CoreWeave Q3 Earnings: Revenue Jumps 168%, 2026 Outlook Raised
CoreWeave's third-quarter revenue rose 168% to $3.66 billion and it raised its 2026 revenue outlook to $13.0–$13.3 billion. Shares rose after hours.
CoreWeave shares rose in after-hours trading on Tuesday, November 10, 2026, after the AI cloud provider reported third-quarter revenue of $3.66 billion, up 168% from a year earlier, and raised its full-year outlook. The stock rose as much as 8% after the close, according to Stocktwits, from a regular-session finish near $48.73.
CoreWeave rents out computing power built on AI chips to companies that train and run AI models. Its results are watched as a gauge of how much money is still flowing into AI infrastructure.
The numbers
Measure | Q3 2026 | Q3 2025 |
|---|---|---|
Revenue | $3.661 billion | $1.365 billion |
GAAP operating income | $207 million | $52 million |
Adjusted operating income | $379 million | $217 million |
Adjusted operating margin | 10% | 16% |
GAAP net loss | $709 million | $110 million |
Net loss per share | $1.27 | $0.22 |
Adjusted EBITDA | $2.256 billion | $838 million |
Net interest expense | $846 million | $310 million |
Source: CoreWeave earnings release, November 10, 2026.
Revenue beat the roughly $3.54 billion Wall Street expected, according to Stocktwits. The company's revenue backlog, which counts future revenue under signed contracts, stood at about $132.5 billion at the end of September.
Outlook raised
CoreWeave lifted its 2026 targets:
2026 guidance | New range |
|---|---|
Revenue | $13.0–$13.3 billion |
Adjusted operating income | $1.275–$1.375 billion |
Capital expenditures | $37–$39 billion (low end raised from $35 billion) |
Annualized revenue run rate at year end | $20–$21 billion |
Source: CoreWeave.
The company said the new adjusted operating income range is 26% higher at the midpoint than its prior guidance. It raised the low end of its spending plan because it is deploying and delivering data center capacity to customers sooner than planned. Seeking Alpha reported that the new revenue outlook is above both the prior guidance and analyst consensus.
In the release, CEO Michael Intrator called it "a breakout quarter," saying revenue rose by more than $1 billion from the prior quarter.
The catch: debt costs
Growth is expensive. Net interest expense nearly tripled from a year earlier to $846 million, a big reason the net loss widened even as revenue soared. CoreWeave expects fourth-quarter interest expense of $1.05 billion to $1.15 billion. During the quarter it raised about $4.2 billion through convertible notes and set up a program to sell up to 35 million shares over time, which could dilute existing shareholders.
The company said it added more than 200 megawatts of active power in the quarter, passing 1.7 gigawatts, and that contracted power grew to more than 4.6 gigawatts.
What it means for you
CoreWeave shows both sides of the AI build-out: very fast sales growth paid for with heavy borrowing. Even before Tuesday's report, the stock had dropped 32% this year, according to Stocktwits. If you are new to reading results like these, our guide on how to read an earnings report explains the difference between GAAP and adjusted figures. For the broader market backdrop on Tuesday, see our market close story.
This article is for information only and is not investment advice.
Sources
This article is for information only and is not investment advice. Do your own research before buying or selling any asset.