CoreWeave (CRWV) Q4 2025 earnings summary

Executive summary

• Achieved $5.1 billion in FY25 revenue, up 168% year-over-year, with Q4 revenue of $1.6 billion, up 110% year-over-year, becoming the fastest cloud provider to reach this milestone.

• Revenue backlog surged to $66.8 billion, up over four times year-over-year, reflecting large multi-year contracts and strong future growth visibility.

• Expanded customer base across hyperscalers, AI natives, and enterprises, with nearly 150% growth in $1M+ annual spend customers and notable partnerships.

• Completed strategic acquisitions, launched new AI-focused products and services, and expanded data center footprint to 43 active centers.

• Achieved major technology milestones, including being named the first NVIDIA Exemplar Cloud for GB200 NVL72.

Financial highlights

• Q4 adjusted EBITDA was $898 million (57% margin), up from $486 million in Q4 2024.

• FY25 adjusted EBITDA totaled $3.1 billion (60% margin); adjusted operating income was $666 million (13% margin); adjusted net loss was $(606) million ((12)% margin).

• Q4 adjusted operating income was $88 million (6% margin), down from $121 million in Q4 2024 due to accelerated infrastructure deployment.

• Q4 net loss was $452 million, with interest expense rising to $388 million due to increased debt.

• Q4 CapEx totaled $8.2 billion; full-year CapEx was $14.9 billion, both above guidance due to faster infrastructure deployment.

• Ended 2025 with $4.2 billion in cash equivalents, restricted cash, and marketable securities.

• FY2025 net loss was $(1,167) million, compared to $(863) million in FY2024.

• Cash and cash equivalents at year-end totaled $3,127 million, up from $1,361 million.

Outlook and guidance

• FY26 revenue guidance: $12–$13 billion (approx. 140% year-over-year growth at midpoint).

• FY26 adjusted operating income: $900 million–$1.1 billion; margins expected to ramp from low single digits in Q1 to low double digits by Q4.

• FY26 CapEx expected at $30–$35 billion, more than double FY25, with nearly all tied to signed customer contracts.

• Q1 FY26 revenue guidance: $1.9–$2 billion; Q1 adjusted operating income: $0–$40 million.

• Expect to exit 2026 with $17–$19 billion annualized run rate revenue, targeting $30+ billion by end of 2027.

• Long-term margin target: 25–30% as business matures.

• Revenue backlog of $66.8 billion provides strong visibility for future growth, with significant portions expected to be recognized within 24-48 months.

• Management expressed confidence in sustaining hypergrowth into 2026 and beyond.