One-sentence summary
This FAQ answers the ten most common questions about CoreWeave's Q3 2026 results, based on the company's November 10, 2026 press release and earnings presentation, with particular attention to three easily confused pairs: GAAP versus non-GAAP, backlog versus deferred revenue, and the two different capex bases.
Key figures at a glance
| Metric | Q3 2026 | Basis |
|---|---|---|
| Revenue | $3.661B | GAAP, +168% YoY |
| Operating income | $207M (6% margin) | GAAP |
| Net interest expense | $846M | GAAP |
| Net loss | $709M (-19%) | GAAP |
| Basic net loss per share | $1.27 | GAAP |
| Adjusted EBITDA | $2.256B (62%) | Non-GAAP |
| Adjusted operating income | $379M (10%) | Non-GAAP |
| Depreciation and amortization | $1.889B | GAAP |
| Revenue backlog | $132.5B | Company-defined, multi-year |
| Quarterly purchases of property and equipment, capitalized software | $9.441B | Cash flow statement |
| Active power | Above 1.7 GW | Energized and deliverable |
| Total contracted power | Above 4.6 GW | Signed, not energized |
| Full-year revenue guidance | $13.0B-$13.3B | Company guidance |
Q1: How much revenue did CoreWeave report, and how fast is it growing?
Revenue was $3.661 billion, up from $1.365 billion a year earlier, a 168% increase. The sequential gain exceeded $1 billion — the first quarter in which the company added $1 billion of revenue over the prior quarter. Nine-month revenue was $8.314 billion against $3.559 billion.
By structure, technology and infrastructure expense was $2.025 billion and cost of revenue $1.183 billion; together they account for 93% of the $3.454 billion of operating expenses. The money is largely spent on making GPUs run.
Q2: Revenue grew 168%, so why a $709 million net loss?
Because the loss sits below the operating line, not in operations.
Operating income was positive at $207 million (a 6% margin). But net interest expense of $846 million was four times that, and $83 million of income tax expense brought the net loss to $709 million.
Depreciation and amortization is the other key figure: $1.889 billion, which compresses $2.256 billion of adjusted EBITDA down to $379 million of adjusted operating income. So "a 62% EBITDA margin" and "a -19% net loss margin" can both be true, separated by depreciation and interest.
Q3: What is the $132.5 billion revenue backlog, and can it be treated as revenue?
No.
The footnote defines it as remaining performance obligations — contracted but undelivered work — plus other amounts the company estimates will be recognized as revenue in future periods under committed customer contracts, in each case subject to delivery and service availability requirements.
Three points matter. First, it is a multi-year cumulative measure, not current revenue. Second, it contains company estimates, so it is more flexible than an accounting line. Third, it is not cash received.
Set against the midpoint of full-year revenue guidance (about $13.15 billion) it is roughly ten times. That is a ratio between two quantities, not a read on conversion timing — recognition depends on delivery progress, service availability and customers paying on schedule.
Q4: Can the backlog be compared directly with Nebius's deferred revenue?
No. They are entirely different things.
CoreWeave's $132.5 billion is cumulative contract value over future years, including amounts still being estimated. Nebius's $9.409 billion of deferred revenue is cash already received against revenue not yet recognized — the money is in, the revenue is not.
One is "to be collected," the other "already collected." Comparing the two as a size contest produces a false conclusion. By the same logic, CoreWeave's $9 billion of expected prepayments — money expected within the next three months — cannot be lined up against Nebius's deferred revenue balance either.
Q5: Is a 62% adjusted EBITDA margin credible?
It is a real measure, but you have to understand what it excludes.
Adjusted EBITDA of $2.256 billion at a 62% margin means 62 cents of operating cash gross profit remain per dollar of revenue after operating costs and expenses. That is useful for judging whether unit revenue covers operating spend.
But it excludes $1.889 billion of depreciation and amortization and $846 million of interest — precisely the two largest costs in this business. So the EBITDA margin is not a profitability measure and cannot be mixed with the GAAP operating margin (6%).
One further question is unresolved: whether GPU depreciation lives match economic useful life. The company does not disclose depreciation lives, so it cannot be tested. If lives are set long, EBITDA is systematically overstated.
Q6: How is the $20-21 billion ARR figure calculated?
The company defines it as revenue in the last month of the quarter multiplied by 12.
That is an annualized run-rate, not contracted value and not a budget. Its purpose is to express the year-scale implied by the latest month's pace, for observing growth. Note that this basis differs from both backlog and full-year revenue guidance: the $13.0-13.3 billion guidance is expected recognized revenue for 2026, while the $20-21 billion is a run-rate on exit from 2026. Different points in time.
Q7: Why are there two capex figures, $9.441 billion and $14.511 billion?
Different bases.
$9.441 billion comes from the cash flow statement line for purchases of property and equipment and capitalized internal software — actual cash paid in the period.
$14.511 billion is the figure cited by some media, including finance leases and other components. It reflects a broader scope of capital investment but is not the same line on the same statement.
The two cannot be merged or substituted. Year-over-year or sequential comparisons must use one basis consistently. Neither quarterly figure is on the same basis as the $37-39 billion full-year capex guidance, so multiplying the quarter by four does not produce the year.
Q8: Is the $9 billion of customer prepayments cash already in hand?
No.
It is a forward-looking statement from the CEO on the earnings call: roughly $9 billion of customer prepayments and deposits expected within the next three months. It is not yet booked.
Prepayments serve two functions here: they lock capacity for the customer, and they are a comparatively cheap source of funds for the supplier — cheaper than convertibles, less dilutive than equity. This is a key link in understanding the neocloud model: the customer is buying not simply a service but certainty of capacity.
Q9: What is the difference between 1.7 GW of active power and 4.6 GW contracted?
Active power is capacity that is already energized and deliverable. Contracted power is capacity that is signed but not yet energized.
Active power exceeded 1.7 GW in Q3, double the level at the start of the year, while total contracted power exceeded 4.6 GW. The roughly 2.9 GW gap is the delivery burden to be energized over coming quarters. The year-end target is more than 1.85 GW of active power.
That is also why capex guidance was raised to $37-39 billion: that money converts the contracted power into deliverable compute.
Q10: Which numbers should I watch next quarter?
Five, in priority order:
- Net interest expense: guided to $1.05-1.15 billion. It approaches the scale of full-year adjusted operating income and directly determines the direction of net income.
- Net addition to active power: year-end target of 1.85 GW against 1.7 GW at the end of Q3. Whether the gap closes on schedule reflects delivery capability.
- Sequential change in backlog: whether the $132.5 billion keeps growing reflects demand strength.
- Actual capex pacing: within the $37-39 billion annual range, the quarterly spend rhythm drives financing needs.
- Adjusted operating margin: it fell from 16% a year ago to 10%. The trend matters more than the absolute level.
As for the absolute net loss, its reference value is limited — it is dominated by interest and depreciation, swings widely in the short term, and does not directly reflect operational improvement or deterioration.
Limits when using this FAQ
- All figures come from CoreWeave's November 10, 2026 press release and earnings presentation;
- Backlog, ARR and adjusted EBITDA are non-GAAP or company-defined measures;
- Customer concentration, revenue per customer, GPU depreciation lives and margin per unit of compute are not disclosed, and this article does not estimate them;
- This article is not a forecast of next-quarter results and makes no valuation judgment.