Second Quarter 2026
Filed Aug 11, 2026CoreWeave Reports Strong Second Quarter 2026 Results Record Second Quarter Revenue and Revenue Backlog Highlight Unprecedented Demand for CoreWeave Cloud
Revenue was $ 2,575 (in millions), versus $ 1,212 (in millions) in the prior-year period, while revenue backlog was approximately $104 billion as of June 30, 2026. Adjusted EBITDA was $ 1,510 (in millions), although GAAP operating income was a loss of $ (49) (in millions) and net loss was $ (626) (in millions).
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $ 2,575 | – | – |
| Operating expensesGAAP | 2,624 | – | – |
| Operating income (loss)GAAP | $ (49) | – | – |
| Operating income (loss) marginGAAP | (2) % | – | – |
| Interest expense, netGAAP | $ (640) | – | – |
| Net lossGAAP | $ (626) | – | – |
| Net loss marginGAAP | (24) % | – | – |
| Basic net loss per shareGAAP | $ (1.14) | – | – |
| Diluted net loss per shareGAAP | $ (1.14) | – | – |
| Adjusted EBITDAnon-GAAP | $ 1,510 | – | – |
| Adjusted EBITDA marginnon-GAAP | 59 % | – | – |
| Adjusted operating incomenon-GAAP | $ 128 | – | – |
| Adjusted operating income marginnon-GAAP | 5 % | – | – |
| Adjusted net lossnon-GAAP | $ (567) | – | – |
| Adjusted net loss marginnon-GAAP | (22) % | – | – |
| Revenue backlogother | approximately $104 billion | – | – |
| Active powerother | 1.5 GW | – | – |
| Total contracted powerother | approximately 3.7 GW | – | – |
What drove it
- Revenue backlog was approximately $104 billion as of June 30, 2026.
- Revenue backlog does not include more than $25 billion of net new customer commitments added in early Q3.
- Expanded active power by nearly 500 MWs to reach 1.5 GW.
- Grew total contracted power to approximately 3.7 GW while further diversifying portfolio of providers and expanding powered land footprint.
- Customer wins included Bentley Systems, Caterpillar, Grammarly, Isomorphic Labs, and Sunday Robotics.
- Expanded relationships with Cognition, Databricks, Hudson River Trading, Periodic Labs, Rescale, and Runway ML.
- Successfully completed the industry's first bring-up and validation of NVIDIA Vera Rubin NVL72.
Concerns
- GAAP operating income (loss) was $ (49) (in millions), compared with $ 19 (in millions) in the prior-year period.
- Interest expense, net was $ (640) (in millions), compared with $ (267) (in millions) in the prior-year period.
- Net loss was $ (626) (in millions), compared with $ (290) (in millions) in the prior-year period.
- Adjusted EBITDA margin was 59 %, compared with 62 % in the prior-year period.
- Adjusted operating income was $ 128 (in millions), compared with $ 200 (in millions) in the prior-year period.
- Adjusted net loss was $ (567) (in millions), compared with $ (130) (in millions) in the prior-year period.
- The release states that revenue backlog is subject to the satisfaction of delivery and availability of service requirements.
What to watch
- Forward-looking guidance to be provided on the earnings conference call and webcast.
- Execution against more than $25 billion of net new customer commitments added in early Q3.
- Delivery and availability of service requirements associated with revenue backlog.
- The relationship between expanding active power and total contracted power, reported at 1.5 GW and approximately 3.7 GW, respectively.
- Interest expense and the effect of additional unsecured debt and convertible bonds on profitability.
Balance sheet and cash flow
- Milestone $3.1 billion term loan, the first ever publicly syndicated delayed draw facility backed by HPC infrastructure.
- $1 billion strategic investment from Jane Street following the expansion of commercial relationship in Q1 2026.
- Raised more than $10 billion of unsecured debt and convertible bonds, including CoreWeave's inaugural Eurobond issuance.
Analysis
CoreWeave reported revenue of $ 2,575 (in millions) for the second quarter of 2026, compared with $ 1,212 (in millions) in the prior-year period. The company also reported revenue backlog of approximately $104 billion as of June 30, 2026, excluding more than $25 billion of net new customer commitments added in early Q3. The release identifies customer wins across AI labs, hyperscalers, and enterprises, alongside expanded relationships with existing enterprise and AI-native customers.
Infrastructure scaling remained central to the quarter. CoreWeave expanded active power by nearly 500 MWs to reach 1.5 GW and grew total contracted power to approximately 3.7 GW. It also cited new cross-cloud, agentic AI, and NVIDIA Vera Rubin NVL72 technology milestones. These operating developments support the company's stated focus on serving AI workloads, but backlog recognition remains subject to delivery and availability of service requirements.
Profitability showed a substantial adjusted EBITDA result but continued GAAP losses. Adjusted EBITDA was $ 1,510 (in millions), with a 59 % margin, versus $ 753 (in millions) and a 62 % margin in the prior-year period. GAAP operating income (loss) was $ (49) (in millions), compared with $ 19 (in millions), while adjusted operating income was $ 128 (in millions), compared with $ 200 (in millions). Net loss was $ (626) (in millions), and interest expense, net was $ (640) (in millions), making financing costs and margin progression key items in the reported results.
The company strengthened financing capacity through a $3.1 billion term loan, a $1 billion strategic investment from Jane Street, and more than $10 billion of unsecured debt and convertible bonds. No cash balance, debt balance, operating cash flow, free cash flow, capital expenditures, repurchases, or dividends were included in the supplied filing text. The release provides no prior-quarter financial comparison, so it does not document quarter-over-quarter changes. It also contains no numerical forward guidance, stating that guidance will be provided on the earnings conference call and webcast.
Management, verbatim
CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage. Customer demand is accelerating, as enterprise adoption broadens and we continue to deepen our technology platform.
Michael Intrator, co-founder, chairman, and chief executive officer of CoreWeave
Not in the filing
stated, not guessed- Numerical forward guidance for revenue, gross margin, operating expenses, tax rate, or other metrics.
- Prior-quarter figures and quarter-over-quarter changes for all reported metrics.
- Gross profit and gross margin.
- Cash balance.
- Total debt balance.
- Operating cash flow.
- Free cash flow.
- Capital expenditures.
- Share repurchases.
- Dividends.
- Segment revenue and segment-level comparisons.
- Tax rate.
- Basic and diluted weighted-average share counts.
- Revenue backlog prior-period comparison.
- Active power and contracted power prior-period comparisons.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.