Core Scientific (CORZ) financial statements
Core Scientific reported revenue of $319M in fiscal 2025, up 39.5% a year over 5 years.
Net income was -$289M and the operating margin -77.0%, against -10.5% in 2020.
Free cash flow was -$451M.
The diluted share count rose 102% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Core Scientific's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $60M | $544M | $640M | $502M | $511M | $319M |
| Cost of revenue | $51M | $306M | $632M | $379M | $390M | $281M |
| Gross profit | $9M | $239M | $8M | $123M | $121M | $38M |
| Research and development | $5M | $8M | $27M | $7M | $12M | — |
| Selling, general and admin | $16M | $65M | $226M | $108M | $114M | $159M |
| Operating income | -$6M | $131M | -$2.1B | $9M | -$142M | -$246M |
| Pre-tax income | -$12M | $63M | -$2.2B | -$246M | -$1.4B | -$288M |
| Income tax | $0 | $16M | -$17M | $683,000 | $859,000 | $583,000 |
| Net income | -$12M | $47M | -$2.1B | -$246M | -$1.4B | -$289M |
| EPS (diluted) | -$0.14 | $0.20 | -$6.30 | -$0.65 | -$4.87 | -$0.88 |
| Diluted shares | 158M | 233M | 341M | 380M | 256M | 318M |
| Gross margin | 15.6% | 43.9% | 1.3% | 24.6% | 23.7% | 11.9% |
| Operating margin | -10.5% | 24.2% | -329.5% | 1.8% | -27.8% | -77.0% |
| Net margin | -20.2% | 8.7% | -335.2% | -49.1% | -281.6% | -90.5% |
Balance sheet
Fiscal years, from Core Scientific's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $9M | $118M | $16M | $50M | $836M | $311M |
| Receivables | — | $1M | $234,000 | $1M | $1M | — |
| Total current assets | — | $757M | $85M | $97M | $904M | $896M |
| Property, plant and equipment | — | $597M | $691M | $585M | $433M | $1.3B |
| Goodwill | — | $1.1B | $0 | $0 | — | — |
| Total assets | $15,000 | $2.4B | $808M | $712M | $1.5B | $2.3B |
| Total current liabilities | $400 | $320M | $187M | $488M | $135M | $781M |
| Long-term debt | — | — | — | — | — | $1.1B |
| Total liabilities | $400 | $1.1B | $1.2B | $1.3B | $2.4B | $3.3B |
| Shareholders' equity | $89M | $1.3B | -$409M | -$597M | -$943M | -$963M |
| Net debt | -$9M | -$118M | -$16M | -$50M | -$836M | $749M |
Cash flow
Fiscal years, from Core Scientific's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$24M | -$57M | $205M | $65M | $43M | $278M |
| Capital spending | $0 | $0 | $384M | $17M | $95M | $729M |
| Free cash flow | -$24M | -$57M | -$179M | $48M | -$52M | -$451M |
| Stock-based compensation | $3M | $39M | $183M | $59M | $52M | $98M |
| Share buybacks (net) | — | — | -$32M | $0 | $0 | — |
| Net borrowing | $40M | $621M | $148M | -$41M | -$305M | -$9M |
| Free cash flow margin | -39.4% | -10.4% | -27.9% | 9.6% | -10.2% | -141.3% |
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Open CORZ in InvestinglyQuestions
What was Core Scientific's revenue in 2025?
$319M in fiscal 2025, from its 10-K filing.
How much free cash flow does Core Scientific generate?
-$451M in fiscal 2025 (operating cash flow minus capital spending).
From Core Scientific's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.