CoreWeave, Inc. Class A Common Stock stock research
FY2025 Q3
CoreWeave, Inc. Class A Common Stock (CRWV) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit increased compared to both the prior quarter and the same quarter last year. However, gross margin declined as cost of revenue grew more rapidly than revenue.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit increased compared to both the prior quarter and the same quarter last year. However, gross margin declined as cost of revenue grew more rapidly than revenue.
- The increase in cost of revenue outpaced the increase in revenue, which compressed gross margin.
- Compared to the prior quarter, revenue and gross profit were higher, but gross margin was lower. Versus the same quarter a year ago, revenue and gross profit were substantially higher, while gross margin was also lower.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
73.0%
Gross profit
$995.9M
Revenue
$1.4B
Cost of revenue
$368.8M
Quarter-over-quarter change
-1.2 pts
Year-over-year change
-2.5 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 |
|---|---|---|---|---|
| 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% |
| Sep 30, 2025 | $1.4B | $995.9M | $368.8M | 73.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-1.2 pts
Year-over-year change
Sep 30, 2024
-2.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The increase in cost of revenue outpaced the increase in revenue, which compressed gross margin.
Compared to the prior quarter, revenue and gross profit were higher, but gross margin was lower. Versus the same quarter a year ago, revenue and gross profit were substantially higher, while gross margin was also lower.
Monitor the trajectory of cost of revenue, as the company's filing notes ongoing significant investments in infrastructure and go-to-market capabilities.