CRWV Q4 2025 Earnings
Reported Feb 26, 2026 at 4:06 PM ET · SEC Source
Q4 25 EPS
$-0.89
MISS 30.88%
Est. $-0.68
Q4 25 Revenue
$1.57B
vs S&P Since Q4 25
+28.6%
BEATING MARKET
CRWV +33.6% vs S&P +5.1%
Full Year 2025 Results
FY 25 EPS
$-2.81
MISS 9.10%
Est. $-2.58
FY 25 Revenue
$5.13B
BEAT +0.32%
Est. $5.11B
Market Reaction
Did CRWV Beat Earnings? Q4 2025 Results
CoreWeave delivered a mixed fourth quarter that underscored the company's defining tension: explosive revenue growth shadowed by deepening losses. The AI cloud infrastructure provider posted Q4 2025 revenue of $1.57 billion, edging past the $1.56 bil… Read more CoreWeave delivered a mixed fourth quarter that underscored the company's defining tension: explosive revenue growth shadowed by deepening losses. The AI cloud infrastructure provider posted Q4 2025 revenue of $1.57 billion, edging past the $1.56 billion consensus by 1.05% and more than doubling the $747 million recorded a year earlier, a 110.3% year-over-year surge that helped push full-year 2025 revenue to $5.13 billion. But the bottom line told a harder story: adjusted EPS of -$0.89 missed the -$0.68 consensus by 30.88%, as interest expense ballooned to $388 million and net losses widened to $452 million from just $51 million in Q4 2024, the direct cost of financing a GPU infrastructure buildout that consumed $4.06 billion in capital expenditures in the quarter alone. Investor anticipation heading into the print has since given way to concern over a securities fraud class action alleging concealed data center construction delays, adding another layer of uncertainty even as the company's $66.8 billion revenue backlog signals substantial long-term demand.
Key Takeaways
- • Robust demand from AI labs, hyperscalers, and enterprises
- • Rapid scaling of purpose-built AI infrastructure to over 850 MW active power capacity
- • Revenue backlog grew to $66.8 billion, more than four times where it began the year
- • Expanded relationships with both existing hyperscaler cloud customers
CRWV Forward Guidance & Outlook
CoreWeave stated it would provide forward-looking guidance on its earnings conference call and webcast rather than in the press release. The company highlighted its $66.8 billion revenue backlog as providing exceptional visibility into 2026 and beyond, and noted it is well positioned for sustained hypergrowth.
CRWV YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“2025 was a defining year for CoreWeave as we became the fastest cloud in history to reach $5 billion in annual revenue. Demand continues to intensify as a broader set of customers adopt CoreWeave Cloud to run a diverse and growing set of workloads. The opportunity ahead is significant, and we are ready to capture it.”
— Michael Intrator, Q4 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 | — |