CRWV · Q2 FY2026
CoreWeave, Inc. Q2 FY2026 earnings analysis
By SageNoodle ResearchBearish
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $2.575B | $0.40B (yr ago) | Beat |
| EPS | -$1.14 | -$1.62 (yr ago) | Beat |
| Free Cash Flow | -$5.74B | -$2.36B (yr ago) | Miss |
| Gross Margin | N/M | N/M (yr ago) | Miss |
| Operating Margin | -1.9% (pre-tax margin) | 19.7% (yr ago, pre-tax margin) | Miss |
What changed
Revenue increased to $2.575 billion from $0.40 billion in Q2 FY2024, while EPS improved to -$1.14 from -$1.62. That growth required substantially more capital: free cash flow fell to -$5.74 billion, pre-tax margin was -1.9%, and net debt reached $30.03 billion.
Impact on the investment thesis
There was no prior SageNoodle fair value to revise. We establish a base-case fair value of $74.73 per share; the quarter’s revenue growth supports a high sales multiple, but negative pre-tax earnings, cash burn and rising debt prevent a higher valuation.