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Apple and CoreWeave are both technology companies, but their revenue trajectories represent almost opposite operating profiles. Apple is the vastly larger, profitable and diversified business whose latest fiscal year brought modest growth. CoreWeave is a much smaller AI-focused cloud provider whose sales are expanding at exceptional percentage rates, yet it remains loss-making and dependent on a concentrated customer base and heavy infrastructure investment.
The direct answer depends on what “stronger” means. CoreWeave has the faster recent growth rate by a wide margin. Apple has the more durable revenue trajectory because its sales are diversified across devices and Services, its scale is already proven, and it produces substantial net income. CoreWeave’s contracted demand improves visibility, but the company’s filings explicitly warn that its recent growth may not indicate its future growth.
Apple and CoreWeave revenue trends at a glance
| Measure | Apple | CoreWeave |
|---|---|---|
| Reporting period | Fiscal year 2025; Apple’s fiscal year is not the same as a calendar year | Calendar year ended December 31, 2025 |
| Latest annual revenue | $416.161 billion | $5.131 billion |
| Prior-year revenue | $391.035 billion in fiscal 2024 | $1.915 billion in 2024 |
| Revenue two years earlier | $383.285 billion in fiscal 2023 | $229 million in 2023 |
| Latest reported growth | 6% in fiscal 2025 | Approximately 168% in 2025 |
| Previous-year growth | 2% in fiscal 2024 | Approximately 736% in 2024 |
| Latest net result | $112.010 billion net income | $1.167 billion net loss |
| Largest disclosed revenue engine | iPhone: $209.586 billion | Cloud computing services for AI and high-performance computing |
| Other major engine | Services: $109.158 billion, up 14% | 98% of 2025 revenue related to customer commitments |
| Customer concentration | No comparable single-customer percentage disclosed in the supplied filings | Microsoft represented approximately 67% of 2025 revenue |
| Contracted future performance | No comparable remaining-performance-obligation figure supplied | $60.7 billion of unsatisfied remaining performance obligations at December 31, 2025 |
Using the latest annual figures, Apple’s revenue is about 81 times CoreWeave’s. That ratio matters because a percentage increase applied to a small base can look spectacular while adding fewer dollars than a modest increase at a very large company.
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The figures come from Apple Inc.’s 2025 Form 10-K and CoreWeave Inc.’s 2025 Form 10-K. Apple reports a fiscal year, while CoreWeave reports a calendar year, so the periods are close but not perfectly identical.
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What each company’s revenue line represents
Apple sells an integrated consumer and services ecosystem
Apple’s sales combine physical products with recurring and transaction-based Services. The product portfolio includes iPhone, Mac, iPad, and Wearables, Home and Accessories. Services adds items such as the company’s digital services and other platform-related offerings. This mix gives Apple several ways to monetize an installed base: a customer can buy hardware, replace it later, and continue generating Services revenue between purchases.
That model makes Apple’s annual revenue sensitive to product launch cycles, consumer purchasing power, foreign-exchange movements, tariffs and regional demand. It also gives the company more than one growth lever. In fiscal 2025, higher iPhone and Services sales drove growth, while Mac also grew strongly. Greater China and Wearables, Home and Accessories moved in the opposite direction.
CoreWeave rents specialized computing capacity
CoreWeave describes its business this way: We generate revenue by providing our customers with cloud computing services, including compute enabled by our software and infrastructure optimized for AI and high-performance computing.
Its revenue therefore depends on deploying and operating data-center capacity, graphics-processing and other accelerated-computing resources, networking, power and the software layer that makes those resources usable by customers.
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Apple’s trend: moderate growth with multiple supports
A steady three-year progression
Apple’s reported sales moved from $383.285 billion in fiscal 2023 to $391.035 billion in fiscal 2024 and then $416.161 billion in fiscal 2025. The resulting pattern was 2% growth in fiscal 2024 followed by 6% growth in fiscal 2025. This is not an acceleration story on the scale of an emerging AI infrastructure provider; it is a large-company growth profile in which a few percentage points represent tens of billions of dollars.
The latest increase was broad enough to show that Apple is not relying on a single product launch. iPhone remained the largest contributor, Services expanded faster than the company total, and Mac provided additional support. At the same time, declines in Greater China and in Wearables, Home and Accessories demonstrate that the consolidated number can conceal important regional and category differences.
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Services is changing the mix
Services generated $109.158 billion in fiscal 2025 and grew 14%. That rate was materially higher than Apple’s overall 6% growth, so Services represented a larger share of the company’s sales mix than it did previously. The strategic importance is not merely the headline percentage: Services can produce repeat purchases and subscriptions from customers who already own Apple hardware, reducing dependence on a single annual device cycle.
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Profitability validates the scale
Apple reported $112.010 billion of net income in fiscal 2025. That profit provides internally generated resources to support product development, services expansion and operations without requiring the business model to prove that it can eventually turn a loss into a profit. Profitability does not remove Apple’s exposure to demand, tariffs or currency, but it changes the financial risk of pursuing growth.
CoreWeave’s trend: extraordinary percentage growth from a small base
The reported acceleration
CoreWeave’s revenue rose from $229 million in 2023 to $1.915 billion in 2024 and $5.131 billion in 2025. Calculated from those reported figures, growth was approximately 736% in 2024 and approximately 168% in 2025. Even after the percentage rate declined, the company added several billion dollars of annual revenue in the latest period.
Those percentages should be read with the starting base in view. A new data-center contract or a small number of large AI deployments can multiply revenue when a company begins with hundreds of millions of dollars in sales. The same percentage becomes mathematically harder to sustain as the base expands. CoreWeave’s filing cautions: Our recent growth may not be indicative of our future growth.
Contracts create visibility, not certainty
About 98% of CoreWeave’s 2025 revenue was related to customer commitments. The company also reported $60.7 billion of unsatisfied remaining performance obligations at December 31, 2025. These figures indicate that customers have made substantial contractual commitments for future services, which is stronger visibility than relying only on spot demand.
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Remaining performance obligations are not the same as guaranteed near-term revenue. Recognition depends on CoreWeave delivering the contracted computing services over time, maintaining the required capacity and meeting contractual conditions. Cancellations, amendments, delays, customer financial problems, infrastructure constraints or changes in deployment schedules can affect when or whether commitments become revenue. Treat the figure as contracted visibility rather than a promise that all of it will appear in a particular year.
Concentration raises the stakes
Microsoft represented approximately 67% of CoreWeave’s 2025 revenue. A large anchor customer can support rapid infrastructure deployment and provide a path to scale, but it also means a change in one relationship can have an outsized effect on total sales. Customer concentration is especially important when a provider is building capacity against a limited number of contracts.
CoreWeave’s revenue visibility and concentration therefore point in opposite directions. Commitments can make demand easier to see, while dependence on one customer can make the visible demand less diversified. A reader evaluating sustainability should ask whether additional customers and regions are becoming meaningful contributors, not only whether the aggregate backlog is large.
Growth has not yet produced net income
CoreWeave reported a $1.167 billion net loss in 2025, following losses of $863 million in 2024 and $594 million in 2023. The sequence shows that revenue expansion has so far required more spending and financing than the business has converted into bottom-line profit.
AI cloud infrastructure is capital intensive. CoreWeave identifies financing, data-center capacity and AI-demand conditions among its risks. The company must obtain equipment, power and facilities and then keep them productive enough to cover those commitments. Rapid sales growth can coexist with negative earnings if depreciation, interest, construction, equipment purchases and operating costs rise faster than revenue or if new capacity takes time to reach efficient utilization.
Why percentage growth alone gives the wrong winner
Rate versus dollars
CoreWeave wins a percentage-growth comparison because its latest rate was approximately 168%, compared with Apple’s 6%. Apple wins an absolute-scale comparison because its annual sales are about 81 times larger. A six-percent increase on Apple’s latest revenue represents roughly $25 billion, while a 168% increase on CoreWeave’s latest prior-year base represents roughly $3.2 billion.
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Both calculations are useful, but they answer different questions. Percentage growth measures speed relative to the company’s own starting point. Dollar growth measures the amount of commercial activity added to the overall business. Investors, suppliers and employees may care about both, but they should not treat them as interchangeable measures of competitive strength.
Durability versus acceleration
Apple’s trajectory is easier to model because the company has a long operating history, multiple product categories, a large installed base and positive net income. That does not guarantee continuous growth; the filing identifies tariffs, currency and consumer-demand exposure. It does mean a weak quarter in one category does not automatically eliminate the company’s revenue engine.
CoreWeave’s acceleration is economically different. It reflects the build-out of AI computing demand and large customer commitments, but it also exposes the company to contract concentration, infrastructure delivery and financing. A high growth rate is therefore evidence of strong current demand, not proof that the same rate can persist or that each incremental dollar will be profitable.
A sustainability framework for comparing the two trajectories
1. Examine the source of demand
For Apple, check whether growth comes from a balanced combination of iPhone, Services and Mac or from a one-time product cycle. Fiscal 2025 showed iPhone and Services strength, Mac growth and weakness in Greater China and Wearables, Home and Accessories. That mix is more informative than the consolidated percentage alone.
For CoreWeave, distinguish contracted AI capacity from unscheduled demand. The 98% commitment figure and the remaining-performance-obligation balance provide evidence of booked business, but they do not establish how quickly facilities can be delivered or how much margin each contract will generate.
2. Test customer and geographic diversification
Apple’s sales are spread across products and regions, although Greater China declined in the latest fiscal year. This diversification can cushion weakness in one market. CoreWeave’s approximately 67% Microsoft concentration means diversification is a central question: growth becomes more resilient only if other customers, workloads and geographies represent a larger share over time.
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3. Connect revenue to profit and cash requirements
Apple’s $112.010 billion net income shows that its revenue base is already profitable. CoreWeave’s losses of $594 million, $863 million and $1.167 billion over the three reported years show that scale has not yet translated into net income. For CoreWeave, a sustainability analysis must track the cost of financing and building capacity alongside sales growth.
4. Separate visibility from guarantees
Contracted revenue can reduce uncertainty about demand, but it does not remove execution risk. CoreWeave’s $60.7 billion of unsatisfied performance obligations should be read together with its dependence on Microsoft and its need to operate the required infrastructure. Apple has less disclosed contracted backlog in the supplied figures, but its recurring Services activity and large installed ecosystem provide a different form of repeat demand.
5. Consider the next increment, not only the current total
At Apple’s scale, maintaining mid-single-digit growth requires adding very large dollar amounts every year. At CoreWeave’s scale, adding a few large AI deployments can produce triple-digit growth, but each new project can also increase equipment, power, facility and financing obligations. The question is whether the next increment improves economic returns or merely expands the asset and liability base.
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Risk profiles: what could interrupt each company’s trend?
Apple
- Consumer demand: Hardware purchases can weaken when customers delay upgrades or economic conditions reduce discretionary spending.
- Tariffs and supply exposure: Tariff changes can affect costs, pricing and product flows across markets.
- Currency: Exchange-rate movements can change the value of international sales when reported in the company’s presentation currency.
- Regional weakness: The fiscal 2025 decline in Greater China shows that a major market can offset strength elsewhere.
- Category mix: The 4% decline in Wearables, Home and Accessories illustrates that not every part of the portfolio grows at the same time.
CoreWeave
- AI-demand reversal: If customers slow model training or inference deployments, new capacity could be harder to fill.
- Customer concentration: With Microsoft at approximately 67% of 2025 revenue, changes to that relationship could materially affect the total.
- Financing: Data-center and equipment expansion requires capital; funding costs or reduced access to financing can limit growth.
- Capacity and execution: Power, facilities, networking and specialized equipment must be available and commissioned on schedule.
- Profitability: Continuing net losses increase the importance of utilization, pricing and eventual operating leverage.
- Contract timing: Committed work may be recognized over time rather than immediately, and contractual obligations do not eliminate delivery risk.
Which company has the stronger revenue trajectory?
| Question | Advantage | Reason |
|---|---|---|
| Who is growing faster in percentage terms? | CoreWeave | Its approximately 168% 2025 growth was far above Apple’s 6%. |
| Who adds more revenue at current scale? | Apple | A modest percentage applied to Apple’s much larger base creates a larger dollar addition. |
| Who is more profitable today? | Apple | Apple reported substantial net income; CoreWeave reported a net loss. |
| Who has more diversified revenue? | Apple | Its mix spans iPhone, Services, Mac, iPad and Wearables, Home and Accessories, with broad geographic exposure. |
| Who offers more explicitly contracted visibility? | CoreWeave | Most 2025 revenue related to commitments and the company disclosed a large remaining-performance-obligation balance. |
| Who has the greater concentration risk? | CoreWeave | Approximately 67% of 2025 revenue came from Microsoft. |
| Who has the more established durable trajectory? | Apple | Its large, profitable and diversified model has already demonstrated durable scale, while CoreWeave’s rapid expansion remains unproven over a longer cycle. |
For a reader asking which company has the stronger revenue trajectory overall, Apple is the stronger durability case. For a reader specifically seeking the fastest top-line expansion tied to AI infrastructure, CoreWeave is the more dramatic growth story. Those conclusions are not contradictory: they reflect different definitions of strength.
How to analyze future filings without over-reading one year
- Align the periods. Confirm whether each company is reporting a fiscal or calendar year and avoid treating the dates as perfectly synchronized.
- Recalculate both rates. Compare year-over-year percentage growth and the dollar increase from the prior year.
- Break out the mix. For Apple, review product and Services trends and regional performance. For CoreWeave, review customer concentration, committed contracts and the timing of deployments.
- Check earnings quality. Compare revenue growth with net income, operating costs and the capital required to support new capacity.
- Track concentration. A falling share for the largest customer or region can improve resilience even if total growth slows.
- Read obligations carefully. Remaining performance obligations indicate contracted work but should not be treated as guaranteed revenue in a specific period.
- Look for evidence of repeatability. Sustainable growth is supported by recurring demand, diversified customers, profitable unit economics and capacity that can be expanded without disproportionate financing risk.
Bottom line
CoreWeave demonstrates the stronger recent acceleration, powered by the rapid build-out of AI and high-performance cloud demand. Apple demonstrates the stronger all-weather revenue foundation: enormous scale, a profitable operating model, a diversified product-and-Services mix and a growth rate that remains meaningful in dollar terms even when it is modest in percentage terms.
The fairest comparison is therefore not a single growth-rate ranking. Use CoreWeave’s commitments and backlog to assess demand visibility, then test that visibility against customer concentration, infrastructure execution, financing needs and losses. Use Apple’s Services growth and category mix to assess how a mature hardware franchise can keep expanding while absorbing regional and product weakness. On the evidence in the 2025 filings, Apple has the stronger durable trajectory; CoreWeave has the higher-upside but less-proven one.
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