CRWV Q3 2025 Earnings

Call Details

• Call Title: CoreWeave, Inc. Q3 2025 Earnings Call
• Date: November 10, 2025 at 10:00 PM UTC
• Management Team:
  • Mike Intrator (Chief Executive Officer)
  • Nitin Agrawal (Chief Financial Officer)
  • Investor Relations (Head of Investor Relations)

Call Summary

Financial Performance

• Q3 revenue was $1.4B, up 134% year over year.
• Q3 adjusted EBITDA was $838M compared to $379M in Q3 2024, delivering an adjusted EBITDA margin of 61%.
• Q3 adjusted operating income was $217M compared to $125M in Q3 2024, resulting in an adjusted operating margin of 16%.
• Net loss for Q3 was $110M compared to a net loss of $360M in Q3 2024, and adjusted net loss was $41M compared to approximately break even in Q3 2024.
• Interest expense in Q3 was $311M compared to $104M in Q3 2024, driven by increased debt to support infrastructure scaling.
• As of September 30, cash, cash equivalents, restricted cash, and marketable securities totaled $3.0B.

Guidance

• 2025 revenue is expected in the range of $5.05 to $5.15B.
• 2025 adjusted operating income is expected between $690M and $720M.
• CoreWeave expects to end 2025 with over 850 megawatts of active power.
• 2025 interest expense is expected in the range of $1.21 to $1.25B.
• 2025 CAPEX is expected in the range of $12 to $14B, which is a reduction from prior guidance and is expected to mostly shift into construction in progress and be recognized in Q1.
• CapEx in 2026 is expected to be well in excess of double 2025 levels.