Analyst Consensus ?
ConsensusBuy8 ratings
Bullish787.5%
Neutral112.5%
Bearish00.0%
Cerebras Systems Inc. · CBRS · FY2026 Q1 · Calendar Q2 2026
Cerebras posts rapid growth while scaling AI inference capacity
The supplied analysis supports a constructive demand case for Cerebras' AI inference platform, but the next phase depends on converting partnerships and reported demand into scalable capacity and improving economics.
Reported After market closeNASDAQTechnology
$48.76B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$-0.04
Consensus $-0.16
EPS surprise
+75.6%
Reported versus consensus
Reported revenue
$191.3M
Consensus $181.2M
Revenue surprise
+5.6%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-19.6%
Event window
SPY move
-0.0%
Same window
Abnormal move
-19.6%
Stock minus SPY
Volume
3.8×
Versus trailing sessions
Subsequent drift
+20.7%
Up to 20 sessions
CBRSSPY benchmark
Ask FN2 about CBRS FY2026 Q1
Transcript, numbers and history already loaded
Why did CBRS fall 19.6% after beating EPS estimates in FY2026 Q1?What changed in CBRS's guidance and outlook in FY2026 Q1?Give me the bull and bear case for CBRS after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The supplied analysis highlights a record first quarter, rapid cloud-services growth, a newly disclosed multi-year OpenAI compute agreement, and an AWS disaggregated-inference agreement. Management is moving from demand validation toward broader data-center, manufacturing and partner-ecosystem expansion.
Guidance delta
Maintained; the supplied analysis describes continued high growth, with operating margins remaining negative while data-center capacity is scaled.
Key takeaways
- Revenue grew 92% year over year, while cloud services grew 167%, according to the supplied analysis.
- OpenAI and AWS partnerships support demand visibility and broaden Cerebras' inference reach.
- The wafer-scale architecture and SRAM-based design are presented as differentiators for fast AI inference.
- Capacity expansion and negative operating margins remain the main execution constraints.
Management priorities
- Deploy CS-3 systems in new global data centers and expand cloud capacity.
- Launch disaggregated inference solutions with AWS Trainium in the second half of the year.
- Scale manufacturing through Flextronics and Sanmina while adding U.S. clean-room capacity.
- Advance next-generation wafer-scale chips and broaden the partner ecosystem.
Follow CBRS with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$205.24Current
$250Low
$294.89Average
$330High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 24, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Freedom Capital Markets | Hold | Hold | Maintain | Sep 14, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Aug 19, 2026 |
| Needham | Buy | Buy | Maintain | Aug 19, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Aug 13, 2026 |
| UBS | Buy | Buy | Maintain | Aug 13, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 13, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Aug 13, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 13, 2026 |
Named analyst price targets
Upside is calculated against the persisted current price $205.24. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $279 | $262.06 | +35.9% | Aug 13, 2026 |
| UBS | Analyst unavailable | $330 | $262.06 | +60.8% | Aug 13, 2026 |
| Mizuho Securities | Analyst unavailable | $310 | $186.75 | +51.0% | Jul 27, 2026 |
| Wedbush | Analyst unavailable | $280 | $196.3 | +36.4% | Jun 24, 2026 |
| Rosenblatt Securities | Kevin Cassidy | $300 | $226.72 | +46.2% | Jun 24, 2026 |
| UBS | Analyst unavailable | $320 | $226.72 | +55.9% | Jun 24, 2026 |
| Morgan Stanley | Analyst unavailable | $273 | $226.72 | +33.0% | Jun 24, 2026 |
| Craig-Hallum | Analyst unavailable | $325 | $237.83 | +58.4% | Jun 8, 2026 |
| Wedbush | Analyst unavailable | $270 | $201.01 | +31.6% | Jun 8, 2026 |
| Needham | Analyst unavailable | $300 | $201.01 | +46.2% | Jun 8, 2026 |
| UBS | Analyst unavailable | $300 | $201.01 | +46.2% | Jun 8, 2026 |
| Morgan Stanley | Joseph Moore | $250 | $201.01 | +21.8% | Jun 8, 2026 |
| Mizuho Securities | Analyst unavailable | $300 | $201.01 | +46.2% | Jun 8, 2026 |
| Barclays | Tom O'Malley | $280 | $201.01 | +36.4% | Jun 8, 2026 |
Track every rating change on CBRS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationCerebras Systems Inc. is a leading innovator in artificial intelligence infrastructure. The company develops and manufactures an advanced AI compute platform, integrating proprietary hardware systems and software. This platform is delivered in rack-mountable units, suitable for deployment in data centers, scaling all the way up to supercomputer-level capabilities. At its core is the groundbreaking Wafer-Scale Engine (WSE), a unique chip that encompasses an entire silicon wafer.…
Historical context
All CBRS earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
| IOT Samsara Inc. | FY2027 Q2 · Calendar Q3 2026 | +25.0% | +3.7% | Samsara: AI adoption expands as FY27 guidance holds |
Latest beats and misses
Who reports nextBeat on EPS
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
Get the CBRS recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-06-25T22:11:00.006764+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-09-24T03:50:53.521715+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-24T03:50:53.519021+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-24. For educational purposes only; not investment advice.