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Side-by-side financial comparison of CoreWeave, Inc. (CRWV) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
SHOPIFY INC. is the larger business by last-quarter revenue ($3.7B vs $1.6B, roughly 2.3× CoreWeave, Inc.). SHOPIFY INC. runs the higher net margin — 20.2% vs -28.7%, a 49.0% gap on every dollar of revenue. SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $-2.5B).
CoreWeave, Inc. is an American artificial intelligence (AI) cloud-computing company based in Livingston, New Jersey. It specializes in providing cloud-based graphics processing unit (GPU) infrastructure to AI developers and enterprises, and also develops its own chip management software.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
CRWV vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $3.7B |
| Net Profit | $-451.7M | $743.0M |
| Gross Margin | 67.6% | 46.1% |
| Operating Margin | -5.7% | 17.2% |
| Net Margin | -28.7% | 20.2% |
| Revenue YoY | — | 30.6% |
| Net Profit YoY | — | -42.5% |
| EPS (diluted) | $-0.50 | $0.58 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.6B | $3.7B | ||
| Q3 25 | $1.4B | $2.8B | ||
| Q2 25 | $1.2B | $2.7B | ||
| Q1 25 | $981.6M | $2.4B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | $583.9M | $2.2B | ||
| Q2 24 | $395.4M | $2.0B | ||
| Q1 24 | — | $1.9B |
| Q4 25 | $-451.7M | $743.0M | ||
| Q3 25 | $-110.1M | $264.0M | ||
| Q2 25 | $-290.5M | $906.0M | ||
| Q1 25 | $-314.6M | $-682.0M | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | $-359.8M | $828.0M | ||
| Q2 24 | $-323.0M | $171.0M | ||
| Q1 24 | — | $-273.0M |
| Q4 25 | 67.6% | 46.1% | ||
| Q3 25 | 73.0% | 48.9% | ||
| Q2 25 | 74.2% | 48.6% | ||
| Q1 25 | 73.3% | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | 75.5% | 51.7% | ||
| Q2 24 | 72.5% | 51.1% | ||
| Q1 24 | — | 51.4% |
| Q4 25 | -5.7% | 17.2% | ||
| Q3 25 | 3.8% | 12.1% | ||
| Q2 25 | 1.6% | 10.9% | ||
| Q1 25 | -2.8% | 8.6% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | 20.1% | 13.1% | ||
| Q2 24 | 19.7% | 11.8% | ||
| Q1 24 | — | 4.6% |
| Q4 25 | -28.7% | 20.2% | ||
| Q3 25 | -8.1% | 9.3% | ||
| Q2 25 | -24.0% | 33.8% | ||
| Q1 25 | -32.1% | -28.9% | ||
| Q4 24 | — | 46.0% | ||
| Q3 24 | -61.6% | 38.3% | ||
| Q2 24 | -81.7% | 8.4% | ||
| Q1 24 | — | -14.7% |
| Q4 25 | $-0.50 | $0.58 | ||
| Q3 25 | $-0.22 | $0.20 | ||
| Q2 25 | $-0.60 | $0.69 | ||
| Q1 25 | $-1.49 | $-0.53 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | $-1.82 | $0.64 | ||
| Q2 24 | $-1.62 | $0.13 | ||
| Q1 24 | — | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.2B | $5.8B |
| Total DebtLower is stronger | $21.4B | — |
| Stockholders' EquityBook value | $3.3B | $13.5B |
| Total Assets | $49.3B | $15.2B |
| Debt / EquityLower = less leverage | 6.41× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.2B | $5.8B | ||
| Q3 25 | $1.9B | $6.3B | ||
| Q2 25 | $1.2B | $5.8B | ||
| Q1 25 | $1.3B | $5.5B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | — | — |
| Q4 25 | $21.4B | — | ||
| Q3 25 | $14.0B | — | ||
| Q2 25 | $11.1B | — | ||
| Q1 25 | $8.7B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.3B | $13.5B | ||
| Q3 25 | $3.9B | $12.5B | ||
| Q2 25 | $2.7B | $12.1B | ||
| Q1 25 | $1.9B | $11.1B | ||
| Q4 24 | — | $11.6B | ||
| Q3 24 | $-344.0M | $10.1B | ||
| Q2 24 | $-1.0B | $9.2B | ||
| Q1 24 | — | $8.9B |
| Q4 25 | $49.3B | $15.2B | ||
| Q3 25 | $32.9B | $15.0B | ||
| Q2 25 | $26.2B | $14.6B | ||
| Q1 25 | $21.9B | $13.4B | ||
| Q4 24 | — | $13.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 6.41× | — | ||
| Q3 25 | 3.62× | — | ||
| Q2 25 | 4.16× | — | ||
| Q1 25 | 4.57× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.6B | $725.0M |
| Free Cash FlowOCF − Capex | $-2.5B | $715.0M |
| FCF MarginFCF / Revenue | -159.1% | 19.5% |
| Capex IntensityCapex / Revenue | 258.3% | 0.3% |
| Cash ConversionOCF / Net Profit | — | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.3B | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $725.0M | ||
| Q3 25 | $1.7B | $513.0M | ||
| Q2 25 | $-251.3M | $428.0M | ||
| Q1 25 | $61.2M | $367.0M | ||
| Q4 24 | — | $615.0M | ||
| Q3 24 | — | $423.0M | ||
| Q2 24 | — | $340.0M | ||
| Q1 24 | — | $238.0M |
| Q4 25 | $-2.5B | $715.0M | ||
| Q3 25 | $-699.8M | $507.0M | ||
| Q2 25 | $-2.7B | $422.0M | ||
| Q1 25 | $-1.3B | $363.0M | ||
| Q4 24 | — | $611.0M | ||
| Q3 24 | — | $421.0M | ||
| Q2 24 | — | $333.0M | ||
| Q1 24 | — | $232.0M |
| Q4 25 | -159.1% | 19.5% | ||
| Q3 25 | -51.3% | 17.8% | ||
| Q2 25 | -223.0% | 15.7% | ||
| Q1 25 | -137.1% | 15.4% | ||
| Q4 24 | — | 21.7% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 16.3% | ||
| Q1 24 | — | 12.5% |
| Q4 25 | 258.3% | 0.3% | ||
| Q3 25 | 175.1% | 0.2% | ||
| Q2 25 | 202.3% | 0.2% | ||
| Q1 25 | 143.4% | 0.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 1.99× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRWV
| US | $1.4B | 92% |
| Non Us | $129.3M | 8% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
