Q4 25 EPS
$N/A
Est. $-98.03
Q4 25 Revenue
$227.7M
MISS 6.63%
Est. $243.9M
vs S&P Since Q4 25
+68.6%
BEATING MARKET
NBIS +74.3% vs S&P +5.7%
Full Year 2025 Results
FY 25 Revenue
$529.8M
MISS 3.74%
Est. $550.4M
Market Reaction
Did NBIS Beat Earnings? Q4 2025 Results
Nebius Group posted a mixed but operationally transformative Q4 2025, with revenue of $227.70 million falling 6.63% short of the $243.87 million consensus estimate, yet still representing a staggering 503.6% year-over-year gain as the company's AI cl… Read more Nebius Group posted a mixed but operationally transformative Q4 2025, with revenue of $227.70 million falling 6.63% short of the $243.87 million consensus estimate, yet still representing a staggering 503.6% year-over-year gain as the company's AI cloud business generated $214.20 million, accounting for roughly 94% of total revenue. The quarter marked a genuine inflection point, with Group Adjusted EBITDA turning positive for the first time at $15.00 million, compared to a loss of $63.90 million a year earlier. Despite those gains, a GAAP net loss of $249.60 million weighed on results, reflecting $180.70 million in depreciation tied to aggressive infrastructure expansion and a one-time charge embedded in SG&A. Annualized run-rate revenue reached $1.25 billion at year-end, well above the company's own guidance range, and analyst targets remain bullish even as investors weighed capital expenditure commitments of $16.00 billion to $20.00 billion against a 2026 ARR target of $7.00 billion to $9.00 billion.
Key Takeaways
- • Robust demand for AI compute capacity across customer types and regions
- • Peak utilization and sold-out capacity in Q4 for core AI cloud business
- • Operating leverage from scale driving cost of revenue down to 30% of revenue from 60% YoY
- • Multi-year deals with Microsoft and Meta
- • Expansion from ~0 to ~170 MW of active power, exceeding 100 MW target
- • TripleTen revenue growth of 88% YoY driven by new student acquisitions
NBIS YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
NBIS Revenue by Segment
Business unit performance breakdown
“2025 was our first full year of operations, a year with exceptional growth and execution. We delivered extremely strong financial results for the year and dramatically scaled up our capacity footprint, paving the way for significant continued growth in 2026 and beyond.”
— Arkady Volozh, Q4 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 | — |