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CoreWeave (CRWV) earnings and revenue breakdown

Latest: Q2 2026 · 10-Q filed Aug 12, 2026 · CoreWeave (CRWV) Q2 2026 earnings results →

Q2 2026 Revenue up 112% year over year to $2.6B · 24¢ of every $1 of revenue lost · operating margin -1.9%

CoreWeave made $2.6B in Q2 2026 (+112% Y/Y). Operating margin -1.9%, net loss $626M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.

Revenue$2.6B
Year over year+112%
Operating margin-1.9%
Net earnings−$626M
Operating cash flow$679M

Drawing the Sankey…

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CoreWeave Q2 2026 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
CoreWeave Q2 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $2.6B in Q2 2026, up 112% year over year and up 24% from the previous quarter.

Operating costs exceeded revenue by $0.05B, an operating margin of -1.9%. Total costs grew 120% against revenue growth of 112%. The fastest-growing cost line was Cost of revenue (+181%). The quarter ended with a net loss of $0.63B, narrower than the previous quarter's $0.74B loss. Net interest and other expense of $0.52B was the main reason.

Operating cash flow was $0.68B. Non-cash charges added back $1.4B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items used $0.25B. Capital expenditures of $6.4B exceeded it, leaving free cash flow of −$5.7B.

Quarterly history

CoreWeave revenue by quarterCoreWeave revenue by quarter$1.4BQ3 2025$1.6BQ4 2025$2.1BQ1 2026$2.6BQ2 2026
CoreWeave net earnings by quarterCoreWeave net earnings by quarter−$110MQ3 2025−$452MQ4 2025−$740MQ1 2026−$626MQ2 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 202610-QAug 12, 2026$2.6B+112%-1.9%−$626M$679M
Q1 202610-QMay 8, 2026$2.1B+112%-6.9%−$740M$3.0B
Q4 202510-KMar 2, 2026$1.6B+110%-5.7%−$452M$1.6B
Q3 202510-QNov 13, 2025$1.4B+134%3.8%−$110M$1.7B

Charts

CoreWeave: revenue growth, year over year and quarter over quarterCoreWeave: revenue growth, year over year and quarter over quarterY/YQ/Q+134%Q3 2025+110%+15%Q4 2025+112%+32%Q1 2026+112%+24%Q2 2026
Latest (Q2 2026): Y/Y +112%, Q/Q +24%.
CoreWeave: where the cash came from (+) and went (−), TTM to Q2 2026CoreWeave: where the cash came from (+) and went (−), TTM to Q2 2026Capital spending−$20.6BNet borrowing (+) / repaid (−)$17.1BOperating cash flow$6.9BCash drawn (+) / kept (−)−$4.8BOther financing$2.1BOther investing−$642MAcquisitions−$62.0MTaxes on employees’ shares−$11.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
CoreWeave: profit against cash, quarter by quarterCoreWeave: profit against cash, quarter by quarterNet incomeOperating cash flow−$360M$641MQ3 2024−$50.9M$187MQ4 2024−$315M$61.0MQ1 2025−$290M−$251MQ2 2025−$110M$1.7BQ3 2025−$452M$1.6BQ4 2025−$740M$3.0BQ1 2026−$626M$679MQ2 2026
Latest (Q2 2026): Net income −$626M, Operating cash flow $679M.
CoreWeave: diluted shares by fiscal year (split-adjusted)CoreWeave: diluted shares by fiscal year (split-adjusted)384MFY2023436MFY2024436MFY2025
+13.5% since FY2023: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2025.
CoreWeave: long-term debt falling due (FY2025)CoreWeave: long-term debt falling due (FY2025)$6.7B2026$4.3B2027$2.4B2028$1.8B2029$2.1B2030$4.3BLater
Cash $3.1B, short-term investments $34.0M, long-term debt $21.4B at 2025-12-31.
CoreWeave in its industry: growth against margin (192 companies, SIC 7372)CoreWeave in its industry: growth against margin (192 companies, SIC 7372)revenue growth, year over year →↑ operating marginmedian +12%median 0%MSFTORCLCRMADBEXYZINTUNOWSHOPSNPSPLTRADSKElectronic Arts Inc.TEAMSSNCCDNSRBLXTWLOSNOWTTWOCRWDGENDDOGHUBSVEEVDOCUOKTANETMDBNTNXPTCTYLDBXUDTPAYCMBLYESTCPCTYZETARBRKACIWBSYGWREPATHPCORTDCOCTVFIGKVYOCOURBILLBOXCVLTDUOLSAILGTMMANHLIMEAPPFCCCYOUTTANBLKBSGTLBALRMTENBWKPRGSFRSHAPPNBANDNAVNBRZEQTWONTSKASANCXMVERXRPDSPSCBLFSLYVRNSQLYSFROGMQBBINTANCNOEVCMNABLVIAALKTAVPTSPTPDGDYNXPERAMPLDDDSKILCERTCCSICMRCMKTWHUCKCRNCPDFSWEAVSOUNINSEXZODHIIIVLiveperson IncAIMRDNMYPSUPLDKLTRBLZELAWDRTTFBBAIMAPSCCLDEXFYRDVTSSTIEGANNTWKRCATSNALFDCTSVCOMCHXAEYEZDGEADBTWFCFAISPDUOTIDNPDYNQUBTZSPCROCFATNAWRESMSIINLXBLINMSGMGEGSEGGMYSZCXAIGXAIPARAAITXBKYICYABAPCXSPAIDSNYEXYNIDAIATDSIVDAVPRBSKKYUMEWAIFFAUIDGlobal Arena Holding, Inc.ATHRVIDAQXLLIVGUPYYFNGRSVMBTransparentBusiness, Inc.SWMRAMSTTransit Pro Tech Inc.PXLWDNKCDPLSGYGYCRWV (+112%, -2%)
Services-Prepackaged Software; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · buyerAI hosting: neoclouds, miners turned data centers, power money flowAI hosting: neoclouds, miners turned data centers, power · NeocloudsAI revenue: clouds & software money flowAI revenue: clouds & software · Cloud platforms

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 CoreWeave

CoreWeave is The Essential Cloud for AI TM , purpose-built to accelerate breakthroughs by AI pioneers, from leading research labs to enterprises fueling business growth. Our CoreWeave Cloud platform enables the full lifecycle of AI, including large-scale model training, inference, data movement, continuous iteration, and agentic workflows. CoreWeave Cloud combines proprietary software and orchestration, advanced infrastructure, and managed cloud services within a highly secure environment to deliver best-in-class high-performance computing, enabling our customers to develop, deploy, and operate advanced AI models and applications at scale.

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

CoreWeave against its Services-Prepackaged Software peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +112% against the peers' median +19%. Operating margin: -1.9% against the peers' median 15.2%.

CompanyQuarterRevenueY/YOp. margin
CRWV CoreWeaveQ2 2026$2.6B+112%-1.9%
MSFT MicrosoftQ1 FY27$92.3B+19%49.8%
ORCL OracleQ1 FY27$19.3B+30%34.8%
CRM SalesforceQ2 FY27$11.3B+11%20.5%
ADBE AdobeQ3 FY26$6.8B+13%34.8%
XYZ BlockQ3 2026$6.7B+10%6.4%
INTU IntuitQ4 FY26$4.4B+14%10.9%
NOW ServiceNowQ3 2026$4.1B+20%9.4%
SHOP ShopifyQ3 2026$3.7B+32%15.2%

Source: CoreWeave 10-Q on SEC EDGAR · CIK 1769628 · Services-Prepackaged Software

13F: who owns CRWV and who is buying

Largest holders of CRWV (13F)Largest holders of CRWV (13F)Magnetar Financial LLC$5.2BNVIDIA$4.7BBlackRock$2.4BVanguard Group$2.0BGoldman Sachs Group$1.8BVanguard Portfolio Management LLC$1.7BVanguard Capital Management LLC$1.6BJane Street Group, LLC$1.4BInvesco$1.2BAlyeska Investment Group, L.P.$1.1B
Funds' net buying of CRWV by quarter (13F)Funds' net buying of CRWV by quarter (13F)$7.9B2025-03−$1.4B2025-06−$21.7B2025-09$1.4B2025-12$3.6B2026-03$7.5B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on CRWV

History

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

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中文版：CoreWeave（CRWV）财报

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