CRWV earnings call summary

Prepared Highlights

• Q4 2025 revenue: $1.6B, up 110% YoY; FY2025 revenue: ~$5.1B, up 168% YoY (CFO).
• Revenue backlog: $66.8B at Q4 end, up $11.2B sequentially and >$50B YoY (CEO); average weighted contract length increased from ~4 years to ~5 years (CFO).
• Active power: >850 MW as of Dec 31, adding ~260 MW in Q4 alone across 43 active data centers (up from 32 at start of year) (CEO).
• Contracted capacity: >3.1 GW, virtually all expected online by end of 2027; close to 2 GW of additional power contracted in 2025 (CEO).
• CapEx: Q4 $8.2B; FY2025 $14.9B; construction in progress $9.4B at Q4 end (CFO).
• Adjusted EBITDA: Q4 $898M (57% margin) vs $486M in Q4 2024 (CFO).
• Adjusted operating income: Q4 $88M (6% margin); FY2026 guidance $900M–$1.1B (CFO).
• Net loss: Q4 $452M vs $51M in Q4 2024; interest expense Q4 $388M vs $149M in Q4 2024 (CFO).
• Liquidity: $4.2B in cash, equivalents, restricted cash, and marketable securities as of Dec 31 (CFO).
• Customer diversification: Q4 added ~2x new reserved instance customers vs any prior quarter; customers committed to ≥$1M spend grew nearly 150% in 2025 (CEO).
• Pricing: H100 average pricing in Q4 within 10% of start of year; A100 average pricing increased in 2025 (CEO).
• NVIDIA partnership: $2B investment in CoreWeave in January; NVIDIA intends to test/validate CoreWeave’s proprietary cloud stack for inclusion in NVIDIA’s reference architecture (CEO).

Official Guidance

• FY2026 revenue: $12B–$13B (~140% YoY growth at midpoint) (CFO).
• FY2026 CapEx: $30B–$35B (more than double FY2025) (CEO/CFO).
• FY2026 adjusted operating income: $900M–$1.1B; margins expected to ramp from low single digits in Q1 to low double digits by Q4 (CFO).
• Q1 2026 revenue: $1.9B–$2.0B (CFO).
• Q1 2026 adjusted operating income: $0–$40M (CFO).
• Q1 2026 interest expense: $510M–$590M (CFO).
• Exit 2026 annualized run-rate revenue: $17B–$19B; exit 2027 annualized run-rate revenue: >$30B (CFO).
• Active power target: >1.7 GW by end of 2026 (CFO).
• Long-term margin target: 25%–30% (CFO).

Mgmt Quotes

• “2025 was a defining year for CoreWeave. We generated more than $5.1 billion of revenue, up 168% year-over-year.” (CEO)
• “We are not building towards this trajectory speculatively. Contracted customer demand, deep strategic partnerships, active infrastructure deployment, industry-leading capabilities, and a thoughtful approach to capital markets give us the confidence to put these numbers forward.” (CFO)
• “Our 2026 investment program is fully supported by contracted demand. And as we noted, our guidance excludes the potential upside from licensing CoreWeave's proprietary cloud stack.” (CFO)
• “We are also seeing a significant increase in demand for prior generations of GPU architectures, where supply also remains constrained.” (CEO)
• “We expect to continue to reduce our weighted average cost of capital along the way while unlocking broader industry participation in the facilities.” (CEO)

Prepared Metrics

Q&A Batch (1-5 of 5)

Q1 — Josh Baer

• 主题: 资本支出超预期但收入指引疲软的原因
• 关键点:
  • 资本支出超预期，交付延迟比预期更快解决，但活跃电力与收入指引低于典型上行空间。
  • 大量产能于Q4末上线，货币化将在2026年体现。
  • 企业客户合同的结构（期限、预付款等）与超大规模客户相似，但公司不披露具体合同细节。
• 管理层立场: 中性（解释产能上线时间与收入确认的时间差，强调2026年将开始变现）

Q2 — Amit Daryanani

• 主题: 融资成本及信用状况变化
• 关键点:
  • 公司资本成本在过去12个月下降300个基点，过去两年下降600个基点。
  • 2025年新增近2吉瓦基础设施（2024年底仅1.3吉瓦），显著提升产能。
  • 数据中心运营商将CoreWeave视为AI基础设施纯正标的，希望获得其敞口。
  • 与英伟达的合作（作为投资级对手方）有利于降低数据中心相关成本。
• 管理层立场: 看涨（强调业务成熟度提升、信用增强、成本持续下降趋势）

Q3 — Mark Murphy

• 主题: Blackwell系统性能预期及推理侧技术路线
• 关键点:
  • Blackwell系统代表计算能力的一次跃升，目前部署尚早，但预计未来将出现显著的性能阶跃。
  • 客户需求集中于英伟达架构（训练与推理），公司以客户需求为导向，现有产品需求已超出交付能力。
  • 不排除客户对其他技术（如定制ASIC）的需求，但当前重点仍是英伟达方案。
• 管理层立场: 看涨（对Blackwell性能及客户热情非常乐观，认为AI基础设施需求将持续超过供给）

Q4 — Brent Thill

• 主题: 2026年指引（资本支出、收入、利润率）的波动原因
• 关键点:
  • 资本支出服务于668亿美元的合同积压，推动平台投资；2026年几乎所有积压合同将开始产生收入。
  • 2025财年交付850兆瓦电力，2026年预计达1.7吉瓦。
  • Q4新增260兆瓦（占活跃装机容量1/3），导致短期利润率压缩；Q1为利润率低谷，此后逐季扩张至Q4低双位数。
  • 长期目标利润率25%-30%，成熟合同贡献利润率约25%；存储年经常性收入超1亿美元，大客户附加率达80%。
• 管理层立场: 中性偏看涨（承认短期压力源于加速投资，但强调合同积压保障未来收入，长期利润率目标不变）

Q5 — Gabriela Borges

• 主题: 客户多样性及单位经济效应差异
• 关键点:
  • 合同结构（期限、预付款、GPU代际）因变量不同，但跨客户群经济效应大致相似。
  • H100 GPU重新签约价格约为原始ASP的10%，A100 ASP反而上升（新合同）。
  • 企业及小型AI原生客户使用H100/A100等旧代GPU产生新用例，显示计算需求的深度和韧性。
• 管理层立场: 看涨（客户多样性和新用例令人兴奋，需求基础稳健）

Q&A Batch (6-7 of 7)

Q6 — Benjamin Reitzes

• Topic: CapEx growth trajectory vs. margin expansion confidence
• Key points:
  • Business is built on success-based model: hyperscalers sign 5-year take-or-pay contracts at fixed prices, providing stable revenue and margin visibility.
  • 2026 CapEx is “substantially all” tied to already signed customer contracts; company expects to double deployed power capacity in 2026.
  • Q4 2025 EBITDA margin was 57%; long-term contracted customer contracts have contribution margins in the mid-20s, and EBITDA margins for those contracts are in the “70-percentage zone.”
• Mgmt stance: Bullish — management cites contractual visibility, success-based model, and scaling margins (70%+ EBITDA on scaled contracts) as reasons for confidence in both CapEx deployment and margin trajectory.

Q7 — Brad Zelnick

• Topic: Rubin-generation contract duration, pricing, prepayment, and ROIC
• Key points:
  • Contract durations are extending from an average of 4 years to an average of 5 years, reflecting client confidence in infrastructure longevity.
  • Pricing is adjusted to target the same margin levels as prior contracts; prepayment remains a lever, but as cost of capital declines, dependency on prepayments is reduced.
  • For the $30 billion run rate by 2027: company is “virtually sold out” of 2026 capacity; 2027 capacity will be allocated from existing contracts and new contracts from “vast and sustained interest” from large, creditworthy clients and AI labs.
• Mgmt stance: Bullish — management highlights contract extension trends, pricing discipline to maintain margins, and strong demand visibility across diversified client segments supporting the 2027 revenue target.