CoreWeave (CRWV) Earnings Show Sales Up 168%, Above Its Own Forecast

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Category	Value
CoreWeave, Sep 30	2.58x
Oracle, Aug 31	1.47x
Meta, Sep 30	0.53x
Microsoft, Sep 30	0.43x
Alphabet, Sep 30	0.40x
Amazon, Sep 30	0.38x

Every company reporting the same week, with its date and time, is in StockTitan's Earnings Calendar for the Week of November 9, 2026.

Sec.01CoreWeave earnings for the third quarter of 2026

CoreWeave reported revenue of $3,661 million for the quarter that ended September 30, 2026, against $1,365 million a year earlier. In August, its outlook presentation had forecast $3.45 billion to $3.60 billion for this quarter.

Sales grew 42% from the quarter before, faster than the 24% of the quarter before that. In August, CoreWeave had said its new power would show up in sales in the third and fourth quarters. In June alone it switched on more than 300 megawatts, more than in any earlier full quarter, its finance chief said on the August call.

Revenue rose "by more than $1 billion sequentially," that is, from the quarter before, chief executive Michael Intrator said in the results release.

In the second quarter, the latest period with a customer breakdown, growth came mostly from customers CoreWeave already had. About 93% of the revenue increase came from existing customers. The three largest customers paid 72% of that quarter's revenue, its quarterly report shows without naming them.

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Category	Value
Q2 2025	$1.21B
Q3 2025	$1.36B
Q4 2025	$1.57B
Q1 2026	$2.08B
Q2 2026	$2.58B

Sec.02How much is CoreWeave spending on AI data centers?

That cash, from the company's cash flow statement, paid for the chips, servers, buildings and software CoreWeave bought during the quarter. The company's own measure of capital spending is worked out differently. It counts equipment and buildings added in the quarter, including leased ones, minus the change in projects still being built, its earnings presentation says. So in some quarters it is larger than the cash paid, and in others smaller.

On that measure, CoreWeave spent $14.5 billion in the quarter, above the $11.5 billion to $13.5 billion it forecast in August. The presentation says CoreWeave is ahead of schedule.

For all of 2026, CoreWeave now expects capital spending of $37 billion to $39 billion, against $35 billion to $39 billion in August, its results release says. The company said it expects to deliver equipment to customers sooner than planned.

Set against sales, CoreWeave spent the most of the 507 companies in StockTitan's financial data with at least $1 billion of sales in a quarter ended in September. The next highest was the power utility CenterPoint Energy, at 1.9 times its sales.

Nebius, a smaller AI cloud rival outside StockTitan's quarterly data, spent even more against its sales. By the figures in its results release, it paid 9.7 times its sales in its quarter to June 30, a figure that also counts intangible assets such as software.

The giants spend more in dollars, but their sales are so much larger that the spending is a smaller share of them. Meta, the highest of the four, spent 0.53 times its sales in the quarter to September 30. Oracle, which also rents out AI computing, spent 1.47 times in its quarter to August 31.

The money buys power and the computers that run on it. Active power, the capacity at its operating data centers, passed 1.7 gigawatts by the end of the quarter, up from 1.5 gigawatts in June, CoreWeave said. Contracted power, the capacity it has secured for later, passed 4.6 gigawatts. The company still expects more than 1.85 gigawatts of active power by the end of 2026.

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Category	Value
Q2 2025	$2.45B
Q3 2025	$3.28B
Q4 2025	$4.06B
Q1 2026	$7.70B
Q2 2026	$6.42B

Sec.03How does CoreWeave pay for its data centers?

Its own operations could not cover the bill. They brought in $2.0 billion of cash, $7.5 billion less than CoreWeave paid for equipment, the cash flow statement shows. Borrowing, net of repayments, brought in $8.0 billion, and CoreWeave sold no new shares in the quarter.

Debt on the balance sheet reached $46.9 billion on September 30, 2026, up from $35.1 billion at the end of June. Of that, $10.6 billion is due within a year.

Borrowing has a cost. Interest expense was $846 million in the quarter, 23% of sales and a little below the company's forecast. For the fourth quarter, it expects $1.05 billion to $1.15 billion, its outlook presentation shows.

In September, CoreWeave sold bonds that pay 2.875% a year and can later turn into shares. It raised about $4.2 billion from them, its results release says. It also set up a program to sell up to 35 million new shares over time. The company said the share program supports its aim of moving its credit rating toward investment grade, the higher ratings that usually let a company borrow more cheaply.

CoreWeave also closed a $2.6 billion loan it can draw on over time, called DDTL 5.5. It is the company's first financing built to support shorter customer contracts, the release says.

Customers also pay ahead. Deferred revenue stood at $10.0 billion on September 30. That is money customers have paid for service not yet delivered. Intrator said the company expects "approximately $9 billion in customer prepayments and deposits" in the next three months. StockTitan's look at CoreWeave's debt shows when each loan comes due.

For owners, CoreWeave pays no dividend, and its annual report says it does not expect to pay one in the foreseeable future. Its cash flow statement shows no share buybacks. The average number of shares was 559 million in the quarter, against 498 million a year earlier.

Sec.04Is CoreWeave profitable?

Standard accounting (GAAP) spreads the cost of chips and buildings over their useful life as depreciation. Depreciation, with a smaller charge for software and other intangible assets, came to $1.89 billion in the quarter. Before interest and taxes, running its data centers made an operating profit of $207 million.

The company also reports adjusted figures that leave out costs such as pay in stock. Its adjusted operating income was $379 million, above the $200 million to $260 million it forecast. Adjusted EBITDA was $2.26 billion, a measure that also leaves out depreciation and interest.

For all of 2026, CoreWeave now forecasts adjusted operating income of $1.275 billion to $1.375 billion, up from $960 million to $1.15 billion in August, its outlook presentation shows.

The net loss per share was $1.27, against $0.22 a year earlier.

Sec.05What CoreWeave's backlog says about AI demand

Counting the work it delivered, the backlog implies about $32.0 billion of net new contracts in the quarter, 8.7 times its sales. Net means after any contracts that were cut back. On August 11, CoreWeave said it had added more than $25 billion of net new commitments early in the third quarter, which the June backlog did not count. The new results release named new customers including Canva and Wayve, and wider work with existing ones including OpenAI and Jane Street.

In September, the company said it was signing new contracts at higher prices. Short contracts of three to six months fetched about $40 million a year for each megawatt of power they use.

Nearly all of the backlog is remaining performance obligations, the contracted part. They came to $132.3 billion on September 30, its earnings presentation shows, up from $103.7 billion in June. Not all of it turns into sales soon. In June, CoreWeave expected to record 41% of the June amount as revenue within two years.

With the results, CoreWeave raised its 2026 sales forecast to $13.0 billion to $13.3 billion, from the $12.4 billion to $13.2 billion it gave in August. It also raised its forecast for how fast sales will be running at the end of 2026, shown with its other forecasts below.

Show the data

Category	Value
Jun 2025	$30.1B
Sep 2025	$55.6B
Dec 2025	$66.8B
Mar 2026	$99.4B
Jun 2026	$104.2B

Sec.06CoreWeave stock around earnings

AI data center stocks fell on November 4, 2026, the day after an election in which Democrats won Congress and the Texas governor race, StockTitan reported. On November 5, chip stocks fell again on fears that Democrats will limit data centers, CNBC reported. On the same day, CoreWeave closed at $43.66, according to StockTitan's price data.

At 4:41 p.m. Eastern time on November 10, 2026, after the market closed, CoreWeave stock was up 2.5% from its $48.73 closing price that day, in StockTitan's real-time Nasdaq data. In the same data, its highest trade between the 4:00 p.m. close and 4:41 p.m. was $54.

Asked in August about local fights over data centers, Intrator said limits are "not going to impact the demand for this infrastructure." He added, "They are going to impact where this infrastructure gets built." For a company that borrows to build, where and when a site can open matters, because a delayed site could push back the sales meant to pay for it.

Sec.07Frequently asked questions