Revenue growth remains exceptional at 112.3% YoY in 2026Q2, but gross margin compression from 75.6% in 2024Q4 to 65.9% and persistent net losses of -$626M indicate pricing normalization and strained profitability.
CoreWeave, Inc. Class A Common Stock (CRWV) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Sales/Revenue | 7.59B | 5.13B | 1.92B | 228.94M |
| Revenue Growth % | 115.26% | 167.88% | 736.64% | - |
| Cost of Goods Sold | 2.47B | 1.45B | 493.35M | 68.78M |
| COGS % of Revenue | - | 28.32% | 25.76% | 30.04% |
| Gross Profit | 5.12B | 3.68B | 1.42B | 160.16M |
| Gross Margin % | 67.42% | 71.68% | 74.24% | 69.96% |
| Gross Profit Growth % | - | 158.64% | 787.89% | - |
| Operating Expenses | 5.35B | 3.72B | 1.1B | 174.61M |
| OpEx % of Revenue | - | 72.58% | 57.31% | 76.27% |
| Selling, General & Admin | 869.7M | 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 | -230.74M | -46M | 324.36M | -14.45M |
| Operating Margin % | -3.04% | -0.9% | 16.93% | -6.31% |
| Operating Income Growth % | - | -114.18% | 2344.54% | - |
| EBITDA | 2.49B | 2.41B | 1.19B | 88.76M |
| EBITDA Margin % | 32.84% | 46.93% | 62.01% | 38.77% |
| EBITDA Growth % | 35.18% | 102.73% | 1238.2% | - |
| D&A (Non-Cash Add-back) | 2.6B | 2.45B | 863.41M | 103.21M |
| EBIT | -49.46M | 14M | -383.38M | -529.64M |
| Net Interest Income | -802.2M | -1.23B | -360.82M | -28.4M |
| Interest Income | 0 | 0 | 0 | 0 |
| Interest Expense | 802.2M | 1.23B | 360.82M | 28.4M |
| Other Income/Expense | -1.69B | -1.17B | -1.07B | -543.6M |
| Pretax Income | -1.92B | -1.22B | -744.2M | -558.05M |
| Pretax Margin % | -25.35% | -23.68% | -38.85% | -243.75% |
| Income Tax | 4.19M | -48M | 119.25M | 35.7M |
| Effective Tax Rate % | -0.22% | 3.95% | -16.02% | -6.4% |
| Net Income | -1.93B | -1.17B | -863.45M | -593.75M |
| Net Margin % | -25.4% | -22.74% | -45.08% | -259.34% |
| Net Income Growth % | -89.69% | -35.16% | -45.42% | - |
| Net Income (Continuing) | -1.93B | -1.17B | -863.45M | -593.75M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.50 | -2.81 | -2.33 | -1.47 |
| EPS Growth % | -49.59% | -20.6% | -58.5% | - |
| EPS (Basic) | - | -2.75 | -2.33 | -1.47 |
| Diluted Shares Outstanding | 551M | 436M | 404.41M | 403.73M |
| Basic Shares Outstanding | 551M | 435M | 404.41M | 403.73M |
| Dividend Payout Ratio | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Debt-funded GPU expansion risk
Metrics are mathematically derived from official filings.
Hypergrowth Driven by AI Capacity
Revenue surged 112.3% YoY in 2026Q2 to $2.6B, per recent SEC filings, marking the third consecutive quarter of triple-digit growth, though sequential deceleration from 133.7% in 2025Q3 suggests capacity constraints may be emerging.
The 167.88% YoY growth reported in the intelligence layer is consistent with the quarterly figures, which show revenue scaling from $116M in 2023Q4 to $2.6B in 2026Q2. This trajectory appears driven by reserved-instance contracts for H100 clusters, as indicated by the intelligence, and the sequential growth from $2.1B in 2026Q1 to $2.6B in 2026Q2 (23.8% QoQ) suggests demand remains robust. However, the deceleration from 133.7% YoY in 2025Q3 to 112.3% in 2026Q2 may indicate that the company is approaching near-term capacity limits, as GPU allocation and data center build-out pace the revenue recognition. Investors should monitor whether the growth rate stabilizes above 100% or begins to taper as the Blackwell transition unfolds.
Gross Margin Compression Signals Pricing Pressure
Gross margin fell from 75.6% in 2024Q4 to 65.9% in 2026Q2, as reported in financial statements, suggesting that the premium pricing for scarce H100 capacity is normalizing as supply catches up with demand.
The 9.7 percentage point decline in gross margin over six quarters is a critical trend, as it indicates that CoreWeave's hardware availability moat may be eroding. While the 71.68% average gross margin cited in the intelligence remains above NVIDIA's 71.1%, the downward trajectory suggests that customers are gaining negotiating power as alternative GPU clouds emerge. The gross margin drop from 74.2% in 2025Q2 to 65.9% in 2026Q2 is particularly steep, and if this trend continues, it could undermine the company's ability to cover its high fixed costs. This compression may reflect a mix shift toward lower-margin reserved instances or increased energy costs, but the persistence of the decline warrants close monitoring.
Operating Leverage Elusive Despite Scale
Operating margin swung from -1.9% in 2026Q2 to a positive 3.8% in 2025Q3, per reported figures, but the latest quarter's -$49M operating loss suggests that SG&A growth is outpacing gross profit expansion, limiting operating leverage.
Despite revenue growing 112% YoY in 2026Q2, operating income deteriorated from a positive $51.9M in 2025Q3 to a -$49M loss, indicating that SG&A expenses are scaling faster than gross profit. SG&A rose from $196.5M in 2025Q3 to $238M in 2026Q2, a 21% increase, while gross profit grew only 70% over the same period, implying that the company is investing heavily in sales and administrative capacity to support its expansion. The intelligence notes that management cites 'expanding operating leverage,' but the data suggests that the inflection point has not yet been reached, as the company remains in a heavy investment phase. Investors should watch whether SG&A growth moderates as a percentage of revenue in coming quarters, which would signal that the operating leverage narrative is materializing.
Net Losses Masked by Revenue Growth
Net margin improved from -147.1% in 2023Q4 to -24.3% in 2026Q2, per financial statements, but the persistent gap between operating and net income suggests significant non-operating costs, likely interest expense, are eroding bottom-line quality.
The difference between operating income and net income is stark: in 2026Q2, operating loss was -$49M but net loss was -$626M, implying roughly $577M in non-operating charges, which the intelligence attributes to interest expenses from debt-financed GPU acquisitions. This pattern is consistent across quarters, with 2025Q3 showing a $51.9M operating profit but a -$110.1M net loss, indicating that financing costs are a structural drag on profitability. The negative ROE of -79.9% and debt/equity of 8.94, as cited in the intelligence, underscore the balance sheet strain, and investors should adjust for these financing costs when evaluating the company's operational performance. The quality of earnings is further complicated by stock-based compensation of $165M in 2026Q2, which, while non-cash, dilutes shareholders and may not be fully reflected in the EPS figures.
2024Q4 Marks the AI Demand Inflection
Revenue jumped from $188.7M in 2024Q1 to $747.4M in 2024Q4, a 296% increase, as reported in financial statements, signaling the start of the AI compute boom that has since driven triple-digit growth.
The inflection point in CoreWeave's income statement history is clearly 2024, when revenue accelerated from $188.7M in Q1 to $747.4M in Q4, driven by the surge in demand for GPU compute from AI companies. This period also saw operating margin peak at 15.1% in 2024Q4, the highest in the dataset, as the company benefited from scarce H100 supply and premium pricing. However, the subsequent quarters show that this operating profitability was not sustainable, as the company scaled up its fleet and incurred higher SG&A and financing costs. The lasting impact of this inflection is that CoreWeave has established itself as a leading AI infrastructure provider, but the challenge now is converting this revenue scale into sustainable profitability, which the data suggests has not yet been achieved.
Debt-Fueled Growth Faces Refinancing Risk
With debt/equity at 8.94 and negative ROE of -79.9%, as per recent filings, CoreWeave's aggressive leverage could trigger a liquidity crisis if GPU values decline or interest rates rise, potentially forcing dilutive equity raises.
The most compelling short thesis against CoreWeave is that its growth is entirely dependent on debt-financed GPU purchases, creating a fragile capital structure. The intelligence notes that the debt/equity ratio may understate off-balance-sheet financing, and the $577M gap between operating and net income in 2026Q2 suggests interest costs are already substantial. If NVIDIA's GPU supply normalizes, the scarcity premium that supports CoreWeave's gross margins could erode, while the company remains locked into long-term debt obligations. Additionally, the shift toward inference at the edge, as noted in the intelligence, could reduce demand for centralized AI training clusters, undermining the core business model. Investors should monitor the company's ability to refinance its debt and whether it can achieve positive free cash flow before the next major debt maturity.