CoreWeave reported third quarter 2026 revenue of $3.66 billion on November 10, 2026, up 168 percent from $1.37 billion a year earlier, and raised its full-year revenue guidance to $13.0 billion to $13.3 billion, according to the earnings release it filed with the Securities and Exchange Commission. The company still lost $709 million on a GAAP basis, more than six times the year-earlier loss, because net interest expense rose to $846 million from $310 million. The stock rallied nearly 25 percent the next day, CNBC reported, after losing more than 40 percent of its value in the prior month.

The headline numbers

The release gives the quarter ended September 30, 2026 in plain figures. Revenue was $3,661 million against $1,365 million a year earlier. Operating expenses were $3,454 million, leaving operating income of $207 million, a 6 percent margin, up from 4 percent. Below that line, net interest expense of $846 million turned the operating profit into a net loss of $709 million, or $1.27 a share, against $110 million, or 22 cents a share, in the third quarter of 2025.

On the company's adjusted measures, which strip out stock-based compensation and other items, adjusted EBITDA was $2,256 million, a 62 percent margin, and adjusted operating income was $379 million, a 10 percent margin. That margin is down from 16 percent a year earlier, but the company had guided to $200 million to $260 million of adjusted operating income for the quarter, according to the call transcript published by the Motley Fool, so the $379 million was well above its own range. The adjusted net loss was $529 million.

Against Wall Street, CNBC reported that revenue beat the $3.55 billion LSEG consensus and that the adjusted loss of 95 cents a share was narrower than the $1.16 analysts expected. For how to read these line items, see how to read a company earnings report.

Why the loss widened while margins improved

The two facts that look contradictory are both true. Operating income rose and the operating margin improved, but the company funds its data center build with debt, and the interest bill on that debt nearly tripled in a year. At $846 million for the quarter, interest expense was four times operating income. The company guided to interest expense of $1.05 billion to $1.15 billion in the fourth quarter alone.

On the call, CFO Nitin Agrawal said the weighted average cost of debt across the business was 7.9 percent, down 250 basis points from a year earlier, and that the company had already paid down $4 billion of principal, including nearly half of its first two delayed draw term loans, according to the transcript. CNBC reported that some CoreWeave bond yields had recently topped 16 percent as rising rates pushed lenders back from the sector. "The business can execute well and still face a tougher financing environment," Joe Tigay, portfolio manager at Equity Armor Investments, wrote in an email to CNBC. "Strong demand is encouraging; the cost and availability of capital remain critical."

Backlog, power and the guidance raise

Revenue backlog, which the company defines as remaining performance obligations plus other amounts it expects to recognize under committed contracts, was approximately $132.5 billion as of September 30, 2026. On the call, management said that was up 138 percent year over year and a record. The release lists Canva, Substack and Wayve among new customers, and OpenAI, Jane Street, Cohere and Perplexity among expanded relationships.

The physical build is the constraint. CoreWeave said it added more than 200 megawatts of active power in the quarter to pass 1.7 gigawatts, doubling its active footprint since the start of the year, and grew contracted power by more than 900 megawatts to over 4.6 gigawatts, of which more than 1.3 gigawatts is international, including India, Indonesia and Spain. It expects more than 1.85 gigawatts of active power at year-end.

The guidance raise follows from that. Full-year 2026 revenue is now $13.0 billion to $13.3 billion, up from $12.4 billion to $13.2 billion in August, per CNBC. Adjusted operating income guidance is $1.275 billion to $1.375 billion, a 26 percent increase at the midpoint. The company also raised its annualized run-rate revenue guidance to $20 billion to $21 billion exiting 2026.

Capex and how it is being paid for

Capital expenditure guidance for 2026 is now $37 billion to $39 billion, with the low end raised from $35 billion because the company expects to deliver infrastructure to customers sooner than planned. Third quarter capital expenditures were $14.5 billion, above the guided range, according to the transcript.

The funding mix is the part of the release that matters most to the debt picture. Intrator said growth is supported by financing backed by customer contracts, operating cash flow, and "approximately $9 billion in customer prepayments and deposits expected in the next three months alone." During the quarter the company raised about $4.2 billion through an upsized convertible notes offering, set up an at-the-market equity program for up to 35 million Class A shares, and closed a $2.6 billion facility it calls DDTL 5.5, its first financing designed for shorter customer contracts. On the call, management said short-term capacity was pricing at about $40 million per megawatt a year against $20 million to $25 million for new four to five year contracts, and that it would raise "a limited amount" of new capital for 2027 beyond prepayments and hardware partner financing, per CNBC.

What the stock did

CoreWeave rose 24.71 percent on November 11, 2026, according to market data on the Motley Fool's transcript page, and CNBC said the gain of nearly 25 percent led the Nasdaq to a 1.60 percent advance on the day. That move came off a low base: CNBC reported the shares had lost more than 40 percent in the past month as investors rotated out of AI infrastructure names. Whether the rebound holds is not something this desk forecasts.

What to watch

The next dated checkpoints are the fourth quarter interest expense, guided at $1.05 billion to $1.15 billion, which sets how much of a growing operating profit reaches the bottom line; the $9 billion of customer prepayments the company says it expects within three months; and the debt raise tied to contracts that Agrawal said is coming in the weeks ahead. Nvidia, CoreWeave's main supplier, reports on November 17. The arithmetic for a reader is simple: revenue and margins are moving the right way, and the interest line is moving faster. The filing dates every one of those numbers, and the next one lands in February.