CoreWeave Q2 2026: Revenue Doubles as Free Cash Flow Hits Negative $5.7 Billion
As seen on the 24/7 Wall St. homepage on August 11, 2026.
The AI buildout still runs on borrowed money: free cash flow came in at negative $5.7 billion even as revenue more than doubled year over year. Demand is not the question here, funding it is.
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Revenue of $2.58 billion doubled year over year, edging past consensus, and the diluted net loss of $1.14 came in better than expectations.
Growth is costing real money: free cash flow ran to negative $5.74 billion on heavy GPU capacity spending, even as operating cash flow turned positive.
The revenue backlog of roughly $104 billion as of June 30, 2026 is what keeps the capital burn a strategic question, with more than $25 billion in new commitments added in early Q3 and not yet counted. New enterprise names include Bentley Systems, Caterpillar, and Grammarly.
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Interest expense rose to $640 million from $267 million a year ago, the clearest signal of how dependent the model remains on continued access to debt markets.
CEO Michael Intrator called the quarter an inflection point, with adjusted EBITDA doubling to $1.51 billion at a 59% margin. Active power expanded to 1.5 GW, and the company was selected for the Nasdaq-100 Index, which brings passive-fund flows.
Mentioned: CRWV