CoreWeave, Inc. Class A Common Stock stock research
FY2025 Q2
CoreWeave, Inc. Class A Common Stock (CRWV) Gross Margin — Quarter Ended Jun 30, 2025
Revenue and gross profit increased compared to both the prior quarter and the same quarter last year, while cost of revenue also rose. The gross margin improved relative to both periods, indicating that revenue grew more than cost of revenue.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue and gross profit increased compared to both the prior quarter and the same quarter last year, while cost of revenue also rose. The gross margin improved relative to both periods, indicating that revenue grew more than cost of revenue.
- The gross margin improved sequentially and year-over-year, with revenue increasing more than cost of revenue. This driver is positive as it reflects a widening spread between revenue and the direct costs of generating that revenue.
- Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all higher, and gross margin improved. Versus the same quarter one year earlier, all metrics were higher, and gross margin again improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
74.2%
Gross profit
$900.1M
Revenue
$1.2B
Cost of revenue
$312.7M
Quarter-over-quarter change
+0.9 pts
Year-over-year change
+1.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 30, 2024 | $583.9M | $440.8M | $143.1M | 75.5% |
| Dec 31, 2024 | $747.0M | $565.2M | $181.8M | 75.7% |
| Mar 31, 2025 | $982.0M | $720.0M | $262.0M | 73.3% |
| Jun 30, 2025 | $1.2B | $900.1M | $312.7M | 74.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
+0.9 pts
Year-over-year change
Jun 30, 2024
+1.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improved sequentially and year-over-year, with revenue increasing more than cost of revenue. This driver is positive as it reflects a widening spread between revenue and the direct costs of generating that revenue.
Compared to the immediately preceding quarter, revenue, gross profit, and cost of revenue were all higher, and gross margin improved. Versus the same quarter one year earlier, all metrics were higher, and gross margin again improved.
Monitor the company's liquidity and capital resources, as the filing notes a significant accumulated deficit and ongoing investment requirements.