AI Takeaway
CRWV delivered explosive 167.9% revenue growth to $5.13B in FY2025, but swung to an operating loss of -$46M and deepened its net loss to -$1.17B as massive infrastructure investment drove costs sharply higher and long-term debt surged to $21.4B.
Revenue
$5.13B
++167.94% YoY
EPS (Basic)
$-2.75
++36.05% YoY
Operating Income
$-46M
-114.20% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Revenue surged 167.9% year-over-year from $1.92B to $5.13B in FY2025, reflecting extraordinary demand for cloud and AI compute infrastructure services. This growth rate signals rapid customer adoption and expanding contract volumes.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Operating income swung from a positive $324M in the prior year to a loss of -$46M in FY2025, as Cost of Revenue grew 194.7% to $1.45B and R&D expense exploded 528.6% to $352M, reflecting aggressive investment in technology and infrastructure capacity.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Total assets grew 176.5% to $49.3B, driven by heavy investing activity of -$10.27B in cash outflows, and D&A nearly tripled to $2.45B, indicating a large and rapidly expanding fixed-asset base consistent with data center and GPU infrastructure buildout.
Source: Source: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
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Upgrade to unlockLong-term debt stands at $21.37B against stockholders' equity of only $3.34B, yielding a debt-to-equity ratio of 13.78x. Current liabilities of $16.44B vastly exceed current assets of $7.49B, resulting in a current ratio of just 0.46x, signaling a significant near-term liquidity gap that could require continuous refinancing or capital raises.
Source: Source: 10-K Balance Sheet (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $-0.56 versus the $-0.50 analyst consensus — a -11.2% miss for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $5.13B | $1.92B | +167.94% |
Cost of Revenue | $1.45B | $493M | +194.73% |
Operating Income | $-46M | $324M | -114.20% |
Net Income | $-1.17B | $-863M | -35.23% |
EPS (Basic) | $-2.75 | $-4.30 | +36.05% |
EPS (Diluted) | $-2.81 | $-4.30 | +34.65% |
R&D Expense | $352M | $56M | +528.57% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $49.3B | $17.83B | +176.46% |
Current Assets | $7.49B | $1.92B | +290.81% |
Total Liabilities | $45.97B | $16.52B | +178.17% |
Current Liabilities | $16.44B | $4.96B | +231.25% |
Stockholders' Equity | $3.33B | $-414M | +905.56% |
Cash & Equivalents | $3.13B | $1.36B | +129.76% |
Long-Term Debt | $21.37B | $7.93B | +169.66% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $3.06B | $2.75B | +11.24% |
Investing Cash Flow | $-10.27B | $-8.66B | -18.63% |
Financing Cash Flow | $9.31B | $7.46B | +24.71% |
D&A | $2.45B | $863M | +184.36% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | -0.9% | 16.9% | -17.82% |
Net Margin | -22.7% | — | — |
ROE | -35.0% | — | — |
ROA | -2.4% | — | — |
Current Ratio | $0.455 | — | — |
Debt to Equity | $13.783 | — | — |
CRWV's revenue grew 167.9% year-over-year to $5.13B in FY2025, up from $1.92B the prior year. This exceptional growth reflects surging demand for AI cloud infrastructure services, making it one of the fastest-growing large-scale technology companies by revenue.
Despite nearly tripling revenue to $5.13B, CRWV posted a net loss of -$1.17B in FY2025 because costs grew even faster — Cost of Revenue rose 194.7% and R&D surged 528.6% to $352M. Additionally, interest expense on $21.4B of long-term debt significantly weighed on the bottom line.
CRWV's financial health is mixed: it generates strong operating cash flow of $3.06B but carries $21.4B in long-term debt and a current ratio of just 0.46x, meaning short-term liabilities far exceed short-term assets. The company depends heavily on continued access to capital markets to fund its $10.27B annual investment program.
The key takeaways are: revenue exploded 168% to $5.13B driven by AI infrastructure demand; operating profitability reversed to a -$46M loss from +$324M the prior year; and total assets nearly tripled to $49.3B as the company aggressively expanded capacity funded by $21.4B in long-term debt. Operating cash flow remained solid at $3.06B, suggesting underlying business cash generation despite GAAP losses.
Based on the financial data, the most prominent risks include extreme financial leverage with a 13.78x debt-to-equity ratio, a current ratio of 0.46x indicating near-term liquidity pressure, and cost growth outpacing revenue growth which could delay the path to profitability. The company's growth strategy is heavily dependent on continued access to debt and equity capital markets.