One-sentence summary
This dataset consolidates four groups of CoreWeave figures for the third quarter ended September 30, 2026 — income statement, balance sheet and cash flow, capacity and financing actions, and full-year guidance. Every number is taken from the company's November 10, 2026 press release and earnings presentation, with the basis for each item stated.
Table 1: Income statement
| Metric | Q3 2026 | Q3 2025 | YoY | Nine months 2026 | Nine months 2025 |
|---|---|---|---|---|---|
| Revenue ($M) | 3,661 | 1,365 | +168% | 8,314 | 3,559 |
| Cost of revenue ($M) | 1,183 | 369 | +221% | — | — |
| Technology and infrastructure ($M) | 2,025 | 747 | +171% | — | — |
| Total operating expenses ($M) | 3,454 | 1,313 | +163% | — | — |
| Operating income ($M) | 207 | 52 | +298% | — | — |
| Operating margin (GAAP) | 6% | 4% | — | — | — |
| Net interest expense ($M) | 846 | 310 | +173% | — | — |
| Income tax expense ($M) | 83 | — | — | — | — |
| Net loss ($M) | -709 | -110 | Widened | -2,075 | -715 |
| Net loss margin (GAAP) | -19% | -8% | — | — | — |
| Basic net loss per share ($) | -1.27 | -0.22 | — | — | — |
| Adjusted EBITDA ($M, non-GAAP) | 2,256 | 838 | +169% | — | — |
| Adjusted EBITDA margin | 62% | 61% | — | — | — |
| Adjusted operating income ($M, non-GAAP) | 379 | 217 | +75% | — | — |
| Adjusted operating margin | 10% | 16% | — | — | — |
| Adjusted net loss ($M, non-GAAP) | -529 | -41 | Widened | — | — |
| Adjusted net loss margin | -14% | -3% | — | — | — |
| Depreciation and amortization ($M) | 1,889 | 630 | +200% | — | — |
Table 2: Balance sheet and cash flow
| Metric | September 30, 2026 | December 31, 2025 |
|---|---|---|
| Cash and cash equivalents ($M) | 4,122 | — |
| Property and equipment, net ($M) | 56,778 | 30,557 |
| Operating lease right-of-use assets ($M) | 18,922 | 8,231 |
| Total assets ($M) | 91,481 | 49,302 |
| Total liabilities ($M) | 87,456 | 45,967 |
| Stockholders' equity ($M) | 4,025 | 3,335 |
| Recourse debt, current ($M) | 9,183 | — |
| Recourse debt, non-current ($M) | 32,417 | — |
| Non-recourse debt, current ($M) | 1,389 | — |
| Non-recourse debt, non-current ($M) | 3,884 | — |
| Revenue backlog ($M) | 132,500 | — |
| Q3 purchases of property and equipment, capitalized software ($M) | 9,441 | 3,279 in Q3 2025 |
Table 3: Capacity, customers and financing actions
| Metric | Value | Timing or basis |
|---|---|---|
| Active power | Above 1.7 GW | End of Q3 2026; double the start of the year |
| Active power added in Q3 | More than 200 MW | Q3 |
| Total contracted power | Above 4.6 GW | End of Q3; up more than 900 MW in the quarter |
| International contracted power | Above 1.3 GW | India, Indonesia, Spain |
| Year-end active power target | Above 1.85 GW | 2026 guidance |
| Convertible notes raised | ~$4.2 billion | Q3, upsized |
| ATM equity program | Up to 35 million Class A shares | Inaugural program |
| DDTL 5.5 facility | $2.6 billion | Q3; first facility for shorter-duration customer contracts |
| Customer prepayments and deposits expected in next three months | ~$9 billion | CEO remarks on the call; forward-looking |
| Frontier model providers served | 9 of 10 | Company statement |
| Vera Rubin NVL72 throughput versus GB200 NVL72 | 4.8x | Cognition's first production workloads |
Table 4: Full-year 2026 guidance
| Guidance item | Current | Previous |
|---|---|---|
| Full-year revenue | $13.0B-$13.3B | $12.4B-$13.2B |
| Full-year adjusted operating income | $1.275B-$1.375B | +26% at midpoint |
| Full-year capital expenditures | $37B-$39B | $35B-$39B |
| Active power at year-end | Above 1.85 GW | — |
| Annualized run-rate revenue exiting 2026 | $20B-$21B | — |
| Q4 2026 net interest expense | $1.05B-$1.15B | — |
Definitions
| Item | Basis |
|---|---|
| Adjusted EBITDA / adjusted operating income / adjusted net loss | Non-GAAP measures, adjusted by the company; cannot be mixed with or added to GAAP figures |
| Revenue backlog | Remaining performance obligations plus company estimates of amounts to be recognized under committed contracts, subject to delivery and service availability; a multi-year cumulative measure |
| Annualized run-rate revenue (ARR) | Revenue in the last month of the quarter multiplied by 12; non-GAAP |
| Capex basis one | Cash flow statement line for purchases of property and equipment and capitalized software: $9.441 billion in Q3 |
| Capex basis two | $14.511 billion cited by some media, including finance leases and other components; must not be merged with or substituted for basis one |
| Full-year capex guidance | $37-39 billion, a company guidance measure not equivalent to the quarterly cash-flow line |
| Active versus contracted power | Active = energized and deliverable; contracted = signed but not yet energized |
| 4.8x token throughput | Cognition's first production workloads on Vera Rubin NVL72 versus GB200 NVL72; a specific-workload measurement |
| "9 of 10" customer coverage | Company statement about frontier model providers; customer names and concentration are not disclosed |
Reading the data
First, revenue growth and widening losses are two faces of the same curve. Revenue rose $2.296 billion sequentially-basis while operating expenses rose $2.141 billion: the increment was almost entirely absorbed. On the balance sheet, net property and equipment increased $26.2 billion in nine months, which is where the money went — into capacity, not into cash.
Second, the bottom line is decided below the operating line. Operating income was positive at $207 million, but net interest of $846 million and income tax of $83 million total $929 million, about 4.5x operating income. Given that structure, even doubling operating income would not turn GAAP net income positive while interest stays at this scale.
Third, the gap between backlog and current revenue is the key to reading this company. $132.5 billion of backlog against $13.0-13.3 billion of full-year revenue guidance is roughly 10x. That does not mean "the next decade of revenue is locked in" — recognition depends on delivery progress, service availability and customer payment, and the definition includes company estimates.
Fourth, power data now carries as much analytical weight as financial data. Active power of 1.7 GW (double the start of the year), 4.6 GW contracted, and a year-end target above 1.85 GW. The 2.9 GW gap between active and contracted is the delivery burden ahead, and the $37-39 billion capex guidance is what stands behind bringing that power online.
Fifth, leverage defines the risk exposure. Total liabilities of $87.456 billion against $4.025 billion of equity is about 21.7x. Recourse debt totals $41.6 billion ($9.183 billion current plus $32.417 billion non-current) and is the portion that must be serviced on the company's own credit; non-recourse debt of $5.29 billion is limited to project assets.
Limits when using this dataset
- A dash means the company did not disclose that item on that basis; no values are estimated to fill gaps;
- Quarterly cash-flow capex and full-year capex guidance use different bases and cannot be annualized by multiplying the quarter by four;
- Revenue backlog, ARR and adjusted EBITDA are non-GAAP or company-defined and cannot be compared directly with same-named metrics at peers;
- Customer concentration, revenue per customer, GPU depreciation life and margin per unit of compute are not disclosed;
- The 4.8x throughput figure is a vendor-reported measurement, not a general performance multiple;
- This dataset contains no figures derived by this site.