
|
0.00 |
0.00 |
0.00 |
7,170 |
9,263 |
12,819 |
14,897 |
20,544 |
| Increase / (Decrease) in Invested Capital |
|
0.00 |
0.00 |
0.00 |
0.00 |
9,263 |
12,819 |
14,897 |
13,374 |
| Book Value per Share |
|
$0.00 |
$0.00 |
$0.00 |
($1.90) |
$7.76 |
$5.54 |
$7.94 |
$6.69 |
| Tangible Book Value per Share |
|
$0.00 |
$0.00 |
$0.00 |
($2.01) |
$7.66 |
$3.41 |
$5.83 |
$4.01 |
| Total Capital |
|
0.00 |
0.00 |
0.00 |
9,234 |
11,781 |
14,872 |
17,913 |
24,708 |
| Total Debt |
|
0.00 |
0.00 |
0.00 |
7,926 |
8,712 |
11,052 |
14,035 |
21,373 |
| Total Long-Term Debt |
|
0.00 |
0.00 |
0.00 |
5,458 |
4,935 |
7,424 |
10,323 |
14,665 |
| Net Debt |
|
0.00 |
0.00 |
0.00 |
6,499 |
6,811 |
9,338 |
11,496 |
17,393 |
| Capital Expenditures (CapEx) |
|
1,742 |
2,247 |
1,215 |
3,498 |
1,407 |
2,453 |
2,389 |
4,060 |
| Debt-free, Cash-free Net Working Capital (DFCFNWC) |
|
0.00 |
0.00 |
0.00 |
-1,977 |
-2,152 |
-1,696 |
-3,810 |
-6,224 |
| Debt-free Net Working Capital (DFNWC) |
|
0.00 |
0.00 |
0.00 |
-579 |
-252 |
17 |
-1,271 |
-2,244 |
| Net Working Capital (NWC) |
|
0.00 |
0.00 |
0.00 |
-3,047 |
-4,028 |
-3,610 |
-4,984 |
-8,952 |
| Net Nonoperating Expense (NNE) |
|
141 |
377 |
442 |
130 |
295 |
304 |
146 |
389 |
| Net Nonoperating Obligations (NNO) |
|
0.00 |
0.00 |
0.00 |
5,862 |
6,194 |
8,998 |
11,019 |
17,209 |
| Total Depreciation and Amortization (D&A) |
|
88 |
172 |
261 |
375 |
481 |
589 |
652 |
843 |
| Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
| Adjusted Basic Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
($0.24) |
($1.40) |
($0.60) |
($0.22) |
($0.53) |
| Adjusted Weighted Average Basic Shares Outstanding |
|
0.00 |
0.00 |
0.00 |
218M |
245.61M |
486.59M |
497.89M |
435M |
| Adjusted Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
($0.24) |
($1.49) |
($0.60) |
($0.22) |
($0.50) |
| Adjusted Weighted Average Diluted Shares Outstanding |
|
0.00 |
0.00 |
0.00 |
218M |
249.29M |
486.59M |
497.89M |
436M |
| Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
| Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
0.00 |
0.00 |
0.00 |
0.00 |
479.98M |
488.57M |
498.32M |
525.69M |
| Normalized Net Operating Profit after Tax (NOPAT) |
|
12 |
54 |
82 |
79 |
-19 |
13 |
36 |
-63 |
| Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
| Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
Key Financial Trends
Below is a concise, investor-focused view of CoreWeave (CRWV) using the quarterly figures from the past four years (Q1 2024 through Q4 2025). The company shows meaningful top-line growth and improving cash generation, but continues to operate with net losses and a heavy balance-sheet leverage due to aggressive capital expenditure and financing activity aimed at expanding infrastructure.
- Revenue growth in 2025: Quarterly operating revenue rose from about $0.98B in Q1 2025 to approximately $1.57B in Q4 2025, a roughly 60% year-to-end move, signaling strong demand growth and scale-up potential.
- Gross margin stability: Gross margins have largely stayed in the 68%–74% range across 2025 (e.g., Q3 2025 around 73%, Q4 2025 around 68%), indicating steady profitability from core operations despite rapid revenue growth.
- Strong operating cash flow in late 2025: Net cash from continuing operating activities was about $1.69B in Q3 2025 and about $1.56B in Q4 2025, showing solid cash generation from ongoing operations as the business scales.
- Solid near-term liquidity: Cash & equivalents at the end of Q3 2025 were about $1.89B, with restricted cash around $0.60B and other near-cash items, giving roughly $2.5B of liquidity to support ongoing capex and debt financing.
- Aggressive capital expenditures signal capacity expansion: Quarterly purchases of property, plant & equipment are very large (e.g., about $4.06B in PPE outlays in Q4 2025), indicating a significant expansion push but pressuring near-term cash flow.
- Financing to fund growth: The company consistently raised cash through debt issuance (roughly $3.1B–$4.0B per quarter) and equity activity, providing a capital runway but increasing leverage and potential equity dilution over time.
- Ongoing net losses: Net income was negative in all recent quarters, with Q4 2025 net loss of about $451.7M and Q3 2025 loss around $110.1M, underscoring persistent profitability challenges at current scale.
- High non-operating/interest drag: Negative contributions from interest & investment income and other expense weighed on results in Q4 2025 (Total Other Income/(Expense), net about −$377.3M; Total pre-tax income around −$466.9M), contributing to the quarterly loss.
- Significant leverage risk: Total liabilities around $29.0B versus total assets near $32.9B in mid-2025, with long-term debt exceeding $10B, signaling substantial leverage that could pressure returns if cash generation slows.
Overall, CoreWeave is in a heavy-expansion phase with strong revenue growth and meaningful cash generation from operations in the second half of 2025, but remains unprofitable on a quarterly basis and carries a high debt load to fund aggressive capex. Investors should weigh the potential upside from capacity expansion against the ongoing cash burn and elevated leverage.
05/07/26 02:07 PM ETAI Generated. May Contain Errors.