CoreWeave

CRWV · NASDAQ

Technology · AI Cloud Infrastructure

Q2 2026 Earnings · Tuesday, August 11Next Earnings: Q3 2026 · ~November 2026

Trading Now

$88.13+ 4.22%

Since the Report − 2.4%

Close on Report DayAug 11

$90.32▲ 15.7%Report-Day Move

Market Cap(Today): ≈ $48.1 B
1Y Return(At Report): − 25%
Net Margin(Trailing 12M): 25.6%

81/ 100

VerdictBUY

CoreWeave grew Q2 revenue 112% year-over-year to $2.58 billion, pushed its revenue backlog past $104 billion, and raised full-year guidance. Even as a record $9.4 billion in capex and interest on more than $35 billion of debt widened the GAAP net loss to $626 million, the stock jumped roughly 16% in after-hours trading. The focus now shifts to when rising capital intensity converts into free cash flow.

Avg. Analyst Target (38)$139.00▲ 54% Upside

Revenue (Q2)
$2.58B
▲ 112% YoY
GAAP EPS
−$1.14
~8% Above Est.
Adjusted EBITDA
$1.51B
59% Margin
Revenue Backlog
$104.2B
▲ 246% YoY
Net Loss (GAAP)
−$626M
Interest Weighed
Capex
$9.4B
Record Quarterly

Quarterly Revenue ($ Billion)

ReportedCompany Guidance

1.21
1.37
1.57
2.08
2.58
3.45–3.60

Q2 25
Q3 25
Q4 25
Q1 26
Q2 26
Q3 26E

YoY Revenue Growth: ▲ 112%
Revenue Backlog: $104.2B▲ 246% YoY
Adjusted EBITDA Margin: 59%$1.51B EBITDA

Q3 2026 Company Guidance

Guidance Range

Q3 Revenue3.45 – 3.60 B
Midpoint $3.53B · ~158% YoYAccelerating Growth ▲
Full-Year Revenue12.4 – 13.2 B
Midpoint $12.8B · Above Prior RangeRaised ▲
Q3 Adj. Operating Income200 – 260 M
Midpoint $230MTurned Positive ▲
Exit ARR (2026)18.5 – 19.5 B
Year-End Annualized RevenueStrong Visibility ✓

The blue band is the company's low–high range; its length shows how much room the company left itself. The black triangle and the line beneath it mark where the market expected, and the notch in the band is the range's midpoint. The triangle appears only where a market expectation is known. Axis is ±15% around the midpoint.

2026 Capex: ~$37BRaised · 12%
Year-End Active Power: ▲ 1.85 GW+From 1.5 GW
Exit ARR Target: $18.5–19.5B

From the CEOMichael IntratorCo-Founder & CEO

“CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage.”

Inflection point at scale
Expanding operating leverage
Unprecedented demand

Summary

In the April–June quarter CoreWeave lifted revenue 112% from a year earlier to $2.58 billion, up 24% sequentially. Its revenue backlog reached $104.2 billion, a 246% year-over-year jump, and after the quarter closed the company added more than $25 billion in new customer commitments in early August. Adjusted EBITDA came in strong at $1.51 billion with a 59% margin, and the operating loss narrowed to just $49 million. But interest on more than $35 billion of debt plus record depreciation widened the GAAP net loss to $626 million, or −$1.14 per share. Even so, the per-share loss was about 8% better than the market expected.

The market reacted well: the stock jumped roughly 16% in after-hours trading, moving from $90.32 to above $104. Investors focused less on the loss line and more on the fast-growing backlog, the raised full-year outlook, and the $18.5–19.5 billion exit-ARR target. On the other hand, the company lifting its 2026 capex outlook to roughly $37 billion — far above the 2.4% increase in the revenue outlook — stirred capital-intensity concerns for some investors. The stock had lost about 25% over the past year, so this jump partly repaired its broken momentum.

The overall picture is strong but not one-dimensional. CoreWeave is aggressively scaling capacity at a time when demand outstrips supply in AI infrastructure: active power rose to 1.5 gigawatts, contracted power reached 4.2 gigawatts, and the company runs 51 data centers. Because this growth is largely debt-financed, balance-sheet risk and dilution potential are rising too; profitability exists at the EBITDA level, but interest expense keeps pressuring the net line. Because the quarter itself — growth, backlog, and guidance — beat expectations, our assessment is positive. Still, we stress this is a scorecard for the quarter, not a stock recommendation; the real question is when the rising investment turns into free cash flow.

Full Review

Claude

Revenue momentum accelerates, backlog sets records.

Second-quarter revenue grew 112% year-over-year to $2.58 billion and rose 24% sequentially. More striking is the revenue backlog reaching $104.2 billion, a 246% jump. Of that, $103.7 billion is remaining performance obligations (RPO) — contractually committed revenue to be recognized later. Momentum continued even after the quarter closed, with more than $25 billion in new commitments added in early August. The midpoint of Q3 revenue guidance is $3.53 billion, implying roughly 158% year-over-year acceleration. In a picture where demand outstrips supply, the growth engine is long-term GPU capacity contracts signed with hyperscale customers.

EBITDA is strong, but debt crushes the net line.

Adjusted EBITDA of $1.51 billion at a 59% margin is very solid, and at the operating level the company came near breakeven (a $49 million operating loss). But the GAAP net loss widened to $626 million, or −$1.14 per share. The main culprit for the gap is interest on more than $35 billion of debt and depreciation on a rapidly growing asset base. Management acknowledges that interest and depreciation reached about 79% of quarterly revenue. So CoreWeave is proving its cash-generation capacity, but much of that cash goes to funding debt and capex. The profitability story is real at the EBITDA level, but still distant on the net line.

Capex hit a record, capital intensity rose.

Second-quarter capex of $9.4 billion was the highest in company history; first-half capex totaled $16.1 billion. Management raised full-year 2026 capex guidance to roughly $37 billion — a revision far above the 2.4% increase in the revenue outlook. This is a natural consequence of the strategy of building capacity ahead of demand, but it also keeps free cash flow negative in the near term. Because most of the spending is funded with debt and equity, balance-sheet leverage and dilution risk are growing. The critical question for investors is whether the return on this capital — utilization and pricing of the power being built — arrives as expected. For now utilization is contracted; the risk emerges if financing conditions tighten.

Guidance raised, ARR visibility sharpened.

The company raised full-year revenue guidance to $12.4–13.2 billion; the midpoint of $12.8 billion is above the prior range. For Q3 it expects $3.45–3.60 billion in revenue and $200–260 million in adjusted operating income — the operating income turning positive is notable. The strongest signal is the year-end exit-ARR target of $18.5–19.5 billion, pointing to nearly double the current revenue run-rate. The year-end active-power target was also lifted above 1.85 gigawatts. These revisions show management's confidence in how fast the backlog converts into tangible revenue. Meeting the outlook depends on data-center and power deliveries arriving on time.

Risks: leverage, customer concentration, dilution.

The biggest risk is on the balance sheet: more than $35 billion of debt makes the company fragile to interest rates and refinancing conditions. The second risk is customer concentration; much of the revenue comes from a small number of hyperscale customers, and one trimming its budget could have a serious impact. Third, as long as aggressive capex is funded with equity and debt, dilution and interest burden can rise. In addition, competition in AI infrastructure — both cloud giants and new entrants — could pressure pricing. Even though demand outstrips supply now, a reversal of this cycle could leave the expensive capacity idle. For this reason, a strong quarter comes bundled with a high-risk story.