What is an income statement waterfall?

An income statement waterfall is a bar chart that walks from total revenue down to net income, with each step showing how much a cost or tax line removes (or adds). Subtotals — gross profit, operating income, pre-tax income — are anchored to zero so the cascade reconciles exactly to the bottom line.

How much of CoreWeave (CRWV) revenue becomes net income?

For TTM through Q1 2026, CoreWeave turned $6.23B of revenue into -$1.59B of net income — a net margin of -25.6%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are CoreWeave (CRWV) gross, operating, and net margins?

For TTM through Q1 2026, CoreWeave reported a gross margin of 69.4%, an operating margin of -2.6%, and a net margin of -25.6%. Each subtotal in the waterfall corresponds to one of these margins.

Why does CoreWeave (CRWV) have such a high (or low) gross margin?

Gross margin (gross profit ÷ revenue) reflects how much of each revenue dollar remains after direct production costs. Capital-light software and platform businesses often show gross margins above 60–80% because their cost of revenue is mainly hosting and support. Hardware, retail, and commodity businesses show lower gross margins because raw materials and manufacturing costs are significant. The waterfall makes this visible at a glance — the size of the "Cost of Revenue" bar relative to Revenue is the gross margin complement.

What is the difference between gross, operating, and net margin?

Gross margin = (Revenue − Cost of Revenue) ÷ Revenue. It measures production efficiency. Operating margin = Operating Income ÷ Revenue. It adds operating expenses (R&D, S&M, G&A) and measures the profitability of core operations. Net margin = Net Income ÷ Revenue. It also includes interest, other income/expense, and taxes, and represents the shareholder take after everything.

CoreWeave (CRWV) Income Statement Waterfall

Revenue

$6.23B

Gross Margin

+69.4%

Operating Margin

-2.6%

Net Margin

-25.6%

Income statement waterfall for CoreWeave (CRWV) — TTM through Q1 2026

Net income: -$1.59B

Margin breakdown for CoreWeave (CRWV) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$6.23B	$6.23B
Cost of Revenue	-$1.91B	$4.32B
Gross Profit	$4.32B	$4.32B
Operating Expenses	-$4.48B	-$163M
Operating Income	-$163M	-$163M
Other Income / Expense	-$1.44B	-$1.6B
Pre-tax Income	-$1.6B	-$1.6B
Tax Benefit	$10M	-$1.59B
Net Loss	-$1.59B	-$1.59B

Revenue$6.23B
Cost of Revenue-$1.91B
Gross Profit$4.32B
Operating Expenses-$4.48B
Operating Income-$163M
Other Income / Expense-$1.44B
Pre-tax Income-$1.6B
Tax Benefit$10M
Net Loss-$1.59B

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