CoreWeave Q3 earnings beat revenue estimates and raise 2026 outlook
CoreWeave reported $3.661 billion in third-quarter revenue and lifted its 2026 outlook, while interest costs and spending plans remain high.
By Theo Nakamura · Staff Writer
· 3 min read
CoreWeave Q3 earnings 2026 brought a revenue beat and a higher full-year outlook, offering fresh evidence that demand for the company’s AI computing capacity remains strong. For investors, the report also kept the focus on the cost of funding that expansion: CoreWeave posted a wider net loss and expects interest expense to rise again in the fourth quarter.
CoreWeave reported $3.661 billion in revenue for the quarter ended Sept. 30, up from $1.365 billion a year earlier, according to the company’s third-quarter release. CNBC reported that revenue exceeded the $3.55 billion average estimate compiled by LSEG by about $111 million. The company’s shares advanced in extended trading, CNBC said.
The company reported an adjusted loss of 95 cents a share, compared with the $1.16 per-share loss analysts expected, according to CNBC. Its GAAP, or standard accounting, net loss was $709 million, or $1.27 a share, compared with a $110 million loss a year earlier. Revenue and earnings measure different things: revenue is sales before costs, while net income includes expenses such as interest.
What did CoreWeave say about 2026 revenue and profit?
CoreWeave raised its 2026 revenue forecast to $13 billion to $13.3 billion, from a previous range of $12.4 billion to $13.2 billion. At the midpoint, that is a $350 million increase. It also lifted its adjusted operating-income outlook to $1.275 billion to $1.375 billion from $960 million to $1.15 billion, a 26% increase at the midpoint.
The company now expects annualized run-rate revenue, a measure of the revenue pace at the end of a period, to reach $20 billion to $21 billion as it exits 2026. Those targets are company forecasts, and CoreWeave said its forward-looking statements are subject to risks and uncertainties.
Its reported revenue backlog was about $132.5 billion at Sept. 30. CoreWeave defines that figure as remaining obligations and other estimated future revenue under committed customer contracts, subject to delivering the service and having it available. Backlog is an indicator of contracted demand, rather than revenue already recognized.
What risks remain after CoreWeave raised guidance?
Building AI infrastructure requires substantial spending before customers use the capacity. CoreWeave increased the low end of its 2026 capital-expenditure forecast to $37 billion to $39 billion, saying it expects to deploy infrastructure and deliver it to customers sooner than planned. It continues to target more than 1.85 gigawatts of active power by year-end.
Financing remains a key constraint. Net interest expense totaled $846 million in the third quarter, versus $310 million a year earlier, according to CoreWeave. The company forecasts fourth-quarter interest expense of $1.05 billion to $1.15 billion. CNBC reported that investors have been concerned about higher rates and access to capital for AI-infrastructure providers.
CoreWeave said it expects about $9 billion in customer prepayments and deposits over the next three months. That forecast, along with its guidance and backlog, supports the company’s view of continued demand. The quarterly results do not settle the separate question of whether it can fund its planned buildout at acceptable costs.
This story draws on original reporting from CNBC.
