CoreWeave (CRWV) Q4 earnings report 2025

Here’s how the company did in comparison with LSEG consensus:

• Loss per share: 89 cents. That might not compare with the LSEG consensus of a loss of 49 cents
• Revenue: $1.57 billion vs. $1.55 billion expected

CoreWeave’s revenue grew 110% year over year in the fourth quarter, according to a statement.

The company called for $1.9 billion to $2 billion in first-quarter revenue, below the $2.29 billion LSEG consensus.

For all of 2026, CoreWeave sees $12 billion to $13 billion in revenue. Analysts polled by LSEG had anticipated $12.09 billion.

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.

CoreWeave had 850 megawatts in active power capacity at the end of the year, while contracted power stood at 3.1 gigawatts. Analysts polled by LSEG had been projecting about 827 megawatts in active power.

The company is targeting $30 billion to $35 billion in capital expenditures for 2026, up from $10.31 billion in 2025. It intends to end 2026 with over 1.7 gigawatts of active power, which is higher than Visible Alpha’s consensus of 1.59 gigawatts, and add over five gigawatts beyond its contracted footprint by 2030.

“Not only are we seeing the proliferation of demand across the economy going from where was initially really housed within the hyperscaler clouds and the foundation models,” Intrator said. “You’re now seeing it kind of explode into the enterprise. You’re seeing it move into sovereign. You’re seeing all these new participants beginning to come in and securing the infrastructure that they need.”

CoreWeave quickly resolved delays it disclosed in November, Intrator said.

“We brought in data center technicians from across our entire portfolio, so that we have enough bodies to build at maximum speed,” he told CNBC in an interview, adding that third-party vendors also helped.

A backlog of revenue swelled to $66.8 billion from $55.6 billion at the end of the third quarter. The company’s weighted contract length has increased to five years from four at the end of 2024, Intrator said.

Adjusted earnings before interest, tax, depreciation and amortization, at $898 million, came in below StreetAccount’s $929 million consensus.

“We made the decision intentionally to go ahead and build more faster, and that is being driven by the fact that our clients are desperate to get access to more infrastructure faster,” Intrator told CNBC. He said he was willing to take a short-term margin hit as the company adds capacity.

After going public last March, CoreWeave 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.

WATCH: CoreWeave shares jump 14% intraday after news of Nvidia investment