CoreWeave, Inc.
CRWV · Nasdaq
Next quarter
Expected to report Nov 9, 2026 — estimated from last year’s reporting date.
Consensus is -$1.57 EPS for Sep 2026 across 8 estimates, ranging -$1.72 to -$1.01.
CRWV Jun 2026
- 13.16%
- +19.28%
- -$1.52
- -$1.32
- —
- $2.58B
Reported results
- $2.58B
- 65.86%
- -$49.00M
- -1.90%
- -$626.00M
- -$1.14
Highlights
- Revenue: Second-quarter revenue reached a record $2.575 billion, up 112% year over year and 24% from $2.08 billion in Q1 FY2026.
- Demand visibility: Revenue backlog was approximately $104 billion at June 30, including $103.7 billion of unsatisfied performance obligations in the filing; more than $25 billion of additional net customer commitments were added in early Q3.
- Customer expansion: Existing customers generated approximately 93% of the year-over-year revenue increase, while the three largest customers represented 72% of quarterly revenue, compared with 71% for the largest customer a year earlier.
- Infrastructure scale: Active power increased by nearly 500 MW to 1.5 GW, while total contracted power reached approximately 3.7 GW.
- Operating leverage remains incomplete: GAAP operating loss narrowed to $49 million from $144 million in Q1 but compared with $19 million of operating income a year ago; adjusted operating income was $128 million, or 5% of revenue, versus $200 million and 16% a year ago.
- Cash generation and investment: Operating cash flow was $679 million in the quarter and $3.663 billion year to date, while capital expenditure was $6.422 billion in the quarter and $14.117 billion year to date.
- Balance-sheet funding: Total debt stood at $35.1 billion at June 30, while cash and cash equivalents were $5.524 billion; the company raised more than $10 billion through unsecured debt and convertible bonds and $997 million through an April equity placement during the quarter.
- Earnings: Reported EPS was -$1.32 versus consensus of -$1.52, a 13.16% surprise; the GAAP filing reports diluted EPS of -$1.14, compared with -$1.40 in Q1 and -$0.60 in the year-ago quarter.
Analysis
CoreWeave's second quarter was principally a demand and capacity-scaling print. Revenue rose 112% year over year to $2.575 billion and 24% sequentially from $2.08 billion, extending the company's rapid expansion, while reported EPS of -$1.32 beat the -$1.52 consensus by 13.16%. The GAAP filing reports diluted EPS of -$1.14, versus -$1.40 in the prior quarter and -$0.60 a year earlier. Net loss was $626 million, wider than the $290 million year-ago loss but narrower than $740 million in Q1.
The central forward indicator was backlog: approximately $104 billion at quarter-end, excluding more than $25 billion of commitments added in early Q3. That demand is translating into a much larger physical platform, with active power at 1.5 GW and contracted power near 3.7 GW. The economics remain investment-heavy: adjusted EBITDA was $1.510 billion, but its margin fell to 59% from 62% a year ago, while GAAP operating margin was -2%. Interest expense rose to $640 million from $267 million, and year-to-date capital expenditure reached $14.1 billion. CoreWeave funded that buildout with $3.663 billion of operating cash flow, $14.0 billion of financing inflows and substantially higher leverage.
Demand and backlog
CoreWeave highlighted accelerating demand across AI labs, hyperscalers and enterprises, but the quarter's growth was still primarily an expansion story with existing customers. Committed contracts accounted for 98% of revenue, giving the backlog substantial visibility while also increasing customer-concentration risk.
- Backlog: Unsatisfied performance obligations were $103.7 billion at June 30; 41% is expected to be recognized over the 24 months ending June 30, 2028, 39% in months 25 through 48 and the balance over months 49 through 78.
- New commitments: The company said more than $25 billion of net new customer commitments were added in early Q3, which is not included in the reported backlog.
- Revenue mix: Approximately 93% of the year-over-year revenue increase came from expansion within the existing customer base, with new customers contributing the remainder.
- Concentration: Customer A supplied 36% of revenue, Customer B 26% and Customer C 10% in the quarter. Accounts receivable was also concentrated, with Customers A and B representing 32% each.
Infrastructure deployment
The demand signal is requiring an unusually rapid buildout of compute, power and data-center capacity. CoreWeave's asset base and lease commitments expanded sharply, creating the capacity to convert backlog but also raising execution and funding requirements.
- Power: Active power increased by nearly 500 MW during the quarter to 1.5 GW, while total contracted power reached approximately 3.7 GW.
- Asset growth: Net property and equipment rose to $46.7 billion at June 30 from $30.6 billion at December 31, 2025; technology equipment accounted for $33.8 billion.
- Capital expenditure: Purchases of property and equipment were $6.422 billion in the quarter and $14.117 billion in the first half, compared with $2.453 billion and $3.860 billion, respectively, in the year-ago periods.
- Lease commitments: Undiscounted payments for leases not yet commenced totaled $35.5 billion, with commencement expected between 2026 and 2029.
Profitability and leverage
Scale has begun to support cash generation, but it has not yet produced GAAP profitability. Higher depreciation from newly deployed infrastructure and a sharply larger interest burden offset the revenue growth, leaving adjusted EBITDA strong but operating margins below the prior-year level.
- Operating result: GAAP operating loss was $49 million, or 2% of revenue, versus operating income of $19 million, or 2%, a year ago; the Q1 loss was $144 million.
- Adjusted result: Adjusted EBITDA increased to $1.510 billion from $753 million, but adjusted EBITDA margin declined to 59% from 62%. Adjusted operating income was $128 million versus $200 million.
- Depreciation: Depreciation and amortization reached $1.393 billion in the quarter, up from $560 million, primarily because more servers, networking equipment and infrastructure assets were placed in service.
- Financing cost: Net interest expense rose to $640 million from $267 million. Total recourse debt was $31.4 billion and non-recourse debt was $3.7 billion at quarter-end.
Cash flow and financing
CoreWeave generated positive operating cash flow because customer collections and deferred revenue more than offset the GAAP loss, but the cash requirement of expansion remains far larger than internally generated funds. The company continued to rely on debt, equity and infrastructure-backed financing.
- Operating cash flow: Cash provided by operations was $679 million in the quarter, reversing a $251 million use in the year-ago period; first-half operating cash flow was $3.663 billion versus a $190 million use.
- Funding: Financing activities provided $10.071 billion in the quarter and $13.985 billion in the first half, including $13.457 billion of quarterly debt issuance proceeds and $997 million from an equity placement.
- Liquidity: Cash and cash equivalents were $5.524 billion, restricted cash totaled $1.380 billion and available commitments under facilities were approximately $10.014 billion at June 30.
- Near-term funding: Subsequent to quarter-end, the company drew $1.2 billion under a new $2.6 billion DDTL 5.5 facility and $1.2 billion under its revolving credit facility.
Platform expansion
The company used the quarter to broaden its proposition beyond raw GPU capacity. Cross-cloud networking and storage, agentic AI tooling and next-generation NVIDIA validation are intended to make CoreWeave more embedded in enterprise AI workflows.
- Cross-cloud products: CoreWeave launched Interconnect, SUNK Anywhere and LOTA Cross-Cloud, including private fiber connectivity beginning with Google Cloud and near-local data access across clouds.
- Agent tooling: ARIA and CoreWeave Sandboxes connect experiment analysis, secure execution, reinforcement learning and model evaluation.
- Technology milestones: CoreWeave completed what it described as the industry's first bring-up and validation of NVIDIA Vera Rubin NVL72 and reported new MLPerf training and inference records on Grace Blackwell.
- Enterprise reach: New or expanded relationships included Bentley Systems, Caterpillar, Grammarly, Isomorphic Labs, Sunday Robotics, Cognition, Databricks, Hudson River Trading, Periodic Labs, Rescale and Runway ML.
Control and litigation risks
The filing continues to show the governance and execution burden associated with scaling a recently public company at this pace. Management said previously identified material weaknesses in internal controls remained in place at June 30, while securities and derivative litigation remains unresolved.
- Internal controls: Management concluded disclosure controls were not effective because of continuing material weaknesses involving IT general controls, segregation of duties and staffing with sufficient accounting and finance expertise.
- Securities action: A putative class action filed in January alleges false and misleading statements under Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5; potential losses cannot currently be estimated.
- Derivative actions: Three New Jersey derivative suits were consolidated and stayed pending resolution of the securities action, while another derivative action was filed in Delaware.
- No accrual: CoreWeave said it had not accrued any material potential loss for these matters as of June 30.
