Live: Will CoreWeave Soar After Q4 Earnings Tonight?
Quick Read
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CoreWeave (CRWV) reports Q4 earnings after the bell. We’ll be updating this live blog with news and analysis. To receive new updates, simply leave this page opena and they’ll appear automatically below.
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CoreWeave must add 260 MW of active power in Q4 alone to hit its 850 MW year-end target.
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CoreWeave will provide 2026 revenue and CapEx guidance. CapEx is expected to exceed double the $12B to $14B spent in 2025.
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Market Reaction
CoreWeave shares are now down roughly 5% after hours, and the conference call is the next catalyst. Management has held back 2026 guidance, which means the market is in a holding pattern until CEO Michael Intrator speaks.
One signal worth watching: the stock closed today at $97.63, already off its intraday high of $100.75. The after-hours pressure pushes shares toward the $95.02 intraday low set earlier today.
The gap between current levels and the consensus analyst target of $126.37 is wide. But closing that gap depends almost entirely on whether management can deliver credible 2026 revenue guidance. The call is the story now.
What to Watch For Tonight
With CoreWeave shares down around 5% after hours and guidance withheld until the conference call, the key question now is what management says about 2026 CapEx and capacity deployment. As noted earlier, Wall Street is expecting $12.025 billion in 2026 revenue and $8.19 billion in EBITDA, both of which require a significant acceleration from Q4’s trajectory.
Two things to watch on the call: First, whether management addresses the class action litigation directly. Multiple law firms have filed suits alleging CoreWeave concealed significant delays at its Denton, Texas data center. Second, whether the $66 billion revenue backlog translates into firmer 2026 revenue guidance that could reverse the after-hours drop. Analyst targets sit at $126.37, implying meaningful upside if guidance holds.
CoreWeave Guidance Will Be on the Company's Conference Call
CoreWeave shares are now down 5.5%. Does that mean they’ll open deep in the red tomorrow? Not necessarily.
The company is withholding guidance until its conference call. Depending on what the company says, we could see a very different reaction tomorrow.
As a reminder, here’s what Wall Street expects in 2026:
- Revenue: $12.025 billion
- Earnings: -$.21
- EBITDA: $8.19 billion
CoreWeave Earnings Summary
With shares down 3-4% in after-hours trading, the headline numbers tell part of the story. But three specific surprises are driving the reaction beyond what the top-line beat might suggest.
The EPS Miss Was Steep
CoreWeave reported EPS of -$0.89, a significant deterioration from Q3’s -$0.22. The market had grown accustomed to improving losses after Q3’s 42% beat. This reversal was not priced in.
EBITDA Miss Breaks the Streak
Adjusted EBITDA also missed expectations, breaking three consecutive quarters of 61-62% margins. That consistency had become a key bull thesis. Any compression here signals rising costs are outpacing revenue growth.
The Backlog Cushion
The one clear positive: the revenue backlog grew to $66 billion, up from $55.6 billion last quarter, a figure that could limit further downside as investors weigh near-term losses against long-term contracted demand.
Revenue Backlog to $66 Billion
That’s up from $55.6 billion last quarter.
Shares are Holding at a 3% to 4% Loss
Share losses have been bouncing between a 3% and 4% loss after CoreWeave posted broader than expected losses last quarter.
CoreWeave Earnings Are Out
Revenue of $1.57 billion beats, but adjusted EBITDA and EPS of -$.89 are both misses.
Shares are off 6% initially.
CoreWeave Closes Down .39%
CoreWeave closed the day down about .39%. We’re expecting earnings in about 5 minutes.
Earnings Expected at 4:10 p.m. ET
CoreWeave earnings are expected at 4:10 p.m. ET. So, if you see movement right after the market closes, it’s probably just noise.
As a reminder, simply stay on this page and new updates will post automatically right after earnings release.
CoreWeave Down .8% - Outperforming Most Tech Stocks
CoreWeave shares are down .8% today, which is outperforming the broader technology market. The Nasdaq is down 1.26%, led by NVIDIA’s 5.3% drop following blowout earnings.
CoreWeave's 2026 Expectations
Tonight CoreWeave will issue more guidance on 2026 targets. Here’s what Wall Street expects from the company next year:
- Revenue: $12.025 billion
- Earnings: -$.21
- EBITDA: $8.19 billion
CoreWeave (NASDAQ: CRWV) reports Q4 2025 results today after the bell. This is only the company’s fourth earnings report since its March 2025 IPO, and it arrives under a cloud of litigation, insider selling, and a market hungry for 2026 guidance.
Legal Overhang Meets a Critical Inflection Point
Since Q3 results landed in November, CoreWeave’s story has gotten complicated. More than a dozen securities class action lawsuits have been filed, all centered on the same allegation: that CoreWeave misled investors about its ability to meet customer demand and understated its reliance on a single third-party data center supplier. The alleged class period runs from March 28 to December 15, 2025, with a lead plaintiff deadline of March 13, 2026.
The lawsuits specifically cite delays at the Denton, Texas data center tied to the Core Scientific partnership, which CoreWeave had already acknowledged on the Q3 call. CEO Michael Intrator framed it then as a temporary, isolated issue: “It’s not a challenge for power. There’s plenty of power right now… But really where the challenge is is the powered shell.” Tonight’s report is management’s first chance to show that narrative was accurate.
Adding to the pressure, CoreWeave’s Chief Development Officer sold shares worth roughly $3.5 million in mid-February, days before this report. The sales occurred under a pre-arranged trading plan, but the timing will draw scrutiny regardless.
Shares are up 21% year-to-date but down about 3% over the past month, sitting around $96 with an average analyst target of $126.
Consensus Estimates
Wall Street expects the following from Q4 earnings:
- Revenues: $1.53 billion
- EPS: -$.49
- EBITDA: $910 million
CoreWeave provided full-year revenue guidance of $5.05 billion to $5.15 billion on the Q3 call, implying Q4 revenue in the range of roughly $1.3 billion to $1.4 billion after the first three quarters totaled approximately $3.56 billion. Adjusted EBITDA margin guidance was 61% for the full year.
| Metric | Q3 2025 Actual | FY2025 Guidance |
|---|---|---|
| Revenue | $1.365B | $5.05B – $5.15B |
| Adj. EBITDA Margin | 61% | ~61% |
| Adj. Operating Income | $217M | $690M – $720M |
| Interest Expense | $310.6M | $1.21B – $1.25B |
| CapEx | $3.279B | $12B – $14B |
5 Things to Watch
- Data center delay resolution. Management said on the Q3 call that “the overwhelming majority of the delay… should be taken care of within Q1 of next year.” Q4 is the quarter that tests that promise. I’ll be watching whether the Denton delays actually compressed Q4 revenue and by how much.
- Active power deployment vs. the 850 MW target. CoreWeave guided for more than 850 MW of active power by year-end, up from 590 MW at the end of Q3. That would require adding roughly 260 MW in a single quarter. Whether they hit that number will be closely watched.
- The $55.6 billion backlog and whether it kept growing. Revenue backlog nearly doubled in Q3 alone, reaching $55.6 billion. You should watch whether Q4 adds meaningfully to that figure, and whether the largest customer’s share of backlog continues declining from the ~35% reported in Q3.
- 2026 guidance. CFO Nitin Agrawal said on the Q3 call that CoreWeave would “share more details on the 2026 build and our revenue plan… in the next earnings.” That’s tonight. The company also signaled CapEx would be “well in excess of double” 2025 levels. How management frames the path to profitability alongside that spending will set the tone for the stock in 2026.
- Litigation response and management credibility. With more than a dozen lawsuits alleging the company misled investors about infrastructure execution, tonight’s call is as much about tone as numbers. I’ll be listening closely to how Intrator addresses the Core Scientific situation and whether the company offers any clarity on legal exposure.
Eric Bleeker has been investing for more than 20 years. He began his career working at Microsoft before joining Motley Fool, one of the largest publishers of financial research. In his 15 years at Motley Fool Eric served as the General Manager for Fool.com and led coverage in the Technology & Telecom sector. In addition, he was a featured columnist and has hosted dozens of investing seminars attended by more than a million total investors. Eric has more than 1,000 financial bylines to his name and has been featured in The Wall Street Journal, CNBC, Fox Business, and many other leading publications. He is currently focused on artificial intelligence investing and is a CFA Charterholoder.
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