Nebius reports second quarter 2026 financial results
Amsterdam, August 12, 2026 – Nebius Group N.V. (NASDAQ: NBIS), the AI cloud company, today announced its unaudited financial results for the three and six months ended June 30, 2026.
The Company today also published founder and CEO Arkady Volozh’s quarterly letter to shareholders, available on its investor relations website at https://nebius.com/investor-hub.
Management will hold an earnings webcast today at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time / 2:00 p.m. Central European Time). To register, or to listen to the live audio webcast, please visit https://nebius.com/investor-hub.
Q2 2026 Financial Highlights
Consolidated results (1), (2)
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In USD $ millions | Three months ended June 30 | Six months ended June 30 | | | |
| 2025 | 2026 | Change | 2025 | 2026 | Change | | | |
Revenues | 105.1 | 582.3 | 454% | 156.0 | 981.3 | 529% | | | |
Adjusted EBITDA / (loss) | (21.0) | 236.2 | n/m | (74.7) | 365.7 | n/m | | | |
Net income / (loss) from continuing operations | 502.5 | (190.4) | n/m | 398.2 | 430.8 | 8% | | | |
Adjusted net loss | (91.5) | (33.2) | -64% | (175.2) | (133.5) | -24% | | | |
(1) The following measures presented in this release are “non-GAAP financial measures”: Adjusted EBITDA / (loss) and Adjusted net loss. Please see the section “Use of Non-GAAP Financial Measures” below for a discussion of how we define these measures, as well as reconciliations at the end of this release of each of these measures to the most directly comparable U.S. GAAP measures. (2) Results include consolidated financial results of: Nebius AI cloud, the core AI cloud business; Avride, an autonomous vehicle platform; and TripleTen, an edtech service. In Q2 2025 following the completion of a third-party investment transaction in Toloka, an AI development platform, Nebius ceased to hold majority voting power in Toloka and no longer includes Toloka’s results in Nebius’ consolidated financial statements and reports its stake as an equity method investment. Toloka’s results for prior periods have been reclassified to discontinued operations. | | | | |
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Operating expenses | | | | | | | | | |
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In USD $ millions | Three months ended June 30 | Six months ended June 30 | | | |
| 2025 | 2026 | Change | 2025 | 2026 | Change | | | |
Cost of revenues | 30.1 | 133.6 | 344% | 54.8 | 237.4 | 333% | | | |
as a percentage of revenues | 29% | 23% | | 35% | 24% | | | | |
Product development | 42.8 | 191.0 | 346% | 79.3 | 258.4 | 226% | | | |
as a percentage of revenues | 41% | 33% | | 51% | 26% | | | | |
Sales, general and administrative | 68.2 | 173.9 | 155% | 129.1 | 317.7 | 146% | | | |
as a percentage of revenues | 65% | 30% | | 83% | 32% | | | | |
Depreciation and amortization | 75.2 | 259.7 | 245% | 124.3 | 471.7 | 279% | | | |
as a percentage of revenues | 72% | 45% | | 80% | 48% | | | | |
Total operating costs and expenses | 216.3 | 758.2 | 251% | 387.5 | 1,285.2 | 232% | | | |
as a percentage of revenues | 206% | 130% | | 248% | 131% | | | | |
Total share-based compensation expense | 14.7 | 102.5 | 597% | 32.1 | 137.8 | 329% | | | |
as a percentage of operating costs and expenses | 7% | 14% | | 8% | 11% | | | | |
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Selected consolidated cash flow data
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In USD $ millions | Three months ended June 30 | Six months ended June 30 | | | |
| 2025 | 2026 | Change | 2025 | 2026 | Change | | | |
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