OpenNashEarnings

Software · Nasdaq: CRWV

CoreWeave earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 25 Feb 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q2 2026

CoreWeave reported second quarter 2026 revenue of $2,575 million, up 112%, a net loss of $(626) million, and revenue backlog of approximately $104 billion.

CoreWeave's revenue more than doubled to $2,575 million in the second quarter, up 112% from a year ago. Revenue backlog reached approximately $104 billion, with more than $25 billion of new commitments added in early Q3. The company still lost money: operating loss was $(49) million and net loss $(626) million, with interest expense of $640 million. Adjusted operating income was $128 million, up from $21 million in Q1 but below $200 million a year ago.

Read the Q2 2026 summary →Q2 2026 slides (PDF) ↗Official transcript (PDF) ↗

Quarters

KPI history

Revenue$2.6B+112.5% y/yQ2 2026
Q3 2024: $583.9MQ3 ’24$583.9MQ4 2024: $747.0M (worked out from the annual figure)Q4 ’24$747.0MQ1 2025: $982.0MQ1 ’25$982.0MQ2 2025: $1.2BQ2 ’25$1.2BQ3 2025: $1.4BQ3 ’25$1.4BQ4 2025: $1.6B (worked out from the annual figure)Q4 ’25$1.6BQ1 2026: $2.1BQ1 ’26$2.1BQ2 2026: $2.6BQ2 ’26$2.6B

Fourth quarter worked out from the annual figure.

Data
Q3 2024$583.9M
Q4 2024$747.0M *
Q1 2025$982.0M
Q2 2025$1.2B
Q3 2025$1.4B
Q4 2025$1.6B *
Q1 2026$2.1B
Q2 2026$2.6B
Diluted EPS (GAAP)-$1.14−90.0% y/yQ2 2026
Q3 2024: -$1.82Q3 ’24-$1.82Q1 2025: -$1.49Q1 ’25-$1.49Q2 2025: -$0.60Q2 ’25-$0.60Q3 2025: -$0.22Q3 ’25-$0.22Q1 2026: -$1.40Q1 ’26-$1.40Q2 2026: -$1.14Q2 ’26-$1.14
Data
Q3 2024-$1.82
Q1 2025-$1.49
Q2 2025-$0.60
Q3 2025-$0.22
Q1 2026-$1.40
Q2 2026-$1.14

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin-1.9%−3.5 pts y/yQ2 2026
Q3 2024: 20.1%Q3 ’2420.1%Q4 2024: 15.0%Q4 ’2415.0%Q1 2025: -2.7%Q1 ’25-2.7%Q2 2025: 1.6%Q2 ’251.6%Q3 2025: 3.8%Q3 ’253.8%Q4 2025: -5.7%Q4 ’25-5.7%Q1 2026: -6.9%Q1 ’26-6.9%Q2 2026: -1.9%Q2 ’26-1.9%
Data
Q3 202420.1%
Q4 202415.0%
Q1 2025-2.7%
Q2 20251.6%
Q3 20253.8%
Q4 2025-5.7%
Q1 2026-6.9%
Q2 2026-1.9%
Free cash flow-$5.7B−112.4% y/yQ2 2026
Q3 2024: -$573.9MQ3 ’24-$573.9MQ4 2024: -$3.3BQ4 ’24-$3.3BQ1 2025: -$1.3BQ1 ’25-$1.3BQ2 2025: -$2.7BQ2 ’25-$2.7BQ3 2025: -$700.2MQ3 ’25-$700.2MQ4 2025: -$2.5BQ4 ’25-$2.5BQ1 2026: -$4.7BQ1 ’26-$4.7BQ2 2026: -$5.7BQ2 ’26-$5.7B
Data
Q3 2024-$573.9M
Q4 2024-$3.3B
Q1 2025-$1.3B
Q2 2025-$2.7B
Q3 2025-$700.2M
Q4 2025-$2.5B
Q1 2026-$4.7B
Q2 2026-$5.7B

Operating cash flow minus capital expenditure, from cash flow statements.

Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Revenue$583.9M$747.0Md$982.0M$1.2B$1.4B$1.6Bd$2.1B$2.6B
Operating income$117.1M$112.3Md-$27.0M$19.0M$51.9M-$89.6Md-$144.0M-$49.0M
Operating margin20.1%15.0%-2.7%1.6%3.8%-5.7%-6.9%-1.9%
Net income-$359.8M-$50.9Md-$315.0M-$290.0M-$110.1M-$451.7Md-$740.0M-$626.0M
Diluted EPS-$1.82—-$1.49-$0.60-$0.22—-$1.40-$1.14
Operating cash flow$641.2Md$186.6Md$61.0M-$251.0Md$1.7Bd$1.6Bd$3.0B$679.0Md
Capital expenditure$1.2Bd$3.5Bd$1.4B$2.5Bd$2.4Bd$4.1Bd$7.7B$6.4Bd
Free cash flow-$573.9M-$3.3B-$1.3B-$2.7B-$700.2M-$2.5B-$4.7B-$5.7B
R&D expense$14.0M$21.0Md$70.0M$80.0M$93.0M$109.0Md$104.0M$117.0M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings