Revenue rebounded 108.8% YoY to $164.2M in 2026Q2 with gross margin recovering to 42.7%, but operating income swung to -$72.1M and net income to -$1.2B, reflecting extreme earnings volatility.
Core Scientific, Inc. (CORZ) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 592.07M | 319.02M | 510.67M | 502.4M | 640.31M | 544.48M | 60.32M | 59.52M |
| Revenue Growth % | 77.17% | -37.53% | 1.65% | -21.54% | 17.6% | 802.66% | 1.34% | - |
| Cost of Goods Sold | 348.25M | 281.12M | 389.6M | 378.94M | 631.91M | 305.62M | 50.93M | 49M |
| COGS % of Revenue | - | 88.12% | 76.29% | 75.43% | 98.69% | 56.13% | 84.43% | 82.31% |
| Gross Profit | 243.95M | 37.9M | 121.07M | 123.46M | 8.4M | 238.86M | 9.39M | 10.53M |
| Gross Margin % | 41.2% | 11.88% | 23.71% | 24.57% | 1.31% | 43.87% | 15.57% | 17.69% |
| Gross Profit Growth % | - | -68.7% | -1.94% | 1369.75% | -96.48% | 2443.25% | -10.78% | - |
| Operating Expenses | 254.46M | 262.45M | 140.27M | 114.5M | 2.12B | 72.22M | 15.72M | 23.02M |
| OpEx % of Revenue | - | 82.27% | 27.47% | 22.79% | 330.77% | 13.26% | 26.06% | 38.67% |
| Selling, General & Admin | 183.38M | 182.6M | 120.42M | 100.93M | 226.01M | 64.55M | 16.32M | 17.54M |
| SG&A % of Revenue | - | 57.24% | 23.58% | 20.09% | 35.3% | 11.85% | 27.06% | 29.47% |
| Research & Development | 0 | 0 | 11.83M | 7.18M | 26.96M | 7.67M | 5.27M | 5.48M |
| R&D % of Revenue | - | - | 2.32% | 1.43% | 4.21% | 1.41% | 8.74% | 9.21% |
| Other Operating Expenses | 1000K | 79.85M | 8.02M | 6.39M | 1.86B | 0 | -5.88M | 0 |
| Operating Income | -10.51M | -224.55M | -19.2M | 8.96M | -2.11B | 166.64M | -6.33M | -11.69M |
| Operating Margin % | -1.78% | -70.39% | -3.76% | 1.78% | -329.46% | 30.61% | -10.49% | -19.63% |
| Operating Income Growth % | - | -1069.77% | -314.22% | 100.42% | -1365.93% | 2733.79% | 45.86% | - |
| EBITDA | 48.64M | -144.37M | 100.92M | 105.41M | -1.88B | 200M | 3.08M | -5.57M |
| EBITDA Margin % | 8.21% | -45.25% | 19.76% | 20.98% | -294.15% | 36.73% | 5.1% | -9.36% |
| EBITDA Growth % | 156.34% | -243.05% | -4.25% | 105.6% | -1041.72% | 6402.02% | 155.23% | - |
| D&A (Non-Cash Add-back) | 59.15M | 80.18M | 120.12M | 96.44M | 226.09M | 33.36M | 9.4M | 6.12M |
| EBIT | -149.47M | -288.03M | -1.28B | -159.57M | -2.07B | 107.43M | -7.77M | -11.69M |
| Net Interest Income | -64.65M | 3.28M | -37.07M | -86.24M | -96.83M | -44.35M | -4.44M | -235K |
| Interest Income | 0 | 3.28M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 64.65M | 0 | 37.07M | 86.24M | 96.83M | 44.35M | 4.44M | 235K |
| Other Income/Expense | -203.61M | -63.48M | -1.29B | -254.76M | -53.86M | -103.56M | -5.88M | -235K |
| Pretax Income | -214.12M | -288.03M | -1.31B | -245.8M | -2.16B | 63.08M | -12.21M | -11.92M |
| Pretax Margin % | -36.16% | -90.29% | -257.34% | -48.93% | -337.87% | 11.58% | -20.24% | -20.03% |
| Income Tax | -103.9M | 583K | 859K | 683K | -17.09M | 15.76M | 0 | 0 |
| Effective Tax Rate % | 48.53% | -0.2% | -0.07% | -0.28% | 0.79% | 24.99% | 0% | 0% |
| Net Income | -110.22M | -288.62M | -1.32B | -246.49M | -2.15B | 47.31M | -12.21M | -11.92M |
| Net Margin % | -18.62% | -90.47% | -257.5% | -49.06% | -335.2% | 8.69% | -20.24% | -20.03% |
| Net Income Growth % | 85.74% | 78.05% | -433.5% | 88.52% | -4636.52% | 487.61% | -2.38% | - |
| Net Income (Continuing) | -110.22M | -288.62M | -1.32B | -246.49M | -2.15B | 47.31M | -12.21M | -11.92M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.24 | -0.88 | -5.14 | -0.65 | -6.30 | 0.20 | -0.06 | -0.28 |
| EPS Growth % | -2442.73% | 82.88% | -690.77% | 89.68% | -3250% | 435.01% | 78.68% | - |
| EPS (Basic) | - | -0.88 | -5.14 | -0.65 | -6.30 | 0.23 | -0.06 | -0.28 |
| Diluted Shares Outstanding | 469.01M | 318.07M | 255.83M | 379.86M | 340.65M | 233.31M | 379.86M | 379.86M |
| Basic Shares Outstanding | 327.7M | 318.07M | 255.83M | 379.86M | 340.65M | 207.26M | 379.86M | 379.86M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CORZ stock.
For fiscal year 2025, Core Scientific, Inc. (CORZ) reported total revenue of $319.0M. This represents a 436.0% increase compared to $59.5M in 2019.
Core Scientific, Inc. (CORZ) reported a net loss of $288.6M for the fiscal year ending 2025.
Core Scientific, Inc. (CORZ) reported an operating income of $-224.6M, resulting in an operating profit margin of -70.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Core Scientific, Inc. (CORZ) generated $37.9M in gross profit for the year, representing a gross profit margin of 11.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Bitcoin price and network difficulty volatility
Metrics are mathematically derived from official filings.
Revenue Rebound After Steep Decline
CORZ's revenue surged 108.8% year-over-year to $164.2M in 2026Q2, reversing a multi-quarter slide from $179.3M in 2024Q1, according to reported financials.
The sharp acceleration in 2026Q2 suggests a significant operational expansion, likely driven by increased mining capacity or higher Bitcoin prices. However, the prior decline from $179.3M to $79.8M indicates high sensitivity to crypto market conditions. Investors should assess whether this growth is sustainable or a cyclical rebound.
Gross Margin Volatility Reflects Crypto Exposure
Gross margin swung from 43.3% in 2024Q1 to 4.7% in 2025Q3, then recovered to 42.7% in 2026Q2, as per income statement data, highlighting extreme earnings variability.
The dramatic margin compression in 2025 likely resulted from rising network difficulty and lower Bitcoin prices, squeezing profitability. The recovery to 42.7% in 2026Q2 suggests improved cost conditions or higher Bitcoin prices. This volatility underscores the company's lack of pricing power and dependence on external market factors.
Operating Leverage Absent Amid Cost Swings
Operating income swung from $55.2M profit in 2024Q1 to -$72.1M loss in 2026Q2, with SG&A expenses fluctuating between $16.9M and $69.2M, based on reported figures.
The lack of consistent operating leverage indicates that revenue growth does not translate into stable profitability. SG&A costs have not scaled proportionally with revenue, suggesting inefficiencies or one-time charges. The negative operating income in 2026Q2 despite high revenue implies significant non-cash or extraordinary costs, warranting further investigation.
Net Income Distorted by Non-Operating Items
Net income swung from $576.3M profit in 2025Q1 to -$1.2B loss in 2026Q2, with EPS moving from $1.24 to -$3.32, as reported in financial statements.
The massive swings in net income, far exceeding operating income changes, suggest significant non-operating items such as debt revaluation, impairments, or gains from warrant revaluations. Stock-based compensation of $18.2M in 2026Q2 adds to dilution but does not explain the magnitude. Investors should scrutinize the sustainability of these items.
COGS Dominates, R&D Minimal
COGS averaged over 60% of revenue across the period, while R&D was negligible or zero in recent quarters, according to income statement data.
The cost structure is heavily weighted toward COGS, reflecting the energy-intensive nature of Bitcoin mining. R&D expenses have essentially disappeared, indicating a focus on operational execution rather than innovation. Management's expense discipline appears limited, as SG&A has not been consistently controlled.
Profitability Remains at Mercy of Bitcoin
Despite revenue growth, CORZ's profitability is highly volatile, with gross margins ranging from -0.2% to 43.3% over ten quarters, per reported data.
Short-sellers would argue that CORZ's business model is fundamentally unprofitable without favorable Bitcoin prices. The company's reliance on external factors, combined with high debt levels (implied by large interest expenses), makes it vulnerable to market downturns. The recent revenue surge may be temporary, and without cost control, margins could compress again.