CRWV Q3 2025 Earnings
Reported Nov 10, 2025 at 4:08 PM ET · SEC Source
Q3 25 EPS
$-0.22
MISS 1.29%
Est. $-0.22
Q3 25 Revenue
$1.36B
BEAT +9.64%
Est. $1.24B
vs S&P Since Q3 25
+14.3%
BEATING MARKET
CRWV +19.9% vs S&P +5.5%
Market Reaction
Did CRWV Beat Earnings? Q3 2025 Results
CoreWeave delivered a split verdict in its third quarter of 2025, posting revenue of $1.36 billion, a 133.7% year-over-year surge that cleared the $1.24 billion consensus by 9.64%, while its loss per share of $-0.22 came in marginally worse than the … Read more CoreWeave delivered a split verdict in its third quarter of 2025, posting revenue of $1.36 billion, a 133.7% year-over-year surge that cleared the $1.24 billion consensus by 9.64%, while its loss per share of $-0.22 came in marginally worse than the $-0.22 analysts had expected, a 1.29% miss. The standout driver behind the revenue beat was an explosion in contracted demand: CoreWeave's revenue backlog nearly doubled to $55.60 billion, anchored by a multi-year deal with Meta worth up to $14.20 billion and an expanded OpenAI partnership valued at up to $6.50 billion. Adjusted EBITDA reached $838.12 million at a 61% margin, though GAAP operating income slipped to $51.85 million as infrastructure costs and stock-based compensation scaled sharply. Supply chain delays at a key data center partner cast a shadow over the forward outlook, with the company projecting full-year 2025 revenue of $5.05 billion to $5.15 billion even as investors weighed the costs of its breakneck expansion.
Key Takeaways
- • Revenue backlog nearly doubled to more than $55 billion
- • Up to approximately $14.2 billion multi-year deal with Meta for next-generation workloads
- • Expanded OpenAI partnership with up to approximately $6.5 billion deal, bringing total commitments to approximately $22.4 billion
- • Added approximately 120 MW of active power in the quarter, bringing total to approximately 590 MW
- • Expanded total contracted power to approximately 2.9 GW
- • Adjusted EBITDA of $838.1 million with 61% margin
CRWV YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“We delivered an exceptional third quarter, setting new records for revenue and almost doubling our revenue backlog to more than $55 billion. Our performance reflects disciplined execution across every part of our business, from scaling infrastructure and expanding capacity to deepening customer relationships and advancing our software and services. CoreWeave's position as the essential cloud for AI has never been stronger as we drive growth through focus and innovation to power the next generation of AI.”
— Michael Intrator, Q3 2025 Earnings Press Release
CRWV Earnings Trends
CRWV vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CRWV EPS Trend
Earnings per share: estimate vs actual
CRWV Revenue Trend
Quarterly revenue: estimate vs actual
CRWV Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $-0.68 | $-0.89 | -30.88% | $1.57B | — |
| FY Full Year | $-2.58 | $-2.81 | -9.10% | $5.13B | +0.32% |
| Q3 25 MISS | $-0.22 | $-0.22 | -1.29% | $1.36B | +9.64% |
| Q2 25 MISS | $-0.21 | $-0.60 | -189.72% | $1.21B | +12.15% |
| Q1 25 MISS | $-0.12 | $-1.49 | -1,141.67% | $981.6M | — |