CRWV Q2 2026 - Preliminary Earnings Alert

Event: Quartr Q2 2026 event Retrieved: 2026-08-11T20:38:00Z Comparison mode: maximal Scorecard contract: v1 Source status: release=available (earnings release 3684211, all 21 pages read; source PDF stamped 2026-08-11 20:12:10Z) | financials=earnings release statements only (no separate Quartr standardized financials attached; slide deck 4004574 attached but not read) | transcript=not available (call 2026-08-11 21:00Z / 5:00 p.m. Eastern, not yet held)

Earnings takeaway

CoreWeave beat on both scorecard metrics - Q2 2026 revenue of $2,575m came in 0.8% above the $2,554.499m API Ninjas consensus and GAAP diluted loss per share of $(1.14) was 5.8% better than the $(1.21) consensus - and the release gave no financial outlook at all, deferring all forward guidance to the earnings call.

Consensus scorecard

Key earnings highlights

Guidance changes

No financial guidance change disclosed.

Key bullish aspects

• Both scorecard metrics beat consensus, and the underlying growth is large: revenue more than doubled to $2,575m and Adjusted EBITDA doubled to $1,510m.
• Revenue backlog was approximately $104 billion at 2026-06-30, and the company states this excludes more than $25 billion of net new customer commitments added in early Q3. Active power expanded by nearly 500 MW to 1.5 GW and total contracted power reached approximately 3.7 GW.
• Operating cash flow turned positive at $679m in the quarter against a $(251)m outflow a year earlier, and the company raised a $3.1 billion syndicated delayed-draw term loan, more than $10 billion of unsecured debt and convertible bonds including an inaugural Eurobond, and a $1 billion strategic investment from Jane Street. It was also selected for the Nasdaq-100 Index.

Key bearish aspects

• The stated "expanding operating leverage" is not visible below Adjusted EBITDA. Adjusted EBITDA margin fell to 59% from 62%, adjusted operating income fell 36.0% to $128m with its margin down to 5% from 16%, and GAAP operating income swung to a $(49)m loss from $19m of income - on revenue that more than doubled.
• Net interest expense rose to $640m from $267m and drove net loss 115.9% wider to $(626)m. Total liabilities stand at $72,046m against $5,024m of stockholders' equity, including $31,405m of recourse debt and $3,663m of non-recourse debt, with an accumulated deficit of $(4,009)m.
• Capital intensity far exceeds internal funding: $6,422m of property and equipment purchases in the quarter against $679m of operating cash flow, covered by $10,071m of net financing inflows. Property and equipment rose to $46,736m from $30,557m at year end and operating lease liabilities to $16,319m from $8,195m.

Key uncertainties

• The release contains no financial outlook of any kind; the company states it will provide forward-looking guidance only on the earnings call. Nothing in this report can speak to the guide, which is the item most likely to move the stock tonight.
• The consensus EPS basis is not stated by either source, and the company discloses no adjusted per-share figure anywhere in the release - only an adjusted net loss of $(567)m in dollars. GAAP diluted $(1.14) was therefore the only eligible EPS actual under the maximal ladder. No adjusted per-share amount was derived here.
• The $104 billion revenue backlog is a company-defined measure that includes remaining performance obligations plus other amounts management estimates will be recognized under committed contracts, each subject to delivery and service-availability requirements. No timing distribution, customer concentration or conversion assumption is disclosed.

Market context

• API Ninjas price snapshot for CRWV: $90.32 on NASDAQ with volume of 29,581,984, timestamped 2026-08-11T20:20:53Z. That is roughly 16:21 Eastern, immediately after the regular session close and about nine minutes after the release, so it is effectively a closing-session snapshot and not an after-hours reaction to these results. No reaction is characterized here.
• The release was published after the close on 2026-08-11, ahead of the 5:00 p.m. Eastern (21:00Z) conference call; the Quartr source PDF is stamped 2026-08-11 20:12:10Z. The event therefore qualified on the document-availability arm of the due-event window rather than the call clock.
• Conference call access is stated in the release: an audio webcast at 2:00 p.m. Pacific / 5:00 p.m. Eastern on 2026-08-11 at investors.coreweave.com, where the release and an accompanying presentation are also posted, with a replay and a transcript to follow.

Source limitations

• Every displayed actual comes from Quartr earnings release document 3684211. All 21 pages were read, covering the highlights tables, the business and technology updates, the consolidated statements of operations, balance sheets and cash flows, and all three GAAP to non-GAAP reconciliations. No separate Quartr standardized financials document is attached to this event.
• The slide deck attached to this event (document 4004574) was not read. Any figure presented only on a slide is therefore not reflected here.
• The statements render in the source text layer with the quarter and six-month columns interleaved and labels split from values, so every figure above was placed by footing against a stated total. The Adjusted EBITDA bridge foots exactly ($(626)m plus $1,393m, $640m, $165m, $62m and $1m less $125m gives the stated $1,510m), the adjusted operating income bridge foots exactly ($(49)m plus $165m, $1m and $11m gives the stated $128m), and the adjusted net loss bridge foots exactly ($(626)m plus $165m, $1m and $11m less $109m and $9m gives the stated $(567)m). All three reconciliations independently restate revenue as $2,575m for the quarter and $4,653m for the half.
• Page 8, page 13 and page 21 returned empty in the text layer, and pages 9, 14 and 16 returned only headings or fragments, so parts of the balance sheet and cash flow statements arrive across page boundaries. Only lines confirmed by an explicit label-and-value pair are used above.
• The API Ninjas row for CRWV dated 2026-08-11 carried no fiscal_year or fiscal_quarter, so the exact ticker-and-date match path was used against the Quartr event date of 2026-08-11. No fiscal-period conflict exists. The provider supplied no actual revenue or actual EPS for this event, so no reconciliation diagnostic was available; under maximal mode that does not suppress the comparison.
• API Ninjas supplied only the consensus estimates. Provider difference and difference-percentage fields were empty and were not used; both scorecard variances were calculated locally as the Quartr actual less the API Ninjas estimate, divided by the absolute estimate.
• Revenue is reported by the company in whole millions, so the $20.501m variance carries the company's own rounding.
• No transcript exists for this event yet, so nothing in this report reflects management commentary beyond the release text. The call is scheduled for 2026-08-11 at 21:00Z and is where the company says it will give guidance.