CoreWeave Q3 2026 earnings review

Revenue rose 168.1% to $3.66B, and the company raised its 2026 revenue outlook.

CoreWeave · Q3 2026 · Published Nov 10, 2026 · By DeepCell AI · Sources

CoreWeave Q3 2026 earnings review

Quarter ended September 30, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · CoreWeave (CRWV) Q3 2026 earnings review

Revenue rose 168.1% to $3.66B, and the company raised its 2026 revenue outlook

  1. 1.Q3 revenue of $3.66B rose 168.1% and beat the $3.55B LSEG consensus
  2. 2.Revenue backlog was $132.5B at Sep 30, 2026, up $28.5B from $104.0B at Jun 30
  3. 3.Full-year 2026 revenue guidance was raised to $13.0B to $13.3B, above the $12.86B LSEG average
  4. 4.Purchases of PP&E were $9.44B; 2026 capex guidance is now $37B to $39B
  5. 5.The regular-session close and labelled pre-market price are shown in the results table

Note: LSEG and Visible Alpha figures are from the CNBC article published at 4:19 PM EST on Nov 10, 2026, before the 5:00 PM ET call. Pre-market prices are not a close.Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; CoreWeave Form 8-K Ex. 99.1, Aug 11, 2026; CNBC, Nov 10, 2026; CNBC quote, Nov 11, 2026

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2 · Executive summary

Q3 revenue beat LSEG, and the 2026 revenue midpoint is 2.3% above the LSEG average

Q3 2026 results vs. LSEG and Visible Alpha (CNBC, Nov 10, 2026, 4:19 PM EST)

MetricActualConsensusVarianceResult
Q3 revenue$3.66B$3.55B$+111M / +3.1%Beat
FY2026 revenue midpoint$13.15B$12.86B$+290M / +2.3%Above
FY2026 adjusted operating income midpoint$1.325B$1.07B$+255M / +23.8%Above

Share price, Nov 10 regular close and Nov 11 pre-market last (not a close)

CoreWeave (Nasdaq)Nov 9 closeNov 10 close, 4:00 PM ESTNov 11 pre-market, 8:49 AM ESTPre-market vs close
CRWV$48.98$48.73$55.75$+7.02 / +14.4%

All three prices are from the CNBC quote page. The 8:49 AM EST figure is a pre-market last, not a close. The Nov 10 regular close was $48.73, down 0.5% from the Nov 9 close of $48.98. CNBC does not state a reason for the move in the quote data.

Note: Exhibit 99.1 reports GAAP basic and diluted net loss per share of -$1.27 and does not report an adjusted EPS or adjusted net loss per share. CNBC cited a 95-cent adjusted loss and an LSEG consensus adjusted loss of $1.16 a share; those third-party per-share figures are not used here. Guidance midpoints are the arithmetic midpoints of the official ranges.Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; CNBC article, Nov 10, 2026, 4:19 PM EST; CNBC quote, Nov 11, 2026

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3 · Q3 results vs. consensus

2026 revenue guidance was raised to $13.0B to $13.3B

Full-year 2026 guidance, issued Nov 10

MetricLowHighMidpoint
Revenue$13.0B$13.3B$13.15B
Adjusted operating income$1.275B$1.375B$1.325B
Capital expenditures$37B$39B$38B
Exit-2026 annualized run-rate revenue$20B$21B—

Other outlook items

MetricLowHigh
Q4 2026 interest expense, net$1.05B$1.15B
Year-end active power, more than (GW)1.85—

Note: Midpoints are the arithmetic midpoints of the official ranges. Adjusted operating income guidance is 26% higher at the midpoint than prior guidance. Annualized run-rate revenue is last-month revenue times 12. Prior capex guidance was $35 billion to $39 billion.Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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4 · FY2026 outlook

Q3 revenue rose 168.1% to $3.66B, and operating income rose to $207M

  1. Sequential revenue was higher by more than $1 billionRevenue rose $1,086M from Q2 2026 revenue of $2,575M, a 42.2% increase.
  2. Adjusted operating income roseAdjusted operating income was $379M, with a margin of 10.0%, compared with 16.0% a year earlier.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Revenue$1,365M$3,661M168.1%
Operating income$52M$207M298.1%
GAAP diluted EPS ($)-$0.22-$1.27477.3%
Adjusted EBITDA$838M$2,256M169.2%
Adjusted operating income$217M$379M74.7%

Note: GAAP diluted EPS is a loss; the company did not report an adjusted EPS or adjusted net loss per share. Official margins are the company’s rounded figures.Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

5

5 · Q3 key financials

Revenue backlog rose to $132.5B at Sep 30, 2026, from $104.0B at Jun 30

Backlog, power and funding

$B, except power in GW or MW

MetricFigure
Revenue backlog, Sep 30, 2026$132.5B
Revenue backlog, Jun 30, 2026$104.0B
Backlog change$28.5B
Customer prepayments and deposits, next 3 months$9B
Active power, over (GW)1.7
Contracted power, over (GW)4.6
Active power is over 1.7 GW after more than 200 MW was added“This was a breakout quarter for CoreWeave, with revenue increasing by more than $1 billion sequentially and adjusted operating margins reaching double digits a quarter ahead of plan. Our growth is supported by multiple sources of funding, including financing backed by customer contracts, operating cash flow, and approximately $9 billion in customer prepayments and deposits expected in the next three months alone.” Michael Intrator, CEO

Note: Revenue backlog includes remaining performance obligations plus other committed amounts, subject to delivery and availability of service. The June 30 backlog is from the Aug 11, 2026 8-K. Prepayments are an expectation, not a cash balance.Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; CoreWeave Form 8-K Ex. 99.1, Aug 11, 2026

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6 · Backlog and power

Revenue rose $2,296M year on year, a 168.1% increase

Revenue bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $1,365.0M$M · Revenue: $2,296.0M$M · Q3 2026: $3,661.0MQ3 2025RevenueQ3 2026$0M$1,000M$2,000M$3,000M$4,000M$4,500M$1,365.0M$2,296.0M$3,661.0M
Sequential revenue growth was 42.2% from Q2 revenue of $2,575M

Note: The bridge is the reported revenue line. The 168.1% increase is $3,661 million divided by $1,365 million, minus one, rounded to one decimal place. Q2 2026 revenue of $2,575 million is from the Aug 11, 2026 8-K.Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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7 · Revenue bridge

8 · Adjusted EBITDA

Adjusted operating income margin was 10.0%, compared with 16.0% a year earlier

Margins

Q3 2025 vs Q3 2026

Operating margin · Q3 2025: 4.0%Operating margin · Q3 2026: 6.0%Adjusted operating income margin · Q3 2025: 16.0%Adjusted operating income margin · Q3 2026: 10.0%Q3 2025Q3 20260%5%10%15%22%4.0%6.0%16.0%10.0%
GAAP operating margin was 6.0%

Note: Official margins are the company’s rounded figures. Adjusted operating income adds stock-based compensation, acquisition related costs and amortization of acquired intangibles to GAAP operating income.Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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9 · Margin analysis

Interest expense, net of $846M exceeded adjusted operating income of $379M

Operating income versus interest expense, net

$M, Q3 2025 vs Q3 2026

Operating income · Q3 2025: $52MOperating income · Q3 2026: $207MAdjusted operating income · Q3 2025: $217MAdjusted operating income · Q3 2026: $379MInterest expense, net · Q3 2025: $310MInterest expense, net · Q3 2026: $846MQ3 2025Q3 2026$0M$250M$500M$750M$1,100M$52M$207M$217M$379M$310M$846M
The GAAP net loss was $709M

Note: Interest expense, net is the income-statement line. Adjusted operating income is a non-GAAP measure; the reconciliation is in Exhibit 99.1.Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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10 · Operating vs interest expense

Purchases of property and equipment rose 187.9% to $9.44B

Purchases of property and equipment

$M, Q3 2025 vs Q3 2026

v · Q3 2025: $3,279.0Mv · Q3 2026: $9,441.0MQ3 2025Q3 2026$0M$2,500M$5,000M$7,500M$10,000M$12,000M$3,279.0M$9,441.0M
Nine-month purchases of property and equipment were $23.56B

Note: The line is purchases of property and equipment, including capitalized internal-use software, from the cash flow statement. Full-year capex guidance was revised to $37 billion to $39 billion from $35 billion to $39 billion.Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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11 · Capital expenditure

Operating cash flow was $1.98B, while purchases of PP&E were $9.44B

  1. Debt issuance funded the capex outflowNet proceeds from issuance of debt were $10.30B, and debt repayments were $2.34B.
  2. Convertible notes and a new facility were addedThe company raised about $4.20B through convertible senior notes and closed a $2.60B DDTL 5.5 Facility.
  3. Capped-call purchases reduced financing cashPurchases of capped calls related to convertible notes were $566M.

Cash flow

$MQ3 2025Q3 2026YoY
Operating cash flow$1,689M$1,975M$+286M / 16.9%
Purchases of property and equipment$3,279M$9,441M187.9%
Proceeds from issuance of debt, net$4,010M$10,301M—
Repayments of debt$1,404M$2,344M—

Note: The company also established an at-the-market program for up to 35 million Class A shares. Interest expense, net is expected to be $1.05 billion to $1.15 billion in Q4 2026.Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

12

12 · Cash flow and financing

Total debt was $46.87B at Sep 30, 2026, and cash and restricted cash were $6.40B

  1. Recourse debt is the larger shareTotal recourse debt was $41.60B, and total non-recourse debt was $5.27B.
  2. Property and equipment nearly doubledProperty and equipment, net rose to $56.78B from $30.56B at Dec 31, 2025.
  3. Deferred revenue also roseTotal deferred revenue was $10.00B.

Balance sheet

$MDec 31, 2025Sep 30, 2026
Cash and cash equivalents$3,127M$4,122M
Cash and restricted cash$4,130M$6,404M
Property and equipment, net$30,557M$56,778M
Total assets$49,302M$91,481M
Total debt$21,373M$46,873M
Total deferred revenue$8,185M$10,002M
Stockholders equity$3,335M$4,025M

Note: Total debt is current and non-current recourse and non-recourse debt. Cash and restricted cash is cash plus current and non-current restricted cash and matches the $6,404 million cash-flow ending balance at Sep 30.Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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13 · Balance sheet and debt

A higher capex range, Q4 interest guidance and a large debt balance are the main watch items

  1. 1.Q4 2026 interest expense, net is guided at $1.05B to $1.15B
  2. 2.2026 capex guidance is now $37B to $39B, with the low end raised from $35B
  3. 3.Total debt of $46.87B sits against cash and restricted cash of $6.40B

Note: These items are taken from the official statements and outlook; they are not a rating or a target price.Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

14

14 · Watch items

15 · Appendix: Non-GAAP items

16 · Appendix: Expense detail

Appendix: debt and deferred revenue

ClaimEvidenceCalculation
Recourse debt, current$6,118M to $9,183MDec 31, 2025 to Sep 30, 2026
Recourse debt, non-current$14,608M to $32,417MDec 31, 2025 to Sep 30, 2026
Non-recourse debt, current$590M to $1,389MDec 31, 2025 to Sep 30, 2026
Non-recourse debt, non-current$57M to $3,884MDec 31, 2025 to Sep 30, 2026
Deferred revenue, current$1,709M to $2,269MDec 31, 2025 to Sep 30, 2026
Deferred revenue, non-current$6,476M to $7,733MDec 31, 2025 to Sep 30, 2026

Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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17 · Appendix: Debt detail

Appendix: income statement detail

Sales and costs

$M unless notedQ3 2025Q3 2026YoY
Revenue$1,365M$3,661M168.1%
Cost of revenue$369M$1,183M220.6%
Technology and infrastructure$747M$2,025M171.1%
Sales and marketing$45M$58M—
General and administrative$152M$188M—

Earnings

$M unless notedQ3 2025Q3 2026YoY
Operating income$52M$207M298.1%
Interest expense, net$310M$846M172.9%
Net loss$110M$709M544.5%
GAAP diluted EPS ($)-$0.22-$1.27477.3%

Note: Net loss and GAAP EPS are losses. Year-on-year percentages for sales and marketing and general and administrative are not shown on this page.Source: CoreWeave Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data

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18 · Appendix: Income statement

Appendix: sources

  • Filing: CoreWeave Form 8-K, Nov 10, 2026 — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000461/0001769628-26-000461-index.html
  • Results release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000461/coreweave3q26earningspress.htm
  • Investor relations release, Nov 10, 2026 — https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Third-Quarter-2026-Results/default.aspx
  • Prior-period backlog and Q2 revenue: Form 8-K Ex. 99.1, Aug 11, 2026 — https://www.sec.gov/Archives/edgar/data/1769628/000176962826000362/coreweave2q26earningspress.htm
  • Q3 and FY2026 consensus: CNBC, Nov 10, 2026, 4:19 PM EST (LSEG and Visible Alpha) — https://www.cnbc.com/2026/11/10/coreweave-crwv-q3-earnings-report-2026.html
  • Share price: CNBC CRWV quote, Nov 9 close, Nov 10 regular close at 4:00 PM EST, and Nov 11 pre-market last at 8:49 AM EST — https://www.cnbc.com/quotes/CRWV
  • Company figures are in U.S. dollars, in millions except per-share amounts, power (GW or MW) and share counts. Adjusted EBITDA, adjusted operating income and adjusted net loss follow the company’s reconciliations. Revenue backlog is the company’s defined figure and is not a GAAP remaining-performance-obligation total alone.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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19

19 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from CoreWeave, Inc.’s Form 8-K of November 10, 2026 (Exhibit 99.1), and, for Q2 2026 revenue and the June 30 backlog, from the Form 8-K of August 11, 2026 (Exhibit 99.1). Consensus estimates (LSEG and Visible Alpha, via CNBC) and share prices (CNBC) are third-party data, credited on the sources page. August revenue and adjusted operating income guidance ranges are from CNBC, not the November 10 8-K. We have not independently verified third-party data.

Basis of presentation. Figures are GAAP unless labelled as adjusted or as revenue backlog, in U.S. dollars, for the three months ended September 30, 2026 and 2025, and as-of dates as labelled.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by CoreWeave, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The share prices are the CNBC Nov 9, 2026 regular close, the Nov 10, 2026 regular close at 4:00 PM EST, and the Nov 11 pre-market last at 8:49 AM EST (not a close).

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20

20 · Disclosures

Sources

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