Opening the filing
10-Q
Change % Change 2026 2025
Change % Change (dollars in millions)
Revenue 2,575 1,212 1,363 4,653 2,194 2,459 Revenue for the three months ended June 30, 2026 increased by $1.4 billion, or 112%, compared to the three months ended June 30, 2025. Revenue for the six months ended June 30, 2026 increased by $2.5 billion, or 112%, compared to the six months ended June 30, 2025. This substantial growth was related to increased demand from both existing and new customer contracts and our fulfillment of that demand through our expanded data center footprint. Approximately 93% of the revenue increase in both the three and six months ended June 30, 2026 was attributable to expansion within our existing customer base, with the remainder attributable to new customers.
Cost of Revenue
Three Months Ended June 30,
(3,875)
Net cash provided by financing activities 13,985 4,084
Operating Activities Net cash provided by operating activities was $3.7 billion for the six months ended June 30, 2026, as compared to net cash used in operating activities of $190 million for the six months ended June 30, 2025. The increase was primarily driven by an increase in cash received from customers and timing of payments for operating expenses.
Investing Activities Net cash used in investing activities was $14.9 billion for the six months ended June 30, 2026, as compared to $3.9 billion for the six months ended June 30, 2025. The increase was driven by higher capital investments in our infrastructure, including our GPU fleet, networking equipment, servers, switches and other necessary equipment for infrastructure asset compared to the six months ended June 30, 2025.
Financing Activities Net cash provided by financing activities was $14.0 billion for the six months ended June 30, 2026, as compared to $4.1 billion for the six months ended June 30, 2025. The increase was driven by the issuance of debt and common stock. The increase was partially offset by higher payments on debt.
Capital Investments Our capital investments in property and equipment consist primarily of technology and infrastructure, which consist of our investments in servers and network equipment for computing, storage, and networking requirements that collectively enable the development and deployment of AI models. We fund these capital investments through a mix of debt and equity securities issuances, delayed draw term loan facilities, OEM financing arrangements, and cash from our balance sheet. We expect capital investments will continue to be financed through a similar mix of debt and equity securities issuances, delayed draw term loan facilities, OEM financing arrangements, and cash from our balance sheet.
During the six months ended June 30, 2026 and 2025, cash paid for property and equipment was $14.1 billion and $3.9 billion, respectively. We expect to increase, relative to 2025, our investment in our technology and infrastructure, including servers, network equipment, and data center related expenses, to support the growth of our business and our long-term initiatives.