CoreWeave's $104 Billion Backlog Fuels Buy Case After Earnings Beat

Earnings Impact 4
โดย 24/7 Wall St.·US·Read original
Summary · why it matters

CoreWeave's first earnings beat as a public company has reframed its risk/reward, with shares at $107.73 and a $104.2 billion contracted backlog providing multi-year revenue visibility. Revenue hit $2.575 billion, up 112.32% year over year, and GAAP EPS of -$1.14 beat the -$1.447 consensus by 21.22%, while adjusted EBITDA doubled to $1.51 billion at a 59% margin. The company added over $25 billion in net new commitments in early Q3, raised full-year 2026 revenue guidance to $12.4 billion to $13.2 billion, and saw managed inference ARR scale from $1 million to more than $100 million in months. However, free cash flow was negative $5.743 billion, CapEx guidance is $35 billion to $39 billion, and debt to equity sits at 8.94, with NVIDIA supplier concentration a key risk. Analysts see 28.44% upside to a $138.37 price target, with 26 Buys, 9 Holds, and 2 Sells.

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