CoreWeave
CRWV · NasdaqServices-Prepackaged Software · Fiscal year ends Dec 31
CoreWeave reported revenue of $5.1B in the fiscal year ended Dec 2025, up 167.9% from the year before. Operating income was −$46M, an operating margin of −0.9%, and net income was −$1.2B. Operating cash flow of $3.1B less capital expenditure of $10.3B left free cash flow of −$7.3B. Net debt was $18.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | $229M | $1.9B | $5.1B |
| Cost of revenue | $69M | $493M | $1.5B |
| Gross profit | $160M | $1.4B | $3.7B |
| Research & development | $21M | $56M | $352M |
| Operating income | −$14M | $324M | −$46M |
| Interest expense | $27M | $349M | $1.1B |
| Pre-tax income | −$558M | −$744M | −$1.2B |
| Income tax | $36M | $119M | −$48M |
| Net income | −$594M | −$863M | −$1.2B |
| Diluted EPS | −3.09 | −4.30 | −2.81 |
| Diluted shares | 192M | 218M | 436M |
Balance sheet
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | $217M | $1.4B | $3.1B |
| Receivables | – | $417M | $3.2B |
| Current assets | – | $1.9B | $7.5B |
| Net PP&E | – | $11.9B | $30.6B |
| Goodwill | $0 | $20M | $1.1B |
| Total assets | – | $17.8B | $49.3B |
| Payables | – | $868M | $1.6B |
| Deferred revenue | – | $769M | $1.7B |
| Current liabilities | – | $5B | $16.4B |
| Short-term debt | – | $2.5B | $6.7B |
| Long-term debt | – | $5.5B | $14.7B |
| Total liabilities | – | $16.5B | $46B |
| Shareholders' equity | −$597M | −$414M | $3.3B |
| Backlog (remaining obligations) | – | – | $60.7B |
Cash flow
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | $1.8B | $2.7B | $3.1B |
| Capital expenditure | $2.9B | $8.7B | $10.3B |
| Free cash flow | −$1.1B | −$6B | −$7.3B |
| Depreciation & amortisation | $103M | $863M | $2.5B |
| Stock-based compensation | $15M | $31M | $630M |
| Acquisitions | $0 | $0 | $108M |
| Dividend per share | – | 0.00 | 0.00 |
Key ratios
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 736.2% | 167.9% |
| Operating income growth (YoY) | – | – | −114.2% |
| Gross margin | 69.9% | 74.3% | 71.7% |
| Operating margin | −6.1% | 16.9% | −0.9% |
| Net margin | −259.4% | −45.1% | −22.7% |
| Return on equityBlank when equity is negative | – | – | −35.0% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 2.5% | −0.1% |
| Free cash flow margin | −484.7% | −310.9% | −141.3% |
| Cash conversion (CFO ÷ net income) | −3.09x | −3.19x | −2.62x |
| Receivable days | – | 79 | 225 |
| Payable days | – | 643 | 408 |
| Interest cover | −0.52x | 0.93x | −0.04x |
| Debt ÷ equity | – | – | 6.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $6.6B | $18.2B |
| Current ratio | – | 0.39x | 0.46x |
Recent filings
More in Services-Prepackaged Software
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.