CoreWeave, Inc. (CRWV) — Fundamental Analysis
Snapshot & Big Picture
CoreWeave is a specialized cloud infrastructure provider built around GPU computing, riding the wave of surging enterprise and research demand for AI workloads. The company went public in early 2026 and has grown from a niche operation into one of the fastest-scaling infrastructure businesses in recent memory — revenue jumped from $229 million in 2023 to $1.92 billion in 2024 and then to $5.13 billion in 2025. That kind of trajectory is rare, but it comes with equally dramatic capital intensity, leverage, and losses that deserve a close look.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $229M | $1,915M | $5,131M |
| EBITDA | $89M | $1,187M | $2,408M |
| Operating Margin | -6.1% | +16.9% | -0.9% |
| Net Margin | -259.4% | -45.1% | -22.7% |
Latest Quarter Snapshot (Q1 2026 — Most Current Data)
The most recent data available comes from CoreWeave's 10-Q for the quarter ending March 31, 2026, filed May 8, 2026. This is more current than the annual figures above and gives the freshest read on the business.
| Metric | Q1 2026 |
|---|---|
| Revenue | $2,078M |
| EBITDA | $1,003M |
| Gross Margin | Not reported in filing |
| Operating Margin | -6.9% |
| Net Margin | -35.6% |
| Current Ratio | 0.31x |
| Debt-to-Equity | 10.68x |
In a single quarter, CoreWeave generated $2.08 billion in revenue — already more than the company's entire 2024 annual revenue. EBITDA of $1.0 billion in the quarter signals strong cash generation before depreciation and financing costs, yet the operating and net margins remain negative, pointing to the heavy depreciation and interest expense burdens that come with building out a massive GPU fleet on debt financing.
Profitability — Multi-Year Trend
CoreWeave's profitability picture is a tale of two layers. At the EBITDA level, the business has scaled impressively and EBITDA margins have expanded dramatically — from roughly 39% in 2023 to 62% in 2024 and 47% in 2025, with $1.0 billion posted in Q1 2026 alone. This suggests the underlying compute business generates meaningful cash before capital costs are factored in.
Below the EBITDA line, however, the story changes sharply. Operating margins swung from -6.1% in 2023 to a positive +16.9% in 2024, then slipped back to nearly breakeven at -0.9% in 2025. The Q1 2026 operating margin of -6.9% suggests depreciation on rapidly expanding GPU infrastructure is weighing heavily. Net margins remain deeply negative across all periods, narrowing from -259% in 2023 to -45% in 2024 and -22.7% in 2025 — an improving trend, but the Q1 2026 net margin of -35.6% is a reminder that interest costs on the company's enormous debt load are a persistent drag. Gross margin data was not available in any of the filings provided.
Financial Health
CoreWeave's balance sheet reflects an aggressive growth-by-leverage strategy. The debt-to-equity ratio was deeply negative in 2024 (indicating negative book equity at that time), improved to 13.8x at end of 2025, and stood at 10.7x as of Q1 2026. These are very high leverage ratios by any standard, reflecting the billions of dollars of debt raised to acquire GPU hardware at scale.
Liquidity is also tight. The current ratio — a measure of whether short-term assets cover short-term liabilities — was 0.46x at year-end 2025 and declined further to 0.31x in Q1 2026. A ratio below 1.0x means current liabilities exceed current assets, which is worth monitoring closely. For a capital-heavy business that relies on continued access to debt markets, any tightening of credit conditions would present meaningful risk.
| Metric | 2024 | 2025 | Q1 2026 |
|---|---|---|---|
| Current Ratio | 0.39x | 0.46x | 0.31x |
| Debt-to-Equity | -39.9x (negative equity) | 13.8x | 10.7x |
Growth
The revenue growth trajectory is extraordinary. From $229 million in 2023 to $1.92 billion in 2024 represents an increase of roughly 736%. From 2024 to 2025, revenue grew another 168% to $5.13 billion. On an annualized basis, Q1 2026 revenue of $2.08 billion implies a run rate exceeding $8 billion, suggesting strong continued momentum. EBITDA has followed a similar path, growing from $89 million in 2023 to $2.41 billion in 2025. The key question for investors is whether revenue growth can eventually outpace the depreciation and interest cost curves to deliver sustained operating and net income profitability.
| Period | Revenue | YoY Growth | EBITDA |
|---|---|---|---|
| FY 2023 | $229M | — | $89M |
| FY 2024 | $1,915M | +736% | $1,187M |
| FY 2025 | $5,131M | +168% | $2,408M |
| Q1 2026 (single quarter) | $2,078M | N/A (quarterly) | $1,003M |
Plain English Summary
CoreWeave has built one of the most explosive revenue growth stories in the infrastructure space by betting early and big on GPU cloud capacity for AI workloads. In just two years, it went from a $229 million business to one generating over $5 billion annually — and based on Q1 2026 alone, it appears to be on track for an even larger 2026. The underlying compute business throws off strong EBITDA, which shows the model can be profitable in a cash-flow-before-debt-service sense. The challenge is that CoreWeave has funded this growth almost entirely with debt, leaving the balance sheet highly leveraged and liquidity thin. Depreciation on GPU assets and interest on that debt keep operating and net margins in negative territory for now, even as the net loss percentage is narrowing year over year. For investors, this is a high-conviction bet on continued AI infrastructure demand, the company's ability to keep signing and renewing large contracts, and its ability to eventually refinance or pay down debt as cash flows scale. The risks are real — leverage, customer concentration, and the pace of GPU obsolescence — but the growth numbers are hard to ignore.
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