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CoreWeave, Inc.（CRWV）与环联（TRU）财务数据对比。点击上方公司名可切换其他公司
CoreWeave, Inc.的季度营收约是环联的1.3倍（$1.6B vs $1.2B），环联净利率更高（9.6% vs -28.7%，领先38.4%）
CoreWeave是总部位于美国新泽西州利文斯顿的人工智能云计算企业，专注为AI开发者及各行业企业客户提供云侧图形处理器（GPU）算力基础设施，同时自主研发芯片管理相关软件。
环联是美国知名消费者信用报告机构，与益博睿、艾奎法克斯并列美国三大征信机构，总部位于伊利诺伊州芝加哥。目前其业务覆盖30余个国家，累计收集超10亿消费者的信用信息，持有美国几乎所有有信用记录消费者的超2亿份档案，服务超6.5万家企业客户，2014年营收达13亿美元。
CRWV vs TRU — 直观对比
营收规模更大
CRWV
是对方的1.3倍
$1.2B
净利率更高
TRU
高出38.4%
-28.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.2B |
| 净利润 | $-451.7M | $120.0M |
| 毛利率 | 67.6% | — |
| 营业利润率 | -5.7% | 19.7% |
| 净利率 | -28.7% | 9.6% |
| 营收同比 | — | 13.7% |
| 净利润同比 | — | -4.0% |
| 每股收益（稀释后） | $-0.50 | $0.61 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CRWVTRU
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.4B | $1.2B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $981.6M | $1.1B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $583.9M | $1.1B | ||
| Q2 24 | $395.4M | $1.0B |
净利润CRWVTRU
| Q1 26 | — | $120.0M | ||
| Q4 25 | $-451.7M | $101.1M | ||
| Q3 25 | $-110.1M | $96.6M | ||
| Q2 25 | $-290.5M | $109.6M | ||
| Q1 25 | $-314.6M | $148.1M | ||
| Q4 24 | — | $66.3M | ||
| Q3 24 | $-359.8M | $68.0M | ||
| Q2 24 | $-323.0M | $85.0M |
毛利率CRWVTRU
| Q1 26 | — | — | ||
| 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% | — |
营业利润率CRWVTRU
| Q1 26 | — | 19.7% | ||
| Q4 25 | -5.7% | 17.4% | ||
| Q3 25 | 3.8% | 17.8% | ||
| Q2 25 | 1.6% | 16.9% | ||
| Q1 25 | -2.8% | 23.2% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | 20.1% | 14.4% | ||
| Q2 24 | 19.7% | 17.5% |
净利率CRWVTRU
| Q1 26 | — | 9.6% | ||
| Q4 25 | -28.7% | 8.6% | ||
| Q3 25 | -8.1% | 8.3% | ||
| Q2 25 | -24.0% | 9.6% | ||
| Q1 25 | -32.1% | 13.5% | ||
| Q4 24 | — | 6.4% | ||
| Q3 24 | -61.6% | 6.3% | ||
| Q2 24 | -81.7% | 8.2% |
每股收益（稀释后）CRWVTRU
| Q1 26 | — | $0.61 | ||
| Q4 25 | $-0.50 | $0.52 | ||
| Q3 25 | $-0.22 | $0.49 | ||
| Q2 25 | $-0.60 | $0.56 | ||
| Q1 25 | $-1.49 | $0.75 | ||
| Q4 24 | — | $0.33 | ||
| Q3 24 | $-1.82 | $0.35 | ||
| Q2 24 | $-1.62 | $0.44 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $3.2B | $732.5M |
| 总债务越低越好 | $21.4B | $5.6B |
| 股东权益账面价值 | $3.3B | $4.9B |
| 总资产 | $49.3B | $12.0B |
| 负债/权益比越低杠杆越低 | 6.41× | 1.14× |
8季度趋势，按日历期对齐
现金及短期投资CRWVTRU
| Q1 26 | — | $732.5M | ||
| Q4 25 | $3.2B | $856.3M | ||
| Q3 25 | $1.9B | $752.5M | ||
| Q2 25 | $1.2B | $690.0M | ||
| Q1 25 | $1.3B | $612.5M | ||
| Q4 24 | — | $682.0M | ||
| Q3 24 | $1.4B | $646.0M | ||
| Q2 24 | $1.0B | $545.8M |
总债务CRWVTRU
| Q1 26 | — | $5.6B | ||
| Q4 25 | $21.4B | $4.9B | ||
| Q3 25 | $14.0B | — | ||
| Q2 25 | $11.1B | — | ||
| Q1 25 | $8.7B | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益CRWVTRU
| Q1 26 | — | $4.9B | ||
| Q4 25 | $3.3B | $4.4B | ||
| Q3 25 | $3.9B | $4.5B | ||
| Q2 25 | $2.7B | $4.5B | ||
| Q1 25 | $1.9B | $4.4B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | $-344.0M | $4.2B | ||
| Q2 24 | $-1.0B | $4.1B |
总资产CRWVTRU
| Q1 26 | — | $12.0B | ||
| Q4 25 | $49.3B | $11.1B | ||
| Q3 25 | $32.9B | $11.1B | ||
| Q2 25 | $26.2B | $11.1B | ||
| Q1 25 | $21.9B | $10.9B | ||
| Q4 24 | — | $11.0B | ||
| Q3 24 | — | $11.1B | ||
| Q2 24 | — | $11.0B |
负债/权益比CRWVTRU
| Q1 26 | — | 1.14× | ||
| Q4 25 | 6.41× | 1.11× | ||
| Q3 25 | 3.62× | — | ||
| Q2 25 | 4.16× | — | ||
| Q1 25 | 4.57× | — | ||
| Q4 24 | — | 1.20× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.6B | — |
| 自由现金流经营现金流 - 资本支出 | $-2.5B | — |
| 自由现金流率自由现金流/营收 | -159.1% | — |
| 资本支出强度资本支出/营收 | 258.3% | 5.2% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-7.3B | — |
8季度趋势，按日历期对齐
经营现金流CRWVTRU
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $319.5M | ||
| Q3 25 | $1.7B | $324.3M | ||
| Q2 25 | $-251.3M | $291.3M | ||
| Q1 25 | $61.2M | $52.5M | ||
| Q4 24 | — | $254.0M | ||
| Q3 24 | — | $229.3M | ||
| Q2 24 | — | $295.2M |
自由现金流CRWVTRU
| Q1 26 | — | — | ||
| Q4 25 | $-2.5B | $222.8M | ||
| Q3 25 | $-699.8M | $240.4M | ||
| Q2 25 | $-2.7B | $214.3M | ||
| Q1 25 | $-1.3B | $-15.9M | ||
| Q4 24 | — | $136.9M | ||
| Q3 24 | — | $161.3M | ||
| Q2 24 | — | $226.9M |
自由现金流率CRWVTRU
| Q1 26 | — | — | ||
| Q4 25 | -159.1% | 19.0% | ||
| Q3 25 | -51.3% | 20.6% | ||
| Q2 25 | -223.0% | 18.8% | ||
| Q1 25 | -137.1% | -1.5% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | — | 21.8% |
资本支出强度CRWVTRU
| Q1 26 | — | 5.2% | ||
| Q4 25 | 258.3% | 8.3% | ||
| Q3 25 | 175.1% | 7.2% | ||
| Q2 25 | 202.3% | 6.8% | ||
| Q1 25 | 143.4% | 6.2% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | — | 6.3% | ||
| Q2 24 | — | 6.6% |
现金转化率CRWVTRU
| Q1 26 | — | — | ||
| Q4 25 | — | 3.16× | ||
| Q3 25 | — | 3.36× | ||
| Q2 25 | — | 2.66× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 3.83× | ||
| Q3 24 | — | 3.37× | ||
| Q2 24 | — | 3.47× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CRWV
| US | $1.4B | 92% |
| Non Us | $129.3M | 8% |
TRU
| U.S. Markets | $975.0M | 78% |
| International | $274.0M | 22% |
