CoreWeave (CRWV) Q4 earnings report 2025
Michael Intrator, Chief Executive Officer of CoreWeave Inc., speaks during an interview with CNBC on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Sept. 22, 2025.
Jeenah Moon | Reuters
CoreWeave shares fell as much as 8% in extended trading on Thursday after the artificial intelligence-focused cloud infrastructure provider posted higher fourth-quarter revenue than Wall Street had expected.
Here’s how the company did in comparison with LSEG consensus:
- Loss per share: Loss of 89 cents.
- Revenue: $1.57 billion vs. $1.55 billion expected
CoreWeave’s revenue grew 110% year over year in the quarter, according to a statement.
Nvidia graphics chips, which lie at the core of CoreWeave’s offering, remain in short supply, CoreWeave CEO Mike Intrator said on a conference call with analysts. Average prices for Nvidia’s H100 processors in the fourth quarter were within 10% of where they started the year, and older A100 prices increased in 20205, Intrator said.
The company 850 megawatts in active power capacity, while contracted power stood at 3.1 gigawatts at the end of the year. Analysts polled by LSEG had been projecting about 827 megawatts in active power.
CoreWeave’s revenue backlog swelled to $66.8 billion from $55.6 billion at the end of the third quarter.
Capital expenditures for 2026 totaled $10.31 billion, below Visible Alpha’s $12.90 billion consensus.
Adjusted earnings before interest, tax, depreciation and amortization, at $898 million, came in below StreetAccount’s $929 million consensus.
After going public last March, the company reported $21.37 billion in debt as of Dec. 31.
AI has become a greater concern for software investors in recent weeks, with announcements from Anthropic leading to sharp selling.
CoreWeave supplies AI model makers such as Google and OpenAI, and its stock was up 36% so far in 2026 as of Thursday’s close, while the iShares Expanded Tech-Software Sector Exchange-Traded Fund is down nearly 22% in the same period.
During the quarter, CoreWeave announced a deal with model builder Poolside and introduced an object storage service. The company also said it increased a credit facility to $2.5 billion from $1.5 billion.
CoreWeave continues to be a specialist in cloud infrastructure, although the storage launch will help it compete with larger entities, such as Amazon Web Services.
“In 2025, CoreWeave became the fastest cloud platform in history to surpass $5 billion in annual revenue,” Intrator wrote in a blog post.
Executives will hold a conference call to discuss the results and issue guidance starting at 5 p.m. ET.
WATCH: CoreWeave shares jump 14% intraday after news of Nvidia investment
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