Q2 26 EPS GAAP
$-1.14
BEAT +21.22%
Est. $-1.45
Includes $125 million net other income (primarily unrealized gain on investments), $165 million stock-based compensation, $1 million acquisition-related costs, $11 million amortization of acquired intangibles. No adjusted/non-GAAP per-share figure was disclosed.
Q2 26 Revenue
$2.58B
BEAT +0.77%
Est. $2.56B
vs S&P Since Q2 26
+19.6%
BEATING MARKET
CRWV +20.1% vs S&P +0.5%
Market Reaction
Did CRWV Beat Earnings? Q2 2026 Results
CoreWeave delivered a strong second-quarter beat on both the top and bottom lines, with the GPU cloud provider reporting Q2 2026 revenue of $2.58 billion, up 112.3% from a year ago and just ahead of the $2.56 billion consensus estimate. The bigger su… Read more CoreWeave delivered a strong second-quarter beat on both the top and bottom lines, with the GPU cloud provider reporting Q2 2026 revenue of $2.58 billion, up 112.3% from a year ago and just ahead of the $2.56 billion consensus estimate. The bigger surprise came on the earnings line: GAAP diluted net loss of $1.14 per share, which includes $125 million in net other income from unrealized investment gains, $165 million in stock-based compensation, $11 million in amortization of acquired intangibles, and $1 million in acquisition-related costs, beat the $1.45 loss per share consensus by 21.22%. The primary engine behind the revenue surge was CoreWeave's aggressive expansion of GPU-powered cloud infrastructure, with technology and infrastructure expenses climbing to $1.51 billion from $670 million a year earlier as the company raced to meet AI workload demand. Operating cash flow turned positive at $679 million, a meaningful shift from negative $251 million a year ago, though capital expenditures of $6.42 billion kept free cash flow deeply negative. With a revenue backlog of approximately $104 billion and more than $25 billion in net new customer commitments added in early Q3, the company's forward demand picture remains substantial, even as investors weigh its heavy debt load and ongoing capital intensity.
Key Takeaways
- • Revenue more than doubled year-over-year driven by accelerating customer demand for AI infrastructure
- • Revenue backlog reached approximately $104 billion
- • Operating cash flow turned positive at $679 million vs negative $251 million in Q2 2025
- • Adjusted EBITDA doubled to $1,510 million with 59% margin
- • Active power expanded by nearly 500 MW to reach 1.5 GW
CRWV Forward Guidance & Outlook
CoreWeave stated it would provide forward-looking guidance on its earnings conference call and webcast. Revenue backlog was approximately $104 billion as of June 30, 2026, with more than $25 billion of net new customer commitments added in early Q3 2026, not included in the backlog figure.
CRWV YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
“CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage. Customer demand is accelerating, as enterprise adoption broadens and we continue to deepen our technology platform.”
— Michael Intrator, Q2 2026 Earnings Press Release
CRWV Earnings Trends
CRWV vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CRWV EPS Trend
Earnings per share: estimate vs actual
CRWV Revenue Trend
Quarterly revenue: estimate vs actual
CRWV Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Includes $125 million net other income (primarily unrealized gain on investments), $165 million stock-based compensation, $1 million acquisition-related costs, $11 million amortization of acquired intangibles. No adjusted/non-GAAP per-share figure was disclosed. | $-1.45 | $-1.14 | +21.22% | $2.58B | +0.77% |
| Q1 26 MISS | $-1.23 | $-1.40 | -14.26% | $2.08B | +5.00% |
| Q4 25 MISS FY | $-0.68 | $-0.89 | -29.96% | $1.57B | +2.89% |
| FY Full Year | $-2.58 | $-2.81 | -9.10% | $5.13B | +0.32% |
| Q3 25 MISS | $-0.22 | $-0.22 | -1.29% | $1.36B | +9.64% |
| Q2 25 MISS | $-0.21 | $-0.60 | -189.72% | $1.21B | +12.15% |
| Q1 25 MISS | $-0.12 | $-1.49 | -1,141.67% | $981.6M | — |