01—Abstract
Summary
Summary of the 8-K filed February 26, 2026. Cited figures are marked; the original filing is the authoritative source.
CoreWeave (CRWV) reported fiscal 2025 revenue of $5,131 milliona, up about 168% from $1,915 million in 2024, and said it became the fastest cloud in history to reach $5 billion in annual revenue.
Fourth-quarter revenue was $1,572 millionb, up about 110% from $747 million. Revenue backlog reached $66.8 billion as of December 31, 2025, more than four times the level at the start of the year. Active power capacity rose by about 260 MW in the quarter to more than 850 MW, and contracted power grew to about 3.1 GW.
Profitability weakened sharply on a GAAP basis. Full-year operating loss was $46 millionc, versus operating income of $324 million in 2024, and the operating margin moved to (1)% from 17%. Net loss widened to $1,167 million from $863 million, and diluted loss per share was $2.81.
Fourth-quarter operating loss was $89 milliond and net loss was $452 million. Interest expense, net, rose to $1,229 million for the year from $361 million, and depreciation and amortization climbed to $2,454 million. Adjusted EBITDA was $3,093 million (60% margin), but adjusted operating income fell to a 13% margin from 19%, and adjusted net loss was $606 million.
Cash flow is heavily tied to buildout: capital expenditures were $10.3 billion, operating cash flow was $3.1 billion, and total debt (current plus non-current) was about $21.4 billion at year-end against $3.1 billion of cash and equivalents. The filing itself contains no forward guidance; the company said it would provide guidance on its earnings call, so investors should review the transcript and webcast for 2026 targets. The key investor questions are whether backlog converts to revenue on schedule, whether margins recover as capacity comes online, and whether the company can keep financing rapid capacity growth with debt and convertible notes.
02—Key points
Key Highlights
- FY2025 revenue of $5.13 billion, up about 168% year over year; Q4 revenue of $1.57 billion, up about 110%.
- Revenue backlog of $66.8 billion at December 31, 2025, more than four times the level at the start of 2025.
- GAAP profitability declined: FY operating loss of $46 million (vs. $324 million income in 2024) and net loss of $1.17 billion (vs. $863 million), with Q4 net loss of $452 million.
- Adjusted EBITDA of $3.09 billion (60% margin) for FY2025, but adjusted operating margin compressed to 13% from 19% and adjusted net loss was $606 million.
- Interest expense rose to $1.23 billion from $361 million, and total debt was roughly $21.4 billion at year-end, reflecting heavy capital needs.
- Capacity expansion continued: more than 850 MW of active power (about 260 MW added in Q4) and about 3.1 GW of contracted power.
- Financing and liquidity actions included about $2.6 billion of upsized convertible senior notes and a revolving credit facility expanded to $2.5 billion.
03—Questions
Frequently Asked Questions
How fast did CoreWeave's revenue grow in 2025?
Full-year 2025 revenue was $5,131 million, up from $1,915 million in 2024, an increase of about 168%. Fourth-quarter revenue of $1,572 million was up about 110% from $747 million in the same quarter of 2024.
Why did CoreWeave report a GAAP operating loss despite strong revenue growth?
Operating expenses rose to $5,177 million from $1,591 million, driven by technology and infrastructure costs ($2,929 million for the year), depreciation and amortization ($2,454 million), and general and administrative expenses ($651 million, including stock-based compensation). Fourth-quarter operating expenses of $1,661 million exceeded revenue, producing an operating loss of $89 million.
What does the $66.8 billion revenue backlog mean for investors?
Backlog includes remaining performance obligations plus other amounts management estimates will be recognized under committed customer contracts, subject to delivery and service availability requirements. It provides revenue visibility into future periods, but it is not guaranteed revenue, and conversion depends on delivering capacity on schedule.
How is CoreWeave funding its growth, and what are the balance sheet risks?
The company spent $10.3 billion on capital expenditures in 2025 and generated $3.06 billion in operating cash flow. It funded the gap with debt: proceeds from debt issuance were $11.8 billion, and it ended the year with about $21.4 billion of total debt against $3.1 billion of cash and equivalents. Interest expense of $1.23 billion for 2025 highlights the cost of this leverage, and the filing notes that current debt was $6.7 billion.
Does the filing provide 2026 guidance?
No. The press release states that CoreWeave will provide forward-looking guidance on its earnings conference call and webcast, so 2026 targets are not in this 8-K. Investors should review the call transcript and presentation posted on the investor relations website.
04—Continue