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Core Scientific, Inc./tx (CORZ) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Core Scientific, Inc./tx (CORZ) Q3 2026 earnings results →

Q3 2026 Revenue up 187% year over year to $233M · 506¢ of every $1 of revenue kept as net profit · operating margin 31.1%

Core Scientific, Inc./tx made $233M in Q3 2026 (+187% Y/Y). Operating margin 31.1%, net earnings $1.2B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$233M
Year over year+187%
Operating margin31.1%
Net earnings$1.2B
Operating cash flow$65.3M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $232.9M in Q3 2026, up 187% year over year and up 42% from the previous quarter.

Gross margin was 52.9%, up 48.1 points from Q3 2025. Operating profit was $72.3M, a 31.1% margin (up 98.6 points year over year). Operating expenses fell 13% while revenue rose 187%. Net earnings were $1,178.1M. The effective tax rate was -9.9%. Non-operating items added $999.3M, 93% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $65.3M (down 50% year over year), 6% of net earnings. Non-cash charges added back $18.0M of depreciation and amortization and $25.2M of share-based compensation. Working capital and other items used $1,156.0M. Capital expenditures of $540.7M exceeded it, leaving free cash flow of −$475.4M.

Quarterly history

Core Scientific, Inc./tx revenue by quarterCore Scientific, Inc./tx revenue by quarter$79.5MQ1 2025$78.6MQ2 2025$81.1MQ3 2025$79.8MQ4 2025$115MQ1 2026$164MQ2 2026$233MQ3 2026
Core Scientific, Inc./tx net earnings by quarterCore Scientific, Inc./tx net earnings by quarter$576MQ1 2025−$937MQ2 2025−$144MQ3 2025$216MQ4 2025−$347MQ1 2026−$1.2BQ2 2026$1.2BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$233M+187%31.1%$1.2B$65.3M
Q2 202610-QJul 28, 2026$164M+109%-47.8%−$1.2B−$18.9M
Q1 202610-QMay 6, 2026$115M+45%-269.4%−$347M$250M
Q4 202510-KMar 2, 2026$79.8M-16%-147.3%$216M$158M
Q3 202510-QOct 24, 2025$81.1M-15%-67.6%−$144M$132M
Q2 202510-QAug 8, 2025$78.6M-44%-33.4%−$937M$34.0M
Q1 202510-QMay 7, 2025$79.5M-56%-59.1%$576M−$45.0M

Charts

Core Scientific, Inc./tx: revenue growth, year over year and quarter over quarterCore Scientific, Inc./tx: revenue growth, year over year and quarter over quarterY/YQ/Q-56%Q1 2025-44%-1%Q2 2025-15%+3%Q3 2025-16%-2%Q4 2025+45%+44%Q1 2026+109%+42%Q2 2026+187%+42%Q3 2026
Latest (Q3 2026): Y/Y +187%, Q/Q +42%.
Core Scientific, Inc./tx: where the cash came from (+) and went (−), TTM to Q3 2026Core Scientific, Inc./tx: where the cash came from (+) and went (−), TTM to Q3 2026Other financing$3.2BCapital spending−$1.8BCash drawn (+) / kept (−)−$1.2BOther investing−$677MOperating cash flow$454MAsset & business sales$7.6MNet borrowing (+) / repaid (−)−$1.1M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Core Scientific, Inc./tx: profit against cash, quarter by quarterCore Scientific, Inc./tx: profit against cash, quarter by quarterNet incomeOperating cash flow−$291M$13.8MQ4 2024$576M−$45.0MQ1 2025−$937M$34.0MQ2 2025−$144M$132MQ3 2025$216M$158MQ4 2025−$347M$250MQ1 2026−$1.2B−$18.9MQ2 2026$1.2B$65.3MQ3 2026
Latest (Q3 2026): Net income $1.2B, Operating cash flow $65.3M.
Core Scientific, Inc./tx: diluted shares by fiscal yearCore Scientific, Inc./tx: diluted shares by fiscal year158MFY2020233MFY2021341MFY2022380MFY2023256MFY2024318MFY2025
+101.8% since FY2020: more shares outstanding (issuance, stock pay).
Core Scientific, Inc./tx in its industry: growth against margin (84 companies, SIC 6199)Core Scientific, Inc./tx in its industry: growth against margin (84 companies, SIC 6199)revenue growth, year over year →↑ operating marginmedian +17%median -17%AXPBTGOGeneral Motors Financial Company, Inc.SOFICOINCRCLCHYMGDOTBKKTRHLDPGYUPSTLDIWDPWPOPRTIRENDAVERIOTMARABURCPSSMSTRVELOPFIWLTHCLSKSNFCAHIVEWULFProsper Marketplace, IncHUTABTCMFINGPGIIONDBMNRBCGGEMIStartEngine Inc.NAKABTBTWYFIKEELCIFREXODGHIMGTESLNHTONXZSTKSBETFWDIMGLDBGDEDGXXATCHFLDVIPDFDVAGPUUPXIDRKAVXHSDTBTCSPWCMORBSSHFSOPNWTRONMVNCMinistry Partners Investment Company, LLCPAPLMWAIBNBXCDSUIGFGCEMPDTAOXGSMTHSCSCORZ (+187%, 31%)
Finance Services; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI hosting: neoclouds, miners turned data centers, power money flowAI hosting: neoclouds, miners turned data centers, power · Miners turned AI hosts

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Core Scientific, Inc./tx

Core Scientific, Inc. (“we,” “us,” “our,” the “Company,” “Core Scientific,” or “Core”) designs, builds and operates large-scale, purpose-built data centers that support high-density colocation services and digital asset mining for both our own account and to a

In its own words, from its 10-K, filed Mar 2, 2026.

Core Scientific, Inc./tx against its Finance Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +187% against the peers' median +18%. Operating margin: 31.1% against the peers' median 15.3%.

CompanyQuarterRevenueY/YOp. margin
CORZ Core Scientific, Inc./txQ3 2026$233M+187%31.1%
AXP American ExpressQ3 2026$20.1B+9%22.6%
BTGO Bitgo HoldingsQ2 FY27$4.3B+80%-0.4%
General Motors Financial CompanyQ3 2026$4.3B-0.6%15.3%
SOFI SoFi TechnologiesQ3 2026$1.4B+44%22.9%
COIN Coinbase GlobalQ3 2026$1.2B-35%5.1%
CRCL Circle Internet GroupQ3 2026$865M+17%24.1%
CHYM Chime FinancialQ3 2026$718M+32%4.8%
GDOT Green DOTQ2 2026$596M+18%-0.1%

Source: Core Scientific, Inc./tx 10-Q on SEC EDGAR · CIK 1839341 · Finance Services

Guidance and outlook

Core Scientific, Inc./tx: what its forward-looking statements are about (10-Q filed 2026-11-05)Core Scientific, Inc./tx: what its forward-looking statements are about (10-Q filed 2026-11-05)Other8Capital spending7Demand5Costs3AI2Supply chain2Financing2Deals1
30 statements; tone -0.07 (−1 all cautious, +1 all confident); 10 hedged.
Core Scientific, Inc./tx: outlook statements against the filing beforeCore Scientific, Inc./tx: outlook statements against the filing beforeConfident2Cautious4

13F: who owns CORZ and who is buying

Largest holders of CORZ (13F)Largest holders of CORZ (13F)Corbin Capital Partners, L.P.$5.6BBlackRock$720MSituational Awareness LP$666MJericho Capital Asset Management …$586MVanguard Group$494MVanguard Portfolio Management LLC$478MUBS Group AG$407MSituational Awareness Partners LP$389MVanguard Capital Management LLC$353MTwo Sigma Investments, LP$263M
Funds' net buying of CORZ by quarter (13F)Funds' net buying of CORZ by quarter (13F)$4.2M2024-09$310M2024-12−$64.3M2025-03$346M2025-06$941M2025-09$540M2025-12$134M2026-03$170M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CORZ

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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