CoreWeave reports Q2 2026 after the close on Tuesday, August 11, with the call at 5:00 p.m. ET. Third-party consensus is around $2.56B of revenue — roughly +111% year over year — against a loss of about $1.21 a share.
Note one procedural quirk before the numbers: CoreWeave does not put guidance in its press release. Its Q1 release says outright that the company "will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call." The widely quoted $2.45–2.60B Q2 range came off that call, not out of a filing. The release will tell you what happened; only the call will tell you what happens next.
The growth is settled. This is about the financing.
Here is the Q1 2026 income statement, from the release:
| Q1 2026 | ||
|---|---|---|
| Revenue | $2,078M | +112% YoY |
| Operating loss | −$144M | −7% margin |
| Interest expense, net | −$536M | |
| Net loss | −$740M | −36% margin |
| Diluted EPS | −$1.40 | |
| Adjusted EBITDA | $1,157M | 56% margin |
| Adjusted operating income | $21M | 1% margin |
Those last two lines are the whole company in miniature. Adjusted EBITDA is $1.16B and a 56% margin, which is what gets quoted. Strip out depreciation on the GPUs that generate the revenue and adjusted operating income is $21M — a 1% margin. Then the interest bill is $536M in the same quarter, running at roughly $2.1B annualised.
The AI infrastructure is not the question. The capital structure is.
The record going in
From our stored CoreWeave series:
| Quarter | Revenue | Revenue YoY | Diluted EPS | Gross margin | FCF | R40 |
|---|---|---|---|---|---|---|
| 2025 Q1 | $0.98B | +420.3% | −$1.49 | 73.32% | −$1.35B | 283.1 |
| 2025 Q2 | $1.21B | +206.7% | −$0.60 | 74.22% | −$2.70B | −16.2 |
| 2025 Q3 | $1.36B | +133.7% | −$0.22 | 72.97% | −$0.70B | 82.4 |
| 2025 Q4 | $1.57B | +110.4% | −$0.94 | 67.58% | −$2.50B | −48.7 |
| 2026 Q1 | $2.08B | +111.7% | −$1.40 | 65.54% | −$4.71B | −115.0 |
Two trends run underneath the growth. Gross margin has fallen every quarter for a year — 74.22% to 65.54%, nearly nine points. And free cash flow is not merely negative but widening: −$4.71B in Q1 alone, a −227% margin. On our house definition that puts the Rule of 40 score at −115, which is less a score than a description of a company mid-build.
That is expected for this business model — we treat deeply negative FCF as the normal reading for a debt- and lease-funded GPU builder, not as a red flag in itself. It is still the number that decides whether the backlog is an asset or an obligation.
Worth holding the peer tape in view too: when we compared the neocloud drawdowns on July 30, Nebius and IREN were 40–60% off their 2026 highs on a Meta cloud-competition shock that took CoreWeave down in sympathy the same session. CoreWeave is the largest of the three and the most heavily financed, so it is the one where that repricing does the most damage if sentiment turns tonight.
The backlog, and what it costs to serve
Revenue backlog was $99.4B as of March 31, up from $66.8B at the end of 2025. Q1 added a $21B Meta commitment signed in March and a multi-year Anthropic agreement, on top of expanded work with Cohere, Jane Street and Mistral. Active power passed 1 GW; contracted power grew more than 400 MW to over 3.5 GW, against a stated path to more than 8 GW by 2030.
None of that converts to revenue without capital, which is why the most informative filing of the last week is not an earnings document at all. On August 10 — one day before this print — CoreWeave closed a $2.6B delayed draw term loan (the "DDTL 5.5 Facility"), rated Ba2 by Moody's and BB+ by Fitch.
The structure is the news. Every prior facility was backed by customer contracts running through the maturity of the debt. This one has an approximate five-year maturity against underlying customer contracts averaging about three years — so for the last two years the lenders are underwriting renewal risk on GPU capacity, not contracted cash flow. CoreWeave frames this as a positive, and on its own terms it is: shorter contracts "often command higher prices," which the company expects to convert into higher margins and a wider enterprise customer base.
It is also the first facility where someone other than CoreWeave is betting that 2029-vintage demand for 2026-vintage GPUs will be there.
What to watch tonight
- Whether gross margin holds above 65%. Four consecutive quarters of decline. The Q1 explanation was mix; a fifth quarter down makes it a trend, and it compounds directly into the interest-coverage problem.
- Interest expense against adjusted operating income. $536M versus $21M in Q1. If the operating line does not scale faster than the debt, the backlog is being financed at a widening loss.
- Backlog conversion, not backlog size. $99.4B is already large enough that the growth rate of the number matters less than the rate at which it becomes revenue.
- Customer concentration. Meta at $21B in a single March commitment, alongside OpenAI and Microsoft. Any disclosure that reduces the top-customer share is more valuable than a headline beat.
- Whether guidance is given at all, and in what form. It will come on the call. If the release is strong and the stock moves before 5:00 p.m. ET, that move is being made without the forward number.
The bottom line
CoreWeave will almost certainly report revenue roughly doubling and a loss roughly matching it. That has been true for five straight quarters and is not the interesting part.
The interesting part is that the company earned $21M of adjusted operating income last quarter, paid $536M of interest, burned $4.71B of cash, and then borrowed $2.6B more the day before reporting — on terms where the lenders, for the first time, take renewal risk. Tonight's release tells you how fast the revenue is growing. The call, and the margin line, tell you whether it is growing fast enough.
CoreWeave's Q1 2026 figures, the $99.4B revenue backlog, the Meta and Anthropic agreements and the power figures are from its Q1 2026 earnings release, filed as Exhibit 99.1 to its 8-K of May 7, 2026 (accession 0001769628-26-000220). The $2.6B DDTL 5.5 Facility, its ratings and its maturity-versus-contract structure are from Exhibit 99.1 to its 8-K of August 10, 2026 (accession 0001769628-26-000357). Historical revenue, EPS, gross margin and free cash flow are from our stored CoreWeave series; free cash flow is operating cash flow less cash purchases of property and equipment, and excludes finance-leased hardware. R40 is revenue growth plus free-cash-flow margin. Consensus estimates and the $2.45–2.60B guidance range are third-party, sourced from the Q1 call rather than a filing, and are not held in this repository.
