中文版正在生成中，先为你展示英文版分析。
AI核心结论
CoreWeave (CRWV) delivered explosive 111.6% YoY revenue growth to $2.08B in Q1 2026, but net losses widened sharply to -$740M as massive infrastructure investment drove long-term debt to $24.9B and a dangerously low current ratio of 0.31.
营业收入
$2.08B
同比 ++111.61%
每股收益（基本）
$-1.40
同比 0.00%
营业利润
$-144M
同比 -433.33%
提交于 · 来源: SEC EDGAR 10-Q 原文
CoreWeave (CRWV) Q1 FY2026 营收 $2.08B，同比增长 111.6%。 净亏损 $740M，稀释每股收益 -$1.40。
Revenue surged 111.6% year-over-year from $982M to $2.08B in Q1 2026, reflecting rapid scaling of CoreWeave's AI cloud infrastructure business as demand for GPU compute capacity accelerated significantly.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating cash flow improved dramatically from $61M to $2.98B (+4,791.8% YoY), suggesting the core business is generating substantial cash before heavy capital expenditures, driven in part by $1.15B in depreciation and amortization.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Cost of revenue grew 173.3% YoY to $716M, outpacing revenue growth of 111.6%, which compressed gross profit margins and contributed to an operating loss of -$144M versus -$27M in the prior year period.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Total assets grew 154.2% YoY to $55.6B while long-term debt surged 185.4% to $24.9B, reflecting aggressive capital deployment into GPU infrastructure; the debt-to-equity ratio stands at a very elevated 10.68x.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Investing cash outflows reached -$7.71B in Q1 2026 (vs. -$1.43B prior year), indicating CoreWeave is deploying capital at an accelerating pace to build out data center and GPU capacity to meet customer demand.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
With long-term debt of $24.9B, a debt-to-equity ratio of 10.68x, and a current ratio of only 0.31, CoreWeave has far more current liabilities ($17.8B) than current assets ($5.6B). This structural liquidity mismatch poses a significant near-term refinancing and solvency risk if capital markets tighten or revenue growth slows.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Net loss widened 134.9% YoY to -$740M in Q1 2026, and the net margin stands at -35.6%. Despite strong revenue growth, the company remains deeply unprofitable at the net income level, raising questions about the path to profitability given rising interest expense on its large debt load.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Cost of revenue increased 173.3% YoY versus revenue growth of 111.6%, indicating that gross margins are under pressure as the company scales. If this trend persists, the business model's unit economics could deteriorate even as top-line growth continues.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Investing outflows of -$7.71B in a single quarter dwarf operating cash inflows of $2.98B, resulting in deeply negative free cash flow. CoreWeave's business model requires continuous, massive capital investment in GPU infrastructure, making it highly dependent on external financing.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
CoreWeave's rapid growth is predicated on sustained, accelerating demand for AI GPU compute. Any slowdown in AI investment by hyperscalers or enterprise customers, or a shift in GPU technology, could rapidly impair revenue growth while leaving the company with a large fixed-cost infrastructure base and heavy debt obligations.
来源: Source: 10-Q Income Statement & Balance Sheet (XBRL Financial Data)
Q1 FY2026 实际 EPS $-1.12，分析师一致预期 $-0.92，不及预期 -22.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $2.08B | $982M | +111.61% |
营业成本 | $716M | $262M | +173.28% |
营业利润 | $-144M | $-27M | -433.33% |
净利润 | $-740M | $-315M | -134.92% |
每股收益（基本） | $-1.40 | $-1.40 | 0.00% |
每股收益（稀释） | $-1.40 | $-1.49 | +6.04% |
研发费用 | $104M | $70M | +48.57% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $55.57B | $21.86B | +154.22% |
流动资产 | $5.61B | $3.1B | +80.78% |
总负债 | $50.81B | $18.79B | +170.42% |
流动负债 | $17.82B | $7.13B | +149.87% |
股东权益 | $4.76B | $1.91B | +149.69% |
现金及等价物 | $2.24B | $1.28B | +75.86% |
长期债务 | $24.86B | $8.71B | +185.35% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $2.98B | $61M | +4791.80% |
投资活动现金流 | $-7.71B | $-1.43B | -437.89% |
筹资活动现金流 | $3.91B | $1.85B | +111.11% |
折旧及摊销 | $1.15B | $443M | +158.92% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | -6.9% | -2.7% | -4.18% |
净利率 | -35.6% | — | — |
净资产收益率 | -15.5% | — | — |
总资产收益率 | -1.3% | — | — |
流动比率 | $0.315 | — | — |
资产负债率 | $10.677 | — | — |
预计发布日期、分析师预期与关注要点
CoreWeave reported Q1 2026 revenue of $2.08B, up 111.6% year-over-year, demonstrating explosive growth in AI cloud infrastructure demand. However, the net loss widened to -$740M and the company carries $24.9B in long-term debt with a current ratio of just 0.31, highlighting significant financial risk alongside the growth story.
CoreWeave's revenue more than doubled, growing 111.6% year-over-year from $982M in Q1 2025 to $2.08B in Q1 2026. This growth reflects accelerating demand for GPU compute capacity from AI-focused enterprise and hyperscaler customers.
No, CoreWeave is not yet profitable. The company reported a net loss of -$740M in Q1 2026, compared to a net loss of -$315M in Q1 2025, representing a 134.9% widening of losses. The operating margin was -6.9% and net margin was -35.6%.
CoreWeave's financial health shows a mixed picture: operating cash flow is strongly positive at $2.98B, but the balance sheet carries $24.9B in long-term debt (debt-to-equity of 10.68x) and a dangerously low current ratio of 0.31, meaning current liabilities of $17.8B far exceed current assets of $5.6B. The company is highly dependent on continued access to capital markets.
CoreWeave's net loss is widening because cost of revenue grew 173.3% YoY (faster than revenue at 111.6%), and the company carries a massive $24.9B long-term debt load that generates substantial interest expense. Additionally, investing outflows of $7.71B in Q1 2026 reflect the capital-intensive nature of building GPU data center infrastructure at scale.