Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data CoreWeave, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
Revenue
229
1,915
5,131
Cost of revenue
69
493
1,453
Gross profit
160
1,422
3,678
Research and development
21
56
352
Selling and marketing
13
18
144
General and administrative
30
119
651
Operating income
-14
324
-46
Interest expense
27
349
1,148
Other non-operating income
18
49
33
Pre-tax income
-558
-744
-1,215
Income tax
36
119
-48
Net income
-594
-863
-1,167
EBITDA
89
1,187
2,408
EPS, basic
-3.09
-4.30
-2.75
EPS, diluted
-3.09
-4.30
-2.81
Shares, basic (weighted)
192
218
435
Shares, diluted (weighted)
192
218
436
Dividend per share
0.00
0.00
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
217
1,361
3,127
Short-term investments
0
34
Receivables
417
3,169
Other current assets
34
140
Total current assets
1,916
7,488
Property, plant and equipment
11,915
30,557
Lease right-of-use assets
2,590
8,231
Goodwill
0
20
1,101
Intangible assets
5
235
Long-term investments
29
0
Other non-current assets
721
1,506
Total assets
17,833
49,302
Accounts payable
868
1,623
Accrued liabilities
356
5,773
Deferred revenue
769
1,709
Short-term debt
2,468
6,708
Total current liabilities
4,963
16,440
Long-term debt
5,458
14,665
Lease liabilities
2,389
7,768
Other non-current liabilities
37
287
Total liabilities
16,525
45,967
Total debt
7,926
21,373
Paid-in capital
1,096
6,012
Retained earnings
-1,476
-2,643
Treasury stock
-34
-34
Other comprehensive income
0
0
Shareholders' equity
-597
-414
3,335
Total equity
-597
-414
3,335
Total liabilities and equity
17,833
49,302
Cash flow statement
FY2023
FY2025
FY2025
Net income
-594
-863
-1,167
Depreciation and amortization
103
863
2,454
Stock-based compensation
15
31
630
Deferred income tax
36
113
-53
Change in receivables
-162
-280
-2,749
Change in payables
27
511
253
Cash from operations
1,833
2,749
3,058
Capital expenditures
-2,943
-8,702
-10,309
Acquisitions
0
0
-108
Purchases of investments
-172
-34
-47
Sales and maturities of investments
6
188
43
Cash from investing
-3,148
-8,658
-10,271
Debt issued
1,404
7,018
11,829
Debt repaid
-2
-589
-3,399
Stock issued
15
0
0
Cash from financing
1,788
7,464
9,308
Net change in cash
473
1,555
2,095
Free cash flow
-1,110
-5,953
-7,251
Interest paid
0
184
869
Income taxes paid
0
14
-1
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $87.59 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
67.4%
Gross profit / revenue.
Operating margin
-3.0%
Operating income / revenue.
EBITDA margin
49.5%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-25.3%
Pre-tax income / revenue.
Net margin
-25.4%
Net income / revenue.
FCF margin
-179.9%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
91.1%
Cash from operations / revenue.
Return on equity (ROE)
-38.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-2.5%
Net income / average total assets.
R&D / revenue
5.6%
Research and development expense / revenue.
Stock-based pay / revenue
8.2%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
271.0%
Capital expenditures / revenue.
D&A / revenue
52.6%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
167.9%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
158.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y
-114.2%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
102.9%
EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
11.2%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
176.5%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
100.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.46x
Current assets / current liabilities.
Quick ratio
0.39x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.26x
(Cash + short-term investments) / current liabilities.
Capital expenditures / cash from operations, when that is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$3.50
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$13.78
Revenue / diluted weighted shares.
FCF per share
-$24.78
Free cash flow / diluted weighted shares.
Operating cash flow per share
$12.54
Cash from operations / diluted weighted shares.
Book value per share
$9.12
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
6.36x
Market cap / revenue.
P/B
9.62x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
13.1x
Market cap / tangible book value, when positive.
P/OCF
6.99x
Market cap / cash from operations, when positive.
EV/Sales
5.64x
Enterprise value / revenue.
EV/EBITDA
11.4x
Enterprise value / EBITDA, when both are positive.
FCF yield
-28.3%
Free cash flow / market cap.
Earnings yield
-4.0%
Net income / market cap (the inverse of P/E).
What was CoreWeave, Inc.'s revenue in fiscal 2025?
CoreWeave, Inc. reported revenue of $5.13B for fiscal 2025, 167.9% higher than the year before.
Was CoreWeave, Inc. profitable in fiscal 2025?
No. It reported a net loss of $1.17B.
How much free cash flow did CoreWeave, Inc. generate in fiscal 2025?
Cash from operations of $3.06B minus capital expenditures of $10.31B left free cash flow of -$7.25B.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.