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Cerebras Systems (CBRS) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 12, 2026 · Cerebras Systems (CBRS) Q2 2026 earnings results →
Q2 2026 Revenue up 74% year over year to $180M · 250¢ of every $1 of revenue lost · operating margin -265.0%
Cerebras Systems made $180M in Q2 2026 (+74% Y/Y): Service $126M, Product $54.1M. Operating margin -265.0%, net loss $451M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
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What changed this quarter
Revenue was $180.1M in Q2 2026, up 74% year over year and down 7% from the previous quarter. Service was the largest line at 70% of revenue. Service added $93.0M year over year (up 281%), 121% of the total change. Product declined 23%.
Gross margin was 14.2%, down 16.9 points from a year earlier. Operating costs exceeded revenue by $477.2M, an operating margin of -265.0%. Operating expenses grew 463% against revenue growth of 74%. The fastest-growing cost line was General & admin (+830%). The quarter ended with a net loss of $450.5M, wider than the previous quarter's $14.0M loss.
Operating cash flow was −$59.8M. Non-cash charges added back $24.4M of depreciation and $377.0M of share-based compensation. Working capital and other items used $10.7M. Capital expenditures of $416.9M exceeded it, leaving free cash flow of −$476.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 12, 2026 | $180M | +74% | -265.0% | −$451M | −$59.8M |
| Q1 2026 | 10-Q | Jun 24, 2026 | $193M | +94% | -7.8% | −$14.0M | $12.3M |
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About Cerebras Systems
Cerebras Systems (NASDAQ: CBRS) builds the world’s fastest AI infrastructure. The Cerebras team of pioneering computer architects, computer scientists, AI researchers, and engineers of all types came together to make AI blisteringly fast through innovation and invention. Cerebras believes that when AI is fast, it will change the world. Leading global corporations, research institutes, and governments choose Cerebras to run their AI workloads. Cerebras solutions are available on premises and in the cloud.
In its own words, from its 8-K, filed Aug 12, 2026.
Cerebras Systems against its Semiconductors & Related Devices peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +74% against the peers' median +45%. Operating margin: -265.0% against the peers' median 40.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CBRS Cerebras Systems | Q2 2026 | $180M | +74% | -265.0% |
| NVDA NVIDIA | Q2 FY27 | $96.2B | +106% | 66.2% |
| MU Micron Technology | Q4 FY26 | $54.2B | +379% | 80.7% |
| AVGO Broadcom | Q3 FY26 | $29.6B | +86% | 53.9% |
| INTC Intel | Q3 2026 | $16.5B | +21% | 15.3% |
| AMD Advanced Micro Devices | Q3 2026 | $13.4B | +45% | 21.2% |
| AMAT Applied Materials | Q3 FY26 | $9.1B | +25% | 33.7% |
| TXN Texas Instruments | Q3 2026 | $6.1B | +28% | 47.5% |
| ADI Analog Devices | Q3 FY26 | $4.0B | +40% | 40.1% |
Source: Cerebras Systems 10-Q on SEC EDGAR · CIK 2021728 · Semiconductors & Related Devices
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History
Every quarter: Q2 2026 results · Q1 2026 results