Earnings quality
Compare earnings and operating cash flow for earnings quality.
CoreWeave, Inc.
Ticker CRWV · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-03-02 · Period end 2025-12-31
Takeaway
Park for nowProfitability turned negative — read cash flow and notes before treating it as a cash problem.
operating margin is -0.9%; operating cash stayed positive despite an operating loss; equity ratio is 6.8%.
Profitability is under pressure without a clear cash offset in this page — wait for the next cash / segment confirmation.
ActionPark for now
OP margin-0.9%
Equity ratio6.8%
Last priceUSD 43.66
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
CoreWeave, Inc. is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel (973) 270-9737 · As of filing date 2026-03-02
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $1.9B | $5.1B |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | $324.0M | -$46.0M |
| Income tax | $119.0M | -$48.0M |
| Net income | -$863.0M | -$1.2B |
| Basic EPS | — | — |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $1.4B | $3.1B |
| Current assets | $1.9B | $7.5B |
| Non-current assets* | $15.9B | $41.8B |
| Total assets | $17.8B | $49.3B |
| Current liabilities | $5.0B | $16.4B |
| Non-current liabilities* | $11.6B | $29.5B |
| Total liabilities | $16.5B | $46.0B |
| Stockholders’ equity | -$414.0M | $3.3B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $2.7B | $3.1B |
| Investing cash flow | -$8.7B | -$10.3B |
| Financing cash flow | $7.5B | $9.3B |
| Cash at end of period | $1.4B | $3.1B |
Five-year trends
Key metrics
| Metric | Trend | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $229.0M | $1.9B | $5.1B | |
| Operating profit | -$14.0M | $324.0M | -$46.0M | |
| Net income | -$594.0M | -$863.0M | -$1.2B | |
| Total assets | — | $17.8B | $49.3B | |
| Cash & equivalents | $217.0M | $1.4B | $3.1B | |
| Stockholders’ equity | -$597.0M | -$414.0M | $3.3B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Challenged
Profitability turned negative — read cash flow and notes before treating it as a cash problem.
On the income statement, revenue moved from $1.9B to $5.1B (▲ +167.9%). Operating profit went from $324.0M to -$46.0M (▼ -114.2%).
Operating cash flow was $3.1B (prior $2.7B), with cash on the balance sheet at $3.1B versus $1.4B.
Liquidity & leverage
Cash moved from $1.4B to $3.1B; current liabilities $16.4B.
Capital buffer
Stockholders’ equity moved from -$414.0M to $3.3B.
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Source: SEC EDGAR 0001769628-26-000104
(CoreWeave, Inc.), period end 2025-12-31.