CoreWeave, Inc. Class A Common Stock Q2 FY2026 Earnings Call

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CoreWeave Q2 2026 Earnings Summary

Overview: CoreWeave reported exceptional Q2 2026 results driven by surging AI demand, rapid capacity expansion, and operating leverage. Revenue reached a record $2.6B with strong backlog growth and margin inflection. The company raised full-year guidance and highlighted broadening customer adoption across enterprises, sovereigns, and public sector.

Financial Performance (vs. Prior Periods)

  • Revenue: $2.6 billion, +112% YoY (vs. Q2 2025), +24% sequentially.
  • Revenue Backlog: $104.2 billion, +246% YoY; excludes >$25B in net new Q3 commitments.
  • Adjusted EBITDA: $1.5 billion (59% margin), vs. $753 million in Q2 2025 (doubled YoY).
  • Adjusted Operating Income: $128 million (5% margin), vs. $200 million in Q2 2025 but up sharply from $21 million in Q1 2026.
  • Net Loss: $626 million, vs. $290 million in Q2 2025 (higher interest expense of $640M vs. $267M).
  • CapEx: $9.4 billion (back-end loaded with power additions).
  • Cash & Equivalents: >$6.9 billion; raised ~$18B in debt/equity in Q2, reducing weighted average cost of debt by ~300 bps.

Operational & Strategic Highlights

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Operator: Hello, everyone. Thank you for joining us, and welcome to CoreWeave's Second Quarter 2026 Earnings Call. [Operator Instructions] I will now hand the conference over to CoreWeave. Please go ahead. Unknown Executive: Thank you. Good afternoon, and welcome to CoreWeave's Second Quarter 2026 Earnings Conference Call. Joining the call today to discuss our results are Mike Intrator, CEO; and Nitin Agrawal, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements because of factors that are set forth in today's earnings press release and in our quarterly report on Form 10-Q to be filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investors.coreweave.com. A replay of this call will also be available on our Investor Relations website. And now I'd like to turn the call over to Mike. Michael Intrator: Good afternoon, everyone, and thank you for joining us

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