CoreWeave, Inc. reported revenue of $3,661 million for the third quarter ended September 30, 2026, compared with $1,365 million a year earlier, according to the company’s official earnings release dated November 10, 2026. That is a year-over-year increase of 168 percent and a sequential increase of $1,086 million from the $2,575 million recorded in the second quarter, matching the company’s description of revenue rising by more than $1 billion quarter over quarter. GAAP operating income was $207 million, or a 6 percent margin, versus $52 million a year earlier. Interest expense, net, rose to $846 million from $310 million. The quarter still produced a GAAP net loss of $709 million, or $1.27 per basic and diluted share, compared with a loss of $110 million, or $0.22, in the year-ago quarter. The same release, and the accompanying Q3 earnings presentation, show adjusted EBITDA of $2,256 million, adjusted operating income of $379 million, and an adjusted net loss of $529 million. Management also raised full-year 2026 guidance.
Key Takeaways
- Official Q3 revenue was $3,661 million, up 168 percent year over year and $1,086 million sequentially, above the high end of the $3.45 billion to $3.60 billion range in CoreWeave’s August 11 outlook presentation.
- Adjusted operating income was $379 million, or a 10 percent margin, well above the prior $200 million to $260 million third-quarter range. GAAP net loss widened to $709 million as net interest expense reached $846 million.
- Official capital expenditures, defined as additions to property and equipment including assets acquired under finance leases, less changes in construction in progress, were $14,511 million in the quarter, above the August range of $11.5 billion to $13.5 billion. Cash paid for property and equipment was a lower $9,441 million.
- Revenue backlog was approximately $132.5 billion as of September 30, up from $55.6 billion a year earlier and from about $104 billion at June 30. Remaining performance obligations were $132.3 billion of that total.
- Full-year 2026 guidance was raised to $13.0 billion to $13.3 billion of revenue and $1.275 billion to $1.375 billion of adjusted operating income. Exit 2026 annualized run-rate revenue guidance is now $20 billion to $21 billion. Management said it does not intend to issue additional parent-level unsecured debt through 2027 at current yields and expects adjusted net income in the first half of 2028.
The official income statement, read in order
The cleanest way to read this print is to stay with the company’s condensed statement of operations, which is presented in millions and is unaudited. Revenue of $3,661 million compared with $1,365 million in the third quarter of 2025. Cost of revenue was $1,183 million, versus $369 million. Technology and infrastructure expense was $2,025 million, versus $747 million. Sales and marketing was $58 million, versus $45 million. General and administrative expense was $188 million, versus $152 million. Total operating expenses were therefore $3,454 million, versus $1,313 million, and GAAP operating income was $207 million, versus $52 million.
The widening gap between operating income and net income is not a mystery in the official accounts. Interest expense, net, was $846 million, versus $310 million a year earlier. Other income, net, was $13 million, versus $21 million. Loss before income taxes was $626 million, versus $237 million. The company recorded a provision for income taxes of $83 million, against a benefit of $127 million a year earlier, and chief financial officer Nitin Agrawal told analysts on the official conference call that the firm recorded a tax provision despite a net loss because of a valuation allowance on net deferred tax assets. Net loss was $709 million. Weighted-average shares used in basic and diluted per-share computations were 559 million, versus 498 million a year earlier.
For the nine months ended September 30, 2026, revenue was $8,314 million, versus $3,559 million. GAAP operating income was only $14 million, versus $44 million, which is a reminder that the third quarter’s $207 million of operating income is doing a lot of work to offset the first half. Nine-month interest expense, net, was $2,022 million, versus $841 million. The nine-month net loss was $2,075 million, or $3.80 per share, versus $715 million, or $1.81 per basic share, a year earlier. Those year-to-date figures are official line items, not estimates.
| Q3 item (three months ended Sept. 30) | Q3 2025 | Q3 2026 |
|---|---|---|
| Revenue ($ million) | 1,365 | 3,661 |
| Operating expenses ($ million) | 1,313 | 3,454 |
| Operating income ($ million) | 52 | 207 |
| Operating income margin | 4% | 6% |
| Interest expense, net ($ million) | (310) | (846) |
| Net loss ($ million) | (110) | (709) |
| Basic and diluted net loss per share | ($0.22) | ($1.27) |
| Adjusted EBITDA ($ million) | 838 | 2,256 |
| Adjusted EBITDA margin | 61% | 62% |
| Adjusted operating income ($ million) | 217 | 379 |
| Adjusted operating income margin | 16% | 10% |
| Adjusted net loss ($ million) | (41) | (529) |
| Adjusted net loss margin | (3)% | (14)% |
Note: Source: CoreWeave’s November 10, 2026 earnings release and Q3 financial-summary slide. Non-GAAP measures are defined and reconciled in those documents. Adjusted operating income margin was lower year over year even though the dollar amount rose, because revenue grew faster than the 2025 adjusted operating-income base.
The non-GAAP beat is real, and so is the interest bill
CoreWeave’s preferred operating profit measure adds back stock-based compensation and, where applicable, acquisition-related costs and amortization of acquired intangibles. The official reconciliation starts from GAAP operating income of $207 million, adds $160 million of stock-based compensation and $12 million of amortization of acquired intangibles, and arrives at adjusted operating income of $379 million. That is a 10 percent margin on $3,661 million of revenue. The year-ago adjusted operating income of $217 million was a higher 16 percent margin on a much smaller $1,365 million revenue base. The better comparison for the company’s own “path to earnings” argument is sequential. Official adjusted operating income was $21 million in the first quarter and $128 million in the second quarter, implying margins of about 1 percent and 5 percent on those quarters’ revenue. Agrawal said the 10 percent margin in the third quarter arrived “one quarter ahead of the plan we stated to start the year,” and that adjusted operating income “nearly tripled from the second quarter, while interest expense rose about a third.” The official interest line went from $640 million in the second quarter to $846 million in the third, which is an increase of 32 percent.
Adjusted EBITDA was $2,256 million, or a 62 percent margin, versus $838 million and 61 percent a year earlier. The presentation series shows $898 million in the fourth quarter of 2025, $1,157 million in the first quarter of 2026, and $1,510 million in the second quarter, so the third-quarter figure is also the high point of that five-quarter window, as the company stated. Adjusted net loss was $529 million, versus $41 million a year earlier and $567 million in the second quarter. The company does not present an official adjusted earnings-per-share figure in the headline tables. CNBC, citing LSEG consensus, said the adjusted loss was 95 cents a share against an expected $1.16, and that revenue of $3.66 billion compared with a $3.55 billion estimate. Those consensus comparisons are secondary. The official non-GAAP loss remains $529 million, and 559 million weighted-average shares would imply about $0.95 a share if an investor does the division; that arithmetic is not a substitute for a company-reported adjusted EPS line.
Readers should not collapse the GAAP and adjusted pictures into a single “CoreWeave is already highly profitable” sentence, or into a single “CoreWeave is drowning in losses” sentence. GAAP operating income is positive. GAAP net income is not, because interest and tax items more than absorb the operating profit. Adjusted EBITDA is large because depreciation and amortization of $1,889 million and interest of $846 million are added back to the $709 million net loss, along with other reconciling items. That is what the measure is built to do. It is useful for cash-generation analysis and a poor substitute for net income.
How the third quarter compared with August guidance
The company’s August 11, 2026 outlook presentation is the right baseline, because the second-quarter press release itself deferred guidance to the call and the outlook slides. That official deck guided third-quarter revenue to $3.45 billion to $3.60 billion, adjusted operating income to $200 million to $260 million, interest expense to $860 million to $940 million, and capital expenditures to $11.5 billion to $13.5 billion. Actual revenue of $3,661 million cleared the top of the range by $61 million. Actual adjusted operating income of $379 million cleared the top of the range by $119 million. Actual net interest expense of $846 million came in $14 million below the low end of the guided interest range. Official capital expenditures of $14,511 million, however, exceeded the high end of the $13.5 billion capex range. On the call, Agrawal said capex was above the guided range because “strong execution that allowed us to pull forward certain deliveries from Q4.”
The same August deck is also the baseline for the full-year raise. Prior 2026 guidance was $12.4 billion to $13.2 billion of revenue, $960 million to $1,150 million of adjusted operating income, $35 billion to $39 billion of capital expenditures, and $18.5 billion to $19.5 billion of exit-2026 annualized run-rate revenue. The new November 10 outlook presentation raises revenue to $13.0 billion to $13.3 billion, adjusted operating income to $1.275 billion to $1.375 billion, the low end of capex to $37 billion, and exit ARR to $20 billion to $21 billion. ARR, the company repeats, is the last month of the quarter multiplied by 12. The company said the adjusted-operating-income raise is a 26 percent increase at the midpoint. The midpoints are $1,055 million previously and $1,325 million now, and $1,325 million divided by $1,055 million is an increase of 25.6 percent, which rounds to the stated 26 percent. Fourth-quarter interest expense is now guided to $1.05 billion to $1.15 billion, which would be higher than the third quarter’s $846 million. The company did not publish a standalone fourth-quarter revenue or adjusted-operating-income range.
An arithmetic implication is still worth writing down, as long as it is labeled as arithmetic and not as official fourth-quarter guidance. Nine-month revenue is already $8,314 million. Hitting the new full-year revenue range would require about $4.69 billion to $4.99 billion in the fourth quarter. Nine-month official capex is $30,650 million, so the $37 billion to $39 billion full-year range would imply about $6.35 billion to $8.35 billion of official capex in the fourth quarter, below the pulled-forward third-quarter figure. Nine-month adjusted operating income is $528 million, so the new full-year range would imply about $747 million to $847 million in the fourth quarter. Those implied fourth-quarter figures are residual math from official nine-month actuals and official full-year ranges. They are not a company forecast for the quarter.
Capex of $14.5 billion is a defined measure, not the cash equipment line
This is the easiest figure in the package to misuse. The official cash-flow statement shows purchases of property and equipment, including capitalized internal-use software, of $9,441 million in the third quarter and $23,558 million in the first nine months. The earnings presentation uses a different official definition: “additions to property and equipment including assets acquired under finance leases, less changes in construction in progress.” Under that definition, third-quarter capex was $14,511 million, versus $1,850 million a year earlier, and nine-month capex was $30,650 million, versus $6,645 million. The calculation slide shows an $11,932 million increase in total gross property and equipment in the quarter, less a $2,579 million reduction in construction in progress, to arrive at $14,511 million. Agrawal said construction in progress fell to $9.3 billion from $11.9 billion in the prior quarter “as we deployed significant infrastructure against power that became available late in Q2.”
The distinction matters because a comparison of “capex” to operating cash flow of $1,975 million, or to the $9,441 million cash equipment number, will produce different coverage ratios. The company’s preferred capex figure is larger than cash equipment purchases in this quarter because it includes finance-leased assets and the draw-down of construction in progress. Neither number is fake. They answer different questions. Full-year official capex guidance of $37 billion to $39 billion uses the presentation definition, not the cash-flow purchases line, and the company said it raised the low end of the prior $35 billion to $39 billion range “as a result of our expectation to deploy infrastructure and deliver it to customers sooner than planned.”
The scale of the build is also visible on the balance sheet. Property and equipment, net, rose to $56,778 million at September 30 from $46,736 million at June 30 and from $30,557 million at December 31, 2025. Operating-lease right-of-use assets were $18,922 million, versus $8,231 million at year-end 2025. Total assets were $91,481 million, versus $49,302 million at year-end and $77,070 million at June 30. These are official totals, and they are the physical counterpart to the backlog and power figures discussed below.
Backlog, power and the operating footprint
Revenue backlog was approximately $132.5 billion as of September 30, 2026, up 138 percent from $55.6 billion a year earlier. The presentation’s backlog bridge is unusually clean. Remaining performance obligations were $132.3 billion, and “other amounts of estimated future revenue to be recognized from existing committed customer contracts” were $0.2 billion. A year earlier, RPOs were $50.0 billion and the “other amounts” bucket was $5.6 billion, so almost all of this year’s backlog is now in the RPO line. The second-quarter release had put backlog at approximately $104 billion as of June 30, not including more than $25 billion of net new commitments added early in the third quarter. The new $132.5 billion figure is the period-end official total; it should not be added on top of that early-third-quarter commitment tag.
The company defines backlog as remaining performance obligations plus other amounts it estimates will be recognized as revenue in future periods under committed customer contracts, in each case subject to the satisfaction of delivery and availability-of-service requirements. That definition is repeated in the release, the presentation, and the footnotes. It is not a synonym for cash already collected, and it is not a guarantee of timing. On the call, Agrawal said more than 50 percent of the backlog “is attached to a contract where we expect customer delivery to commence by the end of this year.” Michael Intrator, the co-founder, chairman and chief executive, said the company has “10x as much qualified demand as available capacity through the end of 2027,” and that demand for 2028 is “already several times larger than our available capacity, even before we have brought it formally to market.” Those demand multiples are management characterizations from the official transcript, not independently audited units of contracted backlog.
On capacity, the release said CoreWeave added more than 200 megawatts of active power to reach over 1.7 gigawatts, “doubling our active footprint since the start of the year,” and grew total contracted power by more than 900 megawatts to over 4.6 gigawatts, including more than 1.3 gigawatts of contracted power internationally, with India, Indonesia and Spain named among the additions. The company continues to expect more than 1.85 gigawatts of active power at year-end 2026, a target it did not change. Agrawal said the firm had brought online more than 850 megawatts year to date. Intrator also said, “we also do not see material risks to our 2027 deliveries based on ongoing construction at fully permitted sites.” In a later answer about Texas, he said “the overwhelming majority of our power is either online or fully permitted and under construction,” and that this was the basis for not anticipating an impact to the data centers that will host backlog already brought to market. That is a company assessment of permitting and construction status, not a legal conclusion about future state or local policy.
The release also lists platform items that are worth recording without inflating them into financial results: the launch of CoreWeave Forge; multi-rack NVIDIA Vera Rubin NVL72 deployments, with the company saying the first production workloads for Cognition achieved 4.8 times greater token throughput than GB200 NVL72; announced support for NVIDIA Vera; a Physical AI Field Engineering offer; and a partner network that names Grafana Labs, CrowdStrike and VAST Data. Intrator told analysts CoreWeave was “the first cloud to bring the Vera Rubin online and to deliver it to Cognition.” Those are company operational claims. They help explain why management talks about pricing and short-term contract mix, but they are not a substitute for the revenue and capex lines.
The funding debate is now in the company’s own words
This quarter’s results arrived after a difficult month for AI-infrastructure equities and after a hotter U.S. inflation print that has lifted rate-hike odds, a backdrop already covered in KCEX Blog’s earlier November AI-stock selloff analysis and in the broader discussion of 2026 AI capital expenditure and returns. CNBC, a secondary source, said CoreWeave’s stock had lost about 40 percent of its value in the past month and that some of the company’s bond yields had recently topped 16 percent, and that the shares advanced in extended trading after the report. U.S. cash equity markets were closed on Wednesday, November 11, for Veterans Day, so this article does not cite a regular-session follow-through price for that day. The more durable evidence is on the official balance sheet and in the official transcript.
Recourse debt was $9,183 million current and $32,417 million non-current at September 30. Non-recourse debt was $1,389 million current and $3,884 million non-current. Those four official lines sum to $46,873 million. Deferred revenue was $2,269 million current and $7,733 million non-current. Stockholders’ equity was $4,025 million, against total liabilities of $87,456 million. Cash and cash equivalents were $4,122 million, with additional restricted cash of $1,405 million current and $877 million non-current and marketable securities of $62 million. Agrawal rounded that cluster to “$6.5 billion in cash, cash equivalents, restricted cash, and marketable securities,” and said the company also had “nearly $5 billion of undrawn capacity under committed DDTL facilities.” Official operating cash flow was $1,975 million in the quarter and $5,638 million in the first nine months. Financing cash inflows remained large: proceeds from issuance of debt, net, were $10,301 million in the quarter, against debt repayments of $2,344 million.
The press release separately recorded an approximately $4.2 billion upsized offering of convertible senior notes, an inaugural at-the-market equity program for up to 35 million shares of Class A common stock, and the closing of a $2.6 billion DDTL 5.5 facility, described as CoreWeave’s first financing facility designed to support shorter-duration customer contracts. Intrator said that at the end of the third quarter, “our weighted average cost of debt across our entire business was 7.9%, down 250 basis points year-over-year.” He also said the company has “already paid down more than $4 billion of debt” through the delayed-draw repayment mechanism, including nearly half of the first two delayed-draw term loans.
The most direct funding comments are about what the company says it will not do at current yields. Intrator said, “Looking ahead, we will not use the unsecured debt market to fund our business at current yields. Nor do we need to.” Agrawal repeated the point in almost the same words: “At current yields, we do not intend to issue additional parent-level unsecured debt through 2027. By contrast, the asset-level secured debt market has remained stable, with our loans continuing to trade around par value.” He distinguished asset-level debt, “directly financing our customer contracts backed by committed cash flow and cloud infrastructure,” from parent-level debt serviced by parent-level cash flow. The company expects to finance the majority of remaining capex needed to deliver backlog through delayed-draw term loans matched to specific customer contracts. Intrator said those facilities “can finance anywhere from 70% to 100% of the associated CapEx” and have, since the IPO, “priced somewhere from 225 to 550 basis points above SOFR,” which he said “translates to less than 10% at the high end based on current rates.” Through 2027, he said, more than 75 percent of committed capex is tied to investment-grade and enterprise customers, with the remainder tied to leading AI labs and AI-native companies.
Prepayments are the other official pillar. The release and Intrator’s prepared remarks both say the company expects approximately $9 billion in customer prepayments and deposits in the next three months alone. Intrator said this year the firm has “collected prepayments on 70% of our deals, with customers funding up to 100% of the contract value upfront,” and that more than $3 billion of the near-term $9 billion “relate to recontracting existing cloud infrastructure, which we sold at meaningful premiums to their original price.” Agrawal added that those recontracting prepayments need no additional capex. Both executives said they expect “EBITDA less interest, which excludes the benefit of prepayments, to more than double in 2027.” After listing undrawn delayed-draw capacity, construction in progress already on the balance sheet, expected prepayments, and additional asset-backed facilities, Agrawal said, “we expect to raise less than $5 billion in incremental parent-level capital through 2027.”
He also gave a profitability timetable that should be quoted as a non-GAAP target, not as a GAAP promise: “we expect adjusted net loss to reduce meaningfully in 2027 and to become adjusted net income positive in the first half of 2028 and for the full year 2028.” If the company chose to “focus only on our committed backlog,” he said, “we would expect CapEx for 2027 to remain in line with our 2026 CapEx investment while revenue and EBITDA grow significantly.” Intrator, discussing already-deployed infrastructure, said more than 130,000 GPUs come off contract in 2027 and about 170,000 in 2028, and that recontracting the 2027 cohort “would generate approaching $4 billion of incremental annualized revenue, with no additional CapEx required,” growing to “nearly $10 billion of annualized incremental revenue when including 2028 renewals.” Agrawal later clarified that those figures are “outside our revenue backlog” and represent “the available opportunity at the current pricing levels,” not revenue already booked. That clarification belongs next to the headline numbers, because otherwise a reader could mistakenly add $4 billion or $10 billion to the $132.5 billion backlog.
What the print means for the AI-infrastructure debate, and what it does not
The official report answers one question cleanly. In the quarter ended September 30, CoreWeave converted a large contracted pipeline into $3,661 million of revenue, expanded adjusted operating margin to 10 percent, and raised 2026 revenue, adjusted-operating-income and exit-ARR guidance. Demand, as the company measures it in backlog, RPOs and active power, did not roll over in the official figures. That is relevant to a market that had been asking whether AI-cloud demand was slowing, and it is relevant to peers. Nebius, another listed AI-cloud name, is scheduled to report third-quarter results on November 12, before the U.S. open. Nvidia is scheduled to report on November 17. Those events have not yet occurred and are not treated as known results.
The official report does not, by itself, settle the financing question that has hung over the stock and the bonds. A $46.873 billion combined recourse and non-recourse debt stack, a $4.025 billion equity account, and a guided fourth-quarter interest bill of $1.05 billion to $1.15 billion are all large relative to $207 million of quarterly GAAP operating income. Management’s answer is that asset-level delayed-draw loans, customer prepayments, operating cash flow and already-installed infrastructure can fund most of the remaining committed build, and that parent-level unsecured issuance can wait. That is a statement about intended sources and uses, and it depends on continued delivery against contracts, on the secured-loan market remaining open, and on customers actually sending the $9 billion of near-term prepayments and deposits. Those inflows are expected amounts, not cash already on the September 30 balance sheet.
For crypto and other risk-asset readers, CoreWeave is not a bitcoin proxy and should not be traded as one. It is a high-beta flag for the cost of capital in the AI-infrastructure complex. The same period brought a hotter official October CPI and a more hawkish tone from a Federal Reserve governor, which is a difficult backdrop for any issuer whose interest bill is already climbing and whose unsecured yields have, according to secondary market reporting, been elevated. Correlation is still not causation. The quarter ended September 30. The October CPI was released on November 10. The financing environment after that print can still affect how investors discount the fourth-quarter interest guide and the 2027 funding plan, especially if parent-level unsecured markets stay expensive and the company has to lean even more on prepayments and secured facilities. None of that revises the official third-quarter revenue or backlog figures.
Two other limits are worth keeping in view. First, a substantial share of the bullish long-term math — recontracting revenue, 2028 adjusted net income, 2027 capex flexibility, and “10x” qualified demand — sits in management commentary and in non-GAAP targets, not in the audited-style condensed financial statements. Second, customer-concentration and pricing details remain incomplete in the public tables. Intrator said 10 percent of Fortune 500 companies are now customers, that more than half of new customers this year came from industries outside AI labs and technology, and, in a later exchange, that 10 percent of backlog is from financial services. The release names new and expanded customers, including OpenAI, Perplexity, Jane Street and others, without a revenue breakdown. This article does not invent one.
FAQ
Did CoreWeave report a profit in the third quarter?
It reported GAAP operating income of $207 million and an official GAAP net loss of $709 million, or $1.27 per share. On a non-GAAP basis, adjusted operating income was $379 million and adjusted net loss was $529 million. Adjusted EBITDA was $2,256 million. Those measures are reconciled in the official release and are not the same thing as net income.
How large was the beat against the company’s own guidance?
August guidance for the third quarter was $3.45 billion to $3.60 billion of revenue and $200 million to $260 million of adjusted operating income. Actual revenue was $3,661 million and actual adjusted operating income was $379 million. Official capex of $14,511 million was above the August range of $11.5 billion to $13.5 billion. Net interest expense of $846 million was slightly below the August interest range of $860 million to $940 million.
Why is official capex $14.5 billion if cash equipment purchases were $9.4 billion?
The company defines official capital expenditures as additions to property and equipment, including assets acquired under finance leases, less changes in construction in progress. That measure was $14,511 million in the third quarter. The cash-flow line for purchases of property and equipment was $9,441 million. Full-year capex guidance of $37 billion to $39 billion uses the official presentation definition.
What did management say about issuing more unsecured debt?
Intrator said the company will not use the unsecured debt market to fund the business at current yields. Agrawal said that at current yields the company does not intend to issue additional parent-level unsecured debt through 2027, and that it expects to raise less than $5 billion of incremental parent-level capital through 2027. Those are forward-looking statements from the official November 10 call, not completed transactions.
When does the company expect adjusted net income?
Agrawal said the company expects adjusted net loss to reduce meaningfully in 2027 and to become adjusted net income positive in the first half of 2028 and for the full year 2028. That target is a non-GAAP outlook, not a GAAP net-income forecast, and it is subject to the usual execution, demand and financing risks.
Sources and Methodology
Income-statement, cash-flow, balance-sheet and non-GAAP figures in this article are taken from CoreWeave’s official November 10, 2026 earnings release, including the unaudited condensed financial statements and reconciliations, and from the official Q3 2026 earnings presentation and Q4/FY 2026 outlook presentation posted on the company’s investor-relations site. Prior-year and prior-quarter comparisons also use the official August 11, 2026 second-quarter release and August outlook presentation, where those documents are the source of the earlier guidance ranges. Direct quotations of Michael Intrator and Nitin Agrawal are from the official Q3 2026 earnings-call transcript posted by CoreWeave. Consensus estimates, recent bond-yield commentary and the extended-trading stock reaction are attributed to CNBC and are secondary. Combined recourse and non-recourse debt of $46,873 million is the sum of the four official debt lines on the September 30 balance sheet, not a separately labeled total in the headline table. Implied fourth-quarter ranges derived from nine-month actuals and full-year guidance are labeled as arithmetic and are not company guidance. This is educational analysis of a published earnings report, not investment advice and not a forecast of CoreWeave’s share price. U.S. cash equity markets were closed on Wednesday, November 11, 2026, for Veterans Day.
