Q4 2025 earningsThu, Feb 26, 2026
CoreWeave reports fourth quarter and full year 2025 results
Total Revenue1.57B USD
Adjusted EBITDA898M USD
Net Income (Loss)-452M USD
Revenue Backlog66.8B USD
Key points
- Q4 revenue $1,572M (+110% YoY); FY2025 revenue $5,131M (+168% YoY)
- Q4 Adjusted EBITDA $898M (57% margin); FY Adjusted EBITDA $3,093M
- Q4 net loss $452M; FY net loss $1,167M
- FY2025 capex $14.9B; more than $18B of debt/equity raised in 2025
- Active power >850MW across 43 data centers (up from 32); total contracted power ~3.1GW
- Revenue backlog $66.8B, up more than 4x year over year