Slide 1: Earnings Presentation Q4 2025
Earnings Presentation Q4 2025 February 26, 2026 © 2026 CoreWeave, Inc. All rights reserved
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to,
Slide 3: CoreWeave - The Essential Cloud for AI
CoreWeave - The Essential Cloud for AI Rapidly Delivering New Generations Cloud Platform Purpose-Built for of Infrastructure at Scale with Continuing to Invest Up and Down Artificial Intelligence Delivering Unparalleled Track Record of Being the Technology Stack to Deliver a Unmatched Performance1 A
Slide 4: Our Platform is Purpose-Built for AI
Our Platform is Purpose-Built for AI Every layer is purpose-built for AI workloads. CoreWeave Cloud is optimized for low latency, high throughput, and operational efficiency to support the complexity of large-scale AI training and inference. Model and Agent Development Tools for teams to build, eval
Slide 5: Large and Growing Footprint of AI Data Centers
Large and Growing Footprint of AI Data Centers Technologies to Maximize Rack Density Systematized Processes and Modular Deployments Embedded Security Broad Geographical Footprint Minimizing End User Latency Cutting-Edge Liquid Cooling Technology 850MW+ 3.1GW+ Active Power Contracted Power Our Extens
Slide 6: Continued Momentum with Exceptional Execution in Q4
Continued Momentum with Exceptional Execution in Q4 Customer Wins Across AI Labs, Key Technology Leadership Strengthened Financial Position Other Noteworthy Updates Hyperscalers and Enterprises Milestones ● Partner of choice for leading AI ● Named the first NVIDIA Exemplar ● Priced inaugural convert
Slide 7: Financial Overview
Financial Overview
Slide 8: FY'25 Highlights
FY’25 Highlights $5.1B $66.8B $14.9B Revenue Revenue Backlog1 Capital Expenditures2 Up 168% YoY Up 342% YoY $3.1B $666M $(606)M Adjusted EBITDA3 Adjusted Operating Income3 Adjusted Net Loss3 60% Margin 13% Margin (12)% Margin Notes: 1. See Slide 14 for definition of Revenue Backlog 2. Capital expend
Slide 9: Q4'25 Highlights
Q4’25 Highlights $1.6B $66.8B $8.2B Revenue Revenue Backlog1 Capital Expenditures2 Up 110% YoY Up 342% YoY $898M $88M $(284)M Adjusted EBITDA3 Adjusted Operating Income3 Adjusted Net Loss3 57% Margin 6% Margin (18)% Margin Notes: 1. See Slide 14 for definition of Revenue Backlog 2. Capital expenditu
Slide 10: Revenue
Revenue $1,572 $1,365 $1,213 $982 Revenue: $1.6 billion, up 110% YoY driven by strong demand for +110% CoreWeave's AI Cloud Platform $747 YoY Growth Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Note: $ in millions 10
Slide 11: Adjusted Operating Income
Adjusted Operating Income1 $217 $200 $163 Adjusted Operating Income: $121 $88 million, compared to $121 million in Q4'24 Adjusted Operating Margin: $88 6% 6% Margin Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Note: $ in millions 1. Adjusted Operating Income and Adjusted Operating Income Margin are non-GAAP financ
Slide 12: Adjusted Net Loss
Adjusted Net Loss1 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 $(36) $(41) Adjusted Net Loss: $(36)M (18)% $(284) million, compared to $(36) million in Q4'24 Margin $(131) Adjusted Net Loss Margin: (18)% $(150) $(284) Note: $ in millions 1. Adjusted Net Loss and Adjusted Net Loss Margin are non-GAAP financial mea
Slide 13: Adjusted EBITDA
Adjusted EBITDA1 $898 $838 $753 $606 Adjusted EBITDA: $898 million compared to $486 million in Q4'24 $486 57% Margin Adjusted EBITDA Margin: 57% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Note: $ in millions 1. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see the reconciliat
Slide 14: Revenue Backlog
Revenue Backlog 1 < 24 months 25-48 months > 48 months $66.8 21% Revenue Backlog: $66.8 billion, up 342% YoY driven by substantial +342% growth from existing and new customers including YoY Growth large deals with AI labs, hyperscaler cloud 37% customers, enterprises and AI natives Revenue Backlog:
Slide 15: Capital Expenditures
Capital Expenditures1 $8.2 Capital Expenditures: $8.2 billion driven by scaling our platform to meet customer demand $2.9 $2.4 $1.9 $1.9 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Note: $ in billions 1. Capital expenditures are additions to property and equipment including assets acquired under finance leases, l
Slide 16: Revenue Backlog
Revenue Backlog (in billions) As of December 31, 2025 2024 Remaining performance obligations $60.7 $15.1 Other amounts of estimated future revenue to be recognized from existing committed customer contracts $6.1 $0.0 Revenue backlog1 $66.8 $15.1 Note: 1. Revenue backlog includes remaining performanc
Slide 17: Capital Expenditures Calculation
Capital Expenditures Calculation (in millions) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Increase in total gross property and equipment $10,707 $3,151 $21,061 $9,279 Less: Change in construction in progress $2,466 $741 $6,175 $944 Capital expenditures1 $8,241 $2,410
Slide 18: Q4'25 Financial Summary
Q4’25 Financial Summary (in millions, except percentages and per share amounts) Three Months Ended December 31, 2025 2024 Revenue $1,572 $747 Operating expenses $1,661 $634 Operating income (loss) $(89) $113 Operating income (loss) margin (6)% 15 % Interest expense, net $(388) $(149) Net loss $(452)
Slide 19: Appendix: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful t
Slide 21: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from (in millions, except percentages) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 GAAP to Non-GAAP Measures Operating income (loss) $113 $(27) $19 $52 $(89) $324 $(46) Stock-based compensation 8 184 145 144 157 32 630 Adjusted Operating Income (Loss) and Adjusted Operatin
Slide 22: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from (in millions, except percentages) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 GAAP to Non-GAAP Net loss $(51) $(315) $(291) $(110) $(452) $(863) $(1,167) Measures Stock-based compensation 8 184 145 144 157 31 630 Loss on extinguishment of — 2 8 14 4 — 29 debt Adjusted
Slide 23: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from (in millions, except percentages) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY2024 FY 2025 GAAP to Non-GAAP Net loss $(51) $(315) $(291) $(110) $(452) $(863) $(1,167) Measures Depreciation and amortization 365 443 559 630 821 863 2,454 Interest expense, net 149 264 267 311 388 361
Slide 24: Thank You
Thank You