Revenue Growth Driven Almost Entirely by Existing Customers
Approximately 93% of the $1.4B revenue increase in Q2 FY2026 came from expansion within the existing customer base, with the remainder from new customers.
Source: 10-Q Item 2 MD&A
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
CoreWeave's Q2 FY2026 was defined by explosive revenue growth that more than doubled year-over-year, driven almost entirely by increased consumption from existing AI customers as the company scaled its data center footprint. However, the cost of that expansion—particularly a sharp rise in depreciation, rent, and power expenses—overshadowed the top-line gains, flipping the company from an operating profit to an operating loss and widening the net loss. The quarter also saw a dramatic swing to positive operating cash flow, fueled by improved collections, yet capital expenditures remained enormous, underscoring the capital-intensive nature of the AI cloud business.
Revenue
$2.58B
+112.46% YoY
EPS (Diluted)
-$1.14
-90.00% YoY
Operating Income
-$49M
-357.89% YoY
Source: SEC XBRL
CoreWeave (CRWV) reported Q2 FY2026 revenue of $2.58B, up 112.5% year over year. Operating margin was -1.9%, against 1.6% a year earlier. CRWV's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 2 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | -1.03 | -1.24 | Beat +16.9% |
| Mar 2026 | -1.12 | -0.92 | Miss -22.3% |
| Dec 2025 | -0.56 | -0.50 | Miss -11.2% |
| Sep 2025 | -0.08 | -0.38 | Beat +78.7% |
Adjusted (non-GAAP) EPS of -$1.03 versus the -$1.24 analyst consensus — a +16.9% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was -$1.14.
Compiled by AI from 10-Q Item 2 of this filing
Approximately 93% of the $1.4B revenue increase in Q2 FY2026 came from expansion within the existing customer base, with the remainder from new customers.
Source: 10-Q Item 2 MD&A
Cost of revenue surged 181% YoY, primarily from rent expenses up ~$335M, utilities and power up ~$87M, and depreciation of power systems up ~$79M, reflecting new data center deployments.
Source: 10-Q Item 2 MD&A
Technology & infrastructure expense jumped 125% YoY, driven by a $752M increase in depreciation and amortization, reaching ~$1.3B in the quarter, as more GPU and networking assets were placed in service.
Source: 10-Q Item 2 MD&A
Interest expense, net, rose 140% YoY to $640M, driven by increased borrowing levels and total debt obligations, including $13.6B in term loans and $16.6B in notes outstanding.
Source: 10-Q Item 2 MD&A
Total liquidity stood at $15.6B as of June 30, 2026, including $5.5B in cash and equivalents and $10.0B of available borrowing capacity, supporting ongoing infrastructure investments.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 4 high, 1 medium, 0 low
CoreWeave depends on third-party utilities for power at its data centers; limitations on generation or transmission, grid demand surges, and potential outages could disrupt operations. Rising power costs and the need for long-term supply commitments ahead of customer contracts create financial risk.
Source: 10-Q Item 1A Risk Factors
All GPUs in use are NVIDIA GPUs due to contractual customer requirements. Any supply disruption, technological shift, or export control affecting NVIDIA could delay capacity deployment and harm the business. Three suppliers accounted for over 60% of total purchases historically.
Source: 10-Q Item 1A Risk Factors
CoreWeave leases most of its data center space and relies on providers for critical services. Failures, delays (as experienced in November 2025), or inability to meet specialized requirements like liquid cooling and high power density could degrade platform performance.
Source: 10-Q Item 1A Risk Factors
A few large customers drive a substantial portion of revenue. Loss of, or a significant reduction in spending from, any of these top customers would materially and adversely affect operating results.
Source: 10-Q Item 1A Risk Factors
The business requires massive, ongoing capital expenditures to fund infrastructure growth, financed largely through debt. As of June 30, 2026, debt-to-equity exceeded 14, and interest expense consumed $640M in a single quarter, straining profitability and flexibility.
Source: 10-Q Item 1A Risk Factors
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 2.58 $B | 1.21 $B | +112.46% |
Cost of Revenue $M | 879.00 $M | 313.00 $M | +180.83% |
Operating Income $M | -49.00 $M | 19.00 $M | -357.89% |
Net Income $M | -626.00 $M | -290.00 $M | -115.86% |
EPS (Basic) $ | -1.14 $ | -0.60 $ | -90.00% |
EPS (Diluted) $ | -1.14 $ | -0.60 $ | -90.00% |
R&D Expense $M | 117.00 $M | 80.00 $M | +46.25% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
CoreWeave (CRWV) delivered explosive 111.6% YoY revenue growth to $2.08B in Q1 2026, but net losses widened sharply to -$740M as massive infrastructure investment drove long-term debt to $24.9B and a dangerously low current ratio of 0.31.
CRWV delivered explosive 167.9% revenue growth to $5.13B in FY2025, but swung to an operating loss of -$46M and deepened its net loss to -$1.17B as massive infrastructure investment drove costs sharply higher and long-term debt surged to $21.4B.