CRWV's Q3 Earnings Beat on Strong Pricing, Revenues Climb 168% Y/Y Zacks Equity Research Thu, November 12, 2026 at 7:55 AM EST 6 min read CRWV -14.17% SERV -5.21% OPAI.PVT AMZN +1.45% GOOGL +0.23% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
CoreWeave, Inc. CRWV reported a third-quarter 2026 loss of $1.27 per share, narrower than the Zacks Consensus Estimate of a loss of $1.45. However, the loss widened from 22 cents per share in the year-ago quarter.
Revenues surged 168% year over year to $3.66 billion, beating the consensus mark of $3.49 billion by 4.84%. Strong AI infrastructure demand, favorable pricing and accelerated capacity deployments drove growth. Revenue backlog reached $132.5 billion, up 138% year over year.
CoreWeave continued to benefit from robust demand across AI labs, hyperscalers and enterprises. The company expanded relationships with existing customers, including OpenAI, Cohere, Perplexity, Hippocratic AI and the Chan Zuckerberg Initiative.
New enterprise customers included Canva, Serve Robotics, Substack and Wayve. More than half of the customers added in 2026 came from industries outside AI labs and technology. Approximately 10% of Fortune 500 companies now use CoreWeave's services, reflecting its expanding enterprise presence.
CoreWeave Inc. price-consensus-eps-surprise-chart | CoreWeave Inc. Quote
Demand continues to exceed available capacity. Management reported qualified demand at 10 times available capacity through 2027, while demand for 2028 already exceeds planned availability by several multiples.
CoreWeave accelerated infrastructure deployments during the quarter, increasing active power by more than 200 megawatts to over 1.7 gigawatts. The company added more than 900 megawatts of contracted power, bringing its total contracted capacity to over 4.6 gigawatts.
The infrastructure footprint comprised 52 active data centers, including nine added during 2026. International contracted power exceeded 1.3 gigawatts, supported by expansion into India, Indonesia and Spain.
CoreWeave also achieved a technology milestone by bringing NVIDIA Vera Rubin NVL72 systems online for production workloads. The deployment delivered 4.8 times greater token throughput than GB200 NVL72, strengthening the company's ability to support advanced AI applications.
Pricing remained favorable amid constrained AI computing capacity. Management increased pricing across product configurations by approximately 25% in July, followed by another 10% increase later in the quarter.
Short-term infrastructure contracts generated annualized revenues exceeding $40 million per megawatt, while pricing for new four- and five-year contracts increased to $20 million-$25 million per megawatt. Pricing for older-generation Ampere and Hopper GPUs rose 30-50% sequentially.
CoreWeave's software platform also gained traction. The company launched CoreWeave Forge, integrating tools for model development, monitoring and evaluation. During the third quarter, 70% of new cloud customers were already Forge customers. Its managed inference platform surpassed $250 million in booked annual recurring revenues.
Total operating expenses increased to $3.45 billion from $1.31 billion in the year-ago quarter. Higher infrastructure costs, technology investments and capacity expansion contributed to the increase. Stock-based compensation totaled $160 million.
Operating income increased to $207 million from $52 million a year earlier. Adjusted operating income rose to $379 million from $217 million, while adjusted operating margin declined to 10% from 16%. Sequentially, adjusted operating margin expanded from 5%, reflecting improved pricing and operating leverage.
Adjusted EBITDA increased to $2.26 billion from $838 million, with the corresponding margin improving to 62% from 61%. Adjusted net loss widened to $529 million from $41 million. Interest expenses increased to $846 million from $310 million, weighing on profitability.
CoreWeave generated $2 billion in operating cash flow during the quarter, supported by its expanding infrastructure base and improving operating performance.
Capital expenditures were $14.51 billion compared with $1.85 billion a year earlier. The increase reflected accelerated equipment deliveries and infrastructure deployments ahead of schedule. Construction in progress declined to $9.3 billion from $11.9 billion in the prior quarter.
As of Sept. 30, 2026, CoreWeave held $6.5 billion in cash, cash equivalents, restricted cash and marketable securities. The company also had nearly $5 billion in undrawn committed financing capacity.
Management expects approximately $9 billion in customer prepayments and deposits over the subsequent three months, including more than $3 billion associated with existing infrastructure requiring no additional capital expenditure.
CoreWeave raised its full-year 2026 revenue guidance to $13 billion-$13.3 billion. Adjusted operating income is now projected between $1.28 billion and $1.38 billion, representing a 26% increase at the midpoint.
The company expects 2026 capital expenditures of $37 billion-$39 billion, raising the lower end of its previous $35 billion-$39 billion range. It also increased its year-end annualized revenue run-rate outlook to $20 billion-$21 billion.
Management anticipates exceeding 1.85 gigawatts of active power by year-end. Fourth-quarter interest expenses are projected between $1.05 billion and $1.15 billion.
CoreWeave expects adjusted net losses to decline meaningfully in 2027, with adjusted net income anticipated in the first half of 2028 and for full-year 2028.
CRWV currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Amazon AMZN reported third-quarter 2026 net income of $1.89 per share, down 3% from $1.95 per share in the third quarter of 2025. Net sales of $201.9 billion rose 12% year over year but missed the consensus mark by 0.08%. Excluding a $0.9 billion unfavorable foreign exchange impact, net sales grew 13%.
Alphabet GOOGL reported third-quarter 2026 earnings of $2.12 per share, missing the Zacks Consensus Estimate by 27.89% and declining 26% year over year. The decline primarily reflected unrealized losses on equity securities, including the company's investment in SpaceX. Consolidated revenues increased 25% year over year to $127.58 billion. Net revenues, excluding TAC, increased 27.1% year over year to $111.21 billion, missing the Zacks Consensus Estimate by 0.53%.
The Trade Desk, Inc. TTD reported third-quarter 2026 adjusted earnings of 33 cents per share, down 26.7% year over year but above the Zacks Consensus Estimate of 26 cents. Revenues declined 0.5% year over year to $736 million but beat the consensus estimate of $651 million by 13.1%. The better-than-expected performance was driven by strength in medical health advertising, political spending related to the U.S. midterm elections and a nonrecurring contribution from a strategic partner.
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