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- **Revenue Surge**: 2025 revenue up 168% to $5.1 billion, Q4 at $1.6 billion (110% YoY). 
- **Backlog Expansion**: $66.8 billion contracted backlog, 4x year-over-year. 
- **CapEx Acceleration**: 2026 CapEx $30-35 billion to support 1.7 GW active power by year-end. 
- **Margins Outlook**: 2026 operating income $900-1.1 billion, targeting 25-30% long-term margins. 
- **NVIDIA Partnership**: $2 billion investment to co-develop AI infrastructure, lowering WACC by 300bps YoY. 
- **Growth Catalysts**: 80% storage attach rate in large customers, 2026 Rubin GPU deployment, and third-party cloud stack licensing.

**【CEO Summary Section】**
- **Revenue Growth**: $5.1 billion in 2025, up 168% YoY, with Q4 revenue of $1.6 billion (110% YoY growth). 
- **Contracted Backlog**: $66.8 billion as of Q4, up 4x year-over-year, with all new capacity expected to generate revenue by end-2026. 
- **Active Power**: 850 MW as of December 31, adding 260 MW in Q4 alone. 
- **Customer Expansion**: Added twice as many new reserved instance customers in Q4 vs. any prior quarter, including hyperscalers, AI natives (e.g., Cognition, Midjourney), and enterprises. 
- **Execution**: Resolved data center delays ahead of expectations, deploying 50,000 Grace Hopper GPUs to customers. 
- **Financial Model**: 2026 CapEx of $30-35 billion (2x 2025) to support $66.8 billion backlog, financed via delayed draw term loans. 
- **Long-Term Vision**: Targeting 25-30% margins as contracts mature, with contribution margins in mid-20s for mature contracts. 

**【CFO Financial Commentary】**
- **Q4 Results**: GAAP revenue $1.6 billion, adjusted EBITDA $898 million (57% margin), net loss $452 million due to $8.2 billion Q4 CapEx. 
- **Full-Year 2025**: Revenue $5.1 billion (168% YoY), CapEx $14.9 billion, ending with $4.2 billion in cash. 
- **2026 Guidance**: Revenue $12-13 billion (140% YoY), adjusted operating income $900-1.1 billion, CapEx $30-35 billion. 
- **Margin Progression**: Q1 2026 at 0-40 million operating income, expanding sequentially to low double-digit margins by Q4. 
- **Cost of Capital**: WACC reduced 300bps YoY, 600bps since 2023, saving ~$700 million annually. 
- **NVIDIA Partnership**: $2 billion investment to accelerate AI infrastructure deployment. 

**【Q&A Highlights】**
- **CapEx Alignment**: Nitin explains Q1 2026 CapEx of $6-7 billion reflects accelerated deployment to meet 2026 revenue targets. 
- **Customer Contracts**: Mike notes enterprise contracts have similar duration (4-5 years) to hyperscalers, with pricing reflecting market dynamics. 
- **Cost of Capital**: WACC decline driven by contracted backlog visibility, with NVIDIA partnership lowering data center financing costs. 
- **Rubin GPU Strategy**: CoreWeave to be one of first to deploy NVIDIA's Rubin in H2 2026, targeting agentic workflows. 
- **Long-Term Growth**: 2027 run rate >$30 billion, driven by $66.8 billion backlog and new customer wins. 
- **Proprietary Stack Monetization**: Early 2026 licensing of CoreWeave's SUNK platform to third-party NVIDIA customers.

CoreWeave, Inc. (CRWV) Q4 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q3 revenue up 134% YoY to $1.4B, with $55.6B backlog and $50B RPO, fastest in cloud history.
- **Customer Diversification**: 9/10 largest customers signed multiple contracts, reducing concentration to 35% (from 85% YoY).
- **Infrastructure Expansion**: 2.9 GW contracted power, with $14B in debt/equity to fund $12-14B 2025 CapEx.
- **Profitability Improves**: Adjusted EBITDA of $838M (61% margin), up 100% YoY. 2025 revenue guidance: $5.05-5.15B.
- **Strategic Acquisitions**: OpenPipe, Marimo, and Monolith expand into enterprise AI and physical applications, driving $100M ARR in storage.

**【CEO Summary Section】**
- Q3 revenue reached $1.4 billion, up 134% YoY, driven by AI cloud demand. Revenue backlog surged to $55.6 billion, nearly doubling QoQ, with $50 billion in RPO, the fastest in cloud history.
- Expanded partnerships with Meta, OpenAI, and a leading hyperscaler, adding $25 billion in backlog. 9/10 largest customers signed multiple contracts, reducing concentration risk (35% from 85% YoY).
- Infrastructure scaled to 590 MW active power, with 2.9 GW contracted capacity. Self-build projects in U.S. and Scotland aim to reduce reliance on third-party providers.
- Launched CoreWeave AI Object Storage, achieving $100M ARR in Q3, cutting costs by 75%. Acquired OpenPipe, Marimo, and Monolith to expand into enterprise AI and physical applications.

**【CFO Financial Commentary】**
- Q3 adjusted operating income: $217M (16% margin), up from $125M YoY. Net loss: $110M vs. $360M YoY. Adjusted EBITDA: $838M (61% margin), doubling YoY.
- CapEx: $1.9B Q3, with $6.9B in construction in progress. 2025 CapEx guidance: $12-14B, rising to >$28B in 2026. Secured $14B in debt/equity to fund growth.
- Delays in third-party data center delivery pushed $2.8B of Q4 CapEx to Q1. 2025 revenue guidance: $5.05-5.15B, with 850+ MW active power by year-end.

**【Q&A Highlights】**
- **Supply Chain Challenges**: Third-party delays caused 120 MW delivery push to Q1, but customer preserved full contract value. 60% of backlog tied to investment-grade customers, reducing risk.
- **Infrastructure Fungibility**: Data centers are built to handle both training and inference, with software enabling multi-customer use. SemiAnalysis ranked CoreWeave #1 for third consecutive year.
- **NVIDIA Deal**: $1B+ contract allows interrupting capacity for smaller customers, expanding addressable market while maintaining NVIDIA commitments.
- **2026 Outlook**: CapEx >$28B, driven by insatiable demand for AI infrastructure. Self-build projects and diversified providers aim to mitigate supply chain risks.
- **Customer Diversification**: 9/10 largest customers signed multiple contracts, with no single customer >35% of backlog (down from 85% YoY).

CoreWeave, Inc. (CRWV) Q3 2025 Earnings Call Transcript

- **Revenue Record**: Q2 revenue of $1.2 billion (+207% YoY), first quarter with $1B revenue and $200M operating income.
- **Backlog Explosion**: $30.1B contracted backlog (+86% YoY), including $4B OpenAI expansion and enterprise wins.
- **Core Scientific Deal**: $500M annual savings by 2027 via vertical integration, reducing $10B in lease liabilities.
- **Capital Efficiency**: 900bps cost of capital reduction, $6.4B debt raised at record-low rates.
- **Supply Constraint**: 90%+ data center utilization, acute power and chip shortages persisting through 2025.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 revenue reached $1.2 billion, up 207% YoY, marking the first quarter with $1 billion in revenue and $200 million in adjusted operating income.
- **Capacity Expansion**: Active power increased to nearly 470 MW, with total contracted power at 2.2 GW. On track for 900+ MW by year-end.
- **Backlog Surge**: Contracted backlog rose to $30.1 billion (up $4 billion QoQ), including $4 billion expansion with OpenAI and new enterprise wins.
- **Strategic Acquisitions**: Proposed acquisition of Core Scientific to verticalize infrastructure, reducing $10 billion in future lease liabilities and saving $500 million annually by 2027.
- **AI Ecosystem Growth**: Expanded into healthcare, finance, and media with partnerships like Hippocratic AI, Morgan Stanley, and Moonvalley.
- **Product Innovations**: Launched archive-tier object storage, Chaos AI observability, and Weights & Biases inference services for state-of-the-art models.

**【CFO Financial Commentary】**
- **Financial Performance**: Q2 GAAP net loss of $291 million, with adjusted EBITDA of $753 million (62% margin). Full-year revenue guidance raised to $5.15-5.35 billion.
- **Capital Raising Success**: Secured $6.4 billion in debt, including a landmark $2.6 billion term loan at SOFR + 400, reducing cost of capital by 900bps.
- **Cost Management**: Q2 CapEx of $2.9 billion, with Q3-Q4 ramp to $20-23 billion annually. Stock-based compensation elevated due to IPO grants.
- **Guidance**: Q3 revenue $1.26-1.30 billion, adjusted operating income $160-190 million, reflecting rapid capacity deployment costs.

**【Q&A Highlights】**
- **Hyperscaler Contracts**: Expanded with both hyperscalers, with one renewal in Q2 and another in Q3, driven by state-of-the-art hardware demand.
- **Demand-Supply Dynamics**: Structurally supply-constrained market with acute power and chip shortages; 90%+ utilization across data centers.
- **Sovereign Partnerships**: Expanding into Canada (Cohere), Europe, and U.S. with government-backed AI infrastructure projects.
- **Cost Efficiency**: New financing structures (e.g., GPU-backed loans) lower cost of capital, enabling 20%+ IRR on infrastructure investments.
- **Inference Growth**: 4x YoY increase in inference workloads, with latency-agnostic models (e.g., chain of reasoning) driving low-latency infrastructure demand.


CoreWeave, Inc. Class A Common Stock (CRWV)-12 Aug 25-2025 Q2 Earnings call transcript

- **Revenue Surge**: Q1 revenue up 420% YoY to $982 million, driven by $11.9B OpenAI deal and $4B enterprise expansion.
- **Market Leadership**: First to deploy NVIDIA GB200 systems at scale, achieving top MLPerf inference benchmarks.
- **Profitability**: 62% adjusted EBITDA margin, with FY2025 revenue guidance of $4.9-5.1 billion.
- **Strategic Investments**: $20-23B CapEx to scale capacity, targeting $400B AI infrastructure TAM.
- **Risk Management**: Diversified supply chain and self-amortizing debt model mitigate macro risks.

**【CEO Summary Section】**
- **Record Q1 Revenue**: $982 million, up 420% YoY, driven by strategic deals and hyperscale customer expansion.
- **Major Contracts**: Signed a $11.9 billion deal with OpenAI and a $4 billion expansion with a large AI enterprise.
- **Acquisition Growth**: Acquired Weights & Biases, adding 1,400 new customers and enhancing AI developer tools.
- **Technology Leadership**: Deployed NVIDIA's GB200 Grace Blackwell systems at scale, achieving industry-leading MLPerf inference benchmarks.
- **Capacity Expansion**: Added 300 MW of contracted power, with total contracted capacity reaching 1.6 GW.
- **Market Opportunity**: Targeting a $400 billion AI infrastructure TAM by 2028, with 62% adjusted EBITDA margin in Q1.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q1 revenue up 420% YoY to $982 million, with backlog growing 63% YoY to $25.9 billion.
- **Profitability**: Adjusted operating income of $163 million (17% margin), up 550% YoY; adjusted EBITDA of $606 million (62% margin).
- **Financial Health**: $2.5 billion in cash, no debt maturities until 2028, and a doubled revolving credit facility to $1.5 billion.
- **Guidance**: Q2 revenue $1.06-1.1 billion, FY2025 revenue $4.9-5.1 billion, and CapEx $20-23 billion to meet demand.
- **Cost Management**: Success-based CapEx model with self-amortizing debt, maintaining low leverage multiples.

**【Q&A Highlights】**
- **Revenue Outperformance**: Accelerated infrastructure deployment and customer contract execution drove 14% beat vs. consensus.
- **Customer Diversification**: Enterprise adoption accelerating, with inference workloads growing alongside training.
- **CapEx Strategy**: $3-3.5 billion Q2 CapEx to scale for hyperscale and enterprise demand, with 62% EBITDA margin target.
- **Interest Expense**: Elevated due to improved vendor payment terms, but cost of capital expected to decline post-IPO.
- **Tariff Impact**: Minimal impact on margins, with supplier diversification mitigating risks.
- **Backlog Visibility**: OpenAI deal not yet in RPO due to accounting analysis, but economics remain unchanged.


Actual	-0.8278	-0.2718	-0.0811	-0.558
Forecast	-0.1155	-0.232	-0.395	-0.4997
Surprise	-616.71%	-17.16%	+79.47%	-11.67%

Actual	981.63M	1.21B	1.36B	1.57B
Forecast	857.10M	1.08B	1.29B	1.55B
Surprise	+14.53%	+12.11%	+6.13%	+1.46%

CRWV

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CRWV Q4 2025 Earnings

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CRWV

CRWV fundamentals

CRWV Q4 2025 Earnings

Earnings Call

CRWV Earnings Call Summary for Q4/20255:00 PM on Feb 26, 2026

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CRWV Earnings Call Summary for Q2/20255:00 PM on Aug 12, 2025

CRWV Earnings Call Summary for Q1/20254:00 PM on May 14, 2025

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