CoreWeave, Inc. · Q2 2026
ReportedAug 11, 2026
Period endedJun 30, 2026
Rule of 40n/m
Consensus vs reported
EPS
BEAT +6%
-$1.14
vs -$1.21 expected
QoQ+18.6%
YoY−90.0%
Revenue
BEAT +1%
$2.58B
vs $2.56B expected
QoQ+23.9%
YoY+112.3%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $2.58B, up 112.3% year over year and 23.9% on the quarter. EPS −$1.14, down 90.0% year over year and up 18.6% on the quarter. Free cash flow −$5.74B, down 112.4% year over year and 21.9% on the quarter. EPS beat consensus by 6%.
Reported this quarter
Revenue
$2.58B
QoQ +23.9%
YoY +112.3%
EPS
−$1.14
QoQ +18.6%
YoY −90.0%
Free Cash Flow
−$5.74B
QoQ −21.9%
YoY −112.4%
Gross Margin
65.9%
QoQ +0.3 pp
YoY −8.4 pp
FCF Margin
-223.0%
QoQ +3.7 pp
YoY −0.1 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- Operating leverage is real and the gap is unchanged. Adjusted operating income rose six-fold to $128M while interest rose to $640M . The ratio improved from 3.9% to 20%; the absolute gap stayed at about $512M .
- Gross margin stopped falling for the first time in five quarters— 65.54% to 65.86% .
- Backlog grew to $104B, with $25B+ of net new commitments disclosed in early Q3, and still no conversion schedule . Size is not the question; timing is.
- Customer disclosure improved materially— Caterpillar, Bentley Systems, Grammarly and Isomorphic Labs named — but there is still no updated top-customer percentage.
- Guidance again did not appear in the filing, exactly as the preview predicted: the Outlook section defers it to the call.
Coverage around this release
R40
Meta Is Building Toward 14 GW. Its Rentable Compute Is Still a Thin Slice.
In-Depth · Aug 30, 2026
R40
Nebius Sold Stock at $223.60 and Its Newest Converts Strike From $313.46. The Shares Sit Between Them.
News · Aug 27, 2026
R40
Anthropic Has Contracted 1.19 GW. Half of It Costs $2.37M per MW-Year, the Other Half $15.46M.
News · Aug 27, 2026
R40
Broadcom May Raise $60B for AI Deals. Its 10-Q Already Disclosed a $29B Lease Backstop.
News · Aug 20, 2026
R40
CoreWeave Owes $64.6B in Rent Against $35.1B of Debt—and One $14.7B Lease Is Excluded.
News · Aug 20, 2026
R40
The Neocloud "Revenue per Megawatt" Ranking Is Measuring Contract Length, Not Efficiency
News · Aug 19, 2026
R40
Nvidia's Disclosed Stock Portfolio Grew $45 Billion Last Quarter. It Bought One Thing.
News · Aug 15, 2026
R40
CoreWeave's Operating Leverage Arrived. So Did $640 Million of Interest.
News · Aug 12, 2026
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2025 Q3 | — | −$0.22 | — |
| 2025 Q4 | — | −$0.94 | — |
| 2026 Q1 | — | −$1.40 | — |
| 2026 Q2 | −$1.21 | −$1.14 | +6% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1769628.
JSON
Company facts (XBRL)
Every figure CRWV has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 2026, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings