CoreWeave Q2 2026: Revenue Doubles to $2.58B but Operating Costs Outpace Growth (CRWV)

CoreWeave (NASDAQ: CRWV) reported Q2 2026 revenue of $2.575 billion, a 112.5% year-over-year increase from $1.212 billion, while GAAP operating income swung from a profit of $19 million in Q2 2025 to a loss of $49 million as total operating expenses grew 119.9% year-over-year to $2.624 billion. Adjusted EPS of -$1.03 beat the consensus estimate of -$1.24, while GAAP EPS came in at -$1.14 versus -$0.60 in the prior-year period.

Q2 2026 Results

• Revenue: $2.575 billion, up 112.5% year-over-year from $1.212 billion
• GAAP operating loss: -$49 million (GAAP operating margin of -2.0%), versus GAAP operating income of $19 million in Q2 2025
• Adjusted EBITDA: $1.510 billion, up from $753 million in Q2 2025, at a 59% adjusted EBITDA margin versus 62% in the prior year
• Adjusted operating income: $128 million (adjusted operating margin of 5.0%), down from $200 million (16.0% margin) in Q2 2025
• GAAP net loss: -$626 million, versus -$290 million in Q2 2025; GAAP net loss per share of -$1.14
• Revenue backlog: approximately $104 billion as of June 30, 2026, with more than $25 billion of net new customer commitments added in early Q3

What Drove the Results

Adjusted EPS of -$1.03 beat the -$1.24 consensus estimate by $0.21, or 16.9%. Revenue of $2.575 billion exceeded the prior year by 112.5%, but the beat on the bottom line was offset at the GAAP level by expense growth that outpaced revenue in nearly every category. Cost of revenue rose 180.8% year-over-year to $879 million, while technology and infrastructure costs grew 124.9% to $1.507 billion, together accounting for the bulk of $2.624 billion in total operating expenses.

The divergence between adjusted and GAAP profitability is significant. GAAP net loss widened to -$626 million from -$290 million, while adjusted net loss was -$567 million versus -$130 million in Q2 2025. Interest expense, net, reached -$640 million for the quarter, reflecting CoreWeave's heavily leveraged capital structure built to fund its rapid GPU infrastructure expansion.

Capital expenditure for the quarter was $6.422 billion, up 161.8% from $2.453 billion in Q2 2025, generating a free cash flow figure of -$5.743 billion. Operating cash flow was positive at $679 million. CoreWeave expanded active power capacity by nearly 500 MW to reach 1.5 GW and grew total contracted power to approximately 3.7 GW during the quarter.

Why It Matters

On the earnings call following the report, CoreWeave guided third-quarter 2026 revenue to a range of $3.4 billion to $3.6 billion, implying approximately 158% year-over-year growth at the midpoint and above the $3.43 billion analysts had modeled. The company also raised its full-year 2026 outlook to $12.4 billion to $13.2 billion in revenue and $960 million to $1.15 billion in adjusted operating income, both increases from its prior full-year guidance of $12 billion to $13 billion in revenue. This guidance was not included in the earnings press release itself, which deferred forward-looking figures to the call.

CoreWeave's $104 billion revenue backlog as of June 30, 2026, combined with more than $25 billion in net new customer commitments added in early Q3, indicates that contracted demand is running well ahead of current quarterly revenue. New enterprise customers added in the quarter included Bentley Systems, Caterpillar, Grammarly, Isomorphic Labs, and Sunday Robotics, with expanded relationships at Cognition, Databricks, and Runway ML, among others.

On the financing side, CoreWeave closed a $3.1 billion term loan described as the first publicly syndicated delayed draw facility backed by high-performance computing infrastructure, received a $1 billion strategic investment from Jane Street, and raised more than $10 billion in unsecured debt and convertible bonds, including its inaugural Eurobond issuance. The company also completed the industry's first bring-up and validation of the NVIDIA Vera Rubin NVL72 system and was selected for inclusion in the Nasdaq-100 Index.

Wall Street View

Analyst consensus ahead of the print was weighted toward Buy, with 21 Buy ratings and 10 Strong Buy ratings in the most recent survey. Shares closed at $90.32 on Tuesday, August 11, 2026, up 2.42% while the S&P 500 declined 0.32%.

Investor Takeaway

CoreWeave's quarter illustrates the financial profile of a company in aggressive infrastructure build-out: revenue doubling year-over-year while capex more than doubled and GAAP operating income turned negative. The $104 billion backlog provides visibility into future revenue recognition, but the -$5.743 billion free cash flow and $640 million quarterly interest expense are the two figures that will determine how long CoreWeave can sustain this pace before its capital structure demands a more disciplined approach to expansion.