Overview
CoreWeave
CRWV · NASDAQQ3 2026Technology · AI Cloud Infrastructure
Since the Report + 13.6%
Revenue grew 168.2% year over year, EPS missed the estimate by 5.0%; the stock rose 13.0% in its first reaction.
- RevenueQ3
- $3.66B
- ▲ 168% YoY · Beat Estimate by 3.4%
- EPSGAAP
- −$1.27
- Estimate −$1.21 · 5.0% Below
Verdict
HOLDCoreWeave grew third-quarter revenue 168% year over year to $3.66 billion, beating estimates by 3.4%, but its GAAP loss of $1.27 per share came in 5% worse than expected. The stock rose about 13% in overnight trading on a raised full-year outlook and a $132.5 billion backlog. What matters next is how much of operating profit the rising interest bill absorbs.
Close on Report DayNov 10
$48.73▲ 13.0%Report-Day Move
- Market Cap(Today)
- ≈ $30.5 B
- 1Y Return(At Report)
- − 54%
- Net Margin(Trailing 12M)
- − 25.4%
Earnings Summary
In 30 Seconds- Revenue rose 168% year over year to $3.66B and beat estimates by 3.4%, while the GAAP loss missed by 5%.
- Full-year revenue guidance rose to $13.0-13.3B, and backlog grew 27% in one quarter to $132.5B.
- Shares rose about 13% overnight on the raised outlook and record backlog, though the interest burden remains the main concern.
The Numbers
Adjusted Operating Income
$379M
10% Margin · Guidance $200 – 260M
Revenue Backlog
$132.5B
▲ 27% QoQ · From $104.2B
Net Interest Expense
$846M
23% of Revenue
Stock Reaction
▲ ~13%
After Hours · Price As of Nov 10
Quarterly Revenue ($ Billion)
1.37
Q3 25 · $1.37 B
1.57
Q4 25 · $1.57 B · QoQ + 15.2%
2.08
Q1 26 · $2.08 B · QoQ + 32.2%
2.58
Q2 26 · $2.58 B · QoQ + 23.9%
3.66
Q3 26 · $3.66 B · QoQ + 42.2% · YoY + 168.2%
4.69–4.99 (Implied)
Q4 26E · 4.69–4.99 (Implied) · QoQ + 32.1% · YoY + 207.6%
- Q3 25
- Q4 25
- Q1 26
- Q2 26
- Q3 26
- Q4 26E
Q4 2026 Company Guidance
- Full-Year Revenue13.0 – 13.3 B13.0 B13.3 B
Midpoint 13.15 · Prior Range 12.4–13.2 · Market Expectation 12.862.3% Above Estimate ▲
- Q4 Revenue (Implied)4.69 – 4.99 B4.69 B4.99 B
Derived From Full-Year Range · Midpoint 4.84208% YoY Growth ▲
- FY Adj. Operating Income1.275 – 1.375 B1.275 B1.375 B
Prior Range 0.96–1.15Raised 26% ▲
- Exit Annualized Revenue20 – 21 B20 B21 B
Prior Target 18.5–19.5Raised 7.9% ▲
- 2026 Capex37 – 39 B37 B39 B
Prior Range 35–39Low End Up 5.7% ▲
How to Read the Chart
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. When the company gave a single number rather than a range and no market expectation is known, that row gets no band at all: there is no length to measure and no position to compare. Axis is ±4.3% around the midpoint.
Company-Specific Metrics
Active Power Capacity
1.70 K MW
Press Release
Contracted Power Capacity
4.60 K MW
Press Release
Revenue Backlog
$133 B
Press Release
Adjusted Operating Income
$379 M
Press Release
Cash From Operations
$1.98 B
Press Release
Adjusted EBITDA
$2.26 B
Press Release
Metrics come only from the company's own filings; each one names the document it was taken from.
“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, with approximately $9 billion in customer prepayments and deposits expected in the next three months alone.”
- Double-digit Margin Ahead of Plan
- Contract-backed Financing
- Demand Waiting in the Queue
Summary and Review
Summary
Revenue came in at $3.66 billion, up 168% year over year. That is 3.4% above the market expectation of $3.54 billion. The GAAP loss was $1.27 per share, 5% worse than the expected $1.21 loss. The midpoint of full-year revenue guidance is $13.15 billion, 2.3% above market expectations. The revenue and guidance gates are open, while the earnings gate is closed. That puts the score at 64, a hold.
The stock closed November 10 at $48.73. Trading after the report was highly volatile. Shares fell as much as 4% at one point and rose as much as 15% overnight. The latest reading shows a gain of about 13%, and the price has not settled yet. The market did not read this report as a loss story; it read it as a demand story. A 27% jump in backlog in a single quarter outweighed the net loss line.
The overall view is hold, because growth and the financing burden are rising at the same pace. Adjusted operating income of $379 million cleared the company's guidance range easily. In the same quarter, net interest expense reached $846 million. Analyst targets predate the report and range from $122 to $141, so we do not show a target price. Total debt is about $46.9 billion, more than eleven times equity. The stock has lost 54% over the past year, and market value is down to $27 billion.
Full Review
Revenue growth is accelerating every quarter.
Third-quarter revenue was $3.66 billion. That is $1.09 billion more than the prior quarter, a 42% increase. Annual growth was 168%, well above 112% in the second quarter. The company's own guidance was $3.45-3.60 billion. Actual revenue beat even the top of that range by 1.7%. Management raised full-year revenue guidance to $13.0-13.3 billion. The August range was $12.4-13.2 billion. The new range implies fourth-quarter revenue of $4.69-4.99 billion. The midpoint is more than three times revenue a year earlier. The year-end annualized revenue target also rose from $18.5-19.5 billion to $20-21 billion. That item, flagged as a coming development last quarter, has now happened. Growth is driven by multi-year capacity contracts with large AI labs.
Operating profit hit double digits a quarter early.
Adjusted operating income was $379 million, a 10% margin. Company guidance was $200-260 million. The actual figure beat the midpoint by 65%. GAAP operating income was also positive at $207 million, a 6% margin. Adjusted EBITDA was $2.26 billion, a 62% margin. That margin was 59% in the second quarter. Full-year adjusted operating income guidance rose to $1.275-1.375 billion. The August range was $0.96-1.15 billion, so the midpoint rose 26%. As scale grows, data center costs shrink relative to revenue. This quarter, the profitability story became clearly visible at the operating line for the first time. Still, the improvement did not reach the bottom line. Quarterly interest expense is more than twice adjusted operating income. The real profitability test starts below the operating line.
Interest expense is widening the net loss.
The GAAP net loss was $709 million, or $1.27 per share. The estimate was a $1.21 loss, a 5% miss. In the same quarter a year earlier, the loss was only $0.22 per share. On the adjusted basis analysts use, the picture looks different. The adjusted loss was $0.95 per share, 18% better than the expected $1.16 loss. We compare using the GAAP figure from the company's own tables. Net interest expense largely explains the gap. Quarterly interest expense was $846 million, equal to 23% of revenue. Fourth-quarter guidance is $1.05-1.15 billion. At the midpoint, the interest burden rises about 30% more in one quarter. That is why the earnings gate counts as closed. If interest keeps rising, gains on the adjusted basis will not show up in net income.
Growth comes at the cost of debt and cash burn.
Cash from operations was $1.98 billion. Capital spending in the same quarter was $9.44 billion. The gap is about $7.47 billion, so free cash flow is deeply negative. Total debt is $46.9 billion, while equity is only $4.0 billion. The company sold $4.2 billion of convertible notes during the quarter. It also closed a new $2.6 billion delayed-draw term loan. On top of that, it launched an at-the-market program for up to 35 million shares. That program carries dilution risk for existing shareholders. The full-year capex range moved to $37-39 billion. The prior range was $35-39 billion. The company expects about $9 billion in customer prepayments over the next three months. That amount is the first internal source that can ease its borrowing needs.
Next quarter, watch interest against operating profit.
Backlog rose to $132.5 billion, up 27% in a single quarter. Active power topped 1.7 gigawatts and contracted power topped 4.6 gigawatts. More than 1.3 gigawatts of contracted power sits outside the US, in markets such as India, Indonesia and Spain. New customers include Canva, Substack and Wayve, and relationships with OpenAI and Jane Street expanded. Demand is no longer the question. The real question is whether that demand turns into net profit. Next quarter, track one ratio: adjusted operating income divided by net interest expense. This quarter it was about 0.45. If it rises above 0.5, scale is catching up with interest. If it falls, growth is still being bought with debt. For a step-by-step guide to reading earnings day, see the guide.
Looking Ahead
Strengths and Risks
5 Strengths · 5 RisksStrengths
5- Revenue grew 168% year over year and beat the top of the company's own guidance range.
- The adjusted operating margin reached 10% a quarter ahead of plan.
- Backlog rose 27% in a single quarter to $132.5 billion.
- Full-year revenue, operating profit and exit revenue targets were all raised together.
- The company expects about $9 billion in customer prepayments over the next three months.
Risks
5- Net interest expense reached $846 million, 23% of revenue, and will keep rising.
- Total debt is $46.9 billion, while equity is only $4.0 billion.
- Quarterly capital spending is about five times operating cash flow.
- The 35-million-share at-the-market program carries dilution risk for shareholders.
- The GAAP loss missed estimates by 5% and widened from a year earlier.
What to Watch
4- Confirmation that active power exceeds the 1.85-gigawatt year-end target.
- Fourth-quarter earnings and 2027 guidance expected around February 2027.
- Collection of about $9 billion in customer prepayments expected over the next three months.
- First disclosure of how much of the at-the-market share program has been used.
Upcoming Earnings
To Understand This