How CoreWeave makes money

Period

FY2025

How does CoreWeave make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

CoreWeave Inc. · FY2025 · year ended 2025-12-31

Revenue$5.1BNet loss$1.2B · 23%Cost of revenue$1.5B · 28%Gross profit$3.7B · 72%Operating expenses$3.7B · 73%R&D$352M · 7%SG&A$651M · 13%Selling & marketing$144M · 3%Other opex$2.6B · 50%Other expense$1.1B · 22%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.