CoreWeave (CRWV) Q4 2025 Financial Results Summary

On February 26, 2026, CoreWeave, Inc. (Nasdaq: CRWV), The Essential Cloud for AI™, reported its financial results for the fourth quarter and fiscal year ended December 31, 2025.

Fourth Quarter and Fiscal Year 2025 Financial Highlights

• Revenue:
  • Q4 2025: $1,572 million
    • Up 110% from Q4 2024 ($747 million)
  • Fiscal Year 2025: $5,131 million
    • Up 168% from FY 2024 ($1,915 million)
• Operating Expenses:
  • Q4 2025: $1,661 million
    • Up 162% from Q4 2024 ($634 million)
  • Fiscal Year 2025: $5,177 million
    • Up 225% from FY 2024 ($1,591 million)
• Operating Income (Loss):
  • Q4 2025: $(89) million
    • Decrease from Q4 2024 ($113 million)
  • Fiscal Year 2025: $(46) million
    • Decrease from FY 2024 ($324 million)
  • Operating Margin:
    • Q4 2025: -6% (down from 15% in Q4 2024)
    • FY 2025: -1% (down from 17% in FY 2024)
• Interest Expense (Net):
  • Q4 2025: $(388) million
    • Up 160% from Q4 2024 ($149 million)
  • Fiscal Year 2025: $(1,229) million
    • Up 241% from FY 2024 ($361 million)
• Net Loss:
  • Q4 2025: $(452) million
    • Increase from Q4 2024 ($51 million)
  • Fiscal Year 2025: $(1,167) million
    • Increase from FY 2024 ($863 million)
  • Net Loss Margin:
    • Q4 2025: -29% (up from -7% in Q4 2024)
    • FY 2025: -23% (down from -45% in FY 2024)
• Net Loss Per Share:
  • Q4 2025: $(0.89)
    • Up from $(0.34) in Q4 2024
  • Fiscal Year 2025: $(2.75)
    • Up from $(4.30) in FY 2024

Non-GAAP Financial Measures

• Adjusted EBITDA:
  • Q4 2025: $898 million
    • Up 85% from Q4 2024 ($486 million)
  • Fiscal Year 2025: $3,093 million
    • Up 154% from FY 2024 ($1,219 million)
  • Adjusted EBITDA Margin:
    • Q4 2025: 57% (down from 65% in Q4 2024)
    • FY 2025: 60% (down from 64% in FY 2024)
• Adjusted Operating Income:
  • Q4 2025: $88 million
    • Down 27% from Q4 2024 ($121 million)
  • Fiscal Year 2025: $666 million
    • Up 87% from FY 2024 ($356 million)
  • Adjusted Operating Income Margin:
    • Q4 2025: 6% (down from 16% in Q4 2024)
    • FY 2025: 13% (down from 19% in FY 2024)
• Adjusted Net Loss:
  • Q4 2025: $(284) million
    • Up from $(36) million in Q4 2024
  • Fiscal Year 2025: $(606) million
    • Up from $(65) million in FY 2024
  • Adjusted Net Loss Margin:
    • Q4 2025: -18% (up from -5% in Q4 2024)
    • FY 2025: -12% (up from -3% in FY 2024)

Additional Fourth Quarter 2025 Highlights

• Revenue Backlog: $66.8 billion as of December 31, 2025, increasing over 400% compared to the start of the year.
• Customer Relations:
  • Gained significant partners in AI, Hyperscalers, and Enterprises, including Coginition, Crowdstrike, Cursor, Mercado Libre, Midjourney, and Runway.
• Infrastructure Expansion:
  • Added approximately 260 MW of active power capacity; total exceeds 850 MW.
  • Total contracted power increased to approximately 3.1 GW.
• Technology Leaders:
  • Named an NVIDIA Exemplar Cloud for training workloads.
  • Achieved the industry-exclusive Platinum ClusterMAX™ rating for the second consecutive time.
  • Introduced AI Object Storage and launched Serverless RL to streamline artificial intelligence workflows.
• Financial Position:
  • Raised approximately $2.6 billion in convertible senior notes.
  • Expanded revolving credit facility to $2.5 billion.

Dividends and Share Repurchase

• No quarterly dividend was declared during this period.
• No share repurchase program was mentioned in the financial summary.

CoreWeave's robust performance in Q4 2025 reflects continued growth and demand within the AI cloud space, backed by a significant revenue backlog and focused expansion initiatives.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

Note: All amounts are in thousands.

	Three Months Ended December 31, 2025	Three Months Ended December 31, 2024	Twelve Months Ended December 31, 2025	Twelve Months Ended December 31, 2024
Revenue	$ 1,572	$ 747	$ 5,131	$ 1,915
Operating expenses:
Cost of revenue	509	182	1,453	493
Technology and infrastructure	950	398	2,929	961
Sales and marketing	52	6	144	18
General and administrative	150	48	651	119
Total operating expenses	1,661	634	5,177	1,591
Operating income (loss)	-89	113	-46	324
Gain (loss) on fair value adjustments	—	-7	27	-756
Interest expense, net	-388	-149	-1,229	-361
Other income, net	10	14	33	49
Loss before income taxes	-467	-29	-1,215	-744
Provision for (benefit from) income taxes	-15	22	-48	119
Net loss and comprehensive loss	$ -452	$ -51	$ -1,167	$ -863
Net loss attributable to: common stockholders, basic	$ -452	$ -81	$ -1,196	$ -937
Net loss attributable to: common stockholders, diluted	$ -452	$ -81	$ -1,223	$ -937
Net loss per share attributable to common stockholders, basic	$ -0.89	$ -0.34	$ -2.75	$ -4.30
Net loss per share attributable to common stockholders, diluted	$ -0.89	$ -0.34	$ -2.81	$ -4.30
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic	506	239	435	218
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted	506	239	436	218

CONSOLIDATED BALANCE SHEETS

(In millions)

Note: All amounts are in millions.

Assets	December 31, 2025	December 31, 2024
Cash and cash equivalents	$ 3,127	$ 1,361
Restricted cash and cash equivalents, current	819	37
Marketable securities	34	—
Accounts receivable, net	3,169	417
Prepaid expenses and other current assets	339	101
Total current assets	7,488	1,916
Restricted cash and cash equivalents, non-current	184	637
Restricted marketable securities, non-current	—	29
Property and equipment, net	30,557	11,915
Operating lease right-of-use assets	8,231	2,590
Intangible assets, net	235	5
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