CoreWeave Q2 FY2026: revenue up 112.5%, net loss $626 million
CoreWeave's revenue doubled again to $2.58 billion, up 112.5%, and the GAAP loss per share of $1.14 beat the $1.23 consensus loss. What the headline misses is the price of that growth: $5.74 billion of free cash outflow in one quarter and debt-funded expansion. Read the scorecard as two stories pulling in opposite directions, which is why the view is Neutral.
1 · Expected vs. Actual
Free preview belowThe $1.14 GAAP loss per share beat the $1.23 loss analysts expected, but it was worse than the $0.60 loss a year earlier. The net loss more than doubled to $626 million while the share count rose to 551 million from 487 million, and interest expense climbed to $640 million from $267 million. Adjusted net loss was $567 million.
Revenue of $2.58 billion rose 112.5% from $1.21 billion a year earlier, so demand is not the problem. Gross margin, however, fell to 65.9% from 74.2% in the same quarter of 2025. Growth is arriving with a thinner markup attached to each dollar.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-24
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.