Detailed financial statements for Cerebras Systems Inc. (CBRS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Cerebras Systems Inc. is a leading innovator in artificial intelligence infrastructure. The company develops and manufactures an advanced AI compute platform, integrating proprietary hardware systems and software. This platform is delivered in rack-mountable units, suitable for deployment in data centers, scaling all the way up to supercomputer-level capabilities.
Analysis Summary
Trailing-twelve-month margins: gross margin 34.8%, operating margin -81.2%, net margin -75.3%.
At the current price of $181.55, CBRS has negative trailing earnings (P/E not meaningful) and an ROE of -11.59%. Market capitalisation stands at $43.1B, placing it among large-cap names.
Balance sheet quality for CBRS: current ratio of 2.1, net cash position of $846.4M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$392.8M represents -165% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $24.6M | $78.7M | $290.3M | $510.0M |
| Cost of Revenue | $21.7M | $52.4M | $167.5M | $310.9M |
| Gross Profit | $2.9M | $26.4M | $122.7M | $199.1M |
| Research & Development | $155.4M | $140.1M | $158.2M | $243.3M |
| Selling, General & Admin | $26.3M | $20.2M | $65.9M | $101.6M |
| Operating Expenses | $181.7M | $160.3M | $224.4M | $344.3M |
| Operating Income | -$178.8M | -$133.9M | -$101.6M | -$145.3M |
| EBITDA | -$165.6M | -$116.4M | -$468.1M | $279.3M |
| Interest Expense | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$177.5M | -$127.0M | -$479.7M | $244.9M |
| Income Tax | $204,000 | $132,000 | $1.9M | $7.1M |
| Net Income | -$177.7M | -$127.2M | -$481.6M | $237.8M |
| EPS | $-0.83 | $-0.59 | $-2.25 | $0.41 |
| EPS (Diluted) | $-0.83 | $-0.59 | $-2.25 | $0.41 |
| Shares Outstanding (Diluted) | $215.2M | $215.2M | $215.2M | $215.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $135.7M | $171.4M | $193.4M | $180.1M |
| Gross Profit | $55.1M | $70.2M | $86.2M | $25.6M |
| Operating Income | -$26.5M | -$33.7M | -$15.0M | -$477.2M |
| EBITDA | -$22.2M | -$25.6M | $3.1M | -$450.3M |
| Net Income | -$22.2M | -$25.6M | -$14.0M | -$450.5M |
| EPS | $-0.10 | $-0.12 | $-0.06 | $-2.98 |
| EPS (Diluted) | $-0.10 | $-0.12 | $-0.06 | $-2.98 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $26.1M | $34.8M | $220.2M | $701.7M |
| Short-term Investments | $199.3M | $117.6M | $116.9M | $406.5M |
| Receivables | $5.1M | $6.8M | $150.6M | $74.0M |
| Inventory | $19.5M | $49.1M | $174.5M | $63.6M |
| Total Current Assets | $253.2M | $212.3M | $1.03B | $1.54B |
| Property, Plant & Equipment | $28.1M | $13.0M | $79.7M | $686.3M |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Total Assets | $281.5M | $225.5M | $1.11B | $2.33B |
| Accounts Payable | $5.0M | $14.7M | $25.6M | $48.6M |
| Short-term Debt | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $21.8M | $54.6M | $1.18B | $719.5M |
| Long-term Debt | 0 | 0 | 0 | 0 |
| Total Liabilities | $747.8M | $784.5M | $2.08B | $2.90B |
| Retained Earnings | -$534.4M | -$661.6M | -$1.14B | -$905.3M |
| Total Equity | -$466.3M | -$559.0M | -$966.8M | -$578.7M |
| Total Debt | $1.3M | $560,000 | $40.7M | $261.8M |
| Net Debt | -$224.0M | -$151.8M | -$296.5M | -$846.4M |
| Working Capital | $231.4M | $157.7M | -$147.7M | $824.1M |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $220.2M | $930.4M | $2.75B | $7.43B |
| Total Assets | $1.11B | $2.33B | $4.95B | $11.63B |
| Total Liabilities | $2.08B | $971.3M | $2.20B | $2.47B |
| Total Equity | -$966.8M | $1.35B | $2.75B | $9.15B |
| Total Debt | $40.7M | $261.8M | $1.36B | $1.49B |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$177.7M | -$127.2M | -$481.6M | $237.8M |
| Depreciation & Amortization | $11.9M | $10.6M | $11.5M | $34.5M |
| Stock-based Compensation | $16.9M | $26.6M | $58.6M | $49.8M |
| Change in Working Capital | -$36.6M | $6.7M | $443.5M | -$15.6M |
| Operating Cash Flow | -$164.4M | -$79.0M | $452.0M | -$10.1M |
| Capital Expenditure | -$10.5M | -$6.6M | -$23.4M | -$382.7M |
| Acquisitions | $24,000 | 0 | 0 | 0 |
| Stock Repurchased | -$3.9M | -$63,000 | -$102,000 | -$38.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$174.9M | -$85.6M | $428.5M | -$392.8M |
Cash Flow (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$54.9M | -$68.9M | $12.3M | -$59.8M |
| Capital Expenditure | -$98.2M | -$86.8M | -$132.0M | -$416.9M |
| Free Cash Flow | -$153.2M | -$155.8M | -$119.6M | -$476.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $9.2M | $13.3M | $9.6M | $377.0M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +219.9% | +268.6% | +75.7% |
| Net Income Growth (YoY) | | +28.5% | -278.8% | +149.4% |
| EPS Growth (YoY) | | +28.9% | -281.4% | +118.2% |
| Shares Change (YoY) | | +0.0% | +0.0% | +0.0% |
| FCF Growth (YoY) | | +51.1% | +600.8% | -191.7% |
| Gross Margin | 11.7% | 33.5% | 42.3% | 39.0% |
| Operating Margin | -726.4% | -170.1% | -35.0% | -28.5% |
| EBITDA Margin | -672.5% | -147.9% | -161.3% | 54.8% |
| Net Margin | -721.9% | -161.5% | -165.9% | 46.6% |
| FCF Margin | -710.3% | -108.7% | 147.6% | -77.0% |
| Effective Tax Rate | -0.1% | -0.1% | -0.4% | 2.9% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.81 | $-0.40 | $1.99 | $-1.82 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $215.2M | $215.2M | $215.2M | $215.2M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -11.59% |
| Return on Invested Capital | -5.08% |
| Return on Assets | -4.41% |
| Gross Margin | 34.83% |
| Operating Margin | -81.17% |
| Net Margin | -75.27% |
Financial Health
| Debt / Equity | 0.16 |
| Current Ratio | 5.82 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 21.66 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -374.78 | -527.24 | -138.25 | 758.71 |
| P/B | -143.57 | -119.78 | -69.25 | -115.70 |
| P/S | 2,719.49 | 850.24 | 230.67 | 131.28 |
| Gross Margin | 11.7% | 33.5% | 42.3% | 39.0% |
| Operating Margin | -726.4% | -170.1% | -35.0% | -28.5% |
| Net Margin | -721.9% | -161.5% | -165.9% | 46.6% |