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CoreWeave reported Q2 FY2026 revenue of $2.6 billion, above the consensus of $2.5 billion. Adjusted EPS, as the consensus counts it, was −$1.03, compared with a consensus estimate of −$1.13.
Revenue rose from $1.2 billion a year earlier. In its filing, CoreWeave attributed the increase to demand from existing and new customer contracts, which it served through an expanded data center footprint. The company said expansion within its existing customer base accounted for most of the increase.
Gross margin fell to 65.9% from 74.2%, while operating margin moved to −1.90% from 1.57%. CoreWeave attributed higher cost of revenue primarily to data center expansion and deployment, including increased rent, power and depreciation expenses. Diluted EPS was −$1.14, compared with −$0.60 a year earlier. Free cash flow was −$5.7 billion, compared with −$2.7 billion.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $2.6 billion | $1.2 billion | 112.5% |
| Diluted EPS | −$1.14 | −$0.60 | — |
| Gross margin | 65.9% | 74.2% | −8.3 percentage points |
| Operating margin | −1.90% | 1.57% | −3.5 percentage points |
| Free cash flow | −$5.7 billion | −$2.7 billion | — |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | −$1.03 | −$1.13 | Beat by 8.85% |
| Revenue | $2.6 billion | $2.5 billion | Beat by 1.52% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
In its filing, CoreWeave attributed higher technology and infrastructure expense primarily to depreciation and amortization on platform and networking equipment placed in service. The company also attributed higher net interest expense to increased borrowing levels and total debt obligations.
Guidance
CoreWeave expects cost of revenue and technology and infrastructure expense to increase in absolute dollars as it expands. The company said both expenses may fluctuate as a percentage of revenue with the timing of operational efficiencies.