CoreWeave Inc. reported third‑quarter 2025 revenue of $1.36 billion, a 134% year‑over‑year increase that topped Street estimates of $1.29 billion by $75 million. The jump was driven by a 27% rise in AI‑native cloud contracts and a 19% increase in data‑center services, offsetting a modest decline in legacy infrastructure sales. The company’s revenue backlog expanded to $55.6 billion, nearly doubling from the prior quarter and representing a 271% year‑over‑year growth, underscoring sustained demand from major AI customers such as Meta and OpenAI.
On an adjusted basis, CoreWeave generated $838 million in EBITDA, a 61% margin that slipped from 65% in the same period a year earlier. Adjusted operating income fell to $217 million, a 16% margin that contracted from 21% YoY. The margin compression reflects higher capital‑expenditure costs and the impact of delayed deployments from a third‑party data‑center developer, which pushed some revenue recognition into later quarters. Interest expense rose to $311 million, tripling year‑over‑year, further eroding profitability as the company finances its rapid expansion.
CoreWeave’s adjusted earnings per share were a loss of $0.22, beating the consensus estimate of a $0.37 loss by $0.15 and a $0.51 loss by $0.29. The beat was largely driven by disciplined cost management and the absence of one‑time charges that had weighed on prior periods. The company’s GAAP EPS loss of $0.22 also surpassed expectations, reflecting the same underlying operational efficiency.
Management cut its full‑year 2025 revenue guidance to $5.05 billion–$5.15 billion from the previous $5.15 billion–$5.35 billion range. The downgrade signals concern over supply‑chain constraints and the delayed availability of new data‑center capacity, which could postpone the conversion of the sizable backlog into cash flow. Capital‑expenditure guidance was also reduced to $12 billion–$14 billion from $20 billion–$23 billion, reflecting the need to pace investment until the third‑party developer’s timelines stabilize.
Investors reacted to the guidance cut and the data‑center delays, with analysts noting that the lowered outlook dampened confidence in near‑term growth. The company’s high debt load and rising interest expense added to concerns about long‑term financial flexibility. Nonetheless, the strong revenue beat and robust backlog provide a solid foundation for future expansion, and the company’s strategic partnerships with leading AI firms position it well to capture ongoing demand.
CEO Michael Intrator said, “We delivered an exceptional third quarter, setting new records for revenue and almost doubling our backlog to more than $55 billion.” CFO Nitin Agrawal added, “Q3 revenue was $1.4 billion, up 134% YoY, driven by robust customer demand and strong execution.” The executives emphasized disciplined execution and a focus on cost discipline while continuing to invest in high‑return verticals.
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