Live: Will CoreWeave Soar After Q4 Earnings Tonight?

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.

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 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

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.

That’s up from $55.6 billion last quarter.

Share losses have been bouncing between a 3% and 4% loss after CoreWeave posted broader than expected losses last quarter.

Revenue of $1.57 billion beats, but adjusted EBITDA and EPS of -$.89 are both misses.

Shares are off 6% initially.

CoreWeave closed the day down about .39%. We’re expecting earnings in about 5 minutes.

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 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.

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