CoreWeave Reports Strong Second Quarter 2026 Results

(In millions, except percentages and per share amounts)

Three Months Ended June 30,

2026

2025

Revenue

$

2,575

$

1,212

Operating expenses

2,624

1,193

Operating income (loss)

$

(49

)

$

19

Operating income (loss) margin

(2

)%

2

%

Interest expense, net

$

(640

)

$

(267

)

Net loss

$

(626

)

$

(290

)

Net loss margin

(24

)%

(24

)%

Basic net loss per share

$

(1.14

)

$

(0.60

)

Diluted net loss per share

$

(1.14

)

$

(0.60

)

(In millions, except percentages)

Three Months Ended June 30,

2026

2025

Adjusted EBITDA

$

1,510

$

753

Adjusted EBITDA margin

59

%

62

%

Adjusted operating income

$

128

$

200

Adjusted operating income margin

5

%

16

%

Adjusted net loss

$

(567

)

$

(130

)

Adjusted net loss margin

(22

)%

(11

)%

¹ Does not include more than $25 billion of net new customer commitments added in early Q3. Revenue backlog includes remaining performance obligations, plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service requirements.

COREWEAVE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data) (unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Revenue

$

2,575

$

1,212

$

4,653

$

2,194

Operating expenses:

Cost of revenue

879

313

1,595

575

Technology and infrastructure

1,507

670

2,780

1,231

Sales and marketing

60

36

129

47

General and administrative

178

174

342

349

Total operating expenses

2,624

1,193

4,846

2,202

Operating income (loss)

(49

)

19

(193

)

(8

)

Gain (loss) on fair value adjustments

—

—

—

27

Interest expense, net

(640

)

(267

)

(1,176

)

(531

)

Other income (expense), net

125

6

149

1

Loss before income taxes

(564

)

(242

)

(1,220

)

(511

)

Provision for income taxes

62

48

146

94

Net loss

$

(626

)

$

(290

)

$

(1,366

)

$

(605

)

Net loss attributable to common stockholders, basic

$

(626

)

$

(290

)

$

(1,366

)

$

(634

)

Net loss attributable to common stockholders, diluted

$

(626

)

$

(290

)

$

(1,366

)

$

(661

)

Net loss per share attributable to common stockholders, basic

$

(1.14

)

$

(0.60

)

$

(2.53

)

$

(1.73

)

Net loss per share attributable to common stockholders, diluted

$

(1.14

)

$

(0.60

)

$

(2.53

)

$

(1.79

)

Weighted-average shares used in computing net loss per share attributable to common stockholders, basic

551

487

539

367

Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted

551

487

539

369

COREWEAVE, INC.

CONSOLIDATED BALANCE SHEETS

(in millions) (unaudited)

June 30,
2026

December 31,
2025

Assets

Current assets

Cash and cash equivalents

$

5,524

$

3,127

Restricted cash and cash equivalents, current

873

819

Marketable securities

15

34

Accounts receivable, net

2,541

3,169

Prepaid expenses and other current assets

567

339

Total current assets

9,520

7,488

Restricted cash and cash equivalents, non-current

507

184

Property and equipment, net

46,736

30,557

Operating lease right-of-use assets

16,595

8,231

Intangible assets, net

245

235

Goodwill

1,101

1,101

Other non-current assets

2,366

1,506

Total assets

$

77,070

$

49,302

Liabilities and stockholders' equity

Current liabilities

Accounts payable

$

3,633

$

1,623

Accrued liabilities

6,424

5,773

Recourse debt, current

6,235

6,118

Non-recourse debt, current

1,278

590

Deferred revenue, current

2,686

1,709

Operating lease liabilities, current

584

427

Finance lease liabilities, current

7

38

Other current liabilities

70

162

Total current liabilities

20,917

16,440

Recourse debt, non-current

25,170

14,608

Non-recourse debt, non-current

2,385

57

Deferred revenue, non-current

7,006

6,476

Operating lease liabilities, non-current

15,735

7,768

Finance lease liabilities, non-current

214

216

Deferred tax liabilities, non-current

256

115

Other non-current liabilities

363

287

Total liabilities

72,046

45,967

Commitments and contingencies

Stockholders' equity

Preferred stock

—

—

Class A common stock

—

—

Class B common stock

—

—

Class C common stock

—

—

Treasury stock

(34

)

(34

)

Additional paid-in capital

9,085

6,012

Accumulated other comprehensive loss

(18

)

—

Accumulated deficit

(4,009

)

(2,643

)

Total stockholders' equity

5,024

3,335

Total liabilities and stockholders' equity

$

77,070

$

49,302

COREWEAVE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions) (unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Cash flows from operating

Net loss

$

(626

)

$

(290

)

$

(1,366

)

$

(605

)

Adjustments to reconcile net loss to net cash provided by operating activities

Depreciation and amortization

1,393

560

2,540

1,003

Amortization of debt discounts and issuance costs and accretion of redemption premiums

45

29

86

67

Stock-based compensation expense

165

145

318

329

Non-cash lease expense

198

77

365

144

Deferred income taxes

61

46

140

91

Gain on fair value adjustments

—

—

—

(27

)

Other non-cash reconciling items

(24

)

17

97

39

Changes in operating assets and liabilities, net of effect of business acquisitions:

Accounts receivable

(435

)

(866

)

607

(1,505

)

Prepaid expenses and other assets

(140

)

(317

)

(611

)

(70

)

Accounts payable and accrued expenses

(656

)

(351

)

304

(289

)

Deferred revenue

790

759

1,365

743

Lease liabilities

(92

)

(60

)

(182

)

(110

)

Net cash provided by

$

679

$

(251

)

$

3,663

$

(190

)

Cash flows from investing

Purchase of property and equipment, including capitalized internal-use software

(6,422

)

(2,453

)

(14,117

)

(3,860

)

Maturities and sales of marketable securities

6

—

18

29

Investments related to joint ventures

(550

)

(32

)

(550

)

(32

)

Purchase of strategic investments

(138

)

—

(138

)

—

Sales of warrants received as lease incentive

—

101

—

101

Issuance of notes receivable

—

(18

)

—

(73

)

Business combination, net of cash acquired

—

(46

)

—

(46

)

Other investing activities

(62

)

6

(87

)

6

Net cash used in investing activities

$

(7,166

)

$

(2,442

)

$

(14,874

)

$

(3,875

)

Cash flows from financing

Proceeds from issuance of debt, net

13,457

3,611

16,747

4,396

Repayments of debt

(3,884

)

(1,304

)

(5,219

)

(1,575

)

Purchase of capped calls related to convertible senior notes

(492

)

—

(492

)

—

Issuance of common stock in private placements, net of issuance costs

997

—

2,982

—

Payment of tax withholdings on settlement of restricted stock units

—

(117

)

—

(133

)

Proceeds from initial public offering, net of underwriting discounts and commissions

—

68

—

1,491

Redeemable convertible preferred stock cash dividends paid

—

(3

)

—

(29

)

Other financing activities

(7

)

(25

)

(33

)

(66

)

Net cash provided by

$

10,071

$

2,230

$

13,985

$

4,084

Net increase (decrease) in cash, cash equivalents, and restricted cash

$

3,584

$

(463

)

$

2,774

$

19

Cash, cash equivalents, and restricted cash—beginning of period

3,320

2,517

4,130

2,035

Cash, cash equivalents, and

$

6,904

$

2,054

$

6,904

$

2,054

Reconciliation of GAAP to Non-GAAP Results

Reconciliation of Net Loss to Adjusted EBITDA

(in millions, except percentages)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net loss

$

(626

)

$

(290

)

$

(1,366

)

$

(605

)

Depreciation and amortization

1,393

559

2,540

1,003

Interest expense, net

640

267

1,176

531

Stock-based compensation

165

145

318

329

Provision for income taxes

62

48

146

94

Acquisition related costs ⁽¹⁾

1

30

2

36

Other (income) expense, net

(125

)

(6

)

(149

)

(1

)

(Gain) loss on fair value adjustments ⁽²⁾

—

—

—

(27

)

Adjusted EBITDA

$

1,510

$

753

$

2,667

$

1,360

Revenue

$

2,575

$

1,212

$

4,653

$

2,194

Net loss margin

(24

)%

(24

)%

(29

)%

(28

)%

Adjusted EBITDA margin

59

%

62

%

57

%

62

%

(1) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.

(2) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B redeemable convertible preferred stock. Refer to Note 3. Investments and Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended June 30, 2026 for additional information.

Reconciliation of Operating Loss to Adjusted Operating Income

(in millions, except percentages)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Operating income (loss)

$

(49

)

$

19

$

(193

)

$

(8

)

Stock-based compensation

165

145

318

329

Acquisition related costs ⁽¹⁾

1

30

2

36

Amortization of acquired intangibles ⁽²⁾

11

6

22

6

Adjusted operating income

$

128

$

200

$

149

$

363

Revenue

$

2,575

$

1,212

$

4,653

$

2,194

Operating income (loss) margin

(2

)%

2

%

(4

)%

0

%

Adjusted operating income margin

5

%

16

%

3

%

17

%

(1) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.

(2) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted operating income. Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant.

Reconciliation of Net Loss to Adjusted Net Loss

(in millions, except percentages)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net loss

$

(626

)

$

(290

)

$

(1,366

)

$

(605

)

Stock-based compensation

165

145

318

329

Loss on extinguishment of debt ⁽¹⁾

—

9

—

10

Acquisition related costs ⁽²⁾

1

30

2

36

Amortization of acquired intangibles ⁽³⁾

11

6

22

6

(Gain) loss on fair value adjustments ⁽⁴⁾

—

—

—

(27

)

Other adjustments ⁽⁵⁾

(109

)

(11

)

(109

)

(11

)

Income tax, inclusive of the tax effect of the above adjustments ⁽⁶⁾

(9

)

(19

)

(23

)

(19

)

Adjusted net loss

(567

)

(130

)

(1,156

)

(281

)

Revenue

$

2,575

$

1,212

$

4,653

$

2,194

Net loss margin

(24

)%

(24

)%

(29

)%

(28

)%

Adjusted net loss margin

(22

)%

(11

)%

(25

)%

(13

)%

(1) Primarily relates to losses recognized upon the early extinguishment of certain OEM financing arrangements, as well as accelerated amortization of debt discount and debt issuance costs related to our 2024 Term Loan, which was repaid in connection with the IPO.

(2) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.

(3) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted net loss. Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant.

(4) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B redeemable convertible preferred stock. Refer to Note 3. Investments and Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended June 30, 2026 for additional information.

(5) Primarily relates to a net unrealized gain on our investments.

(6) In the second quarter of 2025, we began including an adjustment for the income tax effect related to our non-GAAP adjustments. Prior period non-GAAP calculations for the income tax effects on our non-GAAP adjustments are not being adjusted as these amounts were not material. Additionally, the third quarter of 2025 includes an adjustment for amounts related to the impact of the passage of the One Big Beautiful Bill Act on the first and second quarters of 2025, that were recorded in third quarter of 2025.