CoreWeave Q3 2026 Earnings: Revenue, Capex and Debt
Full research prompt
Research CoreWeave's most recent quarterly results (Q3 2026, reported around November 2026) from its earnings release, 10-Q, shareholder letter, and call transcript. Extract revenue, adjusted operating income, revenue backlog (RPO), capex and capex guidance, total debt, operating and finance lease obligations, cash interest expense, and liquidity. Present a table comparing these figures to the prior two quarters, and note any guidance changes or delays in data center delivery.
From CoreWeave Earnings and Debt After Q3 2026: How Neocloud Loans Compare
CoreWeave (NASDAQ: CRWV) reported Q3 2026 results (ended September 30, 2026) on November 10, 2026, via 8-K earnings release and conference call.[1][2]
The company showed strong sequential and YoY revenue growth driven by AI infrastructure demand, with adjusted operating margins reaching double digits a quarter ahead of plan due to operating leverage, favorable pricing, and backlog conversion into active power. Backlog grew sharply, capex accelerated (with deliveries pulled forward), and debt rose with infrastructure buildout, funded via customer contracts, prepayments, operating cash flow, and secured facilities (no new parent-level unsecured debt planned at current yields through 2027).[3][4]
No delays in data center delivery were noted; management highlighted pulling forward infrastructure deployments and deliveries from Q4, which contributed to raising the low end of FY2026 capex guidance.[5]
Key Q3 2026 Metrics and Sequential/Prior-Year Comparison
Revenue: $3,661 million (up 42% sequentially from Q2; +168% YoY from Q3 2025).[1][6]
Adjusted Operating Income: $379 million (10% margin; beat prior guidance of $200–260 million; up substantially from Q2’s $128 million / 5% margin).[1][7]
Revenue Backlog (including RPO): ~$132.5 billion (~$132.3 billion RPO) at Sept. 30 (up ~27–28% from ~$104 billion at June 30; +138% YoY).[3][3]
Capex: Q3 company-defined ~$14.5 billion (cash purchases of property/equipment $9.44 billion); FY2026 guidance raised to $37–39 billion (low end lifted from prior $35–39 billion range due to faster deployment).[6][5]
Total Debt: $46.9 billion at Sept. 30 (up from ~$35.1 billion at June 30 and $21.4 billion at Dec. 31, 2025).[8][9]
Operating Lease Liabilities: ~$18.7 billion ($668 million current + $18,029 million non-current).[10]
Finance Lease Liabilities: At least $296 million current (additional non-current obligations exist but exact Q3 total less detailed in releases).[10]
Net Interest Expense (proxy for cash interest, with some capitalization): $846 million in Q3 (Q4 guidance $1.05–1.15 billion).[6][6]
Liquidity: ~$6.5 billion in cash/cash equivalents/restricted cash/marketable securities + nearly $5 billion undrawn committed DDTL facilities; ~$9 billion in expected customer prepayments/deposits over next three months.[1]
Other notes: Active power >1.7 GW (+200 MW in Q3); contracted power >4.6 GW. FY2026 revenue guidance raised to $13.0–13.3 billion and adjusted operating income to $1.275–1.375 billion (26% higher at midpoint); exit-2026 annualized run-rate revenue $20–21 billion.[11][6]
Quarterly Comparison Table (in millions USD, except backlog in billions)
| Metric | Q3 2026 | Q2 2026 | Q1 2026[12][8] |
|---|---|---|---|
| Revenue | 3,661 | 2,575 | ~2,078 |
| Adj. Operating Income (margin) | 379 (10%) | 128 (5%) | ~21 (low single-digit %) |
| Revenue Backlog | ~132.5 | ~104 | 99.4 |
| Qtrly Capex (cash or company measure) | ~14.5 (co. meas.); cash purch. 9.44 | ~9.4 (co. meas.); cash ~6.4 | ~7.7 (cash) |
| Total Debt (end of period) | 46.9 | ~35.1 | Growing from 21.4 (YE 2025) |
| Net Interest Expense | 846 | 640 | 536 |
| Liquidity (cash + undrawn) | ~6.5B cash equiv. + ~5B undrawn | ~5.5B cash | Lower (growing with raises) |
Notes on table: Q1 revenue and adj. op. inc. from aggregated filings/tables; debt trajectory reflects rapid buildout. Leases and exact finance lease totals more granular in 10-Q (not fully excerpted in releases). Operating cash flow was strong in Q3 (~$1.975–2B).[6][12]
Guidance changes: Revenue and adj. op. inc. ranges raised; capex low end increased due to accelerated deliveries (positive signal on execution/demand, not delays). No negative shifts reported.[11]
Implications for competitors/entrants: CoreWeave’s model leverages real-time customer data and contract-backed financing (delayed-draw term loans matched to deals, customer prepayments) to fund capex while converting backlog rapidly. High debt and interest costs (~2x+ adj. op. inc. in Q3) highlight execution risk in a capital-intensive space, but strong margins (62% adj. EBITDA) and backlog growth demonstrate defensibility for those with scale, GPU access, and financing relationships. New entrants face challenges matching the data moat, customer concentration (top customers drive significant revenue), and ability to secure similar non-dilutive or contract-linked capital at scale.[13]
Sources include CoreWeave’s official earnings release (investors.coreweave.com), SEC 8-K filings/analyses, earnings call transcripts/summaries (Motley Fool, Quartr), and contemporaneous reporting (CNBC, FourWeekMBA, etc.). Figures are as reported or directly derived; minor rounding or definitional differences (e.g., cash vs. company capex measure) exist across sources.
Recent Findings Supplement (November 2026)
CoreWeave (NASDAQ: CRWV) reported Q3 2026 results (ended September 30, 2026) on November 10, 2026, via earnings release and 8-K, with a conference call.[1][2]
Revenue reached $3.661 billion (+168% YoY from $1.365 billion; +42% sequentially from Q2’s $2.575 billion), beating the prior guidance range of $3.45–3.6 billion. Adjusted operating income was $379 million (10% margin), exceeding the $200–260 million guidance range due to operating leverage, favorable pricing (including short-term capacity at higher rates), and scale.[3][4]
Revenue backlog (remaining performance obligations plus other committed contract amounts) hit a record ~$132.5 billion as of Sept. 30 (up ~27% or ~$28.5 billion from ~$104 billion at June 30; +138% YoY), with more than half tied to deliveries expected by end-2026 and over $25 billion in net new commitments signed early in Q3.[3][5]
Key balance sheet and cash flow items include total debt of ~$46.9 billion at quarter-end (up from ~$35.1 billion at June 30 and ~$21.4 billion at Dec. 31, 2025), net interest expense of $846 million (vs. $640 million in Q2), and operating cash flow of ~$1.975–2 billion.[5][6] Active power exceeded 1.7 GW (after adding >200 MW; contracted power >4.6 GW after adding >900 MW).[7]
The company raised full-year 2026 guidance: revenue to $13.0–13.3 billion (from $12.4–13.2 billion), adjusted operating income to $1.275–1.375 billion (26% higher at midpoint than prior), and capex to $37–39 billion (low end raised from $35–39 billion) because infrastructure deliveries were pulled forward from Q4. It now expects a year-end annualized revenue run-rate of $20–21 billion and >1.85 GW active power. It ruled out new parent-level unsecured debt through 2027 at current yields and expects < $5 billion in incremental parent-level capital through 2027, relying instead on asset-backed/delayed-draw term loans matched to contracts, customer prepayments (~$9 billion expected in the next three months), and operating cash flow.[8][7]
No specific delays in data center deliveries were reported; execution enabled pulling forward capacity. Detailed operating/finance lease obligations and a precise split of cash vs. non-cash interest were not highlighted in the primary release summaries (net interest expense figures are provided instead). Total liabilities reached ~$87.46 billion.[9]
Comparative table (selected metrics; figures in millions USD unless noted; backlog in billions):[6][5]
- Revenue: Q3 2026: $3,661; Q2 2026: $2,575; Q1 2026: $2,078
- Adj. Operating Income: Q3 2026: $379 (10% margin); Q2 2026: not specified in summaries (prior-quarter margin noted as ~5% in some commentary); Q1 2026: not detailed here
- Revenue Backlog: Q3 2026: ~$132.5; Q2 2026: ~$104; Q1 2026: $99.4
- Total Debt: Q3 2026: ~$46.9; Q2 2026: ~$35.1; Q1 2026: not specified in recent sources
- Net Interest Expense: Q3 2026: $846; Q2 2026: $640; Q1 2026: $536 (from sequential data)
- Active Power (GW): Q3 2026: >1.7; Q2 2026: 1.5; Q1 2026: ~1.0
Implications for competitors or entrants: CoreWeave’s model ties financing closely to contracted revenue via delayed-draw facilities and prepayments, reducing reliance on unsecured markets amid high yields. Strong backlog conversion and pricing power drove margin expansion ahead of plan, but interest costs remain a drag on GAAP results. Capacity additions and customer prepayments signal sustained AI demand, though execution on deliveries and debt management will be key watchpoints. No major regulatory or policy updates were noted in the results coverage.[7]
All figures derive from the November 10, 2026, earnings materials and contemporaneous reporting; more granular lease or cash interest details may appear in the full 10-Q.