CRWV CoreWeave, Inc.

Overview and Growth

In fiscal 2025, CoreWeave, Inc. recorded $5.13B of revenue, net loss of $1.17B, and an operating cash inflow of $3.06B. At $5.13B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $1.92B in fiscal 2024, revenue recorded a 167.9% year-over-year increase. The company reported diluted EPS of -$2.81, adding a shareholder-level measure to the absolute income figures considered below. Total assets stood at $49.30B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.1x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $3.68B as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 71.7% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was an operating loss of $46.00M, reflecting costs that exceeded gross profit. Relative to revenue, the operating deficit measured 0.9%, showing the shortfall after operating costs. The company ended the period with a net loss of $1.17B, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 22.7% after all recognized items. The pretax result was a loss of $1.22B, establishing the deficit before tax effects. Measured against revenue, the pretax deficit represented 23.7%. The reported tax benefit was $48.00M, favorably bridging the pretax and after-tax results. The net loss equaled 35.0% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 2.4%.

Liquidity and Capital Structure

Total assets were $49.30B, supported by $45.97B of liabilities and $3.33B of shareholder equity. Current assets were $7.49B against $16.44B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered only 0.46x of current liabilities, so current liabilities exceeded current assets at period end. Cash and equivalents totaled $3.13B, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 19.0% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $21.37B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 6.41x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 43.4% of total assets, placing borrowing in the context of the company’s full resource base. Liabilities represented 93.2% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 6.3%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 176.5% from $17.83B in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 155.0% from $1.31B in fiscal 2024, placing the current capital base higher year over year. Cash and equivalents were 129.8% higher than fiscal 2024 cash of $1.36B, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported $3.06B of operating cash flow, a cash inflow that shows the cash generated by operations. Capital expenditures used $10.31B, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 337.1% of operating cash flow, leaving the remainder available as free cash flow. The company recorded a $7.25B cash deficit after capital spending for the period. The free-cash-flow deficit equaled 141.3% of revenue, showing the post-investment cash shortfall relative to sales. The free-cash-flow deficit equaled 14.7% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.