Free cash flow remains deeply negative at -$4.7B in 2026Q1, driven by a massive $7.7B quarterly capital expenditure cycle.
| Cash from Operations | 5.98B | 3.06B | 2.75B | 1.83B |
| Operating CF Margin % | - | 59.6% | 143.53% | 800.48% |
| Operating CF Growth % | 5676.68% | 11.23% | 50.01% | - |
| Net Income | -1.59B | -1.17B | -863.45M | -593.75M |
| Depreciation & Amortization | 3.16B | 2.45B | 863.41M | 103.21M |
| Stock-Based Compensation | 446.44M | 630M | 31.49M | 15.15M |
| Deferred Taxes | -18.76M | -53M | 112.78M | 35.82M |
| Other Non-Cash Items | 943.15M | 562M | 927.05M | 571.52M |
| Working Capital Changes | 3.04B | 632M | 1.68B | 1.7B |
| Change in Receivables | -1.07B | -2.75B | -279.72M | -162.41M |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | 1.15B | 253M | 510.57M | 0 |
| Cash from Investing | -16.55B | -10.27B | -8.66B | -3.15B |
| Capital Expenditures | -16.6B | -10.31B | -8.7B | -2.94B |
| CapEx % of Revenue | 266.52% | 200.92% | 454.32% | 1285.53% |
| Acquisitions | -107.92M | -108M | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | 179.8M | 150M | -93.67M | -177.27M |
| Cash from Financing | 11.37B | 9.31B | 7.46B | 1.79B |
| Debt Issued (Net) | 9.53B | 8.09B | 6.43B | 1.41B |
| Equity Issued (Net) | 6.34B | 1.51B | 1.11B | 403.55M |
| Dividends Paid | -2.9M | -29M | -57.74M | 0 |
| Share Repurchases | 0 | 0 | -1.47M | -32.05M |
| Other Financing | -4.5B | -264M | -24.6M | -29.48M |
| Net Change in Cash | 843.71M | 2.55B | 1.56B | 472.69M |
| Free Cash Flow | -10.62B | -7.25B | -5.95B | -1.11B |
| FCF Margin % | -170.47% | -141.32% | -310.79% | -485.05% |
| FCF Growth % | -66.72% | -21.81% | -436.07% | - |
| FCF per Share | -20.14 | -16.63 | -14.72 | -2.75 |
| FCF Conversion (FCF/Net Income) | 6.67x | -2.62x | -3.18x | -3.09x |
| Interest Paid | 0 | 0 | 183.66M | 41.48M |
| Taxes Paid | 0 | 0 | 14.33M | 214K |
High Debt Financing Dependency
According to recent financial filings, CoreWeave's operating cash flow to net income ratio reached -4.03 in 2026Q1, highlighting a significant divergence where reported net losses fail to capture the massive cash-generative potential of the company's current high-utilization, capacity-constrained GPU infrastructure business model.
The persistent gap between net income and operating cash flow suggests that non-cash charges, particularly depreciation, are heavily distorting the bottom line. Investors should monitor whether this cash-generative capacity is sustainable or if it relies on aggressive, front-loaded customer payment structures that may not repeat.
As reported in quarterly statements, CoreWeave's free cash flow remained deeply negative at -$4.7B in 2026Q1, reflecting an aggressive capital expenditure cycle that consistently outpaces the company's ability to generate internal cash from its rapidly expanding GPU compute rental operations.
The trajectory of FCF margins suggests that the company is in a perpetual state of reinvestment, prioritizing fleet expansion over immediate profitability. This strategy appears to be a calculated bet on long-term market dominance, though it leaves the firm highly sensitive to any potential cooling in AI compute demand.
Based on reported figures, CoreWeave's capital expenditure reached -$7.7B in 2026Q1, representing a massive commitment to hardware acquisition that underscores the company's reliance on continuous, high-volume investment to maintain its competitive edge in the specialized AI infrastructure market.
The high ratio of CapEx to revenue indicates that the company is essentially a capital-intensive utility provider rather than a traditional software firm. This intensity warrants further investigation into the useful life of the GPU assets, as any acceleration in technological obsolescence could necessitate even higher future capital outlays.
As evidenced by the $2.0B working capital inflow in 2026Q1, CoreWeave's cash flow is significantly influenced by fluctuations in customer payment timing, which appears to be a primary lever for managing liquidity amidst the company's massive, debt-funded infrastructure build-out phase.
The volatility in working capital changes suggests that the company may be utilizing advance payments or deferred revenue to bridge the gap between heavy hardware procurement and actual service delivery. Analysts should scrutinize these shifts to determine if they represent genuine operational efficiency or merely temporary financing maneuvers.
Based on the provided financial data, CoreWeave's cash flow statement obscures the true cost of its growth, as massive debt-financed hardware acquisitions are not fully reflected in the operating cash flow, potentially masking the underlying cash burn required to sustain the current business model.
The reliance on asset-backed financing means that a significant portion of the company's cash flow is effectively committed to servicing the debt used to purchase the very GPUs generating the revenue. This structure creates a feedback loop that may be difficult to unwind if utilization rates or hardware pricing experience a downturn.
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.