Robust Demand and Focused Execution Drive Strong Results and Record Revenue Backlog
LIVINGSTON, N.J.--(BUSINESS WIRE)--February 26, 2026--
CoreWeave, Inc. (Nasdaq: CRWV), The Essential Cloud for AI$(TM)$, today reported financial results for the fourth quarter and fiscal year ended December 31, 2025.
"2025 was a defining year for CoreWeave as we became the fastest cloud in history to reach $5 billion in annual revenue," said Michael Intrator, Chairman and Chief Executive Officer of CoreWeave. "Demand continues to intensify as a broader set of customers adopt CoreWeave Cloud to run a diverse and growing set of workloads. The opportunity ahead is significant, and we are ready to capture it."
"This year's performance reflects disciplined execution against the strategy we outlined at our IPO to develop one of the largest AI Cloud footprints in the world," said Nitin Agrawal, Chief Financial Officer at CoreWeave. "Our revenue backlog grew to $66.8 billion, more than four times where we began the year, providing exceptional visibility as we scale into 2026 and beyond. CoreWeave is well positioned for sustained hypergrowth."
Fourth Quarter and Fiscal Year 2025 Financial Highlights
(In millions,
except
percentages
and per share Three Months Ended Twelve Months Ended
amounts) December 31, December 31,
----------------------- ------------------------
2025 2024 2025 2024
----- ----- --- ------ ----- ---
Revenue $1,572 $ 747 $ 5,131 $1,915
Operating
expenses 1,661 634 5,177 1,591
----- ----- --- ------ ----- ---
Operating
income
(loss) (89) 113 (46) 324
Operating
income (loss)
margin (6)% 15% (1)% 17%
Interest
expense, net $ (388) $ (149) $(1,229) $ (361)
Net loss $ (452) $ (51) $(1,167) $ (863)
Net loss
margin (29)% (7)% (23)% (45)%
Basic net loss
per share $(0.89) $(0.34) $ (2.75) $(4.30)
Diluted net
loss per
share $(0.89) $(0.34) $ (2.81) $(4.30)
Non-GAAP Financial Measures
(In millions,
except Three Months Ended Twelve Months Ended
percentages) December 31, December 31,
---------------------- ------------------------
2025 2024 2025 2024
---- ---- ---- ----- ----- ----
Adjusted
EBITDA $ 898 $ 486 $3,093 $1,219
Adjusted
EBITDA
margin 57% 65% 60% 64%
Adjusted
operating
income $ 88 $ 121 $ 666 $ 356
Adjusted
operating
income
margin 6% 16% 13% 19%
Adjusted net
loss $(284) $ (36) $ (606) $ (65)
Adjusted net
loss margin (18)% (5)% (12)% (3)%
(See "Non-GAAP Financial Measures" and the reconciliation of GAAP to non-GAAP results tables at the end of this press release for additional information.)
Additional Fourth Quarter 2025 Financial Highlights
Revenue backlog(1) was $66.8 billion as of December 31, 2025.
(________________________________ 1) Revenue backlog includes remaining performance obligations, plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service requirements.
Fourth Quarter 2025 Highlights
-- Customer wins across AI labs, Hyperscalers and Enterprises
-- Partner of choice for leading AI pioneers and enterprises
including: Cognition, Crowdstrike, Cursor, Mercado Libre,
Midjourney, Runway
-- Expanded relationships with both existing hyperscaler cloud
customers
-- Continued rapid scaling of Purpose-Built AI Infrastructure
-- Added approximately 260 MW of active power capacity, bringing
the total to more than 850 MW
-- Expanded total contracted power to approximately 3.1 GW while
further diversifying our portfolio of providers
-- Key Technology Leadership Milestones
-- First cloud provider to be named an NVIDIA Exemplar Cloud for
training workloads running on NVIDIA GB200 NVL72, optimized by
CoreWeave Mission Control(TM)
-- Achieved SemiAnalysis' Platinum ClusterMAX(TM) rating for the
second consecutive ranking, remaining the industry's sole platinum
provider
-- Introduced AI Object Storage, purpose-built for AI workloads to
deliver local-like performance, global availability, and
significantly lower cost
-- Announced zero egress migration, eliminating data transfer costs
to enable seamless migration and flexible multi-cloud development
for AI workloads
-- Acquired Monolith, expanding our AI cloud platform capabilities
to the physical world for industrial and manufacturing
enterprises
-- Acquired Marimo to unify the generative AI developer workflow
with its open-source, AI-native notebook for Python and
data-centric AI development
-- Expanded CoreWeave Mission Control(TM) to accelerate enterprise
AI adoption, including new capabilities such as telemetry relay,
GPU straggler detection and the CoreWeave Mission Control Agent
-- Launched Serverless RL, the first publicly available fully
managed reinforcement learning capability, enabling developers to
train AI agents with faster feedback loops and lower barriers to
entry
-- Strengthening Financial Position
-- Raised approximately $2.6 billion in convertible senior notes
through an upsized offering
-- Expanded our revolving credit facility to $2.5 billion,
enhancing financial flexibility to support growth initiatives
-- Other Noteworthy Updates
-- Launched CoreWeave Federal, extending our AI cloud platform to
support government and public sector use cases
-- Joined the Genesis Mission, a U.S. Department of Energy
initiative focused on accelerating discovery science,
strengthening national security and advancing U.S. energy
innovation
-- Announced a major global partnership with CrowdStrike,
collaborating to power a secure AI cloud foundation for the
agentic era
Business Outlook
CoreWeave will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.
Webcast and Conference Call Information
CoreWeave will host an audio webcast to discuss the results for the fourth quarter and fiscal year ended December 31, 2025, provide a business update, and share forward-looking guidance at 2:00 pm PT / 5:00 pm ET today. The live webcast of CoreWeave's earnings conference call can be accessed via the CoreWeave Investor Relations website at investors.coreweave.com, along with the earnings press release and accompanying presentation.
Following the call, a replay will be available at the same website. A transcript of the conference call will be posted to the investors.coreweave.com website.
Disclosure Information
CoreWeave uses its investor relations page (investors.coreweave.com), its X account (@CoreWeave), and its LinkedIn page (linkedin.com/company/coreweave/) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, in addition to following CoreWeave's press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.
About CoreWeave
CoreWeave is The Essential Cloud for AI(TM). Built for pioneers by pioneers, CoreWeave delivers a platform of technology, tools, and teams that enables innovators to move at the pace of innovation, building and scaling AI with confidence. Trusted by leading AI labs, startups, and global enterprises, CoreWeave serves as a force multiplier by combining superior infrastructure performance with deep technical expertise to accelerate breakthroughs. Established in 2017, CoreWeave completed its public listing on Nasdaq (CRWV) in March 2025. Learn more at www.coreweave.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements related to our business; our strategy; our capital structure; our future growth; our technology; our acquisition, financing and other initiatives' objectives; market trends; demand for our platform; other estimated amounts included in our revenue backlog figure; our plans to scale our platform and accelerate AI innovation; and strategic opportunities. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "estimate," "expect, " "intend," "may," "might," "plan," "project," "will," "would," "should, " "could," "can," "predict," "potential," "target," "explore," "continue, " "outlook," "guidance," or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements.
Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include but are not limited to our ability to execute our business strategies and manage our growth, our ability to maintain and grow our customer base, continued demand for AI infrastructure, any disruption in our strategic relationships or disruptions with our third-party providers, including our suppliers and data center partners, our ability to develop and maintain our corporate infrastructure and internal controls, our financial performance, capital requirements and ability to raise additional capital and the impact of global political and macroeconomic conditions, including the effects of global geopolitical conflicts, inflation, tariffs, interest rates, any instability in the global banking sector and foreign currency exchange rates. More information about factors that could affect our operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025, copies of which may be obtained by visiting our Investor Relations website at https://investors.coreweave.com or the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Additionally, the forward-looking statements in this press release do not include the potential impact of any acquisitions that may be announced and/or completed after the date hereof. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Our results for the fiscal year ended December 31, 2025 are not necessarily indicative of our operating results for any future periods.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use adjusted EBITDA and adjusted EBITDA margin, adjusted operating income (loss) and adjusted operating income (loss) margin, adjusted net income (loss) and adjusted net income (loss) margin, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliation due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Accordingly, a reconciliation of these forward-looking non-GAAP financial measures are not available without unreasonable effort.
A reconciliation is provided below for each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. CoreWeave encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate CoreWeave's business.
COREWEAVE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
Three Months
Ended December Twelve Months Ended
31, December 31,
---------------- ----------------------
2025 2024 2025 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
===== ===== ====== =====
COREWEAVE, INC.
CONSOLIDATED BALANCE SHEETS
(in millions)
December 31, December 31,
2025 2024
--------------- -----------------
Assets
Current assets
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
Goodwill 1,101 20
Other non-current assets 1,506 721
---------- ----------
Total assets $ 49,302 $ 17,833
========== ==========
Liabilities, Redeemable Convertible
Preferred Stock, and Stockholders'
Equity (Deficit)
Current liabilities
Accounts payable $ 1,623 $ 868
Accrued liabilities 5,773 356
Debt, current 6,708 2,468
Deferred revenue, current 1,709 769
Operating lease liabilities,
current 427 213
Finance lease liabilities, current 38 58
Other current liabilities 162 231
---------- ----------
Total current liabilities 16,440 4,963
Debt, non-current 14,665 5,458
Derivative and warrant liabilities 1 200
Deferred revenue, non-current 6,476 3,295
Operating lease liabilities,
non-current 7,768 2,389
Finance lease liabilities, non-current 216 34
Deferred tax liabilities, non-current 115 149
Other non-current liabilities 286 37
---------- ----------
Total liabilities 45,967 16,525
---------- ----------
Commitments and contingencies
Redeemable convertible preferred stock
and redeemable common stock
Redeemable convertible preferred
stock -- 1,722
---------- ----------
Stockholders' equity (deficit)
Preferred stock -- --
Class A common stock -- --
Class B common stock -- --
Class C common stock -- --
Treasury stock (34) (34)
Additional paid-in capital 6,012 1,096
Accumulated deficit (2,643) (1,476)
---------- ----------
Total stockholders' equity
(deficit) 3,335 (414)
---------- ----------
Total liabilities, redeemable
convertible preferred stock, and
stockholders' equity (deficit) $ 49,302 $ 17,833
========== ==========
COREWEAVE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------ ---------------------
2025 2024 2025 2024
------ ------ ------- ------
Cash flows from
operating
activities:
Net loss $ (452) $ (51) $ (1,167) $ (863)
Adjustments to
reconcile net loss
to net cash
provided by
operating
activities
Depreciation and
amortization 821 365 2,454 863
Amortization of
debt discounts
and issuance
costs and
accretion of
redemption
premiums 22 10 110 33
Stock-based
compensation
expense 157 8 630 31
Non-cash lease
expense 123 44 357 123
Deferred income
taxes (16) 33 (53) 113
Loss (gain) on
fair value
adjustments -- 7 (27) 756
Debt
extinguishment
loss 4 -- 19 12
Other non-cash
reconciling
items 53 2 103 3
Changes in
operating assets
and liabilities,
net of effect of
business
acquisitions:
Accounts
receivable (1,496) 52 (2,749) (280)
Prepaid expenses
and other
assets (268) (44) (784) (514)
Accounts payable
and accrued
expenses (80) 175 253 511
Deferred revenue 2,772 (368) 4,174 2,049
Lease
liabilities (81) (43) (262) (88)
Other
liabilities -- (3) -- --
------ ------ ------- ------
Net cash
provided by
operating
activities 1,559 187 3,058 2,749
------ ------ ------- ------
Cash flows from
investing
activities:
Purchase of
property and
equipment,
including
capitalized
internal-use
software (4,060) (3,498) (10,309) (8,702)
Purchases of
marketable
securities -- -- (47) (34)
Maturities and
sales of
marketable
securities 14 92 43 188
Sales of
warrants
received as
lease
incentive 153 -- 254 --
Business
combinations,
net of cash
acquired (52) -- (108) --
Issuance of
notes
receivable (17) (60) (90) (60)
Other investing
activities 36 2 (14) (50)
------ ------ ------- ------
Net cash used
in investing
activities (3,926) (3,464) (10,271) (8,658)
------ ------ ------- ------
Cash flows from
financing
activities:
Proceeds from
issuance of
debt, net 4,312 3,692 11,829 7,018
Repayments of
debt (420) (225) (3,399) (589)
Purchase of
capped calls
related to
convertible
senior notes (340) -- (340) --
Proceeds from
initial public
offering, net
of underwriting
discounts and
commissions -- -- 1,491 --
Redeemable
convertible
preferred stock
cash dividends
paid -- (29) (29) (58)
Issuance of
redeemable
convertible
preferred
stock, net of
issuance costs -- -- -- 1,172
Payment of tax
withholdings on
settlement of
restricted
stock units -- -- (144) --
Proceeds from
exercise of
stock options 2 2 20 3
Other financing
activities (26) (50) (120) (82)
------ ------ ------- ------
Net cash
provided by
financing
activities $ 3,528 $ 3,390 $ 9,308 $ 7,464
------ ------ ------- ------
Net increase in
cash, cash
equivalents, and
restricted cash $ 1,161 $ 113 $ 2,095 $ 1,555
------ ------ ------- ------
Cash, cash
equivalents, and
restricted
cash--beginning of
period 2,969 1,922 2,035 480
------ ------ ------- ------
Cash, cash
equivalents, and
restricted
cash--end of
period $ 4,130 $ 2,035 $ 4,130 $ 2,035
====== ====== ======= ======
Reconciliation of GAAP to Non-GAAP Results
Reconciliation of Net Loss to Adjusted EBITDA
(in millions, except percentages)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- -----------------------
2025 2024 2025 2024
----- ---- ------ -----
Net loss $ (452) $ (51) $(1,167) $ (863)
Depreciation
and
amortization 821 365 2,454 863
Interest
expense, net 388 149 1,229 361
Stock-based
compensation 157 8 630 31
Acquisition
related
costs(1) 9 -- 55 --
(Gain) loss on
fair value
adjustments(2) -- 7 (27) 756
Other income,
net (10) (14) (33) (48)
Provision for
(benefit from)
income taxes (15) 22 (48) 119
----- ---- ------ -----
Adjusted EBITDA $ 898 $ 486 $ 3,093 $1,219
===== ==== ====== =====
Revenue $1,572 $ 747 $ 5,131 $1,915
----- ---- ------ -----
Net loss margin (29)% (7)% (23)% (45)%
Adjusted EBITDA
margin 57% 65% 60% 64%
(1) Acquisition related costs include direct transaction costs, such as due
diligence, advisory, and professional services fees, and certain compensation
and integration related expenses. We exclude acquisition related costs, as we
believe these transaction-specific expenses are inconsistent in amount and
frequency, and do not correlate to the operation of our business.
(2) Represents adjustments related to recording our derivative liabilities at
fair value at the end of each reporting period for our 2021 Convertible Senior
Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes,
and the fair value remeasurement of the option liability in connection with
our Series B redeemable convertible preferred stock. Refer to Note 3.
Investments and Fair Value Measurements to our consolidated financial
statements included in our Annual Report on Form 10-K filed or to be filed
with the SEC for the year ended December 31, 2025 for additional information.
Reconciliation of Operating Income to Adjusted Operating Income
(in millions, except percentages)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- ----------------------
2025 2024 2025 2024
----- ---- ----- -----
Operating income
(loss) $ (89) $ 113 $ (46) $ 324
Stock-based
compensation 157 8 630 32
Acquisition
related
costs(1) 9 -- 55 --
Amortization of
acquired
intangibles(2) 11 -- 27 --
----- ---- ----- -----
Adjusted operating
income $ 88 $ 121 $ 666 $ 356
===== ==== ===== =====
Revenue $1,572 $ 747 $5,131 $1,915
----- ---- ----- -----
Operating income
margin (6)% 15% (1)% 17%
Adjusted operating
income margin 6% 16% 13% 19%
(1) Acquisition related costs include direct transaction costs, such as due
diligence, advisory, and professional services fees, and certain compensation
and integration related expenses. We exclude acquisition related costs, as we
believe these transaction-specific expenses are inconsistent in amount and
frequency, and do not correlate to the operation of our business.
(2) In the second quarter of 2025, we began including an adjustment for the
amortization of acquired intangibles in our calculation of adjusted operating
income (loss). Prior period non-GAAP calculations for acquired intangible
amortization are not being adjusted as these amounts were insignificant.
Reconciliation of Net Loss to Adjusted Net Loss
(in millions, except percentages)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- -----------------------
2025 2024 2025 2024
----- ---- ------ -----
Net loss $ (452) $ (51) $(1,167) $ (863)
Stock-based
compensation 157 8 630 31
Loss on
extinguishment
of debt(1) 4 -- 29 --
Acquisition
related
costs(2) 9 -- 55 --
Amortization of
acquired
intangibles(3) 11 -- 27 --
(Gain) loss on
fair value
adjustments(4) -- 7 (27) 756
Other
adjustments(5) -- -- (23) 11
Income tax,
inclusive of
the tax effect
of the above
adjustments(6) (13) -- (130) --
----- ---- ------ -----
Adjusted net loss $ (284) $ (36) $ (606) $ (65)
===== ==== ====== =====
Revenue $1,572 $ 747 $ 5,131 $1,915
----- ---- ------ -----
Net loss margin (29)% (7)% (23)% (45)%
Adjusted net loss
margin (18)% (5)% (12)% (3)%
(1) Primarily relates to losses recognized upon the early extinguishment of
certain OEM financing arrangements, as well as accelerated amortization of
debt discount and debt issuance costs related to our 2024 Term Loan, which was
repaid in connection with the IPO.
(2) Acquisition related costs include direct transaction costs, such as due
diligence, advisory, and professional services fees, and certain compensation
and integration related expenses. We exclude acquisition related costs, as we
believe these transaction-specific expenses are inconsistent in amount and
frequency, and do not correlate to the operation of our business.
(3) In the second quarter of 2025, we began including an adjustment for the
amortization of acquired intangibles in our calculation of adjusted net loss.
Prior period non-GAAP calculations for acquired intangible amortization are
not being adjusted as these amounts were insignificant.
(4) Represents adjustments related to recording our derivative liabilities at
fair value at the end of each reporting period for our 2021 Convertible Senior
Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes,
and the fair value remeasurement of the option liability in connection with
our Series B redeemable convertible preferred stock. Refer to Note 3.
Investments and Fair Value Measurements to our consolidated financial
statements included in our Annual Report on Form 10-K filed or to be filed
with the SEC for the year ended December 31, 2025 for additional information.
(5) Primarily relates to a net unrealized gain on our strategic investments.
(6) In the second quarter of 2025, we began including an adjustment for the
income tax effect related to our non-GAAP adjustments. Prior period non-GAAP
calculations for the income tax effects on our non-GAAP adjustments are not
being adjusted as these amounts were not material. Additionally, the third
quarter of 2025 includes an adjustment for amounts related to the impact of
the passage of the One Big Beautiful Bill Act on the first and second quarters
of 2025, that were recorded in third quarter of 2025.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260226281661/en/
CONTACT: Investor Relations contact:
Investor-Relations@coreweave.com / https://investors.coreweave.com/
Media contact:
Press@coreweave.com / https://www.coreweave.com/about-us
(END) Dow Jones Newswires
February 26, 2026 16:07 ET (21:07 GMT)
Comments