CoreWeave, Inc. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • CoreWeave reported a transformative 2025 with full-year revenue of $5.1 billion, up 168% year-over-year, making it the fastest cloud platform in history to surpass $5 billion in annual revenue.
  • Q4 revenue reached $1.6 billion, up 110% year-over-year.
  • Contracted revenue backlog surged to $66.8 billion, up $11.2 billion sequentially and more than $50 billion year-over-year.
  • Active power capacity reached 850 MW by year-end across 43 data centers (up from 32 last year); company plans to exceed 1.7 GW by end of 2026.
  • CoreWeave plans $30–$35 billion in CapEx for 2026, more than double 2025’s $14.9 billion, driven entirely by contracted demand.

Key Performance Metrics (Q4 2025 vs. Q4 2024)

  • Revenue: $1.6B (+110% YoY)
  • Adjusted EBITDA: $898M (up from $486M)
  • Adjusted EBITDA margin: 57%
  • Adjusted operating income: $88M (down from $121M due to early infrastructure deployment)
  • Net loss: $452M (wider than $51M loss, driven by higher interest expense from rapid expansion)
  • CapEx: $8.2B in Q4 alone, reflecting accelerated deployment

Full-Year 2025 Highlights

  • Revenue: $5.1B (+168% YoY)
  • Contracted capacity: 3.1 GW (virtually all expected online by 2027)
  • Construction in progress: $9.4B (+$2.5B QoQ), underpinning near-term revenue growth

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Operator: Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the CoreWeave Fourth Quarter and Fiscal Year 2025 Earnings Call. [Operator Instructions] I would now like to turn the call over to CoreWeave. Please go ahead. Unknown Executive: Thank you. Good afternoon, and welcome to CoreWeave's Fourth Quarter and Fiscal Year 2025 Earnings Conference Call. Joining the call today to discuss our results are Mike Intrator, CEO; and Nitin Agrawal, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's earnings press release and in our annual report on Form 10-K to be filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investors.coreweave.com. A replay of this call will also b

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