CoreWeave (CRWV) financial statements
CoreWeave reported revenue of $5.1B in fiscal 2025, up 373.4% a year over 2 years.
Net income was -$1.2B and the operating margin -0.9%, against -6.1% in 2023.
Free cash flow was -$7.3B.
The diluted share count rose 127% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CoreWeave's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $229M | $1.9B | $5.1B |
| Cost of revenue | $69M | $493M | $1.5B |
| Gross profit | $160M | $1.4B | $3.7B |
| Research and development | $21M | $56M | $352M |
| Selling, general and admin | $43M | $137M | $795M |
| 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 |
| EPS (diluted) | -$3.09 | -$4.30 | -$2.81 |
| Diluted shares | 192M | 218M | 436M |
| Gross margin | 69.9% | 74.3% | 71.7% |
| Operating margin | -6.1% | 16.9% | -0.9% |
| Net margin | -259.4% | -45.1% | -22.7% |
Balance sheet
Fiscal years, from CoreWeave's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $217M | $1.4B | $3.2B |
| Receivables | — | $417M | $3.2B |
| Total current assets | — | $1.9B | $7.5B |
| Property, plant and equipment | — | $11.9B | $30.6B |
| Goodwill | $0 | $20M | $1.1B |
| Total assets | — | $17.8B | $49.3B |
| Total current liabilities | — | $5.0B | $16.4B |
| Long-term debt | — | $5.5B | $14.7B |
| Total liabilities | — | $16.5B | $46.0B |
| Shareholders' equity | -$597M | -$414M | $3.3B |
| Net debt | -$217M | $6.6B | $18.2B |
Cash flow
Fiscal years, from CoreWeave's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | $1.8B | $2.7B | $3.1B |
| Capital spending | $2.9B | $8.7B | $10.3B |
| Free cash flow | -$1.1B | -$6.0B | -$7.3B |
| Stock-based compensation | $15M | $31M | $630M |
| Net borrowing | $1.4B | $6.4B | $8.4B |
| Free cash flow margin | -484.7% | -310.9% | -141.3% |
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Open CRWV in InvestinglyQuestions
What was CoreWeave's revenue in 2025?
$5.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does CoreWeave generate?
-$7.3B in fiscal 2025 (operating cash flow minus capital spending).
From CoreWeave's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.