CoreWeave, Inc. Class A Common Stock (CRWV) 10-K Summary — Year Ended Dec 31, 2025
CoreWeave reported a significant increase in revenue for the fiscal year, though it continued to incur net losses. The company's liquidity position improved, supported by cash, marketable securities, and available credit facilities.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
CoreWeave reported a significant increase in revenue for the fiscal year, though it continued to incur net losses. The company's liquidity position improved, supported by cash, marketable securities, and available credit facilities.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$5.1B
Revenue reported for the fiscal year.
Operating income
-$46M
Income from operations reported for the year.
Net income
-$1.2B
Net income reported for the year.
Operating cash flow
$3.1B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2023 | $229M | n/a |
| Dec 31, 2024 | $1.9B | +736.2% |
| Dec 31, 2025 | $5.1B | +167.9% |
Business overview
CoreWeave operates a cloud platform focused on artificial intelligence workloads. The company generates revenue by providing infrastructure and services to support AI model training and inference.
Financial performance
Revenue grew substantially compared to the prior year, while operating income was negative and net income was also negative. Operating cash flow was positive for the period.
Material risks
The company has an accumulated deficit and has generated significant losses from operations. It also has negative cash flows from investing activities due to ongoing infrastructure investments.
Liquidity and capital
CoreWeave's liquidity is primarily sourced from securities sales and debt borrowings. The company expects its current cash, short-term investments, and borrowing capacity to cover obligations due within one year.
What to watch
Monitor the trend in operating income and net income to see if the company can achieve profitability while continuing to invest in growth.