CoreWeave Q3 2026: revenue jumps $1.1B in a quarter to $3.66B, backlog $132.5B, debt $46.9B

$CRWV reported third-quarter revenue of $3.66B, up 168% from a year ago and up $1.09B from the June quarter, its largest sequential gain so far. The revenue backlog rose to about $132.5B, adjusted operating margin reached 10%, and the company raised its full-year revenue and profit guidance. The other half of the print is the bill: a $709M net loss, $846M of net interest in one quarter, and $46.9B of debt on the balance sheet. This recap walks the print, the guidance, the cash, the read across the neocloud names and what to watch next, against our /stocks/crwv thesis.

The print

$CRWV reported the quarter ended September 30, 2026.

Q2 2026 figures are from the August release and the 10-Q for the June quarter; changes are our arithmetic.

What moved the numbers:

• Scale. Revenue rose by $1,086M in a single quarter, more than the company's entire revenue in the first quarter of 2025. Active power passed 1.7GW, from 1.5GW at the end of June.
• Operating leverage. GAAP operating income turned positive at $207M after a small loss in the June quarter. Management says the double-digit adjusted operating margin arrived "a quarter ahead of plan".
• The gap between the two profit lines. Adjusted EBITDA was $2.26B; depreciation and amortization took $1.89B of it and net interest another $846M. That is how a 62% EBITDA margin ends in a 19% net loss margin.
• Tax. A $83M provision this year against a $127M benefit a year ago widens the year-on-year comparison of the net loss.

The backlog and the build

• Revenue backlog of about $132.5B at September 30, from about $104B at June 30. The company's definition is remaining performance obligations plus other amounts it estimates it will recognize under committed contracts. The August release had already flagged more than $25B of new commitments signed early in the quarter.
• Customers named in the release: new ones include Canva, Substack, Serve Robotics and Wayve; expanded relationships include OpenAI, Cohere, Jane Street and Perplexity.
• Power. Contracted power grew by more than 900MW to over 4.6GW, of which more than 1.3GW is outside the United States (India, Indonesia and Spain are named).
• Hardware. Multi-rack NVIDIA Vera Rubin NVL72 systems are online, with first production workloads.
• Prepayments. Management expects about $9B of customer prepayments and deposits over the next three months.

The guidance

With $8.31B of revenue booked in nine months, the revenue range implies about $4.7B to $5.0B for the fourth quarter (our arithmetic). The adjusted operating income range implies about $750M to $850M in the fourth quarter, against $528M for the first nine months combined. Both are guidance, not results.

The cash

• The quarter's flows. Operating cash flow of $1.98B, purchases of property and equipment of $9.44B, so about $7.5B of negative free cash flow (our arithmetic). The gap was closed with $10.3B of new debt, against $2.3B of repayments.
• Three months of debt. Book debt was $35.6B at June 30 and $46.9B at September 30: $11.3B more in one quarter.
• New funding lines. About $4.2B of convertible notes, a $2.6B delayed-draw facility built for shorter contracts, and a first at-the-market program for up to 35 million shares.
• The cushion is thin. $4.0B of equity sits under $87.5B of liabilities. The model depends on contracted revenue arriving on schedule and on lenders staying open.
• Receivables. Accounts receivable absorbed $1.74B of cash in the quarter, while deferred revenue added $2.13B.

The read across the neoclouds

The standing QA thesis on /stocks/crwv is a dedicated AI cloud with a very large contracted book, funded with debt and leases, where the open questions are the cost of money and customer concentration.

• The order book. Confirmed and larger: about $132.5B, with more enterprise names in the list.
• The margin path. Moving the right way: GAAP operating income positive, adjusted operating margin doubled in a quarter.
• The cost of money. Still the central number. Net interest of $846M was more than four times GAAP operating income, and the fourth-quarter guide is higher again.
• Dilution. The convertible notes and the new at-the-market program add share supply on top of 559 million weighted shares.

Net read: demand and execution came in ahead of the company's own plan; the financing load grew in step with them.

Peer reaction

$CRWV's closest correlated names in the QA universe over 252 days are $NBIS (0.82), $CORZ (0.75) and $APLD (0.70). $NBIS reports on November 12 before the open, and $CBRS reports the same day after the close. The release came after the close, so the session reaction was not established when this recap was written.

What worked

• Revenue up $1.09B in a quarter and 168% in a year.
• Backlog of about $132.5B, up about $28B in three months.
• GAAP operating income of $207M and a 10% adjusted operating margin, ahead of plan.
• Full-year revenue, adjusted operating income and exit run-rate guidance all raised.

What broke

• The loss. A $709M net loss, wider than the June quarter and than a year ago.
• The interest bill. $846M in the quarter, guided to more than $1B in the next.
• The debt. $46.9B of book debt plus $18.7B of operating lease liabilities, against $4.0B of equity.
• Free cash flow. About $7.5B negative in the quarter, with the low end of the capex guide raised.
• The tape. A $48.73 close on November 10 before the release, down 37% over a month and 54% over a year in the data QA tracks.

What to watch

• The call and the 10-Q: the split of the backlog by customer and by year, and the share of it tied to shorter contracts.
• Fourth-quarter revenue against the implied $4.7B to $5.0B, and the exit run rate against $20B to $21B.
• The $9B of prepayments expected within three months, and whether deferred revenue shows it.
• Interest expense against the $1.05B to $1.15B guide, and any use of the at-the-market program.
• Levels. The curated key level on CRWV sits at $96, about twice the November 10 close.

The level map, the peer table and the standing thesis live on /stocks/crwv, where our CoreWeave teardown video is embedded, with the company primer in CoreWeave explained. The full $CRWV dossier collects the filings and the numbers. To follow the AI cloud names as a group, see the neoclouds theme.

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Educational research on structural market dynamics. Not investment advice. QuantAbundance positions may change without notice.