Core Scientific Financials
This page shows Core Scientific (CORZR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Heavy reinvestment and shrinking gross profit turned positive operating cash into a cash drain while liabilities outpaced sales.
From FY2023 to FY2025, operating cash flow improved from$65.1M to$278.3M even as revenue weakened. But capital spending jumped to$729M , so the cash strain came less from daily operations than from how aggressively the asset base was being expanded.
FY2025's gross margin collapse from
From FY2024 to FY2025, total assets rose from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Core Scientific's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Core Scientific has an operating margin of -77.0%, meaning the company retains $-77 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -27.8% the prior year.
Core Scientific's revenue declined 37.5% year-over-year, from $510.7M to $319.0M. This contraction results in a growth score of 0/100.
Core Scientific carries a low D/E ratio of -3.44, meaning only $-3.44 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.
Core Scientific's current ratio of 1.15 is below the typical benchmark, resulting in a score of 18/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Core Scientific generated $278.3M in operating cash flow, capex of $729.0M consumed most of it, leaving -$450.8M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Core Scientific passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Core Scientific generates $-0.96 in operating cash flow ($278.3M OCF vs -$288.6M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Core Scientific generated $319.0M in revenue in fiscal year 2025. This represents a decrease of 37.5% from the prior year.
Core Scientific's EBITDA was -$176.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 512.2% from the prior year.
Core Scientific reported -$288.6M in net income in fiscal year 2025. This represents an increase of 79.9% from the prior year.
Core Scientific earned $-0.88 per diluted share (EPS) in fiscal year 2025. This represents an increase of 81.9% from the prior year.
Cash & Balance Sheet
Core Scientific generated -$450.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 765.7% from the prior year.
Core Scientific held $311.4M in cash against $0 in long-term debt as of fiscal year 2025.
Core Scientific had 314M shares outstanding in fiscal year 2025. This represents an increase of 7.4% from the prior year.
Margins & Returns
Core Scientific's gross margin was 11.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 11.8 percentage points from the prior year.
Core Scientific's operating margin was -77.0% in fiscal year 2025, reflecting core business profitability. This is down 49.2 percentage points from the prior year.
Core Scientific's net profit margin was -90.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 191.1 percentage points from the prior year.
Capital Allocation
Core Scientific invested $729.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 667.7% from the prior year.
CORZR Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $79.8M-1.7% | $81.1M+3.1% | $78.6M-1.1% | $79.5M-16.2% | $94.9M-0.4% | $95.4M-32.4% | $141.1M-21.3% | $179.3M |
| Cost of Revenue | $59.0M-23.6% | $77.2M+4.9% | $73.6M+3.2% | $71.3M-20.9% | $90.2M-5.6% | $95.5M-6.6% | $102.3M+0.6% | $101.6M |
| Gross Profit | $20.8M+431.5% | $3.9M-22.3% | $5.0M-38.8% | $8.2M+72.4% | $4.8M+3153.2% | -$156K-100.4% | $38.8M-50.0% | $77.6M |
| R&D Expenses | N/A | N/A | N/A | N/A | $5.0M+76.6% | $2.8M+30.7% | $2.2M+20.8% | $1.8M |
| SG&A Expenses | -$11.6M-116.8% | $69.4M+21.8% | $56.9M+27.8% | $44.6M+78.0% | $25.0M-37.9% | $40.3M+28.6% | $31.4M+85.4% | $16.9M |
| Operating Income | -$117.5M-114.4% | -$54.8M-108.5% | -$26.3M+44.1% | -$47.0M+28.1% | -$65.4M-58.6% | -$41.2M+54.5% | -$90.7M-264.2% | $55.2M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $95K-24.0% | $125K-20.9% | $158K-22.9% | $205K-45.3% | $375K+179.9% | $134K-6.9% | $144K-30.1% | $206K |
| Net Income | $216.0M+249.9% | -$144.0M+84.6% | -$936.8M-262.6% | $576.3M+297.9% | -$291.1M+36.0% | -$455.3M+49.5% | -$902.2M-528.2% | $210.7M |
| EPS (Diluted) | N/A | $-0.45-1025.0% | $-0.04-103.2% | $1.24+279.7% | $-0.69+41.0% | $-1.17+76.8% | $-5.05-747.4% | $0.78 |
CORZR Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.3B+8.1% | $2.2B+17.3% | $1.9B+23.5% | $1.5B+1.5% | $1.5B+79.0% | $824.6M+24.1% | $664.2M-18.4% | $814.0M |
| Current Assets | $895.5M-15.6% | $1.1B+5.6% | $1.0B+20.6% | $833.2M-7.8% | $904.0M+225.3% | $277.9M+135.7% | $117.9M-17.8% | $143.3M |
| Cash & Equivalents | $311.4M-31.3% | $453.4M-22.0% | $581.3M-16.7% | $697.9M-16.5% | $836.2M+230.5% | $253.0M+163.2% | $96.1M-2.0% | $98.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | $1.0M-0.7% | $1.0M-83.6% | $6.2M+33.5% | $4.7M+322.4% | $1.1M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $3.3B-3.3% | $3.4B+12.5% | $3.0B+68.4% | $1.8B-25.3% | $2.4B+46.5% | $1.7B-10.5% | $1.8B+62.9% | $1.1B |
| Current Liabilities | $781.4M+16.7% | $669.9M+19.0% | $562.7M+187.8% | $195.5M+45.3% | $134.6M+75.9% | $76.5M+2.3% | $74.8M-45.8% | $138.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$962.7M+23.1% | -$1.3B-5.1% | -$1.2B-286.0% | -$308.8M+67.3% | -$943.0M-14.1% | -$826.7M+30.0% | -$1.2B-270.8% | -$318.5M |
| Retained Earnings | -$4.1B+5.0% | -$4.4B-3.4% | -$4.2B-28.5% | -$3.3B+14.9% | -$3.9B-8.2% | -$3.6B-14.6% | -$3.1B-40.8% | -$2.2B |
CORZR Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $157.5M+19.5% | $131.8M+287.6% | $34.0M+175.5% | -$45.0M-426.3% | $13.8M+141.6% | $5.7M+374.5% | $1.2M-94.6% | $22.2M |
| Capital Expenditures | $279.2M+14.2% | $244.5M+101.6% | $121.3M+44.4% | $84.0M+192.0% | $28.8M-7.8% | $31.2M+894.4% | $3.1M-90.2% | $31.9M |
| Free Cash Flow | -$121.7M-8.0% | -$112.7M-29.1% | -$87.3M+32.4% | -$129.0M-762.8% | -$15.0M+41.3% | -$25.5M-1218.5% | -$1.9M+80.1% | -$9.7M |
| Investing Cash Flow | -$277.8M-9.2% | -$254.4M-112.7% | -$119.6M-34.4% | -$89.0M-209.1% | -$28.8M+7.8% | -$31.2M-881.2% | -$3.2M+90.0% | -$32.0M |
| Financing Cash Flow | -$21.8M-309.6% | -$5.3M+83.2% | -$31.8M-656.8% | -$4.2M-100.7% | $598.2M+228.3% | $182.2M+1299.6% | -$15.2M-127.9% | $54.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CORZR Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.0%+21.2pp | 4.8%-1.6pp | 6.4%-3.9pp | 10.3%+5.3pp | 5.0%+5.2pp | -0.2%-27.7pp | 27.5%-15.8pp | 43.3% |
| Operating Margin | -147.3%-79.7pp | -67.6%-34.1pp | -33.4%+25.7pp | -59.2%+9.7pp | -68.9%-25.7pp | -43.2%+21.0pp | -64.3%-95.1pp | 30.8% |
| Net Margin | 270.8%+448.3pp | -177.6%+1013.8pp | -1191.4%-1916.0pp | 724.6%+1031.3pp | -306.7%+170.7pp | -477.4%+161.9pp | -639.4%-756.9pp | 117.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 9.2%+15.8pp | -6.6%+44.0pp | -50.6%-89.1pp | 38.5%+58.2pp | -19.7%+35.5pp | -55.2%+80.6pp | -135.8%-161.7pp | 25.9% |
| Current Ratio | 1.15-0.4 | 1.58-0.2 | 1.79-2.5 | 4.26-2.5 | 6.72+3.1 | 3.63+2.1 | 1.58+0.5 | 1.04 |
| Debt-to-Equity | -3.44-0.7 | -2.73-0.2 | -2.55+3.3 | -5.85-3.3 | -2.57-0.6 | -2.00-0.4 | -1.56+2.0 | -3.56 |
| FCF Margin | -152.6%-13.7pp | -139.0%-28.0pp | -111.0%+51.2pp | -162.2%-146.5pp | -15.8%+11.0pp | -26.7%-25.3pp | -1.4%+4.0pp | -5.4% |
Note: Shareholder equity is negative (-$962.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Frequently Asked Questions
What is Core Scientific's annual revenue?
Core Scientific (CORZR) reported $319.0M in total revenue for fiscal year 2025. This represents a -37.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Core Scientific's revenue growing?
Core Scientific (CORZR) revenue declined by 37.5% year-over-year, from $510.7M to $319.0M in fiscal year 2025.
Is Core Scientific profitable?
No, Core Scientific (CORZR) reported a net income of -$288.6M in fiscal year 2025, with a net profit margin of -90.5%.
What is Core Scientific's EBITDA?
Core Scientific (CORZR) had EBITDA of -$176.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Core Scientific's gross margin?
Core Scientific (CORZR) had a gross margin of 11.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Core Scientific's operating margin?
Core Scientific (CORZR) had an operating margin of -77.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Core Scientific's net profit margin?
Core Scientific (CORZR) had a net profit margin of -90.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Core Scientific's free cash flow?
Core Scientific (CORZR) generated -$450.8M in free cash flow during fiscal year 2025. This represents a -765.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Core Scientific's operating cash flow?
Core Scientific (CORZR) generated $278.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Core Scientific's total assets?
Core Scientific (CORZR) had $2.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Core Scientific's capital expenditures?
Core Scientific (CORZR) invested $729.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Core Scientific's current ratio?
Core Scientific (CORZR) had a current ratio of 1.15 as of fiscal year 2025, which is considered adequate.
What is Core Scientific's debt-to-equity ratio?
Core Scientific (CORZR) had a debt-to-equity ratio of -3.44 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Core Scientific's return on assets (ROA)?
Core Scientific (CORZR) had a return on assets of -12.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Core Scientific's debt-to-equity ratio negative or unusual?
Core Scientific (CORZR) has negative shareholder equity of -$962.7M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Core Scientific's Piotroski F-Score?
Core Scientific (CORZR) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Core Scientific's earnings high quality?
Core Scientific (CORZR) has an earnings quality ratio of -0.96x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Core Scientific?
Core Scientific (CORZR) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.