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Capital markets · Financial Services · Fiscal year ends Dec 31
Core Scientific reported revenue of $319M in the fiscal year ended Dec 2025, down 37.5% from the year before. Operating income was −$246M, an operating margin of −77.0%, and net income was −$289M. Operating cash flow of $278M less capital expenditure of $729M left free cash flow of −$451M. Net debt was $749M.
Ranks among the 33 capital markets companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 544 | 640 | 502 | 511 | 319 |
| Cost of revenue | 306 | 632 | 379 | 390 | 281 |
| Gross profit | 239 | 8.4 | 123 | 121 | 37.9 |
| Research & development | 7.7 | 27.0 | 7.2 | 11.8 | – |
| Selling, general & admin | 64.5 | 226 | 108 | 114 | 159 |
| Operating income | 131 | −2,110 | 9.0 | −142 | −246 |
| Pre-tax income | 63.1 | −2,163 | −246 | −1,437 | −288 |
| Income tax | 15.8 | −17.1 | 0.7 | 0.9 | 0.6 |
| Net income | 47.3 | −2,146 | −246 | −1,438 | −289 |
| Diluted EPS | 0.20 | −6.30 | −0.65 | −4.87 | −0.88 |
| Diluted shares | 233 | 341 | 380 | 256 | 318 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 118 | 15.9 | 50.4 | 836 | 311 |
| Receivables | 1.4 | 0.2 | 1.0 | 1.0 | – |
| Current assets | 757 | 85.1 | 97.0 | 904 | 896 |
| Net PP&E | 597 | 691 | 585 | 433 | 1,293 |
| Goodwill | 1,056 | 0.0 | 0.0 | – | – |
| Total assets | 2,439 | 808 | 712 | 1,476 | 2,348 |
| Payables | 11.6 | 53.6 | 155 | 19.3 | 126 |
| Deferred revenue | 63.4 | 77.7 | 9.8 | 0.3 | 2.0 |
| Current liabilities | 320 | 187 | 488 | 135 | 781 |
| Short-term debt | – | – | – | – | 0.0 |
| Long-term debt | 652 | 0.0 | 684 | 1,074 | 1,060 |
| Total liabilities | 1,053 | 1,217 | 1,309 | 2,419 | 3,310 |
| Shareholders' equity | 1,341 | −409 | −597 | −943 | −963 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −56.7 | 205 | 65.1 | 42.9 | 278 |
| Capital expenditure | 0.0 | 384 | 16.2 | 95.0 | 729 |
| Free cash flow | −56.7 | −179 | 49.0 | −52.1 | −451 |
| Depreciation & amortisation | 33.4 | 225 | 96.0 | 113 | 68.9 |
| Stock-based compensation | 38.9 | 183 | 58.9 | 51.9 | 98.2 |
| Share buybacks | – | 31.6 | 0.0 | 0.0 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.6% | −21.5% | 1.6% | −37.5% |
| Operating income growth (YoY) | – | −1704.3% | – | −1685.4% | – |
| EPS growth (YoY) | – | −3250.0% | – | – | – |
| Gross margin | 43.9% | 1.3% | 24.6% | 23.7% | 11.9% |
| Operating margin | 24.2% | −329.5% | 1.8% | −27.8% | −77.0% |
| Net margin | 8.7% | −335.2% | −49.1% | −281.6% | −90.5% |
| Return on equityBlank when equity is negative | 3.5% | – | – | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | 6.2% | −339.8% | 4.0% | −10.6% | −15.7% |
| Free cash flow margin | −10.4% | −27.9% | 9.7% | −10.2% | −141.3% |
| Cash conversion (CFO ÷ net income) | −1.20x | −0.10x | −0.26x | −0.03x | −0.96x |
| Receivable days | 1 | 0 | 1 | 1 | – |
| Payable days | 14 | 31 | 149 | 18 | 164 |
| Debt ÷ equity | 0.49x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 534 | −15.9 | 634 | 238 | 749 |
| Current ratio | 2.36x | 0.46x | 0.20x | 6.72x | 1.15x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.