Core Scientific, Inc./tx
CORZ Nasdaq Finance Services Financials FY2020–FY2025
Revenue
Total sales reported in the income statement.
$319M
37.5%
vs prior year
Operating margin
Operating income as a share of revenue.
−77.0%
49.2 pts
Net income
Profit after all expenses, interest and tax.
−$289M
Free cash flow
Cash from operations minus capital spending.
−$451M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$6.46 EPS (TTM)
What Core Scientific, Inc./tx does
No business description yet.
- Legal name
- Core Scientific, Inc./tx
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 2, 2026
- Accession · CIK
- 0001628280-26-013305
0001839341
Revenue and margins
Core Scientific, Inc./tx had $319M of revenue in fiscal 2025, down 37.5% on the year before.
FY20
Revenue $60.3M
FY21
Revenue $544M
FY22
Revenue $640M
FY23
Revenue $502M
FY24
Revenue $511M
FY25
Revenue $319M
Q3 '23
Revenue $113M
Q4 '23
Revenue $142M
Q1 '24
Revenue $179M
Q2 '24
Revenue $141M
Q3 '24
Revenue $95.4M
Q4 '24
Revenue $94.9M
Q1 '25
Revenue $79.5M
Q2 '25
Revenue $78.6M
Q3 '25
Revenue $81.1M
Q4 '25
Revenue $79.8M
Q1 '26
Revenue $115M
Q2 '26
Revenue $164M
FY20
Gross 15.6%
Operating −10.5%
Net −20.2%
FCF −39.4%
FY21
Gross 43.9%
Operating 24.2%
Net 8.7%
FCF −10.4%
FY22
Gross 1.3%
Operating −329.5%
Net −335.2%
FCF −27.9%
FY23
Gross 24.6%
Operating 1.8%
Net −49.1%
FCF 9.7%
FY24
Gross 23.7%
Operating −27.8%
Net −281.6%
FCF −10.2%
FY25
Gross 11.9%
Operating −77.0%
Net −90.5%
FCF −141.3%
Gross
Operating
Net
FCF
Q3 '23
Gross 13.7%
Operating −10.7%
Net −36.4%
FCF 2.4%
Q4 '23
Gross 27.7%
Operating 2.8%
Net −137.9%
FCF 7.1%
Q1 '24
Gross 43.3%
Operating 30.8%
Net 117.5%
FCF −5.4%
Q2 '24
Gross 27.5%
Operating −64.3%
Net −639.4%
FCF −1.4%
Q3 '24
Gross −0.2%
Operating −43.2%
Net −477.4%
FCF −26.7%
Q4 '24
Gross 5.0%
Operating −68.9%
Net −306.7%
FCF −15.8%
Q1 '25
Gross 10.3%
Operating −59.1%
Net 724.6%
FCF −162.2%
Q2 '25
Gross 6.4%
Operating −33.4%
Net −1,191.4%
FCF −111.0%
Q3 '25
Gross 4.8%
Operating −67.6%
Net −177.6%
FCF −139.0%
Q4 '25
Gross 26.0%
Operating −147.3%
Net 270.8%
FCF −152.6%
Q1 '26
Gross 26.1%
Operating −269.4%
Net −301.3%
FCF −120.9%
Q2 '26
Gross 42.7%
Operating −47.8%
Net −703.6%
FCF −355.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income −$12.2M
FY21
Net income $47.3M
FY22
Net income −$2.1B
FY23
Net income −$246M
FY24
Net income −$1.4B
FY25
Net income −$289M
Q3 '23
Net income −$41.1M
Q4 '23
Net income −$196M
Q1 '24
Net income $211M
Q2 '24
Net income −$902M
Q3 '24
Net income −$455M
Q4 '24
Net income −$291M
Q1 '25
Net income $576M
Q2 '25
Net income −$937M
Q3 '25
Net income −$144M
Q4 '25
Net income $216M
Q1 '26
Net income −$347M
Q2 '26
Net income −$1.2B
FY20
Diluted EPS −$0.14
FY21
Diluted EPS $0.20
FY22
Diluted EPS −$6.30
FY23
Diluted EPS −$0.65
FY24
Diluted EPS −$4.87
FY25
Diluted EPS −$0.88
Q3 '23
Diluted EPS −$0.11
Q4 '23
Diluted EPS −$0.52
Q1 '24
Diluted EPS $0.78
Q2 '24
Diluted EPS −$5.05
Q3 '24
Diluted EPS −$1.17
Q4 '24
Diluted EPS −$0.69
Q1 '25
Diluted EPS $1.24
Q2 '25
Diluted EPS −$0.04
Q3 '25
Diluted EPS −$0.45
Q4 '25
Diluted EPS −$1.63
Q1 '26
Diluted EPS −$1.06
Q2 '26
Diluted EPS −$3.32
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital —
Return on equity −13.7%
Return on assets −81,373.3%
FY21
Return on capital —
Return on equity 6.6%
Return on assets 3.9%
FY22
Return on capital —
Return on equity −460.7%
Return on assets −132.2%
FY23
Return on capital —
Return on equity —
Return on assets −32.4%
FY24
Return on capital —
Return on equity —
Return on assets −131.4%
FY25
Return on capital —
Return on equity —
Return on assets −15.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$451M in fiscal 2025, −141.3% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow −$23.8M
FY21
Free cash flow −$56.7M
FY22
Free cash flow −$179M
FY23
Free cash flow $49.0M
FY24
Free cash flow −$52.1M
FY25
Free cash flow −$451M
Q3 '23
Free cash flow $2.7M
Q4 '23
Free cash flow $10.1M
Q1 '24
Free cash flow −$9.7M
Q2 '24
Free cash flow −$1.9M
Q3 '24
Free cash flow −$25.5M
Q4 '24
Free cash flow −$15.0M
Q1 '25
Free cash flow −$129M
Q2 '25
Free cash flow −$87.3M
Q3 '25
Free cash flow −$113M
Q4 '25
Free cash flow −$122M
Q1 '26
Free cash flow −$139M
Q2 '26
Free cash flow −$584M
FY20
Cash from operations −$23.8M
Capital spending $0.0M
FY21
Cash from operations −$56.7M
Capital spending $0.0M
FY22
Cash from operations $205M
Capital spending $384M
FY23
Cash from operations $65.1M
Capital spending $16.2M
FY24
Cash from operations $42.9M
Capital spending $95.0M
FY25
Cash from operations $278M
Capital spending $729M
Cash from operations
Capital spending
Q3 '23
Cash from operations $5.4M
Capital spending $2.7M
Q4 '23
Cash from operations $21.7M
Capital spending $11.6M
Q1 '24
Cash from operations $22.2M
Capital spending $31.9M
Q2 '24
Cash from operations $1.2M
Capital spending $3.1M
Q3 '24
Cash from operations $5.7M
Capital spending $31.2M
Q4 '24
Cash from operations $13.8M
Capital spending $28.8M
Q1 '25
Cash from operations −$45.0M
Capital spending $84.0M
Q2 '25
Cash from operations $34.0M
Capital spending $121M
Q3 '25
Cash from operations $132M
Capital spending $244M
Q4 '25
Cash from operations $158M
Capital spending $279M
Q1 '26
Cash from operations $250M
Capital spending $389M
Q2 '26
Cash from operations −$18.9M
Capital spending $565M
Cash from operations
Capital spending
Dividends, buybacks and share count
Core Scientific, Inc./tx returned — to shareholders in fiscal 2025. The diluted share count rose 24.3%.
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks $31.6M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY20
Diluted shares 0.16B
FY21
Diluted shares 0.23B
FY22
Diluted shares 0.34B
FY23
Diluted shares 0.38B
FY24
Diluted shares 0.26B
FY25
Diluted shares 0.32B
Balance sheet
Cash, debt and the ratios that show how comfortably Core Scientific, Inc./tx can carry it.
FY20
Cash $8.7M
Debt —
FY21
Cash $118M
Debt —
FY22
Cash $15.9M
Debt —
FY23
Cash $50.4M
Debt —
FY24
Cash $836M
Debt —
FY25
Cash $311M
Debt $1.1B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $118M | $15.9M | $50.4M | $836M | $311M |
| Debt incl. finance leases | — | — | — | — | $1.1B |
| Current ratio | 2.4x | 0.5x | 0.2x | 6.7x | 1.1x |
| Quick ratio | 2.4x | 0.5x | 0.2x | 6.7x | 1.1x |
| Total assets | $2.4B | $808M | $712M | $1.5B | $2.3B |
| Total liabilities | $1.1B | $1.2B | $1.3B | $2.4B | $3.3B |
| Shareholders' equity | $1.3B | −$409M | −$597M | −$943M | −$963M |
| Net debt (− = net cash) | — | — | — | — | $750M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | — | — |
| Current ratio rose | — | — | ✕ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✓ | ✕ |
| Gross margin rose | — | ✓ | ✕ | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✕ |
| F-score | — / 3 | 3 / 7 | 3 / 8 | 4 / 8 | 4 / 8 | 3 / 8 |
| Accruals ratio | 77,060.0% | 8.5% | −144.9% | −41.0% | −135.3% | −29.7% |
| Altman Z'' | — | 2.84 | −27.50 | −15.08 | −6.16 | −6.45 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $60.3M | $544M | $640M | $502M | $511M | $319M |
| Gross profit | $9.4M | $239M | $8.4M | $123M | $121M | $37.9M |
| Research and development | $5.3M | $7.7M | $27.0M | $7.2M | $11.8M | — |
| Operating income | −$6.3M | $131M | −$2.1B | $9.0M | −$142M | −$246M |
| Pretax income | −$12.2M | $63.1M | −$2.2B | −$246M | −$1.4B | −$288M |
| Income tax | $0.0M | $15.8M | −$17.1M | $0.7M | $0.9M | $0.6M |
| Net income | −$12.2M | $47.3M | −$2.1B | −$246M | −$1.4B | −$289M |
| Net income to common | −$22.7M | $47.3M | −$2.1B | −$246M | −$1.2B | −$281M |
| Diluted EPS | −$0.14 | $0.20 | −$6.30 | −$0.65 | −$4.87 | −$0.88 |
| Diluted shares | 0.16B | 0.23B | 0.34B | 0.38B | 0.26B | 0.32B |
| Cash flow | ||||||
| Cash from operations | −$23.8M | −$56.7M | $205M | $65.1M | $42.9M | $278M |
| Capital expenditure | $0.0M | $0.0M | $384M | $16.2M | $95.0M | $729M |
| Free cash flow | −$23.8M | −$56.7M | −$179M | $49.0M | −$52.1M | −$451M |
| Depreciation and amortization | $9.4M | $33.4M | $225M | $96.0M | $113M | $68.9M |
| Stock-based compensation | $3.0M | $38.9M | $183M | $58.9M | $51.9M | $98.2M |
| Share buybacks | — | — | $31.6M | $0.0M | $0.0M | — |
| Dividends and buybacks | — | — | $31.6M | $0.0M | $0.0M | — |
| Balance sheet | ||||||
| Cash and short-term investments | $8.7M | $118M | $15.9M | $50.4M | $836M | $311M |
| Total debt | — | — | — | — | — | $1.1B |
| Finance lease liabilities | — | — | $0.0M | $55.5M | $1.7M | $0.8M |
| Current assets | — | $757M | $85.1M | $97.0M | $904M | $896M |
| Current liabilities | $0.0M | $320M | $187M | $488M | $135M | $781M |
| Property and equipment, net | — | — | — | — | $433M | $1.3B |
| Goodwill | — | $1.1B | $0.0M | $0.0M | — | — |
| Intangible assets | — | $8.2M | $1.7M | $2.2M | — | $1.1M |
| Total assets | $0.0M | $2.4B | $808M | $712M | $1.5B | $2.3B |
| Total liabilities | $0.0M | $1.1B | $1.2B | $1.3B | $2.4B | $3.3B |
| Preferred stock | — | — | — | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $89.2M | $1.3B | −$409M | −$597M | −$943M | −$963M |
| Margins | ||||||
| Gross margin | 15.6% | 43.9% | 1.3% | 24.6% | 23.7% | 11.9% |
| Operating margin | −10.5% | 24.2% | −329.5% | 1.8% | −27.8% | −77.0% |
| EBITDA margin | 5.1% | 30.3% | −294.3% | 20.9% | −5.7% | −55.4% |
| Net margin | −20.2% | 8.7% | −335.2% | −49.1% | −281.6% | −90.5% |
| FCF margin | −39.4% | −10.4% | −27.9% | 9.7% | −10.2% | −141.3% |
| Returns | ||||||
| Return on capital employed | −43,335.6% | 6.2% | −339.8% | 4.0% | −10.6% | −15.7% |
| Return on equity | −13.7% | 6.6% | −460.7% | — | — | — |
| Return on assets | −81,373.3% | 3.9% | −132.2% | −32.4% | −131.4% | −15.1% |
| Return on tangible equity | −25.4% | 17.1% | — | — | — | — |
| Growth | ||||||
| Revenue growth | — | 802.7% | 17.6% | −21.5% | 1.6% | −37.5% |
| Net income growth | — | — | −4,636.5% | — | — | — |
| EPS growth | — | — | −3,250.0% | — | — | — |
| FCF growth | — | — | — | — | −206.4% | — |
| Share count change | — | 48.0% | 46.0% | 11.5% | −32.7% | 24.3% |
| Financial health | ||||||
| Current ratio | — | 2.4x | 0.5x | 0.2x | 6.7x | 1.1x |
| Quick ratio | — | 2.4x | 0.5x | 0.2x | 6.7x | 1.1x |
| Capital allocation | ||||||
| Capex / revenue | 0.0% | 0.0% | 60.0% | 3.2% | 18.6% | 228.5% |
| Stock comp / revenue | 5.0% | 7.2% | 28.6% | 11.7% | 10.2% | 30.8% |
| Payouts / FCF | — | — | — | 0.0% | — | — |
| Quality scores | ||||||
| Piotroski F-score | — | 3.0 | 3.0 | 4.0 | 4.0 | 3.0 |
| Altman Z'' | — | 2.8 | −27.5 | −15.1 | −6.2 | −6.4 |
| Accruals ratio | 77,060.0% | 8.5% | −144.9% | −41.0% | −135.3% | −29.7% |
Source: SEC EDGAR XBRL filings (CIK 0001839341). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.