CoreWeave Q3 Earnings: Revenue $3.66B, 2026 Guide $13.0-13.3B
CoreWeave's Q3 earnings beat LSEG's $3.55B revenue estimate, CNBC reported, and its 2026 guide rose on a $132.5B backlog, but $37-39B of capex and $846M net interest weigh.
Chips & Power DeskEdited by Ege Erten
3 min readAI-assisted
Rack hardware in a CoreWeave AI data center, from the company's AI data centers page. The image is illustrative and does not show a specific site named in the earnings release.
Image: CoreWeave
Source · Press image from the CoreWeave website, used for news reporting.
CoreWeave reported Q3 2026 earnings with revenue of $3.661 billion, up from $1.365 billion a year earlier, and raised its full-year revenue guidance to $13.0 billion to $13.3 billion, the company said in its results release on Nov. 10.
CNBC reported the quarter beat the $3.55 billion that analysts polled by LSEG expected. Quarterly revenue rose by more than $1 billion from the $2.575 billion CoreWeave reported for the second quarter. Operating income was $207 million, a 6% margin, against an operating loss of $49 million in the second quarter. The net loss was $709 million, or $1.27 per share, compared with $110 million a year earlier.
CoreWeave's Q3 2026 revenue of $3,661M compares with $2,575M in Q2 2026 and $1,365M in Q3 2025, per its 8-K filings.
Illustration (AI-generated)
CoreWeave Power, Backlog and Guidance
CoreWeave added more than 200 MW of active power in the quarter to reach over 1.7 GW, up from 1.5 GW at the end of June. Contracted power grew by more than 900 MW to over 4.6 GW, from about 3.7 GW. The company said more than 1.3 GW of that contracted power is outside the United States, including India, Indonesia and Spain. It still expects more than 1.85 GW of active power at year-end, so roughly 150 MW has to come online in the fourth quarter.
Revenue backlog, which includes committed customer contracts not yet recognized as revenue, was about $132.5 billion on Sept. 30, against about $104 billion on June 30. Backlog is a contract measure, not cash: the company says recognition depends on delivery and availability targets.
The revised outlook, according to the release and CNBC, runs as follows. Revenue guidance moves to $13.0 billion to $13.3 billion from $12.4 billion to $13.2 billion, per CNBC; LSEG analysts expected $12.86 billion. Adjusted operating income guidance is now $1.275 billion to $1.375 billion, a 26% increase at the midpoint on the prior range. Annualized run-rate revenue, defined as the last month of the quarter times 12, is guided to $20 billion to $21 billion exiting 2026.
Capex, Debt and Interest Costs of the Build
Capital expenditure for 2026 is now expected at $37 billion to $39 billion, raising the low end from $35 billion. CoreWeave said it expects to deploy infrastructure and deliver it to customers sooner than planned. Visible Alpha analysts had expected $37.69 billion, CNBC said.
The cash-flow statement shows $9.441 billion spent on property and equipment in the third quarter and $23.558 billion in the first nine months. On that line alone, the full-year range leaves about $13.4 billion to $15.4 billion for the fourth quarter, by Voltgrid's arithmetic; CoreWeave does not give its capex definition in the release. Operating cash flow was $1.975 billion in the quarter.
Financing is the other side of that spending. Net interest expense was $846 million, up from $640 million in the second quarter, and CoreWeave guided to $1.05 billion to $1.15 billion for the fourth quarter. CNBC reported about $47 billion of debt at quarter-end. The company raised about $4.2 billion in convertible notes and closed a $2.6 billion delayed-draw term loan facility in the quarter, and chief executive Michael Intrator pointed to about $9 billion of customer prepayments and deposits expected over the next three months. CFO Nitin Agrawal told CNBC that at current yields the company does not intend to issue more parent-level unsecured debt through 2027.
The results land after a rough month for the stock. CNBC said shares had lost more than 40% in the past month, and Voltgrid's week-ahead preview named this one of the week's key AI infrastructure events.
CoreWeave has also been lobbying on Texas data-center rules, as Voltgrid reported on Nov. 8.
It also brought most of a planned 22.5 MW online in Denmark, as Voltgrid reported on Oct. 27.
What Is Not Confirmed Yet
Fourth-quarter revenue is not guided separately; the figure is implied by the full-year range and was not stated in the release. The earnings call transcript had not been read for this report. The prior revenue range of $12.4 billion to $13.2 billion comes from CNBC alone, and other outlets cite different ranges. Adjusted loss per share of 95 cents against $1.16 expected is also CNBC's figure and is not in the release.
