The quarter was roughly in line on EPS but light on revenue. Published expectations were approximately $2.62 billion of revenue and a $1.13 loss per share; CoreWeave delivered $2.575 billion and a $1.14 loss, respectively. That makes the top-line result a modest miss, while GAAP EPS was effectively in line.
| Metric | Q2 2026 actual | Q2 2025 | Published expectation |
|---|---|---|---|
| Revenue | $2,575M (Income Statement) | $1,212M (Income Statement) | ~$2,620M |
| GAAP operating income (loss) | $(49)M (Income Statement) | $19M (Income Statement) | — |
| GAAP net loss | $(626)M (Income Statement) | $(290)M (Income Statement) | — |
| GAAP diluted EPS | $(1.14) (Income Statement) | $(0.60) (Income Statement) | ~$1.13 loss |
| Adjusted EBITDA | $1,510M (Adjusted EBITDA reconciliation) | $753M (Adjusted EBITDA reconciliation) | — |
| Adjusted EBITDA margin | 59% (Adjusted EBITDA reconciliation) | 62% (Adjusted EBITDA reconciliation) | — |
| Net cash provided by operating activities | $679M (Cash Flow statement) | $(251)M (Cash Flow statement) | — |
| Capital expenditures | $(6,422)M (Cash Flow statement) | $(2,453)M (Cash Flow statement) | — |
Growth remains extraordinary, but the economic leverage did not expand. Revenue more than doubled year over year, yet GAAP operating income swung to a $49 million loss from $19 million of income, and adjusted operating margin fell to 5% from 16% (Income Statement; Adjusted operating income reconciliation). Adjusted EBITDA rose to $1.51 billion, but its margin declined to 59% from 62%, so the quarter's headline scale did not translate into better underlying margins.
Cash generation improved, but only alongside an enormous financing and investment requirement. Operating cash flow turned positive at $679 million, but capital spending reached $6.42 billion in the quarter and $14.12 billion for the first half (Cash Flow statement). The gap was funded primarily with $13.46 billion of net debt issuance and nearly $1 billion of private-placement equity during the quarter (Cash Flow statement). This is a capital-intensive growth model, not a self-funding one.
The balance sheet is expanding faster than equity. Property and equipment increased to $46.7 billion from $30.6 billion at year-end, while total liabilities rose to $72.0 billion from $46.0 billion (Balance Sheet). Total recourse and non-recourse debt reached approximately $38.7 billion, against $6.9 billion of cash and restricted cash (Balance Sheet). The more than $25 billion of additional customer commitments mentioned for early Q3 supports demand, but it also raises the execution and funding burden because the filing does not provide corresponding updated margin or cash-return guidance (Business update; Cash Flow statement).
Net read: demand is strong, but this filing falls short of a clean beat. The revenue miss, sharply lower operating margins, worsening adjusted net-loss margin of 22% versus 11%, and accelerating capital intensity outweigh the roughly in-line EPS result (Adjusted net loss reconciliation). The early-Q3 commitment disclosure is constructive for future workload visibility, but it was not accompanied here by numerical guidance, leaving the market with evidence of demand but limited proof yet that growth is becoming more profitable.
Read the original 8-K on SEC EDGAR ↗