CoreWeave Q2 2025 earnings: revenue triples on AI demand, losses persist amid data center buildout
CoreWeave's revenue roughly tripled from a year earlier as AI computing demand surged, though the company remains unprofitable while it invests heavily in data centers.
| Q2 2025 | Reported |
|---|---|
| EPS | -$0.60 |
| Revenue | $1.21B |
Figures as reported by the company to the SEC for the quarter ended June 30, 2025. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Revenue came in at roughly $1.21 billion for the quarter, about three times the $395 million CoreWeave reported in the same quarter a year earlier, as demand for its AI computing infrastructure continued to grow quickly.
- The company’s net loss narrowed to about $290.5 million, down from a $323 million loss a year earlier, even as it continues to spend heavily on building out data centers.
- The very high gross margin (around 69% over the trailing year) shows that renting out AI computing capacity is a profitable business on its own; the negative operating and net margins reflect the cost of financing and depreciating the large amount of computing hardware and facilities the company is building, not weakness in day-to-day operations.
- Negative return on equity (about -40% over the trailing year) is consistent with a company still in a heavy investment phase, where losses and debt-funded expansion are outweighing profits for now.
- CoreWeave said its contracted backlog — future revenue already committed under signed customer agreements — reached $30.1 billion, which it pointed to as evidence that demand for its services continues to outstrip the data center capacity it currently has available.
- The company expanded its relationship with OpenAI during the quarter and has also been working with banks including Goldman Sachs and Morgan Stanley as it seeks financing to fund further data center construction.
- Management raised its full-year 2025 revenue guidance to a range of $5.15 billion to $5.35 billion, an increase of $250 million from its prior outlook, while keeping its full-year adjusted operating income target at $800 million to $830 million.
- For the third quarter, CoreWeave guided to revenue of $1.26 billion to $1.3 billion.
Q2 2025 in context
| Metric | Jun 2025 | Jun 2024 | Change |
|---|---|---|---|
| Revenue | $1.2B | $395M | +206.5% |
| Net income | -$290M | -$323M | +10.2% |
| Free cash flow | -$2.7B | -$2.4B | -14.3% |
| Diluted EPS | -$0.60 | -$1.62 | +63.0% |
| Gross margin | 74.2% | 72.5% | +1.7 pts |
| Operating margin | 1.6% | 19.7% | -18.1 pts |
| Net margin | -23.9% | -81.7% | +57.8 pts |
Figures for the quarter ended Jun 2025 and the quarter ended Jun 2024, as reported to the SEC.
How the stock took it
CoreWeave Inc closed at $148.75 on Aug 12, 2025, the last session before the report, and at $99.50 on Aug 14, 2025, the first session after it — -33.1% across the report.
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · earnings call · publication