Earnings · $CRWV
CoreWeave Revenue Jumps 168% to $3.66 Billion and Backlog Reaches $132.5 Billion as Shares Rise After Hours
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The AI cloud provider raised its 2026 revenue and profit outlook, but interest costs and capital spending remain heavy.
By Emmanuel Cruz ·
CoreWeave reported third-quarter revenue of about $3.66 billion on Tuesday, Nov. 10, roughly 168% above the same quarter a year earlier, and raised its 2026 revenue and profit forecasts, according to the company's earnings release [1]. Reuters reported that the shares rose about 8% in extended trading after falling roughly 40% over the previous month, and that the results helped lift Nasdaq futures overnight [2].
The company said quarterly revenue rose by more than $1 billion from the prior quarter, compared with $1.37 billion in the third quarter of 2025 [1]. The bottom line remained negative: CoreWeave posted a net loss of $709 million, or $1.27 per share, versus a loss of $110 million, or 22 cents per share, a year earlier [1]. Operating income was $207 million, a 6% margin. Adjusted operating income was $379 million, a 10% margin, which was higher in dollars than the $217 million of a year earlier but lower than that quarter's 16% margin [1]. Adjusted EBITDA reached $2.26 billion, a 62% margin [1].
Revenue backlog, the contracted business still to be recognized, stood at approximately $132.5 billion at the end of September [1]. Capital spending is the other side of that growth. CoreWeave spent $9.44 billion on property and equipment in the quarter and now expects full-year 2026 capital expenditures of $37 billion to $39 billion, with the low end of the range lifted from $35 billion [1].
On the outlook, the company raised its full-year revenue guidance to a range of $13.0 billion to $13.3 billion and its adjusted operating income guidance to $1.275 billion to $1.375 billion [1]. It also lifted its target for annualized revenue exiting 2026 to between $20 billion and $21 billion, and kept its forecast for more than 1.85 gigawatts of active power by year-end [1]. For the fourth quarter, CoreWeave expects interest expense of $1.05 billion to $1.15 billion, which reflects the company's debt load [1]. Chief executive Michael Intrator called it "a breakout quarter for CoreWeave" [1].
The report arrived at a sensitive moment for artificial intelligence stocks. Reuters described CoreWeave as the company at the center of AI bubble fears and said its results suggested customers are still buying, while noting that the company forecast reaching profitability in the first half of 2028 [2]. Nvidia, the sector's bellwether, closed Tuesday down 5.47% at $168.89 after falling about 4% the previous session, and the S&P 500 slipped 0.38% to 7,520.93 as a hotter-than-expected inflation report raised bets on a Federal Reserve rate increase in December [3]. Reuters said two days of losses had erased about $430 billion of Nvidia's market value [2].
That macro backdrop matters for a company that borrows heavily. Reuters reported that two-year Treasury yields jumped 18 basis points after the inflation data, and that a quarter-point Fed hike in December is now fully priced, with about a 10% chance of a half-point move [2]. Higher yields raise borrowing costs, which is why the interest-expense guidance deserves attention alongside the headline revenue growth.
Investors will likely look at several things next. One is whether the early gain holds once regular trading opens, since Reuters questioned whether buyers of AI shares can keep up their momentum as the Fed tightens [2]. Another is how quickly the $132.5 billion backlog converts into revenue relative to the pace of spending and financing costs. A third is whether the improvement in sentiment spreads beyond CoreWeave to other AI infrastructure names that sold off alongside it.
Sources:
[1] CoreWeave, "CoreWeave Reports Strong Third Quarter 2026 Results", November 10, 2026. https://investors.coreweave.com/news/news-details/2026/CoreWeave-Reports-Strong-Third-Quarter-2026-Results/default.aspx
[2] Reuters, "Morning Bid: Everyone loves CoreWeave", November 10, 2026. https://www.933thedrive.com/2026/11/10/morning-bid-everyone-loves-coreweave/
[3] Yahoo Finance, "Stock market today: Dow, S&P 500, Nasdaq slip as hot CPI fuels rate hike odds, Nvidia stock sinks", November 10, 2026. https://finance.yahoo.com/markets/live/stock-market-today-tuesday-november-10-dow-sp-500-nasdaq-inflation-data-cpi-090627830.html
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.