CoreWeave, Inc. Q2 2026 Earnings Results vs. Expectations

What the Street expects

QoQ and YoY are what the consensus implies against the prior quarter and the prior year.

Q2 2026 reported results

What to watch

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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Estimate against reported

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.

Every quarter