# CoreWeave (CRWV) Q1 2026 earnings

Results filed 2026-05-07 for the quarter ended 2026-03-31. Source page: https://earnings.opennash.com/companies/crwv/2026-q1/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000220/0001769628-26-000220-index.htm
> Summaries and transcripts are machine-generated and can contain errors.

## In brief

CoreWeave reported first quarter 2026 revenue of $2,078 million, a net loss of $(740) million and revenue backlog of $99.4 billion.

CoreWeave's revenue was $2,078 million in the first quarter of 2026, up 112% from a year ago. The company posted an operating loss of $(144) million and a net loss of $(740) million. Interest expense, net was $(536) million. Revenue backlog, meaning contracted future revenue, reached $99.4 billion, up 284%. Active power passed 1 GW and contracted power rose to over 3.5 GW. The company says it signed a new $21 billion Meta commitment and a multi-year Anthropic agreement.
The press release gave no numeric guidance. CoreWeave said it would give forward-looking guidance on its earnings call, and no call transcript was available here. The tension is that growth is costly. Adjusted operating margin fell to 1% from 17% a year ago, as deployment costs arrive before revenue ramps. Capital expenditures were $6.8 billion and interest costs are rising. Management points to $8.5 billion of new investment grade debt financing and a $2 billion NVIDIA equity investment.

## Key numbers

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $2,078 | up 112% from a year ago | GAAP |
| Net loss | $(740) | compared with $(315) million a year ago | GAAP |
| Diluted net loss per share | $(1.40) | compared with $(1.49) a year ago | GAAP |
| Operating loss | $(144) | compared with $(27) million a year ago | GAAP |
| Operating loss margin | (7)% | compared with (3)% a year ago | GAAP |
| Net cash provided by operating activities | 2,984 | compared with 61 a year ago | GAAP |
| Adjusted EBITDA | $1,157 | compared with $606 million a year ago | non-GAAP |
| Adjusted operating income | $21 | compared with $163 million a year ago | non-GAAP |
| Adjusted net loss | $(589) | compared with $(150) million a year ago | non-GAAP |

## Segments and operating metrics

| Name | Value | Change |
| --- | --- | --- |
| Revenue backlog | $99.4 billion | up 284% year over year |
| Active power | 1 GW | surpassed 1 GW |
| Contracted power | over 3.5 GW | expanded by more than 400 MW |
| Capital expenditures | $6.8 billion |  |
| New Meta commitment | $21 billion | signed in March |

## Key takeaways

1. **Backlog reached $99.4 billion, up 284%** Revenue backlog was $99.4 billion as of March 31, 2026, versus $25.9 billion a year earlier. The release calls it the strongest bookings quarter in CoreWeave's history.
2. **Revenue more than doubled to $2,078 million** Revenue was $2,078 million versus $982 million a year ago, up 112%. Slide figures show sequential growth from $1,572 million in Q4'25.
3. **Losses widened as costs outran revenue** Net loss was $(740) million versus $(315) million a year ago, and operating loss was $(144) million versus $(27) million. Interest expense, net rose to $(536) million.
4. **Adjusted operating margin fell to 1%** Adjusted operating income was $21 million, or 1% margin, versus 17% a year ago. CoreWeave attributes the drop to deployment-related expenses incurred before revenue fully ramps.
5. **Heavy investment funded by debt and NVIDIA equity** Capital expenditures were $6.8 billion, and the company secured an $8.5 billion DDTL 4.0 facility and closed a $2 billion Class A common stock investment from NVIDIA. Debt, non-current rose to $17,312 million from $14,665 million.

## Questions

**What did CoreWeave report for Q1 2026 revenue?** Revenue was $2,078 million, up 112% from $982 million in the first quarter of 2025. The company posted a net loss of $(740) million.
**How large is CoreWeave's revenue backlog?** Revenue backlog was $99.4 billion as of March 31, 2026, up 284% from $25.9 billion a year earlier. It includes a new $21 billion commitment from Meta signed in March.
**Is CoreWeave profitable?** No on a GAAP basis: the operating loss was $(144) million and the net loss was $(740) million, or $(1.40) per diluted share. Adjusted EBITDA was $1,157 million, a 56% margin, but that excludes depreciation and interest.
**Did CoreWeave give financial guidance?** The press release gave no numbers and said guidance would be provided on the earnings call. No call transcript was available, so no guidance figures are included here.
**How is CoreWeave financing its expansion?** It secured an $8.5 billion investment grade, non-recourse delayed draw term loan facility (DDTL 4.0) and closed a $2 billion Class A common stock investment from NVIDIA. Capital expenditures were $6.8 billion in the quarter.

## Slides and investor documents

- [Q1’26 Earnings Presentation](https://s205.q4cdn.com/133937190/files/doc_financials/2026/q1/CoreWeave-1Q26-Earnings-Presentation.pdf) (Slide deck)
- [Q2 and FY 2026 Outlook Presentation](https://s205.q4cdn.com/133937190/files/doc_financials/2026/q1/CoreWeave-1Q26-Outlook-Presentation.pdf) (Slide deck)
- [Transcript](https://s205.q4cdn.com/133937190/files/doc_financials/2026/q1/CoreWeave-Inc-CRWV-US-Q1-2026-Earnings-Call-7-May-2026-5_00-PM-ET.pdf) (Company's official transcript)
- [Webcast](https://events.q4inc.com/attendee/658779279) (Webcast replay)
- [Quarterly Filing](https://s205.q4cdn.com/133937190/files/doc_financials/2026/q1/CoreWeave-1Q26-10-Q.pdf) (Document)
- [Q1'26 Earnings Infographic](https://s205.q4cdn.com/133937190/files/doc_financials/2026/q1/Earnings-One-pager_Final.pdf) (Document)