CoreWeave (CRWV) Q3 earnings report 2026

CoreWeave reported better-than-expected quarterly revenue and lifted its 2026 guidance on Tuesday, showing that demand for artificial intelligence infrastructure remains strong despite concerns of a market slowdown. The stock advanced in extended trading.

The earnings announcement lands at a particularly volatile moment for CoreWeave and its neocloud peers, as the market sours on the AI trade and as Nvidia CEO Jensen Huang, the central figure in the global buildout, faces a scandal tied to an affair with an alleged Chinese spy.

Here’s how the company performed relative to LSEG consensus:

• Loss per share: 95 cents adjusted vs. $1.16 expected
• Revenue: $3.66 billion vs. $3.55 billion expected

CoreWeave’s revenue soared 168% from about $1.36 billion a year earlier, according to a statement. The company recorded a net loss of $709 million, or $1.27 per share, compared to a net loss of $110 million a year earlier. Adjusted earnings exclude stock-based compensation.

Executives pushed up their forecast for 2026. They now see $1.275 billion to $1.375 billion in adjusted operating income on $13 billion to $13.3 billion in revenue. Analysts surveyed by Visible Alpha were looking for $1.07 billion in adjusted operating income, and analysts polled by LSEG had expected $12.86 billion in 2026 revenue.

In August, CoreWeave’s 2026 guidance included $960 million to $1.15 billion in adjusted operating income and $12.4 billion to $13.2 billion in revenue.

CoreWeave has lost over 40% of its value in the past month, as investors rotate out of companies most closely tied to AI infrastructure. Rising interest rates have pushed lenders out of the market, raising concerns about ongoing access to capital. Some CoreWeave bond yields recently topped 16%.

“The business can execute well and still face a tougher financing environment,” Joe Tigay, portfolio manager at Equity Armor Investments, wrote in an email. “Strong demand is encouraging; the cost and availability of capital remain critical.”

CoreWeave will get most the capital it needs for 2027 through clients pre-payments and financing from hardware partners, and the company will raise “a limited amount” as well, CEO Mike Intrator told analysts on a conference call.

The company plans to raise new debt tied to a set of contracts in the weeks to come, said Nitin Agrawal, its finance chief.

“At current yields, we do not intend to issue additional parent-level unsecured debt through 2027,” he said. “By contrast, the asset-level secured debt market has remained stable, with our loans continuing to trade around par value.” In all, he said he projects under $5 billion in parent-level debt financing through 2027.

Fellow neocloud Nebius, whose stock is down by a similar amount, is scheduled to report earnings on Thursday. Nebius shares got a small boost from CoreWeave’s results.

Both companies and several other providers of cloud-based graphics processing units are particularly reliant on Nvidia, which provides GPUs as well as…