Key Points
CoreWeave revenue reached $3.7 billion, up 168% year over year.
Revenue backlog grew to approximately $133 billion in the third quarter.
Active power expanded to more than 1.7 gigawatts.
On its third quarter of 2026 earnings call, held on Nov. 10, 2026, CoreWeave (NASDAQ:CRWV) announced revenue grew 168% year over year to $3.7 billion. The results demonstrate how scaling specialized artificial intelligence cloud capacity expands operating margins and cash flow. Three takeaways stand out for long-term investors.
1. Operating Margins Expand Rapidly as Infrastructure Reaches Scale
CoreWeave generated $379 million in adjusted operating income during the third quarter, moving its adjusted operating margin into double digits a quarter ahead of schedule. Revenue grows against existing infrastructure investments as capacity enters service.
Adjusted operating margin was approximately 1% in Q1, 5% in Q2, and exceeded 10% in Q3.
-- Michael Intrator, Chief Executive Officer
2. Paid-Off Cloud Fleet Unlocks High-Margin Contract Renewals
Customer commitments fully pay down debt attached to cloud hardware over initial contract terms. Once those initial terms end, CoreWeave owns the data center equipment free and clear, so renewed capacity generates revenue with zero additional capital expenditure.
For the facilities funding long term commitments, by the time the customer contract ends, the debt is repaid and the infrastructure is owned free and clear by CoreWeave.
-- Michael Intrator, Chief Executive Officer
3. Strong Customer Demand Drives Price Increases Across Product SKUs
High demand for compute capacity allows CoreWeave to raise prices across stock keeping units (SKUs), which are specific hardware and service configurations. Higher pricing offsets rising operating costs and lifts contribution margins on long-term and short-term contracts.
In July, we increased pricing across SKUs by 25%, followed by another 10% increase later in the quarter.
-- Michael Intrator, Chief Executive Officer
Looking Ahead
Enterprise adoption accelerates across sectors outside technology as customers move artificial intelligence workloads into production. Customer diversification, international expansion across 1.3 gigawatts of power, and software integration strengthen competitive positioning while management maintains pricing discipline.
Our managed inference platform launched earlier this year has already exceeded $250 million of booked ARR.
-- Nitin Agrawal, Chief Financial Officer
Success-based capital expenditures tie infrastructure investments directly to signed customer commitments, preserving balance sheet flexibility across market cycles.
In short, we feel confident in our ability to fund our business for growth even in the current macroeconomic conditions.
-- Nitin Agrawal, Chief Financial Officer
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