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Operating cash flow turned positive at $679M in 2026Q2, but free cash flow deteriorated to -$5.7B as capex of $6.4B outpaced cash generation, reflecting an aggressive expansion phase with no capital returns.
CoreWeave, Inc. Class A Common Stock (CRWV) cash flow statement — 3-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Cash from Operations | 6.91B | 3.06B | 2.75B | 1.83B |
| Operating CF Margin % | - | 59.6% | 143.53% | 800.48% |
| Operating CF Growth % | 6046.93% | 11.23% | 50.01% | - |
| Net Income | -1.93B | -1.17B | -863.45M | -593.75M |
| Depreciation & Amortization | 3.99B | 2.45B | 863.41M | 103.21M |
| Stock-Based Compensation | 619.43M | 630M | 31.49M | 15.15M |
| Deferred Taxes | -4.03M | -53M | 112.78M | 35.82M |
| Other Non-Cash Items | 1.8B | 562M | 927.05M | 571.52M |
| Working Capital Changes | 2.44B | 632M | 1.68B | 1.7B |
| Change in Receivables | -636.81M | -2.75B | -279.72M | -162.41M |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | 846.38M | 253M | 510.57M | 0 |
| Cash from Investing | -21.27B | -10.27B | -8.66B | -3.15B |
| Capital Expenditures | -20.57B | -10.31B | -8.7B | -2.94B |
| CapEx % of Revenue | 270.98% | 200.92% | 454.32% | 1285.53% |
| Acquisitions | -62.21M | -108M | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | 61.26M | 150M | -93.67M | -177.27M |
| Cash from Financing | 19.21B | 9.31B | 7.46B | 1.79B |
| Debt Issued (Net) | 16.8B | 8.09B | 6.43B | 1.41B |
| Equity Issued (Net) | 5.84B | 1.51B | 1.11B | 403.55M |
| Dividends Paid | -307K | -29M | -57.74M | 0 |
| Share Repurchases | 0 | 0 | -1.47M | -32.05M |
| Other Financing | -3.43B | -264M | -24.6M | -29.48M |
| Net Change in Cash | 5.01B | 2.55B | 1.56B | 472.69M |
| Free Cash Flow | -13.65B | -7.25B | -5.95B | -1.11B |
| FCF Margin % | -179.91% | -141.32% | -310.79% | -485.05% |
| FCF Growth % | -72.07% | -21.81% | -436.07% | - |
| FCF per Share | -24.78 | -16.63 | -14.72 | -2.75 |
| FCF Conversion (FCF/Net Income) | 7.08x | -2.62x | -3.18x | -3.09x |
| Interest Paid | 0 | 0 | 183.66M | 41.48M |
| Taxes Paid | 0 | 0 | 14.33M | 214K |
Quick answers to the most common questions about buying CRWV stock.
CoreWeave, Inc. Class A Common Stock (CRWV) generated $3.06B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CoreWeave, Inc. Class A Common Stock (CRWV) reported negative free cash flow of $7.25B in 2025, indicating capital requirements exceeded cash from operations.
CoreWeave, Inc. Class A Common Stock (CRWV) spent $10.31B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, CoreWeave, Inc. Class A Common Stock (CRWV) returned $29.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Debt-funded GPU expansion risk
Metrics are mathematically derived from official filings.
Cash Conversion Diverges Sharply from Losses
Despite net losses of $626M in 2026Q2, operating cash flow turned positive at $679M, per recent SEC filings, driven by $1.4B in depreciation and $558M in working capital inflows.
The positive operating cash flow despite persistent net losses indicates that non-cash charges, primarily depreciation on the GPU fleet, are masking underlying cash generation from operations. However, the OCF/NI ratio of -1.08 in 2026Q2, while improved from -4.03 in the prior quarter, still reflects a fundamental disconnect between accounting losses and cash reality. Investors should monitor whether this cash generation can persist as depreciation schedules normalize and working capital tailwinds fade.
Free Cash Flow Burn Deepens with Scale
Free cash flow deteriorated to -$5.7B in 2026Q2, as reported in financial statements, with capex of $6.4B outpacing operating cash flow of $679M, reflecting an aggressive capacity expansion phase.
The FCF margin of -2.2% in 2026Q2, while seemingly modest, masks the absolute scale of cash consumption—cumulative FCF over the last four quarters exceeds -$13B. This trajectory suggests that revenue growth is being purchased through escalating capital intensity, with capex-to-revenue ratios hovering near 250% in recent quarters. The company appears to be prioritizing fleet expansion over near-term cash generation, a strategy that may pay off if utilization remains high but carries substantial execution risk.
Capital Expenditures Define the Growth Strategy
Capex reached $6.4B in 2026Q2, representing 2.5% of revenue, per reported figures, with cumulative capex over the past year exceeding $25B, signaling a deliberate build-out of AI infrastructure.
The capital intensity of CoreWeave's model is extreme, with capex consistently exceeding operating cash flow by a wide margin, forcing reliance on external financing. The depreciation charge of $1.4B in 2026Q2, up from $821M in 2025Q4, suggests the fleet is being depreciated over a relatively short useful life, which may understate the true economic cost of GPU obsolescence. If the useful life assumption proves too optimistic, future earnings could face additional pressure, but the current cash burn is the more immediate constraint.
Working Capital Swings Provide Temporary Relief
Working capital contributed $558M to operating cash flow in 2026Q2, per financial statements, following a $846M inflow in 2025Q4, suggesting customer prepayments or favorable payment terms are supporting cash generation.
The volatility in working capital changes—ranging from -$835M in 2025Q2 to +$1.0B in 2025Q3—indicates that operating cash flow is not yet stable and may be influenced by the timing of large customer contracts. The positive contributions in recent quarters could reflect advance payments on long-term reserved instance agreements, which would be a positive signal for revenue durability. However, investors should monitor whether these inflows reverse as contracts mature or if they represent a sustainable source of cash.
No Capital Returns Amidst Heavy Reinvestment
CoreWeave paid no dividends and repurchased no shares in 2026Q2, as reported in financial statements, with all available cash directed toward capex and debt servicing, reflecting a pure growth reinvestment strategy.
The absence of shareholder returns is consistent with a company in a hypergrowth phase, but it also underscores the lack of free cash flow to support such distributions. The $52M acquisition outflow in 2025Q4, while modest, suggests management is selectively deploying capital beyond organic capacity expansion. Given the negative ROE of -79.9% and debt/equity of 8.94, the company appears to be prioritizing growth over balance sheet repair, which may increase refinancing risk if capital markets tighten.
What the Cash Flow Statement Obscures
The cash flow statement may obscure the true cost of GPU financing, as the low 4.54% debt/equity ratio in the snapshot likely excludes off-balance-sheet debt, per reported figures, masking the full leverage burden.
The reported debt/equity of 8.94 in recent context flags contrasts sharply with the 4.54% in the snapshot, suggesting that significant debt may be held off-balance-sheet or in financing vehicles not fully captured in the cash flow statement. Additionally, stock-based compensation of $165M in 2026Q2, while non-cash, dilutes shareholders and is not reflected in operating cash flow, potentially overstating the cash-generating ability of the business. Investors should adjust for capitalized interest on data center builds and potential take-or-pay contract structures that may inflate reported operating cash flow without corresponding cash receipts.