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Dec 31, 2025
CoreWeave Inc Q4 2025 Earnings Report
CoreWeave reported strong fourth quarter 2025 results with triple-digit revenue growth and expanding adjusted profitability, while GAAP losses widened due to scale and financing costs.
Key Takeaways
Revenue more than doubled year over year to 1572000000, driven by intense AI infrastructure demand. Adjusted EBITDA reached 898000000 with a 57% margin, while GAAP net loss was 452000000 amid elevated interest expense and operating expansion.
Revenue increased to 1572000000 from 747000000 year over year.
Adjusted EBITDA was 898000000 with a 57% margin.
GAAP net loss totaled 452000000.
Revenue backlog reached 66800000000 at quarter end.
Forward Guidance
CoreWeave indicated it will provide forward-looking guidance on its earnings call and highlighted strong visibility supported by a 66800000000 revenue backlog as it scales into 2026.
Positive Outlook
- Revenue backlog of 66800000000 provides strong multi-year visibility.
- Adjusted EBITDA margin remained high at 57%.
- Added approximately 260 MW of active power capacity in 2025.
- Expanded total contracted power to approximately 3.1 GW.
- Raised approximately 2600000000 in convertible senior notes.
Challenges Ahead
- GAAP net loss of 452000000 in Q4.
- Operating loss of 89000000.
- Interest expense of 388000000 weighed on profitability.
- Adjusted EBITDA margin declined from 65% year over year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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