CoreWeave (CRWV) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $3.661B, up 168% YoY; revenue backlog reached $132.5B, up 138% YoY, with demand well above available capacity through 2027.

• Adjusted operating income was $379M and adjusted operating margin reached 10%, a quarter ahead of plan; adjusted EBITDA was $2.256B at a 62% margin.

• Active power exceeded 1.7 GW and contracted power surpassed 4.6 GW after more than 900 MW was added in Q3; over 1.3 GW of contracted power was international.

• FY2026 revenue guidance increased to $13.0B–$13.3B; customer-backed financing, prepayments and operating cash flow are expected to fund growth, with less than $5B of incremental parent-level capital expected through 2027.

Financial highlights

• Revenue was $3.661B versus $1.365B in Q3'25, supported by execution, favorable pricing and customer demand; backlog was $132.5B, including $132.3B of remaining performance obligations.

• 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 operating income was $379M versus $217M; adjusted EBITDA was $2.256B versus $838M, with a 62% margin versus 61% in Q3'25.

• Adjusted net loss was $529M versus $41M; adjusted net loss margin was (14)% versus (3)%.

• Q3 operating cash flow was $1.975B; capital expenditures were $14.511B versus $1.850B in Q3'25, as infrastructure deliveries were pulled forward from Q4.

Outlook and guidance

• FY2026 revenue guidance rose to $13.0B–$13.3B and adjusted operating income guidance to $1.275B–$1.375B, a 26% increase at the midpoint; year-end active power is expected to exceed 1.85 GW.

• FY2026 CapEx guidance is $37B–$39B; exit-2026 annualized run-rate revenue is expected at $20B–$21B, and Q4 interest expense at $1.05B–$1.15B.

• Adjusted net loss is expected to reduce meaningfully in 2027; adjusted net income is expected to turn positive in H1 2028 and for full-year 2028.

• If investment is limited to committed backlog, 2027 CapEx is expected to remain in line with 2026 while revenue and EBITDA grow significantly; existing customer commitments remain deliverable.

• EBITDA less interest, excluding prepayment benefits, is expected to more than double in 2027; no material risk to 2027 deliveries was anticipated at fully permitted sites.