CoreWeave (CRWV) CRWV Q4 Financial Results Summary
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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)
- Q4 2025: $1,572 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)
- Q4 2025: $1,661 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)
- Q4 2025: $(89) million
- 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)
- Q4 2025: $(388) 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)
- Q4 2025: $(452) million
- 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
- Q4 2025: $(0.89)
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)
- Q4 2025: $898 million
- 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)
- Q4 2025: $88 million
- 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)
- Q4 2025: $(284) million
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.
