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Side-by-side financial comparison of CoreWeave, Inc. (CRWV) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
CoreWeave, Inc. is the larger business by last-quarter revenue ($1.6B vs $997.0M, roughly 1.6× Frontier Group Holdings, Inc.). Frontier Group Holdings, Inc. runs the higher net margin — 5.3% vs -28.7%, a 34.1% gap on every dollar of revenue. Frontier Group Holdings, Inc. produced more free cash flow last quarter ($-113.0M 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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
CRWV vs ULCC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $997.0M |
| Net Profit | $-451.7M | $53.0M |
| Gross Margin | 67.6% | — |
| Operating Margin | -5.7% | 4.9% |
| Net Margin | -28.7% | 5.3% |
| Revenue YoY | — | -0.5% |
| Net Profit YoY | — | -1.9% |
| EPS (diluted) | $-0.50 | $0.24 |
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 | $997.0M | ||
| Q3 25 | $1.4B | $886.0M | ||
| Q2 25 | $1.2B | $929.0M | ||
| Q1 25 | $981.6M | $912.0M | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $583.9M | $935.0M | ||
| Q2 24 | $395.4M | $973.0M | ||
| Q1 24 | — | $865.0M |
| Q4 25 | $-451.7M | $53.0M | ||
| Q3 25 | $-110.1M | $-77.0M | ||
| Q2 25 | $-290.5M | $-70.0M | ||
| Q1 25 | $-314.6M | $-43.0M | ||
| Q4 24 | — | $54.0M | ||
| Q3 24 | $-359.8M | $26.0M | ||
| Q2 24 | $-323.0M | $31.0M | ||
| Q1 24 | — | $-26.0M |
| Q4 25 | 67.6% | — | ||
| Q3 25 | 73.0% | — | ||
| Q2 25 | 74.2% | — | ||
| Q1 25 | 73.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 75.5% | — | ||
| Q2 24 | 72.5% | — | ||
| Q1 24 | — | — |
| Q4 25 | -5.7% | 4.9% | ||
| Q3 25 | 3.8% | -8.7% | ||
| Q2 25 | 1.6% | -8.1% | ||
| Q1 25 | -2.8% | -5.0% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | 20.1% | 2.0% | ||
| Q2 24 | 19.7% | 2.6% | ||
| Q1 24 | — | -3.6% |
| Q4 25 | -28.7% | 5.3% | ||
| Q3 25 | -8.1% | -8.7% | ||
| Q2 25 | -24.0% | -7.5% | ||
| Q1 25 | -32.1% | -4.7% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | -61.6% | 2.8% | ||
| Q2 24 | -81.7% | 3.2% | ||
| Q1 24 | — | -3.0% |
| Q4 25 | $-0.50 | $0.24 | ||
| Q3 25 | $-0.22 | $-0.34 | ||
| Q2 25 | $-0.60 | $-0.31 | ||
| Q1 25 | $-1.49 | $-0.19 | ||
| Q4 24 | — | $0.24 | ||
| Q3 24 | $-1.82 | $0.11 | ||
| Q2 24 | $-1.62 | $0.14 | ||
| Q1 24 | — | $-0.12 |
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 | $671.0M |
| Total DebtLower is stronger | $21.4B | $620.0M |
| Stockholders' EquityBook value | $3.3B | $491.0M |
| Total Assets | $49.3B | $7.2B |
| Debt / EquityLower = less leverage | 6.41× | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.2B | $671.0M | ||
| Q3 25 | $1.9B | $566.0M | ||
| Q2 25 | $1.2B | $563.0M | ||
| Q1 25 | $1.3B | $686.0M | ||
| Q4 24 | — | $740.0M | ||
| Q3 24 | $1.4B | $576.0M | ||
| Q2 24 | $1.0B | $658.0M | ||
| Q1 24 | — | $622.0M |
| Q4 25 | $21.4B | $620.0M | ||
| Q3 25 | $14.0B | $673.0M | ||
| Q2 25 | $11.1B | $565.0M | ||
| Q1 25 | $8.7B | $512.0M | ||
| Q4 24 | — | $507.0M | ||
| Q3 24 | — | $474.0M | ||
| Q2 24 | — | $455.0M | ||
| Q1 24 | — | $469.0M |
| Q4 25 | $3.3B | $491.0M | ||
| Q3 25 | $3.9B | $434.0M | ||
| Q2 25 | $2.7B | $506.0M | ||
| Q1 25 | $1.9B | $570.0M | ||
| Q4 24 | — | $604.0M | ||
| Q3 24 | $-344.0M | $549.0M | ||
| Q2 24 | $-1.0B | $520.0M | ||
| Q1 24 | — | $484.0M |
| Q4 25 | $49.3B | $7.2B | ||
| Q3 25 | $32.9B | $6.7B | ||
| Q2 25 | $26.2B | $6.5B | ||
| Q1 25 | $21.9B | $6.5B | ||
| Q4 24 | — | $6.2B | ||
| Q3 24 | — | $5.8B | ||
| Q2 24 | — | $5.7B | ||
| Q1 24 | — | $5.2B |
| Q4 25 | 6.41× | 1.26× | ||
| Q3 25 | 3.62× | 1.55× | ||
| Q2 25 | 4.16× | 1.12× | ||
| Q1 25 | 4.57× | 0.90× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× | ||
| Q1 24 | — | 0.97× |
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 | $-91.0M |
| Free Cash FlowOCF − Capex | $-2.5B | $-113.0M |
| FCF MarginFCF / Revenue | -159.1% | -11.3% |
| Capex IntensityCapex / Revenue | 258.3% | 2.2% |
| Cash ConversionOCF / Net Profit | — | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $-7.3B | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.6B | $-91.0M | ||
| Q3 25 | $1.7B | $-215.0M | ||
| Q2 25 | $-251.3M | $-133.0M | ||
| Q1 25 | $61.2M | $-86.0M | ||
| Q4 24 | — | $87.0M | ||
| Q3 24 | — | $-156.0M | ||
| Q2 24 | — | $9.0M | ||
| Q1 24 | — | $-22.0M |
| Q4 25 | $-2.5B | $-113.0M | ||
| Q3 25 | $-699.8M | $-217.0M | ||
| Q2 25 | $-2.7B | $-166.0M | ||
| Q1 25 | $-1.3B | $-104.0M | ||
| Q4 24 | — | $73.0M | ||
| Q3 24 | — | $-170.0M | ||
| Q2 24 | — | $-22.0M | ||
| Q1 24 | — | $-39.0M |
| Q4 25 | -159.1% | -11.3% | ||
| Q3 25 | -51.3% | -24.5% | ||
| Q2 25 | -223.0% | -17.9% | ||
| Q1 25 | -137.1% | -11.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | -18.2% | ||
| Q2 24 | — | -2.3% | ||
| Q1 24 | — | -4.5% |
| Q4 25 | 258.3% | 2.2% | ||
| Q3 25 | 175.1% | 0.2% | ||
| Q2 25 | 202.3% | 3.6% | ||
| Q1 25 | 143.4% | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 3.2% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | — | -1.72× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | -6.00× | ||
| Q2 24 | — | 0.29× | ||
| 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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
