NEW YORK, August 13, 2026, 13:15 EDT
- CoreWeave stock hovered around Wednesday’s closing level following a 19% rise in earnings.
- Revenue backlog climbed to $104.2 billion, marking a 246% increase compared to the previous year.
- Capital spending for the quarter was 3.6 times higher than revenue.
CoreWeave Inc. NASDAQ:CRWV largely maintained its post-earnings gains on Thursday. The stock was trading at $107.23 as of 12:54 EDT, a decrease of 0.5% for the session. On Wednesday, shares rose 19% to $107.73 after investors responded positively to a $104.2 billion revenue backlog.
The company’s order backlog is substantial, as are its construction expenses. CoreWeave invested $9.35 billion in capital projects over the quarter, which is 3.63 times its revenue of $2.58 billion.
The ratio highlights the trade-off for investors. While demand visibility has outpaced reported revenue growth, turning contracts into actual business depends on having data centers, sufficient power, and financing in place before significant revenue can materialize.
| Operating measure | Q2 2026 | Q1 2026 | Q2 2025 | Year-on-year change |
|---|---|---|---|---|
| Revenue | $2.575 billion | $2.078 billion | $1.212 billion | up 112% |
| Adjusted EBITDA | $1.510 billion | $1.157 billion | $753 million | up 101% |
| Adjusted operating income | $128 million | $21 million | $200 million | down 36% |
| Net loss | $626 million | $740 million | $290 million | loss deepened 116% |
Revenue more than doubled compared to the same period last year. Adjusted EBITDA likewise doubled, though the margin decreased by three points to 59%. Adjusted operating margin declined to 5%, down from 16%. Expenses for depreciation and infrastructure continue to be substantial.
| Capital and financing measure | Q2 2026 | Investor reading |
|---|---|---|
| Capital expenditures | $9.352 billion | 3.63 times quarterly revenue |
| Net interest expense | $640 million | 24.9% of revenue |
| Cash and equivalents | $5.524 billion | Increased $2.397 billion from year-end |
| Total recourse and non-recourse debt | $35.068 billion | 6.35 times cash |
| Debt less cash | $29.544 billion | Initial estimate |
Interest costs increased by 140% to $640 million, accounting for almost 25 cents of each revenue dollar. CoreWeave generated $679 million in operating cash; however, property acquisitions totaled $6.42 billion. Overall capital expenditures climbed to $9.35 billion.
Chief Executive Michael Intrator stated that scale was now yielding “expanding operating leverage.” He noted customer demand was picking up pace as more enterprises adopt the technology. The adjusted operating result reflects this trend sequentially, though not compared to the previous year. company statement
| Backlog schedule | Portion of $104.2 billion | Estimated value |
|---|---|---|
| Anticipated in the next 24 months | 21% | $21.9 billion |
| Projected for months 25–48 | 39% | $40.6 billion |
| Projected after 48 months | 40% | $41.7 billion |
| Early-Q3 new contracts not counted in backlog | 24% of Q2 backlog | Over $25 billion |
Just 21% of the backlog is anticipated in the next two years, while 40% is not expected until after four years. Over $25 billion in commitments made in early third quarter were not counted in the backlog total, though these commitments still depend on delivery and service capacity.
The outlook for 2026 demands faster progress. Projected revenue for the entire year is between $12.4 billion and $13.2 billion. With $4.65 billion already reported for the first half, the second-half target is set at $7.75 billion to $8.55 billion.
Based on midpoint guidance, fourth-quarter revenue would require approximately $4.62 billion, following a third-quarter midpoint of $3.53 billion. This suggests a sequential increase of 31%. The estimate is preliminary and uses midpoint figures from guidance.
| Analyst firm | Rating | Target | Date | Change from $107.23 |
|---|---|---|---|---|
| Needham | Hold | Not stated | August 13 | Not applicable |
| Barclays | Hold | $105 | August 13 | -2.1% |
| Bernstein SocGen Group | Sell | $74 | August 12 | -31.0% |
| Piper Sandler | Buy | $153 | August 12 | +42.7% |
| DA Davidson | Hold | $100 | August 12 | -6.7% |
Opinions across Wall Street are split following the report. Price targets in the chosen group range from $74 to $153. The broader consensus target stands at $142.54, representing a roughly 33% premium to Thursday’s midday level.
Risks: Backlog conversion may be impacted by potential data-center delays. High debt levels and increasing interest costs might weigh on equity returns. Quicker deployments, more affordable financing, or further prepayments have the potential to enhance cash flow.
The rally in earnings places priority on demand. The following challenge is capital efficiency. CoreWeave needs to convert a sizable order backlog into revenue more quickly than its financing expenses accumulate.
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