Coreweave (CRWV) Earnings Date & Reports

Key Takeaways

• CoreWeave reported record revenue of $2.575 billion, up 112% year over year and 24% sequentially, topping Wall Street estimates.
• Revenue backlog reached $104.2 billion, up 246% from a year earlier, and excludes more than $25 billion in new commitments signed early in the third quarter.
• Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) roughly doubled to $1.5 billion, at a 59% margin.
• The GAAP net loss widened to $626 million as interest expense climbed to $640 million to fund the company's infrastructure buildout.
• Management raised full-year 2026 revenue guidance to $12.4 billion–$13.2 billion and adjusted operating income guidance to $960 million–$1.15 billion.

Earnings Context and Why It Matters

CoreWeave has positioned itself as a hyperscale cloud purpose-built for artificial intelligence workloads, renting out GPU (graphics processing unit)-accelerated servers to AI model builders and enterprises. The second-quarter report matters because it tests whether the company can convert surging demand into expanding profitability while absorbing heavy capital spending. Prior quarters showed triple-digit revenue growth alongside widening net losses, making margin trajectory and backlog conversion the central questions for investors. With capacity effectively sold out and pricing power improving, this report offered a key signal on whether CoreWeave's scaling strategy is translating into durable operating leverage.

Reported Results

For the second quarter ended June 30, 2026, CoreWeave reported revenue of $2.575 billion, an increase of 112% from $1.212 billion a year earlier and ahead of the roughly $2.56 billion consensus estimate. Revenue rose 24% sequentially from $2.078 billion in the first quarter.

On a GAAP (Generally Accepted Accounting Principles) basis, the company posted a net loss of $626 million, or $1.14 per diluted share, compared with a net loss of $290 million, or $0.60 per share, a year earlier. The wider loss reflected sharply higher interest expense of $640 million, up from $267 million, as CoreWeave added debt to finance its expansion.

On an adjusted (non-GAAP) basis, the company reported an adjusted net loss of $567 million and adjusted EBITDA of $1.51 billion, up from $753 million a year earlier. Adjusted EBITDA margin was 59%. Adjusted operating income reached $128 million, up from $21 million in the prior quarter.

CoreWeave ended the quarter with a revenue backlog of $104.2 billion, up 246% year over year, a figure that excludes more than $25 billion in net new customer commitments added in the early weeks of the third quarter.

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Market Reaction and Investor Sentiment

CoreWeave shares surged roughly 13% in after-hours trading following the report, as investors focused on the revenue beat and the dramatic expansion of the revenue backlog rather than the widening GAAP loss. The market appeared to reward the company's raised full-year guidance and signs of sequential margin improvement, with adjusted operating income recovering from the first-quarter low point. Sentiment around CoreWeave has been shaped by the tension between explosive demand for AI infrastructure and the heavy capital and financing requirements needed to meet it. The stock remains volatile, reflecting its relatively small float and sensitivity to shifts in AI spending sentiment.

Forward Outlook and Key Factors to Monitor

CoreWeave raised its full-year 2026 revenue guidance to between $12.4 billion and $13.2 billion and its adjusted operating income outlook to between $960 million and $1.15 billion. The company also lifted its expected year-end annualized run-rate revenue to $18.5 billion–$19.5 billion.

For the third quarter, management guided to revenue of $3.45 billion–$3.6 billion, adjusted operating income of $200 million–$260 million, and capital expenditures of $11.5 billion–$13.5 billion. Full-year capital expenditures are now expected to land between $35 billion and $39 billion.

Investors will want to monitor several factors. First, interest expense is expected to climb to $860 million–$940 million in the current quarter, a key drag on the bottom line. Second, the pace of power deployment is critical: active power reached 1.5 gigawatts at quarter-end, with contracted power rising to roughly 4.2 gigawatts shortly after the period closed, on the path toward a goal of at least 8 gigawatts by 2030. Third, pricing power and margins on newer contracts will determine whether revenue growth converts into profits. Management noted that newly signed contracts carried contribution margins five to ten percentage points higher than recent quarters. Finally, customer concentration and intensifying competition remain risks to watch as CoreWeave executes on its record backlog.

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