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CoreWeave cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$5.7B in Q2 2026 · −$13.7B over twelve months

Operating cash flow$679M
Capital spending−$6.4B
Free cash flow−$5.7B
Cash conversion cycle-280 days

Analysis

In Q2 2026, CoreWeave generated $679M of operating cash flow and spent $6.4B on capital projects, leaving free cash flow of −$5.7B. That is $3.0B less than in Q2 2025 (−$2.7B).

Over the twelve months to Jun 30, 2026, operating cash flow was $6.9B; the largest uses were capital spending ($20.6B), other investing ($642M), acquisitions ($62.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($17.1B), other financing ($2.1B); the cash balance rose by $4.8B.

Operating cash flow was $679M against net income of −$626M. The largest differences: depreciation & amortization +$1.4B, deferred revenue +$790M, payables −$656M.

Its cash conversion cycle was -280 days (receivables 82 + inventory 0 − payables 363): suppliers fund its working capital.

Free cash flow

CoreWeave: free cash flow by quarterCoreWeave: free cash flow by quarter−$574MQ3 2024−$3.3BQ4 2024−$1.3BQ1 2025−$2.7BQ2 2025−$700MQ3 2025−$2.5BQ4 2025−$4.7BQ1 2026−$5.7BQ2 2026
Operating cash flow less capital spending.
CoreWeave: operating cash flow against capital spendingCoreWeave: operating cash flow against capital spendingOperating cash flowCapital spending$641M$1.2BQ3 2024$187M$3.5BQ4 2024$61.0M$1.4BQ1 2025−$251M$2.5BQ2 2025$1.7B$2.4BQ3 2025$1.6B$4.1BQ4 2025$3.0B$7.7BQ1 2026$679M$6.4BQ2 2026
Latest (Q2 2026): Operating cash flow $679M, Capital spending $6.4B.

Capital allocation, year by year

CoreWeave: where the cash came from (up) and went (down), by fiscal yearCoreWeave: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2023: Operating cash flow $1.8BFY2023: Net borrowing $1.4BFY2023: Shares issued $17.0MFY2023: Capital spending −$2.9B$3.2BFY2023FY2024: Operating cash flow $2.7BFY2024: Net borrowing $6.4BFY2024: Shares issued $3.0MFY2024: Capital spending −$8.7B$9.1BFY2024FY2025: Operating cash flow $3.1BFY2025: Net borrowing $8.4BFY2025: Shares issued $20.0MFY2025: Capital spending −$10.3BFY2025: Acquisitions −$108M$11.4BFY2025
Over these 3 years operating cash flow totalled $7.6B; the largest uses were capital spending ($22.0B) and acquisitions ($108M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.5B
Debt$24.9B
Net debt$19.3B
Due within a year$6.7B

CoreWeave's operations bring cash in ($6.9B over twelve months), and it spends more than that on capital projects: a gap of $13.7B funded from its $5.5B of cash and investments and from borrowing ($24.9B of debt, $6.7B due within a year). That is a choice to invest, not a cash runway running down.

CoreWeave: debt maturities by year (FY2025)CoreWeave: debt maturities by year (FY2025)$6.7BYear 1$4.3BYear 2$2.4BYear 3$1.8BYear 4$2.1BYear 5$4.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $5.5B of cash and investments now.

Where the cash came from and went

CoreWeave: sources (+) and uses (−) of cash, Q2 2026CoreWeave: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)$9.6BCapital spending−$6.4BCash drawn (+) / kept (−)−$3.6BOther investing−$744MOperating cash flow$679MOther financing$516M
CoreWeave: sources (+) and uses (−) of cash, TTM to Q2 2026CoreWeave: sources (+) and uses (−) of cash, TTM to Q2 2026Capital spending−$20.6BNet borrowing (+) / repaid (−)$17.1BOperating cash flow$6.9BCash drawn (+) / kept (−)−$4.8BOther financing$2.1BOther investing−$642MAcquisitions−$62.0MTaxes on employees’ shares−$11.0M

From profit to cash

CoreWeave: net income to operating cash flow, Q2 2026CoreWeave: net income to operating cash flow, Q2 2026Net income−$626MDepreciation & amortization$1.4BStock-based pay$165MDeferred taxes$61.0MReceivables−$435MPayables−$656MDeferred revenue$790MPrepaid and other assets−$140MOperating cash flow$679M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202682—363-280
Q1 2026115—314-199
Q4 2025141—251-110
Q3 2025121—297-176
Q2 2025112—359-247
Q1 202567—362-295

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$679M−$6.4B—$9.6B—−$3.6B−$5.7B
Q1 2026$3.0B−$7.7B—$1.9B—$810M−$4.7B
Q4 2025$1.6B−$4.1B−$52.1M$3.8B−$65.2M−$1.2B−$2.5B
Q3 2025$1.7B−$2.4B−$9.9M$1.8B$13.0M−$914M−$700M
Q2 2025−$251M−$2.5B—$2.3B$69.7M$463M−$2.7B
Q1 2025$61.0M−$1.4B—$500M$1.4B−$482M−$1.3B
Q4 2024$187M−$3.5B—$3.5B$1.7M−$113M−$3.3B
Q3 2024$641M−$1.2B—$1.2B$685K−$682M−$574M

CoreWeave: income statement and cash flow

CoreWeave, Q2 2026: revenue $2.6B (+112% year over year), operating margin -1.9%. The chart follows the revenue to costs, profit and cash.

CoreWeave: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.