Revenue growth reached 111.7% in 2026Q1, yet operating margins contracted to -6.9% as SG&A expenses outpaced gross profit gains.
| Sales/Revenue | 6.23B | 5.13B | 1.92B | 228.94M |
| Revenue Growth % | 156.38% | 167.88% | 736.64% | - |
| Cost of Goods Sold | 1.91B | 1.45B | 493.35M | 68.78M |
| COGS % of Revenue | - | 28.32% | 25.76% | 30.04% |
| Gross Profit | 4.32B | 3.68B | 1.42B | 160.16M |
| Gross Margin % | 69.38% | 71.68% | 74.24% | 69.96% |
| Gross Profit Growth % | - | 158.64% | 787.89% | - |
| Operating Expenses | 4.48B | 3.72B | 1.1B | 174.61M |
| OpEx % of Revenue | - | 72.58% | 57.31% | 76.27% |
| Selling, General & Admin | 842.69M | 795M | 137.03M | 42.76M |
| SG&A % of Revenue | - | 15.49% | 7.15% | 18.68% |
| Research & Development | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - |
| Other Operating Expenses | 4M | 2.93B | 960.68M | 131.85M |
| Operating Income | -162.53M | -46M | 324.36M | -14.45M |
| Operating Margin % | -2.61% | -0.9% | 16.93% | -6.31% |
| Operating Income Growth % | - | -114.18% | 2344.54% | - |
| EBITDA | 1.85B | 2.41B | 1.19B | 88.76M |
| EBITDA Margin % | 29.68% | 46.93% | 62.01% | 38.77% |
| EBITDA Growth % | 40.38% | 102.73% | 1238.2% | - |
| D&A (Non-Cash Add-back) | 2.01B | 2.45B | 863.41M | 103.21M |
| EBIT | -125.23M | 14M | -383.38M | -529.64M |
| Net Interest Income | -429.17M | -1.23B | -360.82M | -28.4M |
| Interest Income | 0 | 0 | 0 | 0 |
| Interest Expense | 429.17M | 1.23B | 360.82M | 28.4M |
| Other Income/Expense | -1.44B | -1.17B | -1.07B | -543.6M |
| Pretax Income | -1.6B | -1.22B | -744.2M | -558.05M |
| Pretax Margin % | -25.73% | -23.68% | -38.85% | -243.75% |
| Income Tax | -10.04M | -48M | 119.25M | 35.7M |
| Effective Tax Rate % | 0.63% | 3.95% | -16.02% | -6.4% |
| Net Income | -1.59B | -1.17B | -863.45M | -593.75M |
| Net Margin % | -25.57% | -22.74% | -45.08% | -259.34% |
| Net Income Growth % | -77.64% | -35.16% | -45.42% | - |
| Net Income (Continuing) | -1.59B | -1.17B | -863.45M | -593.75M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.02 | -2.81 | -2.33 | -1.47 |
| EPS Growth % | -37.61% | -20.6% | -58.5% | - |
| EPS (Basic) | - | -2.75 | -2.33 | -1.47 |
| Diluted Shares Outstanding | 527M | 436M | 404.41M | 403.73M |
| Basic Shares Outstanding | 527M | 435M | 404.41M | 403.73M |
| Dividend Payout Ratio | - | - | - | - |
High Debt Financing Dependency
As reported in recent financial statements, CoreWeave achieved a 111.7% year-over-year revenue growth in 2026Q1, signaling that the company is successfully capturing massive demand for specialized AI compute capacity despite the inherent volatility associated with such rapid, infrastructure-heavy scaling in the current competitive landscape.
The triple-digit growth trajectory suggests that CoreWeave's strategy of securing long-term reserved instance contracts is effectively insulating the top line from short-term market fluctuations. However, investors should monitor whether this pace can be sustained as the company faces increasing competition from hyperscalers who are aggressively building out their own proprietary AI infrastructure.
Based on the provided income statement data, CoreWeave maintained a 65.5% gross margin in 2026Q1, which, while slightly lower than previous peaks, suggests the company retains significant pricing power for its specialized GPU clusters compared to traditional cloud providers operating at lower utilization levels.
The ability to sustain gross margins above 65% indicates that the company's purpose-built infrastructure stack provides a tangible performance advantage that customers are willing to pay for. Nevertheless, any future compression in these margins may indicate that the hardware-as-a-service market is becoming commoditized as supply constraints for high-end chips begin to ease.
According to the 2026Q1 income statement, CoreWeave's operating margin fell to -6.9%, indicating that the company's rapid expansion of SG&A expenses is currently outpacing the growth in gross profit, thereby preventing the realization of meaningful operating leverage at this stage of the business cycle.
The sharp increase in SG&A costs suggests that the company is investing heavily in headcount and operational infrastructure to support its global expansion. This trend warrants further investigation to determine if these costs are temporary scaling requirements or a structural drag that will continue to pressure profitability as the company matures.
As evidenced by the -35.6% net margin in 2026Q1, CoreWeave's bottom line remains deeply negative, a trend that appears driven by substantial non-operating costs and interest expenses associated with the company's aggressive, debt-heavy strategy for funding its massive capital expenditure requirements for GPU hardware.
The persistent gap between gross profit and net income suggests that the company's capital structure is a significant burden on shareholder value. Investors should be cautious, as the reliance on debt to fund growth may create a precarious situation if interest rates remain elevated or if the useful life of the GPU fleet is shorter than currently depreciated.
Based on the reported figures, the company's reliance on heavy debt financing to fuel its 167.88% TTM revenue growth creates a high-risk profile, as any disruption in GPU demand could lead to a liquidity crisis given the asset-intensive nature of the current business model.
Short-sellers would likely focus on the discrepancy between the company's aggressive revenue growth and its inability to generate positive net income. This suggests that the current valuation may be predicated on the assumption of perpetual growth, which may not account for the potential for rapid technological obsolescence of the existing hardware fleet.
Quick answers to the most common questions about buying CRWV stock.
For fiscal year 2025, CoreWeave, Inc. Class A Common Stock (CRWV) reported total revenue of $5.13B. This represents a 2141.2% increase compared to $228.9M in 2023.
CoreWeave, Inc. Class A Common Stock (CRWV) reported a net loss of $1.17B for the fiscal year ending 2025.
CoreWeave, Inc. Class A Common Stock (CRWV) reported an operating income of $-46.0M, resulting in an operating profit margin of -0.9%. This margin reflects the operational efficiency of the business before interest and taxes.
CoreWeave, Inc. Class A Common Stock (CRWV) generated $3.68B in gross profit for the year, representing a gross profit margin of 71.7%. This demonstrates the company's core pricing power and production efficiency.