CRWV Nasdaq NASDAQ-100Russell 1000 Earnings call
CoreWeave
Results Q2 2026 vs Q1 2026 · previous quarter · published 11 Aug 2026 and 7 May 2026
Net loss narrowed on the previous quarter, guidance raised. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
1 · Numbers
Loss narrowed
Net income vs Q1 2026
Guidance raised
Net income -626.0M vs -740.0M
Revenue +23.9%
Net income -626.0M vs -290.0M in Q2 2025 and -740.0M last quarter.
2 · How management spoke
Typical
More upbeat than 55% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Guidance ↑
Of its increased expectations around capacity to be delivered to customers this year as well as some of its significant recent wins.
Read between the lines
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Guidance
In Q2, the customer contracts CoreWeave signed came with contribution margins it expects to be 5 to 10 percentage points above those added in recent quarters.
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Figure
CoreWeave generated record revenue of $2.6 billion, up 112% year-over-year.
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Fading
This has been a thematic reality for the cloud and for artificial intelligence infrastructure across the space.
Source quote
“And this has been a thematic reality for the cloud and for artificial intelligence infrastructure across the space. So the first thing is a question regarding the CapEx budget and the higher component pricing. Look, we've kind of built this company in an environment that has always been challenged on the supply chain side.”
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Fading
The increase in CoreWeave's operating expenses was a direct result of continuing to scale its active power capacity.
Source quote
“The increase in our operating expenses was a direct result of continuing to scale our active power capacity, converting backlog... Operating expenses in the first quarter were $2.2 billion, including stock-based compensation expense of $153 million. This drove the corresponding increases in our cost of revenue and technology and infrastructure spend.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Even with this increased competition, we are seeing demand, pricing and margin all expanding which is a signal for the growth in the CoreWeave kind of product as well as...”
“And this operating margin improvement came before our July pricing changes which included an approximately 25% increase across SKUs in response to the current demand environment and the increasing ROI...”
“Extraordinary execution across the organization, drove record financial performance, rapid capacity growth, broadening customer demand and continued platform innovation.”
Numbers
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.58B | 2.08B | +23.9% | 1.21B | +112.5% |
| Gross profit | 1.70B | 1.36B | +24.5% | 899.0M | +88.7% |
| Operating income | -49.0M | -144.0M | Loss narrowed | 19.0M | Turned loss |
| Net income | -626.0M | -740.0M | Loss narrowed | -290.0M | Loss widened |
| EPS | -1.14 | -1.40 | Loss narrowed | -0.60 | Loss widened |
Topics
Most discussed now
- Increased revenue backlog to $104 billion (sic) [ $104.2 billion ] while driving rapidly expanding enterprise adoption.
- Extraordinary execution across the organization, drove record financial performance, rapid capacity growth, broadening customer demand and…
- Q2 was an exceptional quarter for CoreWeave marked by intense customer demand, significant ramp of CoreWeave's active capacity and…
- CoreWeave is prioritizing opportunities that are strategically important, adding new customers while deepening long-term existing…
- Your question is very timely and very important for the entire AI space in the entire data center space.
Faded since Q1 2026
- Fading The four themes I would like to highlight today are: one, the demand environment is intensifying, driven by the hyper...
- Fading Four, CoreWeave's financing engine has taken a significant leap forward, unlocking new sources of capital across markets at a lower...
- Fading With enterprise adoption intensifying and CoreWeave's customer base diversifying, commitments from noninvestment-grade AI-native companies…
- Fading CoreWeave is delivering precisely in line with the road map it laid out on its last earnings call, diversifying and...