Nebius Group N.V. · 2026 Q2
ReportedAug 12, 2026
Period endedJun 30, 2026
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.
Reported this quarter
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 i…
- $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
Broadcom Is Reported to Be Raising $60 Billion for AI Chip Deals. Its Own 10-Q Already Named the Number That Lands on Broadcom: a $29 Billion Lease Backstop.
News · Aug 20, 2026
R40
Nebius Announced $4.5 Billion More of Convertibles. The Ones It Already Has Carry 1% to 3% Coupons and Are Booked at 4.15% 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
R40
Nebius and IREN: How Two AI Infrastructure Highfliers Fell 40–60% From Their Highs
News · Jul 30, 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
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HTML
Earnings press release
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SEC filings
Filed with the SEC under CIK 1513845.
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Company facts (XBRL)
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R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for 2026 Q2, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings