CRWV Q2 2026 Earnings

Call Details

• Call Title: CoreWeave, Inc. Q2 2026 Earnings Call
• Date: August 11, 2026 at 9:00 PM UTC
• Management Team:
  • Mike Intrator (Chief Executive Officer)
  • Nitin Agrawal (Chief Financial Officer)

Call Summary

Financial Performance

• Revenue for Q2 2026 was $2.6B, up 112% year over year and up 24% sequentially.
• Adjusted EBITDA for Q2 was $1.5B compared to $753M in Q2 2025, representing an adjusted EBITDA margin of 59% (non-GAAP).
• Adjusted operating income for Q2 was $128M (non-GAAP), compared to $200M in Q2 2025 and $21M in the prior quarter, yielding an adjusted operating margin of 5% (non-GAAP).
• GAAP net loss for Q2 was $626M compared to a GAAP net loss of $290M in Q2 2025.
• Interest expense for Q2 was $640M compared to $267M in Q2 2025, reflecting increased debt used to finance capacity buildout.
• Adjusted net loss for Q2 was $567M compared to a net loss of $130M in Q2 2025.

Guidance

• Q3 2026 revenue is guided to a range of $3.45B to $3.6B.
• Q3 2026 adjusted operating income is guided to $200M to $260M, with management expecting margins to continue to expand and reach the low teens in Q4.
• Q3 2026 interest expense is guided to $860M to $940M.
• Q3 2026 capex is guided to $11.5B to $13.5B.
• Full-year 2026 revenue guidance was raised to $12.4B to $13.2B.
• Full-year 2026 adjusted operating income guidance was raised to $960M to $1.15B.
• Full-year 2026 capex guidance was raised to $35B to $39B.
• End-of-year annualized run-rate revenue guidance for 2026 was raised to $18.5B to $19.5B, and expected active power at year-end is more than 1.85GW, up from prior guidance of more than 1.7GW.