CoreWeave — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the three months ended September 30, 2026, was $3,661 million, compared to $1,365 million in the same period in 2025.
• Operating income was $207 million for the quarter, up from $52 million in the prior year period; operating income margin increased to 6% from 4%.
• Net loss was $709 million for the quarter, compared to a net loss of $110 million in the prior year period; net loss margin was (19%) versus (8%).
• Basic and diluted net loss per share was $(1.27) for the quarter, compared to $(0.22) in the prior year period.
• Adjusted EBITDA was $2,256 million for the quarter, compared to $838 million in the prior year period; Adjusted EBITDA margin was 62% versus 61%.
• Adjusted operating income was $379 million for the quarter, compared to $217 million in the prior year period; Adjusted operating income margin was 10% versus 16%.
• Adjusted net loss was $529 million for the quarter, compared to $41 million in the prior year period; Adjusted net loss margin was (14%) versus (3%).
• Net cash provided by operating activities was $1,975 million for the quarter, compared to $1,689 million in the prior year period.
• Net cash used in investing activities was $9,836 million for the quarter, compared to $3,360 million in the prior year period.
• Net cash provided by financing activities was $7,361 million for the quarter, compared to $2,586 million in the prior year period.
• Cash and cash equivalents were $4,122 million as of September 30, 2026, compared to $3,127 million as of December 31, 2025.
• Total assets were $91,481 million as of September 30, 2026, compared to $49,302 million as of December 31, 2025.
• Total liabilities were $87,456 million as of September 30, 2026, compared to $45,967 million as of December 31, 2025.
• Recourse debt increased to $41.6 billion (current $9.2 billion + non-current $32.4 billion) as of September 30, 2026, from $20.7 billion (current $6.1 billion + non-current $14.6 billion) as of December 31, 2025.
• Deferred revenue increased to $10.0 billion (current $2.3 billion + non-current $7.7 billion) as of September 30, 2026, from $8.2 billion (current $1.7 billion + non-current $6.5 billion) as of December 31, 2025.
• Revenue backlog was approximately $132.5 billion as of September 30, 2026.

Guidance and Future Outlook:

• Full year 2026 revenue guidance raised to a range of $13.0 billion to $13.3 billion.
• Full year 2026 adjusted operating income guidance raised to a range of $1.275 billion to $1.375 billion, representing a 26% increase at the midpoint compared with prior guidance.
• Full year 2026 capital expenditures guidance raised to $37 billion to $39 billion, up from a prior range of $35 billion to $39 billion.
• Expectation to exit 2026 with more than 1.85 gigawatts of active power.
• Q4 2026 interest expense guidance set in the range of $1.05 billion to $1.15 billion.
• Annualized run-rate revenue guidance raised to $20 billion to $21 billion to exit 2026.

Business Segments and Product Lines:

• Added more than 200 MWs of active power to reach over 1.7 GW, doubling the active footprint since the start of the year.
• Total contracted power grew more than 900 MW to over 4.6 GW.
• International footprint expanded to include more than 1.3 GW of contracted power in India, Indonesia, and Spain.
• Launched CoreWeave Forge, an AI development environment integrating training, inference, evaluation, and agent development workflows.
• Brought online multi-rack NVIDIA Vera Rubin NVL72 deployments; first production workloads achieved 4.8x greater token throughput than GB200 NVL72.
• Announced support for NVIDIA Vera, the first CPU designed for AI agents.
• Introduced Physical AI Field Engineering to embed engineers with customer teams.
• Established the CoreWeave Partner Network with partners including Grafana Labs, CrowdStrike, and VAST Data.
• Became the only provider to earn SemiAnalysis' Platinum ClusterMAX™ rating three consecutive times.
• Delivered record-setting MLPerf® Inference v6.1 performance using an NVIDIA GB300 NVL72 rack.
• Expanded support for sovereign and public-sector AI workloads through a collaboration with Leidos.
• Selected to deliver a fully managed AI cloud environment for DARPA biological research alongside Parallel Works.
• Entered into a multi-year agreement with Solidigm securing priority access to enterprise SSD capacity.
• Customer wins include Canva, Mirendil, Parallel Web Systems, Serve Robotics, Substack, and Wayve.
• Expanded relationships with Chan Zuckerberg Initiative, Cohere, Hippocratic AI, Jane Street, OpenAI, and Perplexity.

Market and Competitive Landscape:

• CoreWeave serves as the partner of choice for leading enterprises and AI pioneers.
• Trusted by 9 of the 10 leading foundation model providers.
• Delivered the highest server throughput among cloud providers using an NVIDIA GB300 NVL72 rack in MLPerf® Inference v6.1.

Risks and Challenges:

• Risks include the ability to execute business strategies, maintain and grow the customer base, and meet continued demand for AI infrastructure.
• Potential challenges involve access to sufficient power for data centers and obtaining sufficient storage capacity.
• Risks related to disruptions in strategic relationships or third-party providers, including suppliers and data center partners.
• Substantial indebtedness, capital requirements, and the ability to raise additional capital.
• Impact of global political and macroeconomic conditions, including geopolitical conflicts, inflation, tariffs, trade controls, interest rates, banking sector instability, and foreign currency exchange rates.
• Forward-looking statements regarding revenue backlog, customer prepayments, and guidance are subject to uncertainty and variability.

Management Commentary and Tone:

• Michael Intrator, co-founder, chairman, and CEO, described the quarter as a "breakout quarter" with revenue increasing by more than $1 billion sequentially.
• Management noted that adjusted operating margins reached double digits a quarter ahead of plan.
• Financial flexibility is supported by financing backed by customer contracts, operating cash flow, and approximately $9 billion in customer prepayments and deposits expected in the next three months.
• Management expressed confidence in delivering the infrastructure and software customers need to build, run, and scale AI.

Other Key Points:

• Raised approximately $4.2 billion through an upsized offering of convertible senior notes.
• Established an inaugural at-the-market equity program for up to 35 million shares of Class A common stock.
• Closed the $2.6 billion DDTL 5.5 Facility, CoreWeave's first financing facility designed to support shorter-duration customer contracts.
• Proceeds from issuance of debt, net, were $10,301 million for the quarter.
• Purchases of property and equipment, including capitalized internal-use software, were $9,441 million for the quarter.
• Nine months ended September 30, 2026, revenue was $8,314 million compared to $3,559 million in the prior year period.
• Nine months ended September 30, 2026, net loss was $2,075 million compared to $715 million in the prior year period.
• Nine months ended September 30, 2026, Adjusted EBITDA was $4,923 million compared to $2,197 million in the prior year period.