CoreWeave Q3 FY2026: revenue $3.66 billion, net loss $709 million
CoreWeave's third quarter of fiscal 2026 was a growth quarter with a funding problem: revenue of $3.66 billion more than doubled year over year, but the net loss widened to $709 million and free cash flow was negative $7.47 billion. Read the scorecard for the operating turn, then the balance sheet, because that is where the story is decided.
1 · Expected vs. Actual
Free preview belowGAAP diluted loss per share was $1.27 against $0.22 a year ago, and the company published no non-GAAP earnings per share figure. The net loss of $709 million is the story: operating income was $207 million, while net interest expense alone was $846 million. Adjusted EBITDA of $2.26 billion at a 62.0% margin shows the cash engine underneath, but adjusted operating margin fell to 10.0% from 16.0%.
Revenue came in at $3.66 billion, up 168.2% from $1.37 billion a year earlier and 42.2% above the $2.58 billion booked in Q2 2026. Gross margin was 67.7%, down from 73.0% a year ago but up from 65.9% last quarter, so the sequential trend improved even as the year-over-year comparison got worse.
Full-year 2026 revenue guidance was raised to $13.0 billion to $13.3 billion, a midpoint of $13.15 billion. With $8.31 billion already booked in the first nine months, that implies $4.69 billion to $4.99 billion in Q4, a range that contains the $4.79 billion consensus. Adjusted operating income guidance of $1.28 billion to $1.38 billion implies roughly $797 million in Q4 alone, against $379 million delivered in Q3.
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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 2026-11-10
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