CoreWeave (CRWV) investor relations material

Executive summary

• Q3 revenue was $3.661B, up 168% YoY; adjusted operating margin reached 10%, and adjusted EBITDA was $2.256B at a 62% margin.

• Revenue backlog reached $132.5B, up 138% YoY; active power exceeded 1.7 GW and contracted power topped 4.6 GW.

• Net loss was $709M, with higher interest and infrastructure costs; FY2026 revenue guidance rose to $13.0B–$13.3B.

Financial highlights

• Q3 revenue was $3.661B versus $1.365B in Q3 2025; nine-month revenue was $8.314B versus $3.559B.

• GAAP operating income was $207M versus $52M; net loss was $709M versus $110M, and diluted loss per share was $1.27 versus $0.22.

• Adjusted EBITDA was $2.256B, up from $838M; adjusted operating income was $379M versus $217M, and adjusted net loss was $529M versus $41M.

• Q3 interest expense, net, rose to $846M from $310M; depreciation and amortization was $1.9B versus $621M.

• Q3 capital expenditures were $14.511B versus $1.850B; operating cash flow was $1.975B.

Outlook and guidance

• FY2026 revenue guidance increased to $13.0B–$13.3B; adjusted operating income guidance rose to $1.275B–$1.375B, a 26% midpoint increase.

• Year-end active power is expected to exceed 1.85 GW; FY2026 CapEx guidance is $37B–$39B, reflecting faster infrastructure deployment.

• Exit-2026 annualized run-rate revenue guidance increased to $20B–$21B; Q4 interest expense is expected at $1.05B–$1.15B.

• $132.3B of remaining performance obligations was expected to be recognized 36% over the next 24 months, 38% in months 25–48, and the remainder in months 49–86.

• Cost of revenue and technology and infrastructure expense are expected to rise in absolute dollars; future investment may require significant debt and/or equity financing.