CoreWeave Reports Strong Fourth Quarter and Fiscal Year 2025 Results

(In millions, except percentages and per share amounts)

Three Months Ended December 31,

Twelve Months Ended 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

)

(In millions, except percentages)

Three Months Ended December 31,

Twelve Months Ended 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

)%

COREWEAVE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

Three Months Ended
December 31,

Twelve Months Ended
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,
2025

December 31,
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
December 31,

Twelve Months Ended
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
December 31,

Twelve Months Ended
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
December 31,

Twelve Months Ended
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
December 31,

Twelve Months Ended
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.