Q3 25 EPS
$N/A
Est. $-0.40
Q3 25 Revenue
$146.1M
MISS 6.18%
Est. $155.7M
vs S&P Since Q3 25
+56.7%
BEATING MARKET
NBIS +63.9% vs S&P +7.2%
Market Reaction
Did NBIS Beat Earnings? Q3 2025 Results
Nebius Group delivered a quarter defined more by its explosive growth trajectory than its headline miss, with Q3 2025 revenue of $146.10 million falling 6.18% short of the $155.72 million consensus estimate, even as the figure represented a staggerin… Read more Nebius Group delivered a quarter defined more by its explosive growth trajectory than its headline miss, with Q3 2025 revenue of $146.10 million falling 6.18% short of the $155.72 million consensus estimate, even as the figure represented a staggering 237.4% year-over-year gain. The AI infrastructure business, which contributed roughly 90% of group revenue, grew 400% annually and 40% sequentially, with management describing a "capacity bottleneck" rather than any demand weakness, noting the company is effectively turning away customers. A GAAP net loss from continuing operations widened to $119.60 million, driven by $99.00 million in depreciation tied to aggressive GPU and data center buildouts, though adjusted EBITDA loss narrowed sharply to $5.20 million from $45.90 million a year ago. Landmark infrastructure agreements with Meta, worth $3.00 billion, and Microsoft reinforced Nebius's standing among hyperscalers, and bulls remain focused on the company's guidance for $7.00 billion to $9.00 billion in annualized run-rate revenue by year-end 2026, underpinned by a freshly raised $4.79 billion cash position.
Key Takeaways
- • Core AI infrastructure business grew 400% YoY and 40% QoQ, accounting for ~90% of group revenue
- • Sold out of all available GPU capacity throughout Q3
- • Strong demand driven by increasing AI use cases, growth in adoption, and expansion of client base
- • Expansion of sales force and customer support teams propelled strong growth
- • TripleTen delivered ~100% revenue growth YoY with ~6,000 new students enrolled
- • Adjusted EBITDA loss narrowed 89% YoY to $5.2 million; core AI infrastructure business generated positive adjusted EBITDA with 19% margin
NBIS YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
NBIS Revenue by Segment
Business unit performance breakdown
“2025 has been a building year as we put in place the infrastructure and framework for future rapid growth. This year, we believe that we have successfully laid the foundations for an outstanding 2026 — a year that should firmly position us among the top AI cloud businesses globally. And at the same time, 2026 is still just the beginning.”
— Arkady Volozh, Q3 2025 Earnings Press Release
NBIS Earnings Trends
NBIS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NBIS EPS Trend
Earnings per share: estimate vs actual
NBIS Revenue Trend
Quarterly revenue: estimate vs actual
NBIS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 FY | $-98.03 | — | — | $227.7M | -6.63% |
| FY Full Year | $0.84 | — | — | $529.8M | -3.74% |
| Q3 25 | $-0.40 | — | — | $146.1M | -6.18% |
| Q2 25 | $-0.42 | — | — | $105.1M | +3.86% |
| Q2 24 | — | — | — | $24.9M | — |