CoreWeave reported strong fourth quarter and fiscal year 2025 results, driven by robust demand for its AI cloud infrastructure and disciplined execution. The company achieved a significant milestone by becoming the fastest cloud provider to reach $5 billion in annual revenue, with a substantial increase in its revenue backlog indicating strong future visibility and hypergrowth potential.
Achieved $5 billion in annual revenue, becoming the fastest cloud provider to reach this milestone.
positiveRevenue backlog grew to $66.8 billion, providing exceptional visibility for 2026 and beyond.
positiveAdded approximately 260 MW of active power capacity, bringing the total to over 850 MW, and expanded total contracted power to approximately 3.1 GW.
positiveRaised approximately $2.6 billion in convertible senior notes and expanded revolving credit facility to $2.5 billion, strengthening financial position.
positiveOperating income turned to a loss of $89 million in Q4 2025, compared to a gain of $113 million in Q4 2024, with operating margin compressing from 15% to -6%.
negativeNet loss widened significantly to $452 million in Q4 2025 from $51 million in Q4 2024, and for the full year to $1.167 billion from $863 million.
negativeDiluted net loss per share was $(0.89) in Q4 2025, compared to $(0.34) in Q4 2024, and $(2.81) for the full year 2025 compared to $(4.30) in 2024.
negativeAdjusted EBITDA margin decreased from 65% in Q4 2024 to 57% in Q4 2025, and from 64% in FY2024 to 60% in FY2025.
attentionAdjusted operating income margin compressed from 16% in Q4 2024 to 6% in Q4 2025, and from 19% in FY2024 to 13% in FY2025.
attentionCapital expenditures were $10.3 billion for FY2025, a significant increase from $8.7 billion in FY2024, while net cash provided by operating activities was $3.058 billion in FY2025, a slight increase from $2.749 billion in FY2024.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| capex | at least $30 billion | FY2026 | — | — |
| revenue | 12 to13 billion | FY2026 | — | — |
| adjusted operating income | 900 million to 1.1 billion | FY2026 | — | — |
| revenue | 1.9 to 2 billion | Q1 FY2026 | — | — |
| adjusted operating income | 0 to 40 million | Q1 FY2026 | — | — |
| annualized run rate revenue | 17 to 19 billion | Exit FY2026 | — | — |
| annualized run rate revenue | more than 30 billion | Exit FY2027 | — | — |
| additional data center capacity | more than 5 gigawatts | by 2030 | — | — |
| active power | more than 1.7 gigawatts | by end of FY2026 | — | — |
2025 was a defining year for CoreWeave as we became the fastest cloud in history to reach $5 billion in annual revenue.
Demand continues to intensify as a broader set of customers adopt CoreWeave Cloud to run a diverse and growing set of workloads.
This year’s performance reflects disciplined execution against the strategy we outlined at our IPO to develop one of the largest AI Cloud footprints in the world.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.