CoreWeave hikes 2026 outlook after Q3 beat

CoreWeave (CRWV)’s stock rose in after-hours trading on November 10, 2026 after the company posted stronger-than-expected third-quarter results and raised its full-year guidance. Third-quarter revenue came in at about $3.66 billion.

CoreWeave described the period as a breakout quarter, noting that revenue increased by more than $1 billion sequentially and that adjusted operating margins reached double digits earlier than planned. Executives forecast exit-2026 annualized revenue run-rate of $20 billion to $21 billion, reflecting confidence in sustained demand for AI compute capacity. The improved outlook arrives despite a sharp recent pullback in the stock price.

Revenue in the third quarter rose roughly 168% year over year, from about $1.36 billion to $3.661 billion. CoreWeave reported a net loss of $709 million, or $1.27 per share, compared with a net loss of $110 million a year earlier. The company recorded GAAP operating income of $207 million, with a 6% operating margin, and adjusted EBITDA of $2.256 billion at a 62% margin.

Profitability was constrained by financing costs tied to CoreWeave’s infrastructure buildout. Net interest expense increased to $846 million in the quarter, exceeding GAAP operating income and contributing to the wider net loss. Adjusted operating income reached $379 million with a 10% margin, while total operating expenses climbed to about $3.45 billion.

For full-year 2026, CoreWeave now projects adjusted operating income of $1.275 billion to $1.375 billion, compared with earlier guidance of $960 million to $1.15 billion. Revenue guidance has been raised to $13.0 billion to $13.3 billion. The company expects fourth-quarter 2026 interest expense between $1.05 billion and $1.15 billion, indicating financing costs will remain elevated.

Capital investment remains aggressive. CoreWeave now targets 2026 capital expenditures of $37 billion to $39 billion, up from a prior range with a $35 billion low end. Property and equipment purchases in the quarter totaled $9.441 billion, far above operating cash flow of $1.975 billion. Management continues to expect more than 1.85 gigawatts of active power by year-end and reported its active power footprint above 1.7 gigawatts at the end of the quarter.

CoreWeave ended the third quarter with a revenue backlog of approximately $132.5 billion, up from $104 billion as of June. The company also cited around $9 billion of customer prepayments and deposits expected over the next three months. Deferred revenue increased by $2.127 billion in the quarter, supporting operating cash flow.

To fund its expansion, CoreWeave relies on a mix of contract-backed financing, operating cash flow, and customer funding. At September 30, 2026, cash and cash equivalents totaled about $4.12 billion, while cash plus restricted cash was $6.404 billion. Debt stood near $46.9 billion, and some bond yields have recently climbed, reflecting investor focus on leverage and rising interest rates. Shares have lost more than 40% of their value over the past month amid concerns about AI infrastructure financing, even as demand for CoreWeave’s services remains strong.