Nebius Group N.V. Class A Ordinary Shares (NBIS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.86	-$0.68	+20.9%	—	$582.3M	—
Q4 25	-$0.6	-$0.99	-65.0%	—	$227.7M	—
Q3 25	-$0.52	-$0.4	+23.1%	—	$146.1M	—
Q2 25	-$0.42	-$0.38	+9.5%	—	$100.7M	—
Q1 25	-$0.44	-$0.39	+11.4%	—	$55.3M	—
Q4 24	-$0.39	-$0.37	+5.1%	—	$37.9M	—
Q3 22	$0.19	$0.22	+15.8%	—	$2.3B	—
Q1 22	$0.04	-$0.3	-850.0%	—	$1.3B	—
Q4 21	-$0.19	-$0.16	+15.8%	—	$1.4B	—
Q3 21	$0.03	$0.05	+66.7%	—	$1.3B	—
Q2 21	$0.08	$0.04	-50.0%	—	$1.1B	—
Q1 21	$0.27	$0.08	-70.4%	—	$963.2M	—
Q4 20	$0.14	$0.23	+64.3%	—	$1.1B	—
Q3 20	$0.12	$0.78	+550.0%	—	$738.5M	—
Q2 20	$0.06	$0.08	+33.3%	—	$590M	—
Q1 20	$0.28	$0.21	-25.0%	—	$590.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.34	—	—	$529.8M	—
FY24	—	-$2.74	—	—	$117.5M	—
FY23	—	$0.61	—	—	$9B	—
FY22	—	$1.44	—	—	$7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.2B	$1.6B	$1.8B	$2.8B	$2.9B	$4.8B	$7B	$9B	$117.5M	$529.8M
YoY change	+52.4%	+31.5%	+12.6%	+54%	+3.73%	+62.8%	+46.6%	+29.1%	-98.7%	+350.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.2B	1.6B	1.8B	2.8B	2.9B	4.8B	7B	9B	117.5M	529.8M
Cost of revenue	322.6M	415.3M	516.5M	899.9M	1.2B	2.3B	3.1B	4.1B	73.4M	166.2M
Gross profit	917.4M	1.2B	1.3B	1.9B	1.8B	2.4B	3.9B	5B	44.1M	363.6M
Gross margin	74%	74.5%	71.9%	68.2%	60.7%	51.2%	55.3%	55%	37.5%	68.6%
Research & development	258.6M	327.1M	324.9M	471.1M	488.4M	649.9M	970.2M	1.2B	129.7M	177.3M
Selling, general & administrative	292.1M	470.9M	521M	811.3M	845.6M	1.6B	2.3B	3B	277.8M	380.1M
Operating expenses	550.6M	798M	845.9M	1.3B	1.3B	2.3B	3.3B	4.2B	407.5M	557.4M
Operating income	209.8M	222.7M	299.9M	408.4M	210.6M	-178M	177.7M	334.4M	-440.7M	-611.7M
Operating margin	16.9%	13.7%	16.3%	14.4%	7.18%	-3.73%	2.54%	3.7%	-375.1%	-115.5%
Non-operating income, net	-55.4M	-13.1M	419.9M	-94.2M	260.4M	69.1M	748.8M	212.1M	-16.9M	655.2M
Pretax income	181.4M	244.4M	754.9M	366.5M	491.1M	-96.9M	944.3M	487.5M	-394M	13.8M
Income tax	70.6M	87M	118M	188M	177.3M	99.6M	305.2M	241.5M	-500K	4M
Net income	110.8M	157.5M	636.9M	178.5M	313.8M	-196.5M	639.1M	246M	-641.4M	82.5M
Net margin	8.93%	9.66%	34.7%	6.31%	10.7%	-4.11%	9.13%	2.72%	-545.9%	15.6%
EBITDA	417.2M	544.7M	601.2M	806.2M	646.7M	509.2M	955.8M	1.1B	-336.9M	-137.5M
EPS	0.35	0.47	2.1	0.63	1.01	-0.54	1.44	0.61	-2.74	0.34
Diluted EPS	0.34	0.46	2.04	0.62	0.97	-0.54	1.11	0.6	-2.74	0.33

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	5M	3.3B	139.8K	24.9M	43.3M	37.9M	55.3M	100.7M	146.1M	227.7M	399M	582.3M
Cost of revenue	7.5M	1.5B	108.4K	18.1M	18.9M	27.5M	29.5M	25.3M	42.9M	68.5M	103.8M	133.6M
Gross profit	-2.5M	1.8B	31.4K	6.8M	24.4M	10.4M	25.8M	75.4M	103.2M	159.2M	295.2M	448.7M
Gross margin	-50%	54.1%	22.5%	27.3%	56.4%	27.4%	46.7%	74.9%	70.6%	69.9%	74%	77.1%
Research & development	25.5M	414.2M	305.2K	34.7M	34.4M	35.7M	40M	39.3M	44.9M	53.1M	67.4M	191M
Selling, general & administrative	43.5M	1.2B	618.2K	83M	53.5M	90.6M	66.1M	63M	89.5M	161.5M	143.8M	173.9M
Operating expenses	69M	1.6B	923.4K	117.7M	87.9M	126.3M	106.1M	102.3M	134.4M	214.6M	211.2M	364.9M
Operating income	-77.6M	58.4M	-1M	-122.4M	-87M	-149.3M	-129.5M	-102M	-130.2M	-250M	-128M	-175.9M
Operating margin	-1.6K%	1.75%	-715.6%	-491.6%	-200.9%	-393.9%	-234.2%	-101.3%	-89.1%	-109.8%	-32.1%	-30.2%
Non-operating income, net	-17.5M	12.6M	194.9K	74M	7.2M	-8.4M	8.2M	615.9M	18.8M	12.3M	792.9M	94.2M
Pretax income	-94.6M	46.2M	-1.4M	-35.7M	-51.2M	-135.8M	-112.7M	512.6M	-119.9M	-266.2M	615.4M	-176.7M
Income tax	2.2M	90.8M	48.3K	3.6M	600K	-1.7M	900K	800K	-300K	2.6M	-5.8M	13.7M
Net income	84.3M	-44.6M	1.6M	-97.5M	-94.2M	-133.2M	-113.6M	584.5M	-119.6M	-268.8M	621.2M	-190.4M
Net margin	1.7K%	-1.33%	1.2K%	-391.6%	-217.6%	-351.5%	-205.4%	580.4%	-81.9%	-118.1%	155.7%	-32.7%
EBITDA	60.9M	81.4M	-429.1K	-110.9M	-63.5M	-112M	-80.3M	618.9M	-19.6M	-33.3M	140.3M	154.2M
EPS	0.23	-0.19	0.36	-0.33	-0.47	-0.58	-0.48	2.45	-0.5	-0.99	2.4	-0.68
Diluted EPS	0.23	-0.19	0.36	-0.33	-0.47	-0.58	-0.48	2.44	-0.5	-0.99	2.11	-0.68

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	—	—	—	—	—	—	—	20.3B	58.9B
Enterprise value	—	—	—	—	—	—	—	—	—	21.6B	67.2B
Shares outstanding	28.7B	29B	29.2B	29.2B	30.5B	32.4B	32.9B	33B	235.8M	242.5M	242.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	—	246.1	73.2
P/S	—	—	—	—	—	—	—	—	—	38.3	44.5
P/B	—	—	—	—	—	—	—	—	—	4.42	6.29
EV/EBITDA	—	—	—	—	—	—	—	—	—	-157.1	260.5
EV/Sales	—	—	—	—	—	—	—	—	—	40.8	49.6
Earnings yield	—	—	—	—	—	—	—	—	—	0.41%	1.37%
FCF yield	—	—	—	—	—	—	—	—	—	-18.1%	-16.3%
PEG	—	—	—	—	—	—	—	—	—	—	-0.57

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	74%	74.5%	71.9%	68.2%	60.7%	51.2%	55.3%	55%	37.5%	68.6%	77.1%
Operating margin	16.9%	13.7%	16.3%	14.4%	7.18%	-3.73%	2.54%	3.7%	-375.1%	-115.5%	-0.22%
Net margin	8.93%	9.66%	34.7%	6.31%	10.7%	-4.11%	9.13%	2.72%	-545.9%	15.6%	3.13%
ROE	8.63%	9.8%	20.6%	4.82%	6.71%	-5.37%	14.1%	7.35%	-19.7%	1.8%	0.6%
ROA	5.94%	6.96%	17.1%	3.8%	4.53%	-2.84%	7.72%	2.77%	-18.1%	0.66%	-1.92%
ROIC	22.9%	18.5%	10.7%	7.56%	4.59%	-4.33%	2.5%	3.72%	-51.6%	-7.38%	-4.42%
Return on tangible assets	7.87%	8.92%	33.9%	6.67%	8.87%	-6.23%	20.5%	5.57%	-18.1%	0.67%	0.16%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	5.13	2.27	3.09	2.58	4.62	1.8	1.28	0.89	9.6	3.08	4.03
Quick ratio	5.13	2.27	3.08	2.57	4.54	1.71	1.13	0.83	9.6	3.08	4.03
Debt / equity	0.24	0.19	0.09	0.1	0.31	0.52	0.31	0.7	0.02	1.08	0.99
Debt / assets	0.16	0.14	0.07	0.08	0.21	0.27	0.17	0.27	0.01	0.4	0.36
Net debt / EBITDA	-1.73	-1.52	-1.19	-1.33	-2.7	0.88	0.28	1.11	7.12	-9.42	8.81
Interest coverage	10.2	16.7	56.5	308	16.4	-0.95	21.7	4.97	—	1.22	1.22
Effective tax rate	38.9%	35.6%	15.6%	51.3%	36.1%	0%	32.3%	49.5%	0%	29%	19.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0.04	0.06	0.06	0.1	0.1	0.15	0.21	0.27	0.5	2.18	5.25
EPS (basic)	0.35	0.47	2.1	0.63	1.01	-0.54	1.44	0.61	-2.74	0.34	0.34
EPS (diluted)	0.34	0.46	2.04	0.62	0.97	-0.54	1.11	0.6	-2.74	0.33	-0.07
Book value per share	0.04	0.06	0.11	0.13	0.15	0.11	0.14	0.1	13.8	18.9	37.7
FCF per share	0.01	0.01	-0	0.01	0	-0.01	-0	-0.01	-2.38	-15.2	-21
Cash per share	0.04	0.04	0.03	0.05	0.11	0.04	0.03	0.04	10.4	15.2	29.3
Capex per share	0.01	0.01	0.01	0.01	0.01	0.02	0.02	0.04	3.42	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	12.4%	13.1%	22%	11.7%	11.2%	12.5%	9.96%	12.9%	686%	—	—
Capex / operating cash flow	52.7%	47.3%	45.3%	48.2%	43.7%	194.1%	54.4%	129.5%	-258.2%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$5M	$3.3B	$139.8K	$24.9M	$43.3M	$37.9M	$55.3M	$100.7M	$146.1M	$227.7M	$399M	$582.3M
YoY change	-99.8%	+275.1%	-97.1%	+429.8%	+766%	-98.9%	+39.5K%	+304.4%	+237.4%	+500.8%	+621.5%	+478.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1B	1.1B	990M	1.4B	3.2B	1.4B	1.1B	1.2B	2.4B	3.7B
Receivables	126.4M	169M	209.7M	287.6M	341.9M	584.2M	778.7M	965.4M	13.1M	720.3M
Inventory	—	693.6K	3.8M	13M	64.6M	128.6M	378.8M	240.4M	—	—
Total current assets	1.2B	1.4B	1.3B	1.9B	3.9B	2.7B	3.2B	3.5B	2.5B	4.7B
Property, plant & equipment	307.3M	367.1M	571.9M	771.9M	830.2M	1.3B	2.1B	2.6B	892M	6.5B
Goodwill & intangibles	455.6M	497.7M	1.8B	2B	3.4B	3.8B	5.2B	4.5B	9.8M	39.4M
Total assets	1.9B	2.3B	3.7B	4.7B	6.9B	6.9B	8.3B	8.9B	3.5B	12.4B
Accounts payable	128.2M	159.6M	211.7M	346.1M	367.2M	735.6M	975M	1.3B	21.4M	1.1B
Short-term debt	—	309.2M	93.8M	178.5M	120.2M	200.2M	470.6M	1.2B	19.4M	109.4M
Total current liabilities	238.8M	617.7M	428.2M	750.7M	844.7M	1.5B	2.5B	3.9B	264M	1.5B
Long-term debt	306.2M	—	180.7M	174.9M	1.3B	1.7B	921.9M	1.2B	30.3M	4.9B
Total liabilities	580M	657.1M	639.7M	995.1M	2.3B	3.3B	3.7B	5.5B	294.9M	7.8B
Shareholders' equity	1.3B	1.6B	3.1B	3.7B	4.7B	3.7B	4.5B	3.3B	3.3B	4.6B
Total debt	306.2M	309.2M	274.5M	353.3M	1.5B	1.9B	1.4B	2.4B	49.7M	5B
Net debt	-154.9M	-430.5M	-715.5M	-556.6M	-322.1M	824.5M	276.6M	1.3B	-2.4B	1.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	924.9M	1.2B	2M	3.9B	2.3B	2.4B	1.4B	1.7B	4.8B	3.7B	9.3B	8B
Receivables	717.2M	965.4M	42.8K	12.4M	19M	13.1M	24.3M	54.7M	91.2M	720.3M	1.5B	288.6M
Inventory	235.2M	240.4M	—	—	—	—	—	—	—	—	—	—
Total current assets	2.8B	3.5B	39.8M	4B	2.4B	2.5B	1.7B	2B	5.2B	4.7B	11.2B	9.6B
Property, plant & equipment	2.1B	2.6B	2.4M	338.2M	507M	892M	1.6B	2.1B	3.8B	6.5B	8.4B	14.9B
Goodwill & intangibles	4.1B	4.5B	104.9K	4.7M	17.4M	9.8M	34.8M	31.2M	36M	39.4M	423.2M	1.4B
Total assets	7.4B	8.9B	107.1M	4.4B	3B	3.5B	3.4B	5.1B	10.1B	12.4B	22.3B	28B
Accounts payable	913.5M	1.3B	650.1K	47.6M	69.5M	21.4M	61.4M	52.9M	651.3M	1.1B	621.7M	1.1B
Short-term debt	1B	1.2B	80.7K	6.5M	6.2M	19.4M	6.2M	41.6M	72.8M	109.4M	18.4M	161.6M
Total current liabilities	3.1B	3.9B	46.2M	76.6M	107.1M	264M	93.5M	138.1M	794.6M	1.5B	1.3B	2.4B
Long-term debt	801.2M	1.2B	65.7K	3.8M	21.6M	30.3M	181.6M	1.2B	4.5B	4.9B	9.5B	10B
Total liabilities	4.2B	5.5B	65.8M	80.5M	131.3M	294.9M	275.2M	1.3B	5.3B	7.8B	15.1B	17.6B
Shareholders' equity	3.1B	3.3B	41.3M	4.3B	2.9B	3.3B	3.2B	3.8B	4.8B	4.6B	7.2B	10.3B
Total debt	1.8B	2.4B	146.4K	10.3M	27.8M	49.7M	187.8M	1.2B	4.6B	5B	9.5B	10.2B
Net debt	921.7M	1.3B	-1.7M	-2.3B	-2.3B	-2.4B	-1.3B	-455M	-225.8M	1.3B	198M	2.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	110.8M	157.5M	636.9M	178.5M	313.8M	-196.5M	639.1M	246M	-393.5M	9.8M
Depreciation & amortization	156.9M	266.5M	256M	405.5M	407.8M	559.5M	727.6M	713M	86.3M	468.5M
Stock-based compensation	55.9M	72.7M	94.3M	159M	211.4M	279.3M	93.9M	98.4M	56.6M	83.2M
Change in working capital	-34.1M	-33.3M	-71M	-92M	-224.9M	-286.4M	-246.3M	-219.1M	-58.3M	381.2M
Operating cash flow	292.9M	451.6M	893.1M	686.4M	755.2M	308.3M	1.3B	902.6M	-312.2M	384.8M
Capital expenditure	-154.3M	-213.6M	-404.2M	-330.6M	-330M	-598.4M	-697.3M	-1.2B	-806.1M	—
Investing cash flow	-214M	-135M	373.6M	-792.6M	-1.6B	294.9M	-305.2M	-1.2B	671.8M	-120.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-145.1M	-22.9M	-136.6M	-93.4M	0	0	—	—
Financing cash flow	-97.7M	-14.5M	-473.7M	-39.7M	1.9B	-1.2B	-113.5M	472.7M	666.8M	5.1B
Net change in cash	-18.8M	302.1M	792.9M	-145.9M	1B	-555.3M	863.5M	167.1M	1B	5.4B
Free cash flow	255.8M	197.4M	-1.6M	384.5M	108.2M	-473.7M	-137.8M	-374.8M	-562.1M	-3.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q4 24	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	779.7M	-55.3M	74.9M	160.1M	55.6M	-44.6M	-164.4M	502.5M	-119.6M	-268.8M	621.2M	-190.4M
Depreciation & amortization	220.8M	35.8M	180.7M	152.6M	138.5M	241.2M	37.3M	84.7M	111.8M	215.9M	241.8M	294.3M
Stock-based compensation	12.3M	20.8M	9.1M	25.2M	32.6M	31.5M	42.6M	14.6M	26.2M	24.9M	35.3M	102.5M
Change in working capital	23.7B	-539.2M	106.5M	-150.5M	11.5M	-186.7M	-26.7M	-161.5M	-97.8M	799.4M	2.1B	2.1B
Operating cash flow	24.8B	-517.6M	356.4M	207.2M	268.7M	70.3M	-111.8M	-171.6M	-80.4M	834.3M	2.3B	2.2B
Capital expenditure	-78.9M	-178.7M	-123.6M	-264.9M	-282M	-498.2M	-416.1M	—	—	—	—	—
Investing cash flow	23.7M	-288.3M	-117.7M	-264.7M	-311.5M	-514.4M	-416.1M	—	-39.2M	-32.3M	-170.2M	6.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-15.1M	19.2M	253.2M	-520.2M	274.5M	465.2M	699.9M	1B	4.2B	100M	4.3B	2.8B
Net change in cash	24.8B	-786.7M	491.9M	-577.7M	231.7M	21.1M	172M	828.4M	4.1B	902M	6.4B	5.1B
Free cash flow	374.1M	-360.2M	167.8M	-141.2M	-92.9M	-308.5M	-492.3M	-682.2M	-1B	-1.2B	-214.9M	-3.4B

Nebius Group N.V. Class A Ordinary Shares Financials

EPS

Revenue

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EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

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Assets vs. liabilities & equity

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Assets vs. liabilities & equity

Condensed balance sheet

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Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement