How did CoreWeave's revenue and profitability change in Q2 2026?

Revenue more than doubled to $2.575B from $1.212B. Operating results moved to a small GAAP operating loss of $49M from income of $19M, and net loss widened to $626M from $290M. Most of the net loss increase came from interest expense, which rose to $640M from $267M.

What does the $104 billion revenue backlog signify?

The backlog is the company's estimate of future revenue under committed customer contracts as of June 30, 2026, covering remaining performance obligations and other expected amounts, subject to delivery and availability requirements. It excludes more than $25B of net new commitments added in early Q3, suggesting near-term backlog growth. Backlog is a forward indicator, not guaranteed revenue.

Is CoreWeave generating enough cash to fund its growth?

Not on a free cash flow basis. Operating cash flow was $679M in Q2 and $3.66B year to date, but capital expenditures were $6.4B in Q2 and $14.1B year to date. The gap was funded mainly by debt proceeds of $16.7B year to date and $1.0B of equity from private placements in Q2 alone.

What are the main risks highlighted by the financial data?

Key risks include rising leverage (recourse debt of about $31.4B), high interest costs that weigh on GAAP earnings, a shrinking adjusted operating margin, dependence on continued access to debt and equity markets, heavy reliance on third-party data center and supplier partners, and execution risk in deploying capacity to meet backlog. The release's forward-looking statements list these factors and refer to the 10-Q for full risk disclosure.

Why are adjusted EBITDA and GAAP results so different?

Adjusted EBITDA excludes interest, taxes, depreciation and amortization, stock-based compensation, and other items. Because depreciation and amortization of $1.39B in Q2 and interest expense of $640M are large, EBITDA-based figures look much stronger than GAAP net loss. Investors should review the reconciliation and the GAAP measures together, as the company itself advises.

CRWV 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed August 11, 2026. Cited figures are marked; the original filing is the authoritative source.

CoreWeave (CRWV) reported Q2 2026 revenue of $2.575 billion^a, up roughly 112% year over year from $1.212 billion, with the company showing its first operating-income swing toward breakeven at the GAAP level: operating loss of $49 million versus operating income of $19 million a year earlier.

Operating expenses rose sharply, growing about 120% to $2.624 billion^b, driven mainly by cost of revenue and technology and infrastructure costs as capacity scaled. Net loss widened to $626 million (-$1.14 per share) from $290 million (-$0.60 per share), primarily because interest expense, net, more than doubled to $640 million, reflecting heavy debt issuance to fund buildout. Non-GAAP adjusted EBITDA grew to $1.510 billion from $753 million, though adjusted EBITDA margin compressed to 59% from 62%, and adjusted operating income fell to $128 million from $200 million.

The balance sheet and cash flow show an aggressive, debt- and equity-funded expansion. Property and equipment, net, rose to $46.7 billion^c from $30.6 billion at year-end 2025, and operating lease right-of-use assets nearly doubled to $16.6 billion. Capital expenditures were $6.4 billion in the quarter and $14.1 billion year to date.

Operating cash flow was positive at $679 million^d in Q2 and $3.66 billion for the first half, but free cash flow remains deeply negative. Recourse debt (current and non-current) totaled about $31.4 billion, and total liabilities reached $72.0 billion against $5.0 billion of stockholders' equity. Cash and equivalents rose to $5.5 billion, supported by $13.5 billion of gross debt proceeds and $1.0 billion of common stock issued in private placements during the quarter.

Management emphasized demand and scale. Revenue backlog was approximately $104 billion as of June 30, 2026, excluding more than $25 billion of net new customer commitments added in early Q3. Active power grew by nearly 500 MW to 1.5 GW, and contracted power reached about 3.7 GW.

The company also cited the first bring-up of NVIDIA Vera Rubin NVL72, new cross-cloud products, a $3.1 billion publicly syndicated delayed draw term loan, a $1 billion strategic investment from Jane Street, and inclusion in the Nasdaq-100. Guidance was not included in the release and will be provided on the earnings call. Investors should weigh the strong backlog and growth against rising leverage, widening GAAP losses, heavy capital intensity, and the dependence on continued access to capital.

02—Key points

Key Highlights

Revenue rose to $2.575B in Q2 2026 from $1.212B a year earlier (about +112%), and H1 revenue reached $4.653B versus $2.194B.
GAAP operating loss of $49M (-2% margin) compared with operating income of $19M in Q2 2025; net loss widened to $626M from $290M, or -$1.14 per share.
Interest expense, net, more than doubled to $640M from $267M, the main driver of the widening net loss as debt financing scaled.
Adjusted EBITDA increased to $1.510B from $753M, but adjusted operating income fell to $128M from $200M and adjusted EBITDA margin slipped to 59% from 62%.
Revenue backlog of about $104B at June 30, 2026, excluding more than $25B of net new commitments added in early Q3 2026.
Capital spending was $6.4B in Q2 and $14.1B year to date; property and equipment rose to $46.7B from $30.6B at December 31, 2025, with total liabilities of $72.0B against $5.0B of equity.
Active power expanded by nearly 500 MW to 1.5 GW, with about 3.7 GW of total contracted power; company did not provide guidance in the release, deferring it to the earnings call.

03—Questions

Frequently Asked Questions

How did CoreWeave's revenue and profitability change in Q2 2026?
Revenue more than doubled to $2.575B from $1.212B. Operating results moved to a small GAAP operating loss of $49M from income of $19M, and net loss widened to $626M from $290M. Most of the net loss increase came from interest expense, which rose to $640M from $267M.
What does the $104 billion revenue backlog signify?
The backlog is the company's estimate of future revenue under committed customer contracts as of June 30, 2026, covering remaining performance obligations and other expected amounts, subject to delivery and availability requirements. It excludes more than $25B of net new commitments added in early Q3, suggesting near-term backlog growth. Backlog is a forward indicator, not guaranteed revenue.
Is CoreWeave generating enough cash to fund its growth?
Not on a free cash flow basis. Operating cash flow was $679M in Q2 and $3.66B year to date, but capital expenditures were $6.4B in Q2 and $14.1B year to date. The gap was funded mainly by debt proceeds of $16.7B year to date and $1.0B of equity from private placements in Q2 alone.
What are the main risks highlighted by the financial data?
Key risks include rising leverage (recourse debt of about $31.4B), high interest costs that weigh on GAAP earnings, a shrinking adjusted operating margin, dependence on continued access to debt and equity markets, heavy reliance on third-party data center and supplier partners, and execution risk in deploying capacity to meet backlog. The release's forward-looking statements list these factors and refer to the 10-Q for full risk disclosure.
Why are adjusted EBITDA and GAAP results so different?
Adjusted EBITDA excludes interest, taxes, depreciation and amortization, stock-based compensation, and other items. Because depreciation and amortization of $1.39B in Q2 and interest expense of $640M are large, EBITDA-based figures look much stronger than GAAP net loss. Investors should review the reconciliation and the GAAP measures together, as the company itself advises.

04—Continue

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