Core Scientific

CORZ · Nasdaq · Information Technology · Financials, fiscal 2020 to 2025

CORZ · Last close · November 6, 2026

$11.76

Core Scientific's revenue fell 37.5% to $319 million in fiscal 2025. Its operating margin was −77.0%, down from −27.8% a year earlier. Free cash flow was −$451 million. The diluted share count rose 24.3%.

Core Scientific, Inc./tx Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0001628280-26-013305 Updated November 6, 2026

Revenue

$319M

37.5%

Operating margin

−77.0%

49.2 pts

Net income

−$289M

Free cash flow

−$451M

Return on equity

—

Market cap

$5.5B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Piotroski F-score for fiscal 2025 is blank: the 10-K's structured data doesn't include current portion of long-term debt.

Charts show fiscal years, from the 10-K filings.

What Core Scientific does

Core Scientific designs, builds and runs large data centers that supply power and space to customers with heavy computing needs, mainly artificial intelligence and other high-performance computing. This service is called high-density colocation. It also mines digital assets, mostly bitcoin, for its own account and for some outside customers. As of December 31, 2025, it owned or leased ten data centers in seven U.S. states.

The company began in 2017 building data centers for bitcoin mining. In 2024 it began shifting toward colocation and signed long-term contracts with CoreWeave, which later grew to roughly 590 megawatts of leased power capacity. In 2025 it still earned most of its revenue from mining digital assets for its own account, but it expects a meaningful amount of 2026 revenue to come from colocation as customer power capacity is delivered.

Converting existing sites and building new ones requires large amounts of money and electric power. The company says its colocation business currently depends heavily on a single customer.

Its biggest risks, as it describes them

Delays or cost overruns in converting and building the facilities its colocation customers need.
Depending heavily on a single customer for its colocation business.
The colocation shift not succeeding, if demand for AI computing infrastructure falls.
Needing to raise more capital to expand, which may not be available.
Limited availability and high cost of the electric power its sites need.

From Core Scientific's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Core Scientific lost money in fiscal 2025: a net loss of $289 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	118	16	50	836	311
Debt incl. finance leases	728	36	864	1,092	—
Net debt (negative means net cash)	610	20	814	256	—
Net debt to EBITDA	3.7x	—	7.8x	—	—
Debt to equity	0.5x	—	—	—	—
Interest coverage	3.4x	−24.5x	1.9x	−4.9x	−16.2x
Current ratio	2.4x	0.5x	0.2x	6.7x	1.1x
Quick ratio	2.4x	0.5x	0.2x	6.7x	1.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Core Scientific's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Core Scientific's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $444,000 of Core Scientific shares on the open market, and 1 insider sold $5.8 million, all of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 28, 2026	Todd M DucheneSee remarks	Sold plan	10,000	$16.76	$167,600	Form 4
Sep 21, 2026	Todd M DucheneSee remarks	Sold plan	10,000	$18.37	$183,700	Form 4
Sep 15, 2026	Eric Stanton WeissDirector	Bought	6,000	$16.33	$97,980	Form 4
Sep 14, 2026	Todd M DucheneSee remarks	Sold plan	10,000	$17.14	$171,400	Form 4
Sep 8, 2026	Todd M DucheneSee remarks	Sold plan	10,000	$18.67	$186,700	Form 4
Aug 31, 2026	Todd M DucheneSee remarks	Sold plan	10,000	$16.23	$162,300	Form 4
Aug 24, 2026	Todd M DucheneSee remarks	Sold plan	10,000	$17.45	$174,500	Form 4
Aug 20, 2026	Elizabeth CrainDirector	Bought	6,000	$18.33	$109,980	Form 4
Aug 18, 2026	Eric Stanton WeissDirector	Bought	7,000	$19.19	$134,330	Form 4
Aug 17, 2026	Todd M DucheneSee remarks	Sold plan	10,000	$20.10	$201,000	Form 4
Aug 10, 2026	Todd M DucheneSee remarks	Sold plan	10,000	$19.98	$199,750	Form 4
Aug 3, 2026	Todd M DucheneSee remarks	Sold plan	10,000	$22.24	$222,365	Form 4

The latest 12 of 31 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	6 of 9	—
Rule of 40	−11.8%	−8.6%	−178.8%
Altman Z''	−15.08	−6.16	−6.45
Accruals ratio	−41.0%	−135.3%	−29.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	—
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Pass	Pass	Fail
F-score	5 of 9	6 of 9	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Core Scientific side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Core Scientific	FY25	−37.5%	−77.0%	−141.3%	—	—	—
Hut 8	FY25	44.8%	−136.9%	—	—	—	—	Compare
Keel Infrastructure	FY25	72.0%	−65.2%	−142.6%	−20.5%	—	2	Compare
Cipher Digital	FY25	48.0%	−188.2%	−310.7%	−18.2%	—	3	Compare
TeraWulf	FY25	20.3%	−110.5%	−702.5%	—	—	1	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

6 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	60	544	640	502	511	319
Revenue growth	—	802.7%	17.6%	−21.5%	1.6%	−37.5%
Gross profit	9	239	8	124	121	38
Research and development	5	8	27	7	12	—
Operating income	−6	132	−2,110	9	−142	−246
Net income	−12	47	−2,146	−246	−1,438	−289
Diluted EPS (US$)	−0.14	0.20	−6.30	−0.65	−4.87	−0.88
Diluted shares (millions)	158	233	341	380	256	318
Cash flow
Cash from operations	−24	−57	205	65	43	278
Capital expenditure	0	0	384	16	95	729
Free cash flow	−24	−57	−179	49	−52	−451
Dividends paid	0	0	0	0	0	0
Share buybacks	0	0	32	0	0	0
Acquisitions	0	0	0	0	0	0
Stock-based compensation	3	39	183	59	52	98
Balance sheet at fiscal year end
Cash and short-term investments	9	118	16	50	836	311
Debt incl. finance leases	—	728	36	864	1,092	—
Total assets	0	2,439	808	712	1,476	2,348
Total liabilities	0	1,053	1,217	1,309	2,419	3,310
Shareholders' equity	89	1,341	−409	−597	−943	−963
Margins and ratios
Gross margin	15.6%	43.9%	1.3%	24.6%	23.7%	11.9%
Operating margin	−10.5%	24.1%	−329.5%	1.8%	−27.8%	−77.0%
Net margin	−20.2%	8.7%	−335.2%	−49.1%	−281.6%	−90.5%
Free cash flow margin	−39.4%	−10.4%	−27.9%	9.7%	−10.2%	−141.3%
Rule of 40 (growth + FCF margin)	—	792.2%	−10.3%	−11.8%	−8.6%	−178.8%
Return on capital	—	—	−213.3%	—	—	—
Return on equity	—	6.6%	−460.6%	—	—	—
Return on assets	—	3.9%	−132.2%	−32.4%	−131.4%	−15.1%
Net debt to EBITDA	—	3.7x	—	7.8x	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Core Scientific's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Core Scientific.