Nebius Group N.V. · Q2 2026
ReportedAug 12, 2026
Period endedJun 30, 2026
Rule of 40n/m
Consensus vs reported
EPS
MISS −15%
-$0.68
vs -$0.59 expected
QoQ—
YoY—
Revenue
BEAT +2%
$582M
vs $570M expected
QoQ+45.9%
YoY+454.0%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $582M, up 454.0% year over year and 45.9% on the quarter. EPS −$0.68. Free cash flow −$3.41B, down 402.8% year over year. EPS missed consensus by 15%.
Reported this quarter
Revenue
$582M
QoQ +45.9%
YoY +454.0%
EPS
−$0.68
QoQ —
YoY —
Free Cash Flow
−$3.41B
QoQ −1487.4%
YoY −402.8%
Gross Margin
77.1%
QoQ +3.1 pp
YoY +5.7 pp
FCF Margin
-585.8%
QoQ −532.0 pp
YoY +59.7 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- The comparison base changed, and the growth rate depends on which one you use. After the Toloka deconsolidation, prior periods were reclassified to discontinued operations — 2025 Q2 went from $152.8M to $105.1M . The 454% headline is right on the restated base; against the old figure it is 281% .
- Operating leverage is genuinely arriving. Every expense line fell as a share of revenue — cost of revenues 29% → 23%, product development 41% → 33%, SG&A 65% → 30%, D&A 72% → 45% — taking total operating costs from 206% of revenue to 130% .
- The cloud earns more than the company does. Nebius AI cloud revenue of $574.9M , about 98% of the total, carried $285.7M of segment adjusted EBITDA at a 49.7% margin — more than the consolidated $236.2M, meaning Avride and TripleTen cost roughly $50M of EBITDA in…
- $5.66 billion of property and equipment in three months, against $582.3M of revenue. Nearly ten times the quarter's entire top line.
- The capital structure is now visible in the P&L. Interest expense went from $4.8M to $119.1M and D&A from $75.2M to $259.7M, turning a 41% adjusted EBITDA margin into a $190.4M net loss .
Coverage around this release
R40
Meta Is Building Toward 14 GW. Its Rentable Compute Is Still a Thin Slice.
In-Depth · Aug 30, 2026
R40
Nebius Sold Stock at $223.60 and Its Newest Converts Strike From $313.46. The Shares Sit Between Them.
News · Aug 27, 2026
R40
Anthropic Has Contracted 1.19 GW. Half of It Costs $2.37M per MW-Year, the Other Half $15.46M.
News · Aug 27, 2026
R40
Broadcom May Raise $60B for AI Deals. Its 10-Q Already Disclosed a $29B Lease Backstop.
News · Aug 20, 2026
R40
Nebius Added $4.5B of Converts. Existing Notes Carry 1%–3% Coupons but Cost Up to 7.06%.
News · Aug 19, 2026
R40
The Neocloud "Revenue per Megawatt" Ranking Is Measuring Contract Length, Not Efficiency
News · Aug 19, 2026
R40
Nvidia's Disclosed Stock Portfolio Grew $45 Billion Last Quarter. It Bought One Thing.
News · Aug 15, 2026
R40
Nebius's Run Rate Says $3 Billion. Its Income Statement Says $582 Million and a Loss.
News · Aug 13, 2026
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | −$0.16 | — |
| 2024 Q4 | — | −$0.44 | — |
| 2025 Q1 | — | −$0.44 | — |
| 2025 Q2 | — | $2.05 | — |
| 2025 Q3 | — | −$0.49 | — |
| 2025 Q4 | — | −$1.03 | — |
| 2026 Q1 | — | $2.11 | — |
| 2026 Q2 | −$0.59 | −$0.68 | −15% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1513845.
JSON
Company facts (XBRL)
Every figure NBIS has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 2026, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings