CoreWeave interest expense was 4.1× operating income

CoreWeave's official release dated 10 November 2026 reported results for the third quarter ended 30 September 2026. Revenue was $3,661 million ($3.661 billion), up 168% from $1,365 million a year earlier. GAAP operating income was $207 million (margin 6%), while interest expense, net was $846 million, about 4.1 times operating income. The company recorded a GAAP net loss of $709 million, or $1.27 a share, versus a $110 million loss a year earlier. Interest expense, net is a GAAP income-statement line; it is not necessarily cash interest paid. The same release shows $56 million of non-cash interest related to significant financing components and $57 million of debt-discount amortization and related items in the quarter. Revenue backlog was approximately $132.5 billion as of 30 September 2026. That figure includes remaining performance obligations plus other amounts estimated under committed customer contracts, and is subject to delivery and availability of service. It is not revenue. CNBC and Reuters say the backlog was up from $104 billion in June; that comparison is not in the official highlights. Management raised full-year 2026 revenue guidance to $13.0–$13.3 billion, now expects 2026 capital expenditures of $37–$39 billion, and expects fourth-quarter interest expense of $1.05–$1.15 billion. Official cash purchases of property and equipment, including capitalized internal-use software, were $9,441 million in the quarter. A Reuters figure of $14.5 billion for quarterly capital spending is not the figure used here, because it does not match that official cash line. Recourse and non-recourse debt lines summed to $46,873 million at 30 September. Reuters and CNBC round that sum to about $46.9 billion and almost $47 billion.