CoreWeave Earnings Q3 2026: Revenue, Backlog, Guidance
CoreWeave Q3 2026 results vs guidance and expectations
| Metric | Q3 2026 reported | Guidance or comparison |
|---|---|---|
| Revenue | $3.66B (+168% y/y) | Guidance $3.4B to $3.6B; consensus about $3.55B |
| Adjusted operating income | $379M | Guidance $200M to $260M |
| Adjusted operating margin | About 10% | About 5% in Q2 and 1% in Q1 2026 |
| GAAP net loss | $709M | $110M loss in Q3 2025 |
| Revenue backlog | About $133B (+138% y/y) | About $104B at June 30, 2026 |
| Active power | Above 1.7 GW (+200 MW in the quarter) | Target above 1.85 GW by year-end 2026 |
CoreWeave Earnings Q3 2026: Revenue, Backlog, Guidance and the Stock Reaction
CoreWeave (CRWV) reported third-quarter 2026 results after the close on November 10, 2026. Here are the numbers that mattered, how they compared with guidance, the raised full-year outlook, and the listed companies most exposed to the result.
CoreWeave Q3 2026 earnings in short: beat, raise, wider loss
CoreWeave reported Q3 2026 revenue of $3.66 billion, up about 168% from a year earlier and above both its own $3.4 to $3.6 billion guidance and the roughly $3.55 billion analysts expected. Revenue grew by more than $1 billion from the second quarter.
Profitability improved on an adjusted basis: adjusted operating income reached $379 million against guidance of $200 to $260 million, lifting the adjusted operating margin to about 10%, from about 5% in Q2 and 1% in Q1. On a GAAP basis the net loss widened to $709 million from $110 million a year earlier, as interest and depreciation on new capacity kept rising.
Revenue backlog climbed to a record of about $133 billion, up about 138% year over year and up from roughly $104 billion at the end of June. Management raised full-year guidance, and shares rose about 6% in after-hours trading as reported in earnings coverage.
Data in practice: tracking when AI capacity actually comes online
GPU cloud providers like CoreWeave earn revenue only when data-center capacity is energized, so the gap between announced and live megawatts is what investors watch after every report. Gemral Edge Feed 2 tracks physical infrastructure across 353 AI-infrastructure tickers, linking 88.3% (489 of 554) of monitored data-center sites to a listed equity owner or operator while keeping the remaining 65 private or municipal sites in the denominator without forced ticker mapping.
Reported megawatts reflect utility interconnection and substation capacity rather than IT rack load or installed GPU count. Permitted backup-generator MW is an upper bound on on-site backup capacity, not IT load; we do not convert it. Full point-in-time schemas, coverage denominators and audit gates are documented at /edge/data-coverage and /edge/methodology.
Listed companies most exposed to CoreWeave's results
| Company | Link to CoreWeave | What to watch next |
|---|---|---|
| CoreWeave (CRWV) | The reporting company: GPU cloud capacity sold mainly to AI labs and hyperscalers. | Q4 delivery against the 1.85 GW target and financing costs on new debt. |
| Nvidia (NVDA) | Main GPU supplier and an equity investor in CoreWeave. | Whether CoreWeave's $37B to $39B capex keeps flowing into Nvidia systems. |
| Microsoft (MSFT) | Historically one of CoreWeave's largest customers for AI compute. | Customer concentration disclosures and Azure capacity commentary. |
| Meta Platforms (META) | Signed a multi-year AI compute contract with CoreWeave in 2025. | Meta capex guidance and how much it rents versus builds. |
| Other GPU clouds (NBIS, IREN) | Peers selling GPU capacity; often trade together with CRWV on earnings. | Read-across on pricing per GPU hour and backlog growth in their own reports. |
CoreWeave earnings review: what to be careful about
Figures above come from CoreWeave's Q3 2026 report as carried by earnings coverage on November 10 to 11, 2026. Per-share loss figures differ between outlets depending on adjusted or GAAP treatment, so check the company's official filing before relying on an EPS number.
Adjusted operating income excludes items such as stock compensation, and the GAAP loss widened even as adjusted margins improved. Backlog is contracted, not recognized, revenue and depends on capacity being delivered on time. This page explains public information and is not investment advice.
CoreWeave earnings forecast: the raised 2026 outlook and what Q4 implies
For full-year 2026, CoreWeave now guides revenue of $13.0 to $13.3 billion and adjusted operating income of $1.275 to $1.375 billion. Capital expenditure guidance narrowed to $37 to $39 billion, from $35 to $39 billion previously.
Because revenue through the first three quarters is already reported, the full-year range sets the bar for the fourth quarter, which CoreWeave is expected to report in early 2027. The practical test is whether it energizes the extra capacity it needs to reach its year-end power target of more than 1.85 GW, since revenue is recognized only once contracted capacity is live.
The backlog is a bigger forward signal than any single quarter: about $133 billion of contracted revenue is several times this year's guided revenue, but it is concentrated in a small number of very large AI customers and is delivered over multiple years.
Related research on Gemral Edge
| Page | What it covers |
|---|---|
| Nvidia GB300 NVL36 server rack deployment | The rack systems GPU clouds are installing and who supplies them. |
| Hyperscaler custom ASICs vs Nvidia | Why big cloud buyers build their own chips and what it means for GPU renters. |
| Sovereign AI cloud and national GPU supercomputing | Government-backed GPU buildouts competing for the same power and chips. |
| AI data center power stocks (blog) | The utilities and grid suppliers behind new AI capacity. |
| Edge data coverage | What Feed 2 tracks across AI-infrastructure sites and how coverage is measured. |
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Upgrade to Gemral Edge Pro ($39/mo)Frequently asked questions
When did CoreWeave report Q3 2026 earnings?
CoreWeave reported third-quarter 2026 results after the market close on Tuesday, November 10, 2026, followed by its earnings call the same day.
Did CoreWeave beat earnings expectations?
Yes on revenue and adjusted operating income. Revenue of $3.66 billion topped the roughly $3.55 billion consensus and its own guidance, and adjusted operating income of $379 million beat guidance of $200 to $260 million. The GAAP net loss still widened to $709 million.
What is CoreWeave's revenue forecast for 2026?
After Q3, CoreWeave guides full-year 2026 revenue of $13.0 to $13.3 billion and adjusted operating income of $1.275 to $1.375 billion, with capital expenditure of $37 to $39 billion.
How big is CoreWeave's backlog?
About $133 billion at the end of Q3 2026, up about 138% year over year and up from about $104 billion at the end of June 2026.
How did CoreWeave stock react to earnings?
Shares rose about 6% in after-hours trading on November 10, 2026, according to earnings coverage, as the revenue beat and raised guidance outweighed the wider GAAP loss.
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