{"id":936581,"date":"2026-02-12T08:37:01","date_gmt":"2026-02-12T13:37:01","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/nebius-reports-fourth-quarter-and-full-year-2025-financial-results\/"},"modified":"2026-02-12T08:37:01","modified_gmt":"2026-02-12T13:37:01","slug":"nebius-reports-fourth-quarter-and-full-year-2025-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/nebius-reports-fourth-quarter-and-full-year-2025-financial-results\/","title":{"rendered":"Nebius Reports Fourth Quarter and Full-Year 2025 Financial Results"},"content":{"rendered":"

<\/p>\n

Nebius Reports Fourth Quarter and Full-Year 2025 Financial Results<\/b><\/p>\n

AMSTERDAM–(BUSINESS WIRE<\/a>)–
\nNebius Group N.V. (NASDAQ: NBIS), the AI cloud company, today announced its unaudited financial results for the fourth quarter and full financial year ended December 31, 2025.<\/p>\n

\nThe Company today also published founder and CEO Arkady Volozh\u2019s quarterly letter to shareholders, available on its investor relations website at https:\/\/nebius.com\/investor-hub<\/a>.<\/p>\n

\nManagement 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<\/a>.<\/p>\n

Q4 2025 Financial Highlights<\/b><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Consolidated results (1), (2)<\/sup><\/b><\/p>\n<\/td>\n

\n\n\n\n\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

In USD $ millions<\/i><\/b><\/p>\n<\/td>\n

\n

Three months ended December 31<\/b><\/p>\n<\/td>\n

\n

Twelve months ended December 31<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2024<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

Change<\/i><\/p>\n<\/td>\n

\n

2024<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

Change<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\nRevenues<\/p>\n<\/td>\n

\n

\n35.2<\/p>\n<\/td>\n

\n

\n227.7<\/p>\n<\/td>\n

\n

547%<\/i><\/p>\n<\/td>\n

\n

\n91.5<\/p>\n<\/td>\n

\n

\n529.8<\/p>\n<\/td>\n

\n

479%<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted EBITDA \/ (loss)<\/p>\n<\/td>\n

\n

\n(63.9)<\/p>\n<\/td>\n

\n

\n15.0<\/p>\n<\/td>\n

\n

n\/m<\/i><\/p>\n<\/td>\n

\n

\n(226.3)<\/p>\n<\/td>\n

\n

\n(64.9)<\/p>\n<\/td>\n

\n

-71%<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\nNet income \/ (loss) from continuing operations<\/p>\n<\/td>\n

\n

\n(122.9)<\/p>\n<\/td>\n

\n

\n(249.6)<\/p>\n<\/td>\n

\n

103%<\/i><\/p>\n<\/td>\n

\n

\n(352.0)<\/p>\n<\/td>\n

\n

\n29.0<\/p>\n<\/td>\n

\n

n\/m<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\nAdjusted net loss<\/p>\n<\/td>\n

\n

\n(69.0)<\/p>\n<\/td>\n

\n

\n(173.0)<\/p>\n<\/td>\n

\n

151%<\/i><\/p>\n<\/td>\n

\n

\n(238.5)<\/p>\n<\/td>\n

\n

\n(446.7)<\/p>\n<\/td>\n

\n

87%<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n

\n(1) The following measures presented in this release are \u201cnon-GAAP financial measures\u201d: Adjusted EBITDA \/ (loss) and Adjusted net loss. Please see the section \u201cUse of Non-GAAP Financial Measures\u201d 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.<\/p>\n

\n(2) Results include consolidated financial results of: Nebius, the core AI infrastructure business; Avride, an autonomous vehicle platform; and TripleTen, an edtech service. In Q2 2025 following the completion of the investment transaction in Toloka, an AI development platform, Nebius ceased to hold majority voting power in Toloka and no longer includes Toloka\u2019s results in Nebius\u2019 consolidated financial statements and reports its stake as equity method investment. Toloka\u2019s results for prior periods were reclassified to discontinued operations.<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n

Operating expenses<\/b><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

In USD $ millions<\/i><\/b><\/p>\n<\/td>\n

\n

Three months ended December 31<\/b><\/p>\n<\/td>\n

\n

Twelve months ended December 31<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2024<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

Change<\/i><\/p>\n<\/td>\n

\n

2024<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

Change<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\nCost of revenues<\/p>\n<\/td>\n

\n

\n21.1<\/p>\n<\/td>\n

\n

\n68.5<\/p>\n<\/td>\n

\n

225%<\/i><\/p>\n<\/td>\n

\n

\n43.7<\/p>\n<\/td>\n

\n

\n166.2<\/p>\n<\/td>\n

\n

280%<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

as a percentage of revenues<\/i><\/p>\n<\/td>\n

\n

60%<\/i><\/p>\n<\/td>\n

\n

30%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

48%<\/i><\/p>\n<\/td>\n

\n

31%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nProduct development<\/p>\n<\/td>\n

\n

\n31.9<\/p>\n<\/td>\n

\n

\n53.1<\/p>\n<\/td>\n

\n

66%<\/i><\/p>\n<\/td>\n

\n

\n114.8<\/p>\n<\/td>\n

\n

\n177.3<\/p>\n<\/td>\n

\n

54%<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

as a percentage of revenues<\/i><\/p>\n<\/td>\n

\n

91%<\/i><\/p>\n<\/td>\n

\n

23%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

125%<\/i><\/p>\n<\/td>\n

\n

33%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nSales, general and administrative<\/p>\n<\/td>\n

\n

\n85.4<\/p>\n<\/td>\n

\n

\n159.9<\/p>\n<\/td>\n

\n

87%<\/i><\/p>\n<\/td>\n

\n

\n255.5<\/p>\n<\/td>\n

\n

\n378.5<\/p>\n<\/td>\n

\n

48%<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

as a percentage of revenues<\/i><\/p>\n<\/td>\n

\n

243%<\/i><\/p>\n<\/td>\n

\n

70%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

279%<\/i><\/p>\n<\/td>\n

\n

71%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

\nDepreciation and amortization<\/p>\n<\/td>\n

\n

\n33.3<\/p>\n<\/td>\n

\n

\n180.7<\/p>\n<\/td>\n

\n

443%<\/i><\/p>\n<\/td>\n

\n

\n77.1<\/p>\n<\/td>\n

\n

\n404.0<\/p>\n<\/td>\n

\n

424%<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

as a percentage of revenues<\/i><\/p>\n<\/td>\n

\n

95%<\/i><\/p>\n<\/td>\n

\n

79%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

84%<\/i><\/p>\n<\/td>\n

\n

76%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total operating costs and expenses<\/b><\/p>\n<\/td>\n

\n

171.7<\/b><\/p>\n<\/td>\n

\n

462.2<\/b><\/p>\n<\/td>\n

\n

169%<\/i><\/b><\/p>\n<\/td>\n

\n

491.1<\/b><\/p>\n<\/td>\n

\n

1,126.0<\/b><\/p>\n<\/td>\n

\n

129%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

as a percentage of revenues<\/i><\/p>\n<\/td>\n

\n

488%<\/i><\/p>\n<\/td>\n

\n

203%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

537%<\/i><\/p>\n<\/td>\n

\n

213%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

Total share-based compensation expense<\/b><\/p>\n<\/td>\n

\n

40.5<\/b><\/p>\n<\/td>\n

\n

24.9<\/b><\/p>\n<\/td>\n

\n

-39%<\/i><\/b><\/p>\n<\/td>\n

\n

54.5<\/b><\/p>\n<\/td>\n

\n

83.2<\/i><\/b><\/p>\n<\/td>\n

\n

53%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

as a percentage of operating expenses<\/i><\/p>\n<\/td>\n

\n

24%<\/i><\/p>\n<\/td>\n

\n

5%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

11%<\/i><\/p>\n<\/td>\n

\n

7%<\/i><\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n
\n

Selected consolidated cash flow data<\/b><\/p>\n<\/td>\n

\n\n\n\n\n<\/tr>\n
\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

\n\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n

In USD $ millions<\/i><\/b><\/p>\n<\/td>\n

\n

Three months ended December 31<\/b><\/p>\n<\/td>\n

\n

Twelve months ended December 31<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\n\u00a0<\/p>\n<\/td>\n

\n

2024<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

Change<\/i><\/p>\n<\/td>\n

\n

2024<\/b><\/p>\n<\/td>\n

\n

2025<\/b><\/p>\n<\/td>\n

\n

Change<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\nCash provided by \/ (used in) operating activities \u2013 continuing operations<\/p>\n<\/td>\n

\n

\n(73.1)<\/p>\n<\/td>\n

\n

\n834.3<\/p>\n<\/td>\n

\n

n\/m<\/i><\/p>\n<\/td>\n

\n

\n(269.9)<\/p>\n<\/td>\n

\n

\n401.9<\/p>\n<\/td>\n

\n

n\/m<\/i><\/p>\n<\/td>\n<\/tr>\n

\n

\nPurchases of property and equipment<\/p>\n<\/td>\n

\n

\n(417.5)<\/p>\n<\/td>\n

\n

\n(2,056.0)<\/p>\n<\/td>\n

\n

392%<\/i><\/p>\n<\/td>\n

\n

\n(807.5)<\/p>\n<\/td>\n

\n

\n(4,066.0)<\/p>\n<\/td>\n

\n

404%<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Outstanding Shares<\/b><\/p>\n

\nThe total number of shares issued and outstanding <\/b>as of December 31, 2025 was 253,016,971, including 219,465,088 Class A shares and 33,551,883 Class B shares, and excluding 69,023,973 Class A shares held in treasury.<\/p>\n

Earnings webcast<\/b><\/p>\n

\nNebius Group will host a conference call and earnings webcast at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time \/ 2:00 p.m. Central European Time) on February 12, 2026 to discuss these financial results. To register to participate in the conference call, or to listen to the live audio webcast, please visit Nebius\u2019s Investor Relations website at group.nebius.com\/investor-hub<\/a>.<\/p>\n

\nA replay will be available on the same website following the call.<\/p>\n

About Nebius<\/b><\/p>\n

\nNebius, the AI cloud company, is building the full-stack platform for developers and companies to take charge of their AI future \u2014 from data and model training to production deployment. Founded on deep in-house technological expertise and operating at scale with a rapidly expanding global footprint, Nebius serves startups and enterprises building AI products, agents, and services worldwide.<\/p>\n

\nNebius Group also includes Avride (a leading developer of autonomous vehicles and delivery robots) and TripleTen (a leading edtech platform reskilling people for careers in tech), and owns equity stakes in other companies including ClickHouse and Toloka.<\/p>\n

\nNebius is listed on Nasdaq (NASDAQ: NBIS) and headquartered in Amsterdam.<\/p>\n

\nFor more information please visit www.nebius.com<\/a>.<\/p>\n

FORWARD-LOOKING STATEMENTS<\/b><\/p>\n

\nThis document contains forward-looking statements that involve risks and uncertainties. All statements contained or implied other than statements of historical facts, including, without limitation, statements regarding our business plans, market opportunities, capital expenditure requirements, financing requirements and projected financial performance, are forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201caim,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cbelieve,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201cis\/are likely to\u201d or other similar expressions. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted or implied by such statements include, among others, our ability to successfully compete in our sector; to implement our business plans; to continue to successfully capture customers; to continue to successfully obtain required supplies of hardware on acceptable terms; and to obtain further debt or equity financing that may be necessary to achieve our objectives on acceptable terms. Many of these risks and uncertainties depend on the actions of third parties and are largely outside of our control. We also continue to be subject to many of the risks and uncertainties included under the captions \u201cRisk Factors\u201d and \u201cOperating and Financial Review and Prospects\u201d in our Annual Report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (\u201cSEC\u201d) on April 30, 2025, which is available on our investor relations website at https:\/\/group.nebius.com<\/a> and on the SEC website at www.sec.gov<\/a>. All information in this document is as of the date hereof, and the Company undertakes no duty to update this information unless required by law.<\/p>\n

\nIn addition, statements that \u201cwe believe\u201d and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this document, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.<\/p>\n

Disclaimer<\/i><\/p>\n

\nLinks to third-party websites are provided for informational purposes only; Nebius is not responsible for the content contained on or accessible through the linked sites.<\/p>\n

USE OF NON-GAAP FINANCIAL MEASURES<\/b><\/p>\n

\nTo supplement the financial information prepared and presented in accordance with U.S. GAAP, we present the following non-GAAP financial measures: Adjusted EBITDA\/(loss) and Adjusted net income\/(loss). The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables captioned \u201cReconciliations of non-GAAP financial measures to the nearest comparable U.S. GAAP measures\u201d, included following the accompanying financial tables. We define the various non-GAAP financial measures we use as follows:<\/p>\n