CoreWeave Revenue Beats Estimates at $3.66 Billion as Backlog Reaches $133 Billion

CoreWeave reported third quarter results on Tuesday afternoon, November 10, 2026, after the close of trading in the United States. Revenue reached $3.66 billion, up 168 percent from a year earlier and ahead of the FactSet consensus estimate of $3.54 billion.

The quarter ended in September 2026. CoreWeave was the first major neocloud provider to report earnings this quarter, and investors had waited for its numbers as a test of demand for AI computing capacity.

Revenue beat, thinner margin

Adjusted operating income was $379 million, up 75 percent from a year earlier. The adjusted operating margin fell to 10 percent, down from 16 percent a year earlier, so the company kept a smaller share of each revenue dollar as operating profit.

The company posted a net loss of $1.27 per share, in line with the Wall Street consensus. Interest expenses came in at $846 million, up from $310 million a year earlier. Barron's reported that the interest bill more than offset the operating profit, and that the company had projected that outcome three months ago.

Backlog reaches $133 billion

Revenue backlog hit $133 billion. Analysts polled by S&P Global had expected a backlog of $131 billion, so the order book came in ahead of that estimate as well.

Chief executive Michael Intrator pointed to several ways the company funds its growth. "Our growth is supported by multiple sources of funding, including financing backed by customer contracts, operating cash flow, and approximately $9 billion in customer prepayments and deposits expected in the next three months alone," he said. "That financial flexibility positions us to keep delivering the infrastructure and software customers need to build, run, and scale AI."

Shares rise after hours, debt stays in focus

Shares rose about 6 percent in after hours trading. The stock had closed Tuesday at $48.73, down 0.5 percent in regular hours.

The move came after a hard run for the shares. CoreWeave stock has more than halved since the company last reported results in August, and its unsecured debt now yields around 15 percent, a level that shows lenders still charge the company heavily to borrow.

What CoreWeave sells, and the doubt around it

CoreWeave buys advanced AI chips from Nvidia, installs them in data centers and leases the computing capacity to companies such as Microsoft and OpenAI. That model ties its revenue to continued spending on AI infrastructure by a small group of large customers.

Davidson analyst Gil Luria gave the sceptical view to The Wall Street Journal. "It's a better business for the hyperscalers. It's a very bad business for CoreWeave," he said. "If they can't make money now, why would I believe they'll ever make money?"

The company scheduled a conference call at 5 p.m. ET on Tuesday. Management was expected to give guidance for the December quarter on that call, which will set the next test for whether revenue growth can start to cover the cost of the debt used to build the capacity.