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CoreWeave (CRWV) Financials

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$104.27 -1.62 (-1.53%)
Closing price 04:00 PM Eastern
Extended Trading
$105.43 +1.16 (+1.11%)
As of 08:00 PM Eastern
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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 Q1 2026
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 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -129 -339 -389 -80 -343 -291 -110 -452 -740
Consolidated Net Income / (Loss)		 -129 -323 -360 -51 -315 -291 -110 -452 -740
Net Income / (Loss) Continuing Operations		 -129 -323 -360 -51 -315 -291 -110 -452 -740
Total Pre-Tax Income 		-114 -283 -318 -29 -269 -243 -237 -467 -656
Total Operating Income		 17 78 117 112 -27 19 52 -90 -144
Total Gross Profit		 129 287 441 565 720 900 996 1,063 1,362
Total Revenue		 189 395 584 747 982 1,213 1,365 1,572 2,078
Operating Revenue		 189 395 584 747 982 1,213 1,365 1,572 2,078
Total Cost of Revenue		 59 109 143 182 262 313 369 509 716
Operating Cost of Revenue		 59 109 143 182 262 313 369 509 716
Total Operating Expenses		 113 209 324 453 747 881 944 1,152 1,506
Selling, General & Admin Expense		 16 22 34 48 175 174 152 150 164
Marketing Expense		 4.05 4.17 4.55 5.22 11 37 45 52 69
Other Operating Expenses / (Income)		 93 183 286 400 561 670 747 950 1,273
Total Other Income / (Expense), net		 -131 -361 -435 -141 -242 -262 -289 -377 -512
Interest & Investment Income		 -41 -67 -104 -149 -264 -267 -311 -388 -536
Other Income / (Expense), net		 -90 -294 -331 7.75 22 5.02 22 10 24
Income Tax Expense		 15 40 42 22 46 48 -127 -15 84
Basic Earnings per Share		 ($0.62) ($1.62) ($1.82) ($0.24) ($1.40) ($0.60) ($0.22) ($0.53) ($1.40)
Weighted Average Basic Shares Outstanding		 209.23M 209.63M 213.81M 218M 246M 486.59M 497.89M 435M 527M
Diluted Earnings per Share		 ($0.62) ($1.62) ($1.82) ($0.24) ($1.49) ($0.60) ($0.22) ($0.50) ($1.40)
Weighted Average Diluted Shares Outstanding		 209.23M 209.63M 213.81M 218M 249M 486.59M 497.89M 436M 527M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 0.00 479.98M 488.57M 498.32M 525.69M 545.57M
Cash Dividends to Common per Share		 - - - - $0.00 - - - $0.00

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 Q1 2026
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 3/31/2026
Net Change in Cash & Equivalents		 1,187 -427 682 113 482 -464 915 1,162 -810
Net Cash From Operating Activities		 2,039 -118 641 187 61 -251 1,689 1,559 2,984
Net Cash From Continuing Operating Activities		 2,039 -118 641 187 61 -251 1,689 1,559 2,984
Net Income / (Loss) Continuing Operations		 -129 -323 -360 -51 -315 -291 -110 -452 -740
Consolidated Net Income / (Loss)		 -129 -323 -360 -51 -315 -291 -110 -452 -740
Depreciation Expense		 80 164 254 365 443 559 630 821 1,147
Amortization Expense		 8.06 7.55 7.40 10.00 38 29 21 22 208
Non-Cash Adjustments To Reconcile Net Income		 115 351 398 58 224 273 249 284 232
Changes in Operating Assets and Liabilities, net		 1,966 -317 342 -196 -329 -823 899 884 2,137
Net Cash From Investing Activities		 -1,771 -2,250 -1,173 -3,464 -1,433 -2,442 -2,470 -3,926 -7,708
Net Cash From Continuing Investing Activities		 -1,771 -2,250 -1,173 -3,464 -1,433 -2,442 -2,470 -3,926 -7,708
Purchase of Property, Plant & Equipment		 -1,742 -2,247 -1,215 -3,498 -1,407 -2,453 -2,389 -4,060 -7,695
Sale and/or Maturity of Investments		 0.00 49 47 92 29 - - 14 12
Other Investing Activities, net		 - - - -109 -55 - -24 172 -25
Net Cash From Financing Activities		 919 1,940 1,214 3,391 1,854 2,229 1,696 3,529 3,914
Net Cash From Continuing Financing Activities		 919 1,940 1,214 3,391 1,854 2,229 1,696 3,529 3,914
Repayment of Debt		 -37 -98 -264 -272 -312 -1,358 -1,434 -429 -1,361
Payment of Dividends		 0.00 - -29 -29 -26 -2.59 - -0.31 0.00
Issuance of Debt		 932 890 1,508 3,689 785 3,648 3,130 4,266 3,290
Issuance of Common Equity		 0.00 - - - 1,423 68 - 0.71 1,985
Other Financing Activities, net		 0.05 0.60 0.69 1.67 -16 -115 1.50 -337 0.00
Cash Interest Paid		 1.97 23 73 87 142 219 196 312 364

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
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
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
Accumulated Other Comprehensive Income / (Loss)		 - 0.00

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 Q1 2026
Period end date 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 21,860 26,241 32,910 55,573
Total Current Assets		 3,103 3,946 4,731 5,609
Cash & Equivalents		 1,276 1,153 1,894 2,244
Restricted Cash		 624 560 597 777
Short-Term Investments		 - - 47 22
Accounts Receivable		 1,055 1,934 1,659 2,120
Prepaid Expenses		 147 299 533 446
Plant, Property, & Equipment, net		 14,211 16,632 20,659 36,424
Total Noncurrent Assets		 4,547 5,664 7,520 13,540
Goodwill		 20 813 830 1,101
Intangible Assets		 4.40 206 200 224
Other Noncurrent Operating Assets		 3,906 4,304 6,013 11,916
Other Noncurrent Nonoperating Assets		 617 341 478 299
Total Liabilities & Shareholders' Equity		 21,860 26,241 32,910 55,573
Total Liabilities		 18,791 22,421 29,032 50,814
Total Current Liabilities		 7,131 7,556 9,715 17,818
Short-Term Debt		 3,777 3,628 3,712 7,547
Accounts Payable		 1,242 1,227 1,157 3,371
Accrued Expenses		 1,377 1,411 3,172 2,726
Current Deferred Revenue		 437 951 1,108 2,130
Other Current Liabilities		 299 340 566 2,044
Total Noncurrent Liabilities		 11,660 14,864 19,318 32,996
Long-Term Debt		 4,935 7,424 10,323 17,312
Noncurrent Deferred Revenue		 3,611 3,896 4,228 5,393
Noncurrent Deferred & Payable Income Tax Liabilities		 194 246 118 194
Other Noncurrent Operating Liabilities		 2,920 3,299 4,649 10,097
Commitments & Contingencies		 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,906 2,658 3,878 4,759
Total Preferred & Common Equity		 1,906 2,658 3,878 4,759
Preferred Stock		 0.00 0.00 0.00 0.00
Total Common Equity		 1,906 2,658 3,878 4,759
Common Stock		 3,731 4,773 6,104 8,171
Retained Earnings		 -1,791 -2,081 -2,192 -3,383
Treasury Stock		 -34 -34 -34 -34
Accumulated Other Comprehensive Income / (Loss)		 - -0.27 -1.28 5.00

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 Q1 2026
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 3/31/2026
DEI Shares Outstanding		 - - - 0.00 - - - 498,317,512.00 525,688,133.00
DEI Adjusted Shares Outstanding		 - - - 0.00 - - - 498,317,512.00 525,688,133.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - 0.00 - - - -0.91 -1.41
Growth Metrics		 - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% - 420.25% 206.75% 133.70% - 111.61%
EBITDA Growth		 0.00% 0.00% 0.00% - 3,214.21% 1,489.55% 1,422.16% - 159.45%
EBIT Growth		 0.00% 0.00% 0.00% - 93.48% 111.21% 134.50% - -2,300.00%
NOPAT Growth		 0.00% 0.00% 0.00% - -263.06% -75.28% -55.73% - -433.33%
Net Income Growth		 0.00% 0.00% 0.00% - -143.44% 10.07% 69.39% - -134.92%
EPS Growth		 0.00% 0.00% 0.00% - -140.32% 62.96% 87.91% - 6.04%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% - -97.00% -113.24% 163.42% - 4,791.80%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -84.37%
Invested Capital Growth		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 183.66%
Revenue Q/Q Growth		 0.00% 109.54% 47.69% - 0.00% 23.55% 12.52% - 32.20%
EBITDA Q/Q Growth		 0.00% -406.76% 208.05% - 0.00% 28.62% 18.36% - 61.74%
EBIT Q/Q Growth		 0.00% -195.25% 1.08% - 0.00% 608.01% 204.35% - -51.49%
NOPAT Q/Q Growth		 0.00% 361.33% 50.69% - 0.00% 169.93% 169.93% - -60.73%
Net Income Q/Q Growth		 0.00% -149.92% -11.39% - 0.00% 7.67% 62.09% - -63.82%
EPS Q/Q Growth		 0.00% -161.29% -12.35% - 0.00% 59.73% 63.33% - -180.00%
Operating Cash Flow Q/Q Growth		 0.00% -105.78% 644.22% - 0.00% -510.76% 772.29% - 91.41%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% - 0.00% -37.95% -16.05% - -27.37%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% - 0.00% 38.38% 16.21% - 27.90%
Profitability Metrics		 - - - - - - - - -
Gross Margin		 68.61% 72.47% 75.49% - 73.27% 74.22% 72.97% - 65.54%
EBITDA Margin		 7.62% -11.15% 8.16% - 48.53% 50.52% 53.15% - 59.43%
Operating Margin		 8.93% 19.66% 20.06% - -2.80% 1.58% 3.80% - -6.93%
EBIT Margin		 -38.79% -54.66% -36.61% - -0.49% 2.00% 5.40% - -5.77%
Profit (Net Income) Margin		 -68.50% -81.70% -61.62% - -32.05% -23.95% -8.07% - -35.61%
Tax Burden Percent		 113.53% 114.19% 113.09% - 117.14% 119.68% 46.50% - 112.80%
Interest Burden Percent		 155.55% 130.90% 148.83% - 5,631.13% -1,001.71% -321.09% - 546.67%
Effective Tax Rate		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -1.70%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -6.31%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -22.35%
Return on Equity (ROE)		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -24.05%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -96.38%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -0.93%
Return on Assets (ROA)		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -5.73%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -20.47%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 12 54 82 79 -19 13 36 -63 -101
NOPAT Margin		 6.25% 13.76% 14.04% - -1.96% 1.11% 2.66% - -4.85%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% - 9.54% 6.76% 2.66% - 4.61%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 1.05% -0.18% 0.10% 0.20% -0.25% -0.34%
Cost of Revenue to Revenue		 31.39% 27.53% 24.51% - 26.73% 25.78% 27.03% - 34.46%
SG&A Expenses to Revenue		 8.31% 5.50% 5.76% - 17.80% 14.36% 11.13% - 7.89%
R&D to Revenue		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 59.69% 52.81% 55.43% - 76.07% 72.64% 69.17% - 72.47%
Earnings before Interest and Taxes (EBIT)		 -73 -216 -214 120 -4.77 24 74 -79 -120
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 14 -44 48 495 476 613 725 764 1,235
Valuation Ratios		 - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 - 4.85 29.85 17.57 - 8.58
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 - 4.91 48.42 23.92 - 11.89
Price to Revenue (P/Rev)		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 6.56
Price to Earnings (P/E)		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 - 1.86 7.01 5.35 - 2.38
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 10.06
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 18.77
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 10.47
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 - 2.84 2.89 3.62 - 5.22
Long-Term Debt to Equity		 0.00 0.00 0.00 - 1.61 1.94 2.66 - 3.64
Financial Leverage		 0.00 0.00 0.00 - 2.02 2.36 2.84 - 3.54
Leverage Ratio		 0.00 0.00 0.00 - 7.12 6.87 8.49 - 9.89
Compound Leverage Factor		 0.00 0.00 0.00 - 401.07 -68.80 -27.25 - 54.07
Debt to Total Capital		 0.00% 0.00% 0.00% - 73.95% 74.31% 78.35% - 83.93%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% - 32.06% 24.39% 20.72% - 25.48%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% - 41.89% 49.92% 57.63% - 58.45%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% - 9.87% 7.82% 0.00% - 0.00%
Common Equity to Total Capital		 0.00% 0.00% 0.00% - 16.18% 17.87% 21.65% - 16.07%
Debt to EBITDA		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 7.45
Net Debt to EBITDA		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 6.54
Long-Term Debt to EBITDA		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 5.19
Debt to NOPAT		 0.00 0.00 0.00 - 0.00 0.00 0.00 - -217.87
Net Debt to NOPAT		 0.00 0.00 0.00 - 0.00 0.00 0.00 - -191.20
Long-Term Debt to NOPAT		 0.00 0.00 0.00 - 0.00 0.00 0.00 - -151.73
Altman Z-Score		 0.00 0.00 0.00 - -0.04 1.85 1.14 - 0.24
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% - 37.90% 30.44% 0.00% - 14.86%
Liquidity Ratios		 - - - - - - - - -
Current Ratio		 0.00 0.00 0.00 - 0.44 0.52 0.49 - 0.31
Quick Ratio		 0.00 0.00 0.00 - 0.33 0.41 0.37 - 0.25
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 -17,114
Operating Cash Flow to CapEx		 117.06% -5.24% 52.77% - 4.35% -10.24% 70.71% - 38.78%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.16
Accounts Receivable Turnover		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 3.92
Inventory Turnover		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.25
Accounts Payable Turnover		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.83
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 93.06
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 441.47
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 - 0.00 0.00 0.00 - -348.42
Capital & Investment Metrics		 - - - - - - - - -
Invested Capital		 0.00 0.00 0.00 7,170 9,263 12,819 14,897 20,544 26,276
Invested Capital Turnover		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.35
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 0.00 9,263 12,819 14,897 13,374 17,013
Enterprise Value (EV)		 0.00 0.00 0.00 - 17,218 89,845 79,632 - 62,643
Market Capitalization		 1,500 1,500 1,500 - 9,244 79,344 68,136 - 40,827
Book Value per Share		 $0.00 $0.00 $0.00 ($1.90) $7.76 $5.54 $7.94 $6.69 $9.05
Tangible Book Value per Share		 $0.00 $0.00 $0.00 ($2.01) $7.66 $3.41 $5.83 $4.01 $6.53
Total Capital		 0.00 0.00 0.00 9,234 11,781 14,872 17,913 24,708 29,618
Total Debt		 0.00 0.00 0.00 7,926 8,712 11,052 14,035 21,373 24,859
Total Long-Term Debt		 0.00 0.00 0.00 5,458 4,935 7,424 10,323 14,665 17,312
Net Debt		 0.00 0.00 0.00 6,499 6,811 9,338 11,496 17,393 21,816
Capital Expenditures (CapEx)		 1,742 2,247 1,215 3,498 1,407 2,453 2,389 4,060 7,695
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 -1,977 -2,152 -1,696 -3,810 -6,224 -7,705
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 -579 -252 17 -1,271 -2,244 -4,662
Net Working Capital (NWC)		 0.00 0.00 0.00 -3,047 -4,028 -3,610 -4,984 -8,952 -12,209
Net Nonoperating Expense (NNE)		 141 377 442 130 295 304 146 389 639
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 5,862 6,194 8,998 11,019 17,209 21,517
Total Depreciation and Amortization (D&A)		 88 172 261 375 481 589 652 843 1,355
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -123.74%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -74.87%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -196.07%
Earnings Adjustments		 - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 ($0.24) ($1.40) ($0.60) ($0.22) ($0.53) ($1.40)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 218M 245.61M 486.59M 497.89M 435M 527M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 ($0.24) ($1.49) ($0.60) ($0.22) ($0.50) ($1.40)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 218M 249.29M 486.59M 497.89M 436M 527M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $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 545.57M
Normalized Net Operating Profit after Tax (NOPAT)		 12 54 82 79 -19 13 36 -63 -101
Normalized NOPAT Margin		 6.25% 13.76% 14.04% - -1.96% 1.11% 2.66% - -4.85%
Pre Tax Income Margin		 -60.34% -71.55% -54.48% - -27.36% -20.01% -17.35% - -31.57%
Debt Service Ratios		 - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -0.19%
Augmented Payout Ratio		 0.00% 0.00% 0.00% - 0.00% 0.00% 0.00% - -0.19%

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.

05/27/26 09:05 PM ETAI Generated. May Contain Errors.

CoreWeave Financials - Frequently Asked Questions

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.

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 where experts think CoreWeave is headed by visiting CoreWeave's forecast page.

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

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%.

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.

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.

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%.


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Financial statements for NASDAQ:CRWV last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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