Nebius Group N.V. (NBIS) Earnings

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Sep 2026upcoming

Next quarter

Expected to report Nov 10, 2026 — estimated from last year’s reporting date.

Consensus is -$0.56 EPS for Sep 2026 across 4 estimates, ranging -$0.96 to $0.31.

NBIS Jun 2026

Reported Aug 12, 2026 · before the open

: 82.09%

: -$0.67
: -$0.12
: —
: —

Highlights

Earnings beat: Reported EPS was -$0.12 versus consensus of -$0.67, an 82.09% surprise; GAAP diluted loss from continuing operations was -$0.68 per share.
AI cloud scale: Nebius AI cloud revenue reached $574.9 million, up from $93.7 million a year earlier, while segment adjusted EBITDA rose to $285.7 million from $9.5 million.
Contract visibility: Remaining performance obligations reached $37.49 billion at June 30, 2026, with 36% expected to be recognized over the 24 months ending June 30, 2028.
Revenue growth: Consolidated revenue was $582.3 million, versus $105.1 million in the year-ago quarter and approximately $399.0 million in the first quarter.
Profitability gap: Net loss was $190.4 million, compared with net income of $584.4 million a year earlier and estimated first-quarter net income of $621.2 million; the year-ago result included $597.4 million of investment revaluation gain and $81.9 million from discontinued operations.
Capital deployment: Capital spending on property and equipment and intangible assets was $8.13 billion in the first half, driving property and equipment to $13.05 billion from $5.55 billion at year-end 2025.
Funding and liquidity: Cash and cash equivalents increased to $8.04 billion from $3.68 billion at year-end, supported by $4.34 billion of convertible-note proceeds, $2.85 billion of net treasury-share proceeds and $2.00 billion from pre-funded warrants.
Acquisition program: Tavily, ClarifAI and Eigen AI added $605.6 million of goodwill and $83.9 million of intangible assets; Eigen AI consideration totaled $331.4 million, including $298.7 million in shares.
Non-cash costs: Depreciation and amortization was $259.7 million and share-based compensation was $102.5 million in the quarter; extending server and network-equipment lives from four to five years reduced quarterly depreciation by $43.0 million.

Analysis

Nebius’s June 2026 quarter was defined by the rapid scaling of its AI cloud business and the financing and infrastructure build required to support it. Revenue of $582.3 million was more than five times the $105.1 million reported a year earlier and was approximately 46% above the estimated $399.0 million first-quarter level. The supplied headline EPS result, a loss of $0.12, beat the $0.67 consensus loss by 82.09%; the filing shows a GAAP diluted loss from continuing operations of $0.68 per share. Net loss was $190.4 million, versus year-ago net income of $584.4 million and estimated first-quarter net income of $621.2 million, though both prior-period comparisons were distorted by investment and discontinued-operation gains.

The operating signal was much stronger than GAAP earnings: AI cloud adjusted EBITDA was $285.7 million versus $9.5 million a year ago, and first-half segment adjusted EBITDA was $365.7 million. Deferred revenue rose to $5.98 billion and total remaining performance obligations reached $37.49 billion. At the same time, Nebius spent $8.13 billion on property and equipment and intangible assets in the first half, while raising substantial capital through convertible notes, equity sales and pre-funded warrants. Depreciation, acquisition-related costs and share-based compensation materially weighed on reported earnings.

AI cloud acceleration

The quarter’s central development was the sharp expansion of Nebius AI cloud. Segment revenue increased to $574.9 million from $93.7 million a year earlier, representing nearly all of consolidated revenue, while segment adjusted EBITDA reached $285.7 million versus $9.5 million. First-half AI cloud revenue was $964.6 million and adjusted EBITDA was $459.7 million, compared with $135.1 million and negative $17.9 million, respectively, in the first half of 2025.

Contracted demand: Remaining performance obligations were $37.49 billion at quarter-end, all attributed to the AI cloud business; 36% is expected to convert to revenue in the 24 months through June 2028, with another 40% recognized in months 25 through 48.
Deferred revenue: Deferred revenue increased to $5.98 billion from $1.58 billion at December 31, 2025, including a $1.20 billion increase during the quarter from customer prepayments for future services.
Customer concentration: Three customers each represented at least 10% of quarterly revenue, contributing 24%, 21% and 14%; two customers represented 21% and 29% of accounts receivable at June 30.

Infrastructure buildout

Nebius is converting contracted demand into a much larger physical footprint. Property and equipment, net, reached $13.05 billion at June 30 from $5.55 billion at year-end, with assets not yet in use rising to $7.84 billion from $2.42 billion. First-half purchases of property and equipment and intangible assets totaled $8.13 billion, versus $1.05 billion a year earlier.

Additional commitments: Executed but not yet commenced leases, primarily for data centers and equipment, represented $12.05 billion of undiscounted future payments, with $612.4 million prepaid at June 30.
Operating burden: Quarterly depreciation and amortization was $259.7 million, up from $75.2 million a year earlier, while operating lease cost rose to $55.1 million from $12.7 million.
Useful-life change: Extending server and network-equipment lives from four to five years reduced second-quarter depreciation by $43.0 million and reduced the reported net loss by $34.1 million.

Capital and balance sheet

The infrastructure program was funded through a combination of customer prepayments, debt and equity. Cash and cash equivalents ended the quarter at $8.04 billion, up from $3.68 billion at December 31, 2025, while total convertible-debt carrying value increased to $8.50 billion from $4.10 billion.

Debt financing: The March offering generated $4.34 billion of convertible-note principal and $4.29 billion of net proceeds; quarterly interest expense increased to $119.1 million from $4.8 million.
Equity financing: Nebius sold 12.73 million treasury shares through its ATM program at a weighted-average price of $223.60, generating $2.81 billion of net proceeds.
Strategic funding: The company issued pre-funded warrants to NVIDIA for $2.00 billion of proceeds, with the warrants representing 21.07 million Class A shares at a nominal exercise price.
New facility: After quarter-end, Nebius entered a $775 million senior secured facility at SOFR plus 2.50%, maturing October 31, 2030, secured by deployed GPU infrastructure and contracted customer cash flows.

Acquisition expansion

Nebius used the quarter to broaden the AI cloud platform through acquisitions and technology transactions. Tavily was acquired for $189.4 million of consideration, ClarifAI for $97.4 million and Eigen AI for $331.4 million. Together, these transactions added $605.6 million of goodwill and $83.9 million of intangible assets by June 30.

Eigen AI: The June 10 acquisition focused on inference, compression and fine-tuning technology; consideration included $298.7 million of Class A shares, $8.4 million of cash and $24.3 million of deferred cash.
ClarifAI: The May transaction added inference and compute-orchestration technology and its engineering workforce for $75.0 million of cash plus $22.4 million of equity consideration.
Integration cost: Acquisition and other corporate transaction-related costs were $49.9 million in the quarter and $60.1 million in the first half.

Reported earnings bridge

GAAP earnings remained negative despite the sharp improvement in operating contribution. The company reported a $175.9 million operating loss, compared with a $111.2 million loss a year earlier, as depreciation and amortization, product development and stock compensation rose with the buildout and acquisitions. Net loss from continuing operations was $190.4 million; the year-ago quarter benefited from a $597.4 million ClickHouse revaluation gain and $81.9 million of discontinued-operation income.

Share compensation: Quarterly share-based compensation increased to $102.5 million from $14.7 million, including $84.5 million in product development expense.
Interest drag: Interest expense was $119.1 million, while interest income was $24.1 million, reflecting the much larger convertible-debt balance and cash position.
Other businesses: Avride generated $1.0 million of revenue and a $40.1 million adjusted EBITDA loss; TripleTen generated $10.0 million of revenue and a $9.4 million adjusted EBITDA loss.

Nebius Group N.V.

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