Coreweave, Inc. · NASDAQ:CRWV
Coreweave — Q2 2026 Earnings Presentation
23 slides from Coreweave's earnings presentation, Aug 11, 2026
Slide 1: Earnings Presentation Q2 2026
Earnings Presentation Q2 2026 August 11, 2026 © 2026 CoreWeave, Inc. All rights reserved
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to,
Slide 3: CoreWeave - The Essential Cloud for AI
CoreWeave - The Essential Cloud for AI AI-Native Platform Offers Rapidly Delivering New Generations Unmatched Product Market Depth Cloud Platform Purpose-Built for of Infrastructure at Scale with across Managed Inference, Artificial Intelligence Delivering Unparalleled Track Record of Being Developm
Slide 4: Our Platform is Purpose-Built for AI
Our Platform is Purpose-Built for AI Every layer is purpose-built for AI workloads. CoreWeave Cloud is optimized for low latency, high throughput, and operational efficiency to support the complexity of large-scale AI training and inference. Model and Agent Development Tools for teams to build, eval
Slide 5: Large and Growing Footprint of AI Data Centers
Large and Growing Footprint of AI Data Centers Technologies to Maximize Rack Density Systematized Processes and Modular Deployments Embedded Security Our Extensive Data Center Broad Geographical Footprint Minimizing End User Latency Network Enables Artificial Intelligence Across Use Cases Cutting-Ed
Slide 6: Continued Momentum with Exceptional Execution in Q2
Continued Momentum with Exceptional Execution in Q2 Customer Wins Across AI Labs, Key Technology Leadership Strengthened Financial Position Other Noteworthy Updates Hyperscalers, and Enterprises Milestones ● Partner of choice for leading ● Successfully completed industry's ● Milestone $3.1 billion t
Slide 7: Financial Overview
Financial Overview
Slide 8: Q2'26 Highlights
Q2’26 Highlights $2.6B $104.2B $9.4B Revenue Revenue Backlog1 2 Capital Expenditures3 Up 112% YoY Up 246% YoY $1.5B $128M $(567)M Adjusted EBITDA4 Adjusted Operating Income4 Adjusted Net Loss4 59% Margin 5% Margin (22)% Margin Notes: 1. Does not include more than $25 billion of net new customer comm
Slide 9: Revenue
Revenue $2,575 $2,078 $1,572 Revenue: $1,365 $2.6 billion, up 112% YoY, driven by continued strong $1,212 +112% execution and customer demand for CoreWeave's YoY Growth AI cloud platform Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Note: $ in millions 9
Slide 10: Adjusted Operating Income
Adjusted Operating Income1 $217 $200 Adjusted Operating Income: $128 $128 million, compared to $200 million in Q2'25 Adjusted Operating Margin: 5% margin; QoQ expansion a result of increased $88 operating leverage as a result of continued scaling 5% Margin $21 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Note: $ i
Slide 11: Adjusted Net Loss
Adjusted Net Loss1 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 $(41) $(130) Adjusted Net Loss: (22)% $(567) million, compared to $(130) million in Q2'25 Margin $(284) Adjusted Net Loss Margin: (22)% $(567) $(589) Note: $ in millions 1. Adjusted Net Loss and Adjusted Net Loss Margin are non-GAAP financial measures
Slide 12: Adjusted EBITDA
Adjusted EBITDA1 $1,510 $1,157 $898 Adjusted EBITDA: $838 59% $1.5 billion compared to $753 million in Q2'25 $753 Margin Adjusted EBITDA Margin: 59% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Note: $ in millions 1. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please see the reconci
Slide 13: Revenue Backlog
Revenue Backlog 1 < 24 months 25-48 months > 48 months $104.2 21% Revenue Backlog: $104.2 billion, up 246% YoY, driven by continued +246% diversification from enterprise and AI-natives YoY Growth customers 39% Does not include more than $25 billion of net new customer commitments added in early Q3 $
Slide 14: Capital Expenditures
Capital Expenditures1 $9.4 $8.2 $6.8 Capital Expenditures: $9.4 billion as we continued to execute on schedule $2.9 $1.9 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Note: $ in billions 1. Capital expenditures are additions to property and equipment including assets acquired under finance leases, less changes in c
Slide 15: Revenue Backlog
Revenue Backlog (in billions) As of June 30, 2025 2026 Remaining performance obligations $30.1 $103.7 Other amounts of estimated future revenue to be recognized from existing committed customer contracts — 0.5 Revenue backlog1, 2 $30.1 $104.2 Note: 1. Does not include more than $25 billion of net ne
Slide 16: Capital Expenditures Calculation
Capital Expenditures Calculation (in millions) Three Months Ended June 30, Six Months Ended June 30, 2025 2026 2025 2026 Increase in total gross property and equipment $2,975 $11,689 $5,705 $18,681 Less: Change in construction in progress 37 2,337 910 2,542 Capital expenditures1 $2,938 $9,352 $4,795
Slide 17: Q2'26 Financial Summary
Q2’26 Financial Summary (in millions, except percentages and per share amounts) Three Months Ended June 30, 2026 2025 Revenue $2,575 $1,212 Operating expenses $2,624 $1,193 Operating income (loss) $(49) $19 Operating income (loss) margin (2)% 2% Interest expense, net $(640) $(267) Net loss $(626) $(
Slide 18: Appendix: GAAP to Non-GAAP Reconciliations
Appendix GAAP to Non-GAAP Reconciliations
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful t
Slide 20: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from (in millions, except percentages) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 GAAP to Non-GAAP Measures Operating income (loss) $19 $52 $(89) $(144) $(49) Stock-based compensation 145 144 157 153 165 Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss) Margin Acquisi
Slide 21: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from (in millions, except percentages) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 GAAP to Non-GAAP Net loss $(290) $(110) $(452) $(740) $(626) Measures Stock-based compensation 145 144 157 153 165 Loss on extinguishment of debt 9 14 4 — — Adjusted Net Loss and Adjusted Net Loss Margin Ac
Slide 22: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from (in millions, except percentages) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 GAAP to Non-GAAP Net loss $(290) $(110) $(452) $(740) $(626) Measures Depreciation and amortization 559 630 821 1,147 1,393 Interest expense, net 267 311 388 536 640 Adjusted EBITDA and Adjusted EBITDA Marg
Slide 23: Thank You
Thank You