CoreWeave (CRWV) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $2.6 billion, up 112% year-over-year, driven by strong AI demand, platform expansion, and major customer wins across sectors.

• Revenue backlog reached $104.2 billion, up 246% year-over-year, excluding over $25 billion in new Q3 commitments.

• Expanded data center footprint to 51 active centers and 1.5 GW active power, with contracted power at 3.7 GW as of June 30, 2026.

• Strengthened financial position with $3.1 billion term loan, $1 billion strategic investment, and over $10 billion in unsecured debt and convertible bonds.

• Net loss widened to $626 million, reflecting significant investments in infrastructure, technology, and personnel.

Financial highlights

• Q2 2026 revenue: $2.6 billion, up 112% year-over-year and 24% sequentially.

• Adjusted EBITDA: $1.51 billion (59% margin), up from $753 million year-over-year.

• Adjusted operating income: $128 million (5% margin), up from $21 million last quarter.

• Net loss: $626 million (net loss margin -24%), driven by $640 million interest expense due to increased debt.

• CapEx: $9.4 billion in Q2, above guidance, with construction in progress at $11.9 billion.

Outlook and guidance

• Q3 revenue guidance: $3.45 billion–$3.6 billion; adjusted operating income: $200 million–$260 million.

• Full-year 2026 revenue guidance raised to $12.4 billion–$13.2 billion; adjusted operating income: $960 million–$1.15 billion.

• 2026 CapEx expected at $35 billion–$39 billion; year-end annualized run rate revenue raised to $18.5 billion–$19.5 billion.

• Management expects continued high capital investments to support growth, with future investments likely requiring additional debt and/or equity financing.

• Guidance highlights ongoing risks from supply chain, power availability, and macroeconomic volatility.