Free Trial

CoreWeave (CRWV) Financials

CoreWeave logo
$127.44 -10.54 (-7.64%)
As of 02:45 PM Eastern
This is a fair market value price provided by Massive. Learn more.
Annual Income Statements for CoreWeave

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.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-594 -937 -1,196
Consolidated Net Income / (Loss)
-594 -863 -1,167
Net Income / (Loss) Continuing Operations
-594 -863 -1,167
Total Pre-Tax Income
-558 -744 -1,215
Total Operating Income
-14 324 -46
Total Gross Profit
160 1,422 3,678
Total Revenue
229 1,915 5,131
Operating Revenue
229 1,915 5,131
Total Cost of Revenue
69 493 1,453
Operating Cost of Revenue
69 493 1,453
Total Operating Expenses
174 1,098 3,724
Selling, General & Admin Expense
30 119 651
Marketing Expense
13 18 144
Other Operating Expenses / (Income)
131 961 2,929
Total Other Income / (Expense), net
-544 -1,068 -1,169
Interest & Investment Income
-28 -361 -1,229
Other Income / (Expense), net
-516 -707 60
Income Tax Expense
36 119 -48
Basic Earnings per Share
($3.09) ($4.30) ($2.75)
Weighted Average Basic Shares Outstanding
192M 218M 435M
Diluted Earnings per Share
($3.09) ($4.30) ($2.81)
Weighted Average Diluted Shares Outstanding
192M 218M 436M
Weighted Average Basic & Diluted Shares Outstanding
- - 525.69M
Cash Dividends to Common per Share
- $0.00 $0.00

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
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
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
Period end date 12/31/2023 12/31/2024 12/31/2025
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
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
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
Period end date 12/31/2024 12/31/2025
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
Period end date 3/31/2025 6/30/2025 9/30/2025
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
Period end date 12/31/2023 12/31/2024 12/31/2025
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
Period end date 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025
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
- - - - - - - -

Financials Breakdown Chart

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.

Frequently Asked Questions About CoreWeave's Financials

When does CoreWeave's fiscal year end?

According to the most recent income statement we have on file, CoreWeave's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has CoreWeave's net income changed over the last 2 years?

CoreWeave's net income appears to be on an upward trend, with a most recent value of -$1.17 billion in 2025, rising from -$594 million in 2023. The previous period was -$863 million in 2024. See CoreWeave's forecast for analyst expectations on what’s next for the company.

What is CoreWeave's operating income?
CoreWeave's total operating income in 2025 was -$46 million, based on the following breakdown:
  • Total Gross Profit: $3.68 billion
  • Total Operating Expenses: $3.72 billion
How has CoreWeave's revenue changed over the last 2 years?

Over the last 2 years, CoreWeave's total revenue changed from $229 million in 2023 to $5.13 billion in 2025, a change of 2,140.6%.

How much debt does CoreWeave have?

CoreWeave's total liabilities were at $45.97 billion at the end of 2025, a 178.2% increase from 2024, and a 178.2% increase since 2024.

How much cash does CoreWeave have?

In the past 1 years, CoreWeave's cash and equivalents has ranged from $1.36 billion in 2024 to $3.13 billion in 2025, and is currently $3.13 billion as of their latest financial filing in 2025.

How has CoreWeave's book value per share changed over the last 2 years?

Over the last 2 years, CoreWeave's book value per share changed from 0.00 in 2023 to 6.69 in 2025, a change of 669.3%.



Financial statements for NASDAQ:CRWV last updated on 3/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
From Our Partners