Nebius reports second quarter 2026 financial results

Nebius Group
Nebius reports second quarter 2026 financial results
12-Aug-2026 / 13:38 CET/CEST
The issuer is solely responsible for the content of this announcement.

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)


In USD $ millions	Three months ended June30			Six months ended June30
	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.

Operating expenses

In USD $ millions	Three months ended June30			Six months ended June30
	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%

Selected consolidated cash flow data


In USD $ millions	Three months ended June 30			Six months ended June30
	2025	2026	Change	2025	2026	Change