10-Q · May 7, 2026
CoreWeave's Q1 2026 report shows a remarkable revenue surge of 112% year-over-year, totaling $2.078 billion, ahead of estimates, but the company continues to incur significant losses, reporting a net loss of $740…
Earnings analysis · 10-Q
CRWV earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
CoreWeave delivered exceptional top-line growth, with second-quarter revenue of $2.575 billion, up 112% year over year and approximately 24% sequentially. However, gross margin fell 8.3 percentage points year over year,…
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CoreWeave delivered exceptional top-line growth, with second-quarter revenue of $2.575 billion, up 112% year over year and approximately 24% sequentially. However, gross margin fell 8.3 percentage points year over year, operating results swung from a $19 million profit to a $49 million loss, and the company remains dependent on substantial external financing: six-month capex was $14.1 billion versus $3.663 billion of operating cash flow, while total indebtedness reached $35.6 billion. Liquidity improved materially and customer concentration decreased from the prior year, but unresolved internal-control weaknesses, power and data-center constraints, customer concentration, and debt-funded capital intensity support a bearish overall filing sentiment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Revenue growth accelerated
Revenue was $2.575 billion, up $495 million, or approximately 24%, from $2.08 billion in 2026 Q1 and up $1.363 billion, or 112%, from $1.212 billion in 2025 Q2. Management attributed the growth to higher demand from existing and new contracts and an expanded data-center footprint; approximately 93% of the increase came from existing customers.
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Sequential margin stabilization
Gross margin was 65.9%, up from 65.5% in the prior quarter but down from 74% in 2025 Q2. Cost of revenue increased 181% year over year to $879 million, including approximately $335 million of higher rent expense and $87 million of higher utilities and power spend.
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Operating loss narrowed sequentially
Operating loss improved to $49 million from $143 million in 2026 Q1, but results deteriorated from a $19 million operating profit in 2025 Q2. Operating margin was negative 1.9%, versus negative 6.9% in the prior quarter and positive 1.6% a year earlier.
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Liquidity expanded materially
Liquidity increased to $15.553 billion at June 30, 2026 from $6.862 billion at December 31, 2025, including $5.524 billion of cash and cash equivalents and $10.014 billion of availability under existing facilities.
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Operating cash flow turned positive
Operating cash flow was $3.663 billion for the six months ended June 30, 2026, versus negative $190 million in the prior-year period. However, cash paid for property and equipment was $14.1 billion, producing approximately negative $10.4 billion of six-month free cash flow on an operating-cash-flow less capex basis.
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Customer concentration broadened
Customer concentration improved year over year: the top three customers represented approximately 36%, 26%, and 10% of quarterly revenue in 2026 Q2, compared with the top customer representing approximately 71% in 2025 Q2. Meta committed to pay up to approximately $21.0 billion through December 2032, while OpenAI committed up to approximately $6.5 billion through May 2031.
What to watch
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Debt service exceeds operating cash flow
Total indebtedness was $35.6 billion at June 30, 2026, while cash flows dedicated to debt service were approximately $6.2 billion for the six months, consisting of $5.2 billion of principal payments and $982 million of interest payments. This compares with $3.663 billion of six-month operating cash flow and leaves limited internally generated cash after debt service.
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Capital spending remains highly elevated
Capital intensity remains extreme: cash paid for property and equipment was $14.1 billion in the first six months of 2026 versus $3.9 billion in the prior-year period, and management expects investment in technology, infrastructure, and data-center-related expenses to increase relative to 2025.
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Material weaknesses remain unresolved
The company’s disclosure controls were not effective as of June 30, 2026, and previously identified material weaknesses in IT general controls, segregation of duties, and qualified finance and accounting personnel continued to exist. Management states remediation testing is expected to continue for the remainder of 2026.
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Data-center permitting and power risk
A new quantified regulatory exposure is the July 2026 New York moratorium on data-center development using 50 megawatts or more of power. The company warns that such restrictions could increase costs and limit construction, expansion, or operation of data centers.
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Large-customer dependence persists
Customer concentration remains material despite improvement: the top three customers contributed approximately 36%, 26%, and 10% of quarterly revenue, and the company expects concentration among a limited number of customers to continue. OpenAI and Meta commitments are approximately $6.5 billion and $21.0 billion, respectively, increasing exposure to large counterparties.
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Securities litigation adds exposure
The company disclosed a purported securities class action filed in January 2026 and a consolidated stockholder derivative action. It warns that these proceedings could result in substantial costs, damages, settlement costs, fines, or penalties, although no quantified potential loss was provided.
Management's outlook
The 10-Q provides no numeric revenue or EPS guidance and does not state a change versus prior outlook. Management expects capital investments to increase relative to 2025 and expects future investments to require significant debt and/or equity financing, but provides no quantitative outlook.
Earlier filings 4
10-K · March 2, 2026
CoreWeave reports continued hypergrowth in 2025 with revenue of $5.1 billion (from $1.9B in 2024 and $229M in 2023) and a massive increase in remaining performance obligations to $60.7 billion (from $15.1B in 2024). The…
10-Q · August 13, 2025
CoreWeave reported Q2 (three months ended June 30, 2025) revenue of $1,212,788 (in thousands) and GAAP net loss per share of $(0.60). Gross margin remained high at 74.2% and the company turned operating income positive…
10-Q · May 15, 2025
CoreWeave reported strong top-line growth with revenue of $981,632,000 for the quarter (up from $188,684,000 a year ago) and maintained a ~73.3% gross margin, but profitability deteriorated as interest expense and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.