CoreWeave, Inc. (CRWV) Cash Flow Statement
Where CRWV’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.06B +11.2% vs 2024
- Capital expenditures
- $10.31B 200.9% of revenue
- Free cash flow
- −$7.25B −141.3% margin
- Returned to shareholders
- $29.0M
- Change in cash
- $2.55B cash at year-end $3.95B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CRWV operating cash flow, capex and free cash flow
CRWV cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $910,0002022 | $3.06B2025 | +1,397.8%/yr | |
| Capital expenditures | $72.4M2022 | $10.31B2025 | +422.2%/yr | |
| Free cash flow | −$71.5M2022 | −$7.25B2025 | — | |
| Free cash flow margin | −451.6%2022 | −141.3%2025 | +310.3 pts | |
| Stock-based compensation | $1.5M2022 | $630.0M2025 | +650.6%/yr | |
| Dividends paid | $02022 | $29.0M2025 | — | |
| Share buybacks (net) | $02022 | $1.5M2024 | — | |
| Capex / revenue | 457.4%2022 | 200.9%2025 | −256.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CRWV cash flow by activity
CRWV net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CRWV cash flow statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −$1.17B | −$863.4M | −$593.7M | −$30.9M |
| Depreciation & amortization | $2.45B | $863.4M | $103.2M | $11.7M |
| Stock-based compensation | $630.0M | $31.5M | $15.2M | $1.5M |
| Change in working capital | $632.0M | $1.68B | $1.70B | $7.9M |
| Other non-cash items | $509.0M | $1.04B | $607.3M | $10.7M |
| Cash from operating activities | $3.06B | $2.75B | $1.83B | $910,000 |
| Investing activities | ||||
| Capital expenditures | −$10.31B | −$8.70B | −$2.94B | −$72.4M |
| Investments (net) | $250.0M | −$8.66B | −$3.15B | −$79.2M |
| Acquisitions & other investing | −$212.0M | $8.70B | $2.94B | $72.4M |
| Cash from investing activities | −$10.27B | −$8.66B | −$3.15B | −$79.2M |
| Financing activities | ||||
| Dividends paid | −$29.0M | −$57.7M | $0 | $0 |
| Share repurchases & issuance (net) | — | −$1.5M | −$32.1M | $0 |
| Net borrowing (repayment) | $8.43B | $6.43B | $1.41B | $86.9M |
| Shares issued | $1.49B | $1.17B | $435.6M | $0 |
| Other financing | −$584.0M | −$82.3M | −$29.5M | −$5.5M |
| Cash from financing activities | $9.31B | $7.46B | $1.79B | $81.5M |
| Summary | ||||
| Net change in cash | $2.55B | $1.56B | $472.7M | $3.2M |
| Cash at end of period | $3.95B | $2.04B | $480.1M | $7.4M |
| Free cash flow | −$7.25B | −$5.95B | −$1.11B | −$71.5M |
| Free cash flow margin | −141.3% | −310.9% | −484.9% | −451.6% |
| Capex / revenue | 200.9% | 454.4% | 1,285.2% | 457.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | −$626.0M | −$740.0M | −$452.0M | −$110.1M | −$290.5M | −$314.6M | −$51.4M | −$359.8M | −$323.0M | −$129.2M | −$170.6M |
| Depreciation & amortization | $1.39B | $1.15B | $821.0M | $630.5M | $559.5M | $443.5M | $365.4M | $254.0M | $164.5M | $79.5M | $53.3M |
| Stock-based compensation | $165.0M | $153.0M | $157.0M | $144.4M | $145.0M | $184.0M | $8.0M | $7.6M | $7.7M | $8.2M | $8.1M |
| Change in working capital | $558.0M | $14.0M | $846.0M | $1.02B | −$835.2M | −$396.7M | −$230.8M | $299.7M | −$337.2M | $1.95B | −$22.5M |
| Other non-cash items | −$811.0M | $2.41B | $187.0M | $6.5M | $170.0M | $145.1M | $95.5M | $439.7M | $370.3M | $134.4M | $175.3M |
| Cash from operating activities | $679.0M | $2.98B | $1.56B | $1.69B | −$251.3M | $61.2M | $186.7M | $641.2M | −$117.8M | $2.04B | $43.6M |
| Investing activities | |||||||||||
| Capital expenditures | −$6.42B | −$7.70B | −$4.06B | −$2.39B | −$2.45B | −$1.41B | −$3.50B | −$1.22B | −$2.25B | −$1.74B | −$1.18B |
| Investments (net) | −$132.0M | $12.0M | $167.3M | −$2.47B | −$2.44B | −$1.43B | −$3.46B | −$1.17B | −$2.25B | −$1.77B | −$1.25B |
| Acquisitions & other investing | −$612.0M | −$25.0M | −$33.3M | $2.39B | $2.45B | $1.41B | $3.50B | $1.22B | $2.25B | $1.74B | $1.18B |
| Cash from investing activities | −$7.17B | −$7.71B | −$3.93B | −$2.47B | −$2.44B | −$1.43B | −$3.46B | −$1.17B | −$2.25B | −$1.77B | −$1.25B |
| Financing activities | |||||||||||
| Dividends paid | $0 | $0 | −$307,000 | −$307,000 | −$2.6M | −$26.1M | −$28.4M | −$29.3M | $0 | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | −$28.4M | −$1.5M | — | — | −$32.1M |
| Net borrowing (repayment) | $9.57B | $1.96B | $3.85B | $1.73B | $2.34B | $513.9M | $3.47B | $1.22B | — | — | — |
| Shares issued | $997.0M | $1.99B | $712,000 | $0 | $67.7M | $1.42B | $0 | $0 | $1.15B | $25.0M | $0 |
| Other financing | −$499.0M | −$26.0M | −$317.7M | −$29.6M | −$179.9M | −$56.5M | −$20.6M | $26.5M | $792.8M | $894.5M | $1.25B |
| Cash from financing activities | $10.07B | $3.91B | $3.53B | $1.70B | $2.23B | $1.85B | $3.39B | $1.21B | $1.94B | $919.5M | $1.21B |
| Summary | |||||||||||
| Net change in cash | $3.58B | −$810.0M | $1.45B | $778.1M | −$464.2M | $482.0M | −$26.3M | $682.2M | −$427.5M | $1.19B | $3.7M |
| Cash at end of period | $6.90B | $3.32B | $3.95B | $2.49B | $2.05B | $2.52B | $1.40B | $1.92B | $1.24B | $1.67B | $480.1M |
| Free cash flow | −$5.74B | −$4.71B | −$2.50B | −$699.8M | −$2.70B | −$1.35B | −$3.31B | −$573.9M | −$2.36B | $297.1M | −$1.14B |
| Free cash flow margin | −223.0% | −226.7% | −159.1% | −51.3% | −223.0% | −137.1% | −443.0% | −98.3% | −598.2% | 157.5% | −979.7% |
| Capex / revenue | 249.4% | 370.3% | 258.3% | 175.1% | 202.3% | 143.4% | 468.0% | 208.1% | 568.4% | 923.2% | 1,017.3% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CRWV cash generation
In fiscal 2025 (ended December 31, 2025), CoreWeave generated $3.1 billion of cash from operations (up 11.2%) and spent $10.3 billion on capital expenditures, leaving free cash flow of -$7.3 billion, −141.3% of revenue. It returned $29.0 million to shareholders through dividends ($29.0 million) and net share buybacks ($0). Cash and equivalents rose by $2.5 billion over the year.
Related: CRWV income statement, CRWV balance sheet. See the CRWV stock overview for the latest quote and news.
CRWV cash flow FAQ
What is CoreWeave's free cash flow?
CoreWeave's free cash flow was -$7.3 billion in fiscal 2025: $3.1 billion of operating cash flow minus $10.3 billion of capital expenditures It was -$6.0 billion a year earlier..
How much cash does CoreWeave generate from operations?
CoreWeave generated $3.1 billion of cash from operating activities in fiscal 2025.
How much does CoreWeave spend on capital expenditures?
CoreWeave spent $10.3 billion on capital expenditures in fiscal 2025, 200.9% of revenue, compared with $8.7 billion the year before.
How much does CoreWeave pay in dividends?
CoreWeave paid $29.0 million in dividends in fiscal 2025.