CoreWeave — 2026Q3 earnings

“Revenue backlog 1 was approximately $104 billion as of June 30, 2026. 1 Does not include more than $25 billion of net new customer commitments added in early Q3. Revenue backlog includes remaining performance obligations, plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service requirements.”

“Expanded active power by nearly 500 MWs to reach 1.5 GW”

“Grew total contracted power to approximately 3.7 GW while further diversifying portfolio of providers and expanding powered land footprint”

“CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage. Customer demand is accelerating, as enterprise adoption broadens and we continue to deepen our technology platform”

“Selected for inclusion in the Nasdaq-100 Index, as one of the 100 largest non-financial companies listed on the Nasdaq Stock Market”

“Raised more than $10 billion of unsecured debt and convertible bonds, including CoreWeave's inaugural Eurobond issuance”

“We generated record revenue of $2.6 billion, up 112% year-over-year, increased revenue backlog to $104 billion, while driving rapidly expanding enterprise adoption. This figure does not include the over $25 billion of net new customer commitments added in the early weeks of Q3.”

“Adjusted operating income for Q2 was $128 million compared to $200 million in Q2 of 2025 and up from $21 million last quarter well above the high end of our guidance as operating leverage comes into a business with scale.”

“Net loss for Q2 was $626 million, compared to a net loss of $290 million in Q2 of 2025. Interest expense for Q2 was $640 million compared to $267 million in Q2 of 2025, driven by increased debt to support the continued scaling of our infrastructure and delivery of our contracted customer commitments.”

“And this operating margin improvement came before our July pricing changes, which included an approximately 25% increase across SKUs in response to the current demand environment and the increasing ROI, our customers are observing from their investments in the CoreWeave platform as they shift to inference.”

“Over the past year, we have reduced our weighted average cost of debt by almost 300 basis points, representing approximately $1.1 billion of annualized interest saving based on our end of Q2 debt load.”

“we expect Q3 revenue to be in the range of $3.45 billion to $3.6 billion. We expect Q3 adjusted operating income of $200 million to $260 million as margins continue to sequentially expand, reaching low teens in Q4.”

“Q3 interest expense is expected to be in the range of $860 million to $940 million, reflecting the growth in our debt balance to finance our accelerating deployments. We expect CapEx to be $11.5 billion to $13.5 billion based on the significant amount of new capacity we will be delivering to customers.”

“As a result of continued strong execution, we now expect to end the year with more than 1.85 gigawatts of active power, up from our previous guidance of more than 1.7 gigawatts.”

“Moving on to full year, our disciplined execution and the momentum we are seeing across our customer base gives us confidence in raising our full year 2026 revenue guidance to $12.4 billion to $13.2 billion, and adjusted operating income to $960 million to $1.15 billion. As a result of our increased expectations around capacity to be delivered to customers this year, as well as some of our significant recent wins, we now expect 2026 CapEx in the range of $35 billion to $39 billion. Finally, we're also raising our expected end of year annualized run rate revenue to $18.5 billion to $19.5 billion.”