CoreWeave reported $3.661 billion of third-quarter 2026 revenue, but its $846 million net interest expense exceeded its $207 million GAAP operating income. The November 10 regular-session close preceded the earnings release, so that daily candle cannot show the market's reaction to the report.
What the company reported
For the quarter ended September 30, CoreWeave reported $3.661 billion of revenue, compared with $1.365 billion a year earlier. GAAP operating income rose to $207 million from $52 million. Net interest expense reached $846 million, compared with $310 million, and the company reported a $709 million GAAP net loss, compared with $110 million. Its $2.256 billion adjusted EBITDA is a company-defined non-GAAP measure; it is not profit available to shareholders or free cash flow.
CoreWeave reported $1.975 billion of operating cash flow and $9.441 billion of property and equipment purchases for the quarter. Operating cash flow can include working-capital and customer-prepayment effects, while equipment purchases capture an intensive buildout. At September 30 it reported $4.122 billion of unrestricted cash and $2.282 billion of restricted cash. The four current and noncurrent recourse and nonrecourse debt lines sum to $46.873 billion; that sum excludes lease liabilities and is not a measure of every obligation.
The company described approximately $132.5 billion of revenue backlog at September 30. That includes remaining performance obligations and estimated revenue under other contracts, subject to delivery and service availability. It is contracted business to execute, not revenue already recognized. Management raised its full-year 2026 revenue outlook to $13.0–$13.3 billion and projected $37–$39 billion of capital expenditures. Those are forecasts, not completed results. It expects approximately $9 billion in customer prepayments and deposits in the next three months; they had not all been received at the reporting date.
The completed November 10 chart
NASDAQ:CRWV closed the November 10 U.S. regular session at $48.73, down $0.25, or 0.51%, from November 9. Its 50-day simple average was $74.13 and its 200-day average was $89.71, calculated from completed daily closes. The close sat below both. The November 5 intraday low in the last 126 sessions was $40.58; the June 2 intraday high was $132.15. Those are historical session extremes, separate from the November 10 closing price, and not guaranteed support or resistance. The November 10 close came before the Q3 release. A later completed daily close above the 50-day average, followed by a daily retest and close above, would provide stronger chart evidence than an intraday move alone.
What to watch
Future reports can test whether contracted backlog converts to delivered revenue while cash generation keeps pace with equipment spending and financing costs. The Q4 interest-expense outlook of $1.05–$1.15 billion makes the financing line especially relevant. The stock's next completed daily closes can show whether price begins to repair its distance from the moving averages; they cannot prove the cause of every move.
See CoreWeave vs Nebius for a deliberately period-labeled comparison. Nebius has not yet reported Q3; its release is scheduled for November 12. Market research only, not a recommendation to buy or sell.
Sources: CoreWeave Q3 company release; CoreWeave Q3 SEC earnings exhibit. Chart: TradingView NASDAQ:CRWV, captured through the completed November 10 daily session.