Nebius Group (NBIS) Company Report

Analyst Coverage

Research analysts who have asked questions during Nebius Group earnings calls.

Alex Platt

D.A. Davidson & Co.

6 questions for NBIS

Alex Duvall

Goldman Sachs

4 questions for NBIS

Andrew Beal

Arote

4 questions for NBIS

Nehal Chokshi

Northland Capital Markets

4 questions for NBIS

Also covers: AGYS, ALLT, AVPT +13 more

Alex DeVall

Goldman Sachs & Co.

2 questions for NBIS

Andrew Beale

Arete

2 questions for NBIS

James Kisner

Water Tower Research

2 questions for NBIS

Josh Baer

Morgan Stanley

2 questions for NBIS

Also covers: ASAN, BIGC, BOX +18 more

Neil Chulgki

Northland

2 questions for NBIS

Neil Doshi

Northland

2 questions for NBIS

Latest news

Recent press releases and 8-K filings for NBIS.

Nebius Group N.V. Reports Strong Q4 and Full-Year 2025 Financial Results and Provides 2026 Outlook

NBIS

Earnings

Guidance Update

M&A

Nebius Group N.V. reported Q4 2025 revenues of $227.7 million, a 547% increase year-over-year, and achieved its first quarter of positive Group Adjusted EBITDA of $15.0 million.
The company's Annualized Run-Rate (ARR) reached $1.25 billion as of year-end 2025, exceeding its guidance of $900 million to $1.1 billion. Nebius is on track to end 2026 with ARR of $7 billion to $9 billion.
Nebius significantly expanded its infrastructure, ending 2025 with ~170 MW of active power, exceeding its 100 MW target. The company has secured over 2 GW of contracted power and now expects to have more than 3 GW by year-end 2026.
The company delivered capacity to Microsoft and Meta on time in 2025 and advanced its AI cloud platform with the release of Aether 3.0 and 3.1 and the launch of Nebius Token Factory. Nebius also acquired Tavily to expand its AI platform capabilities.
Nebius maintains a healthy balance sheet with $3.7 billion of cash and achieved its first quarter of positive operating cash flow in Q4 2025.

Feb 12, 2026, 1:58 PM

6-K

Nebius Group Reports Strong Revenue Growth and Improved Operating Cash Flow in Q4 and Full-Year 2025

NBIS

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Nebius Group reported Q4 2025 revenues of $227.7 million, a 547% increase from Q4 2024, and full-year 2025 revenues of $529.8 million, up 479% from full-year 2024.
The company achieved Adjusted EBITDA of $15.0 million in Q4 2025, a significant improvement from a loss of $63.9 million in Q4 2024.
Net cash provided by operating activities from continuing operations for full-year 2025 was $401.9 million, compared to a usage of $269.9 million in full-year 2024.
As of December 31, 2025, the total number of shares issued and outstanding was 253,016,971.
In Q2 2025, Nebius ceased to hold majority voting power in Toloka, reclassifying Toloka's results for prior periods to discontinued operations.

Feb 12, 2026, 1:34 PM

Press Release

Nebius Group Reports Strong Q4 2025 Results and Provides Ambitious 2026 Guidance

NBIS

Earnings

Guidance Update

New Projects/Investments

Nebius Group reported strong Q4 2025 financial results, with group revenue of $228 million, representing 547% year-over-year growth and 56% quarter-over-quarter growth. The annualized run rate (ARR) for the core business stood at $1.2 billion at the end of December, exceeding the high end of their Q3 guidance.
The company achieved positive group adjusted EBITDA in Q4 2025, consistent with guidance, driven by the core cloud business where the adjusted EBITDA margin expanded from 19% in Q3 to 24%. Nebius ended the year with $3.7 billion in cash and cash equivalents and generated $834 million in operating cash flow in Q4.
For 2026, Nebius Group provided guidance for full-year revenue between $3 billion and $3.4 billion and an annualized run rate (ARR) target of $7 billion to $9 billion by year-end. They expect a group adjusted EBITDA margin of approximately 40% for 2026.
The company plans significant capacity expansion with $16 billion to $20 billion in CapEx for 2026 to meet strong demand for its AI cloud services, with the majority of planned capacity to be deployed in the second half of the year. Nebius has fully delivered its capacity for the Meta contract and is on track to deliver the remaining tranches for Microsoft throughout 2026, with full annual revenue contribution from Microsoft expected in 2027.

Feb 12, 2026, 1:00 PM

Transcript

Nebius Group Exceeds 2025 ARR Guidance and Provides Strong 2026 Outlook

NBIS

Earnings

Guidance Update

New Projects/Investments

Nebius Group reported Q4 2025 group revenue of $228 million, representing 547% year-over-year growth, and an annualized run rate (ARR) for its core business of $1.2 billion, exceeding its guidance. The company also achieved positive group adjusted EBITDA in Q4 2025.
For 2026, Nebius reiterated its annualized run rate revenue guidance of $7 billion-$9 billion by year-end and projected full-year revenue between $3 billion and $3.4 billion, with an anticipated group adjusted EBITDA margin of approximately 40%.
To support its growth, Nebius plans $16 billion-$20 billion in CapEx for 2026, with 60% of the capital already secured from its balance sheet, operations, and commitments, primarily from upfront payments on long-term contracts.
Demand for its AI cloud services remains exceptionally strong, with capacity sold out in Q3 and Q4 2025, and Q1 2026. The company has secured over 2 gigawatts of contracted power and expects to exceed 3 gigawatts in 2026.

Feb 12, 2026, 1:00 PM

Transcript

Nebius Group Reports Strong Q4 2025 Performance, Raises 2026 Capacity Forecast, and Details CapEx Plans

NBIS

Earnings

Guidance Update

New Projects/Investments

Nebius Group reported strong Q4 2025 financial results, with group revenue of $228 million and annualized run rate (ARR) for the core business reaching $1.2 billion by December, exceeding its Q3 guidance. The company also achieved positive group adjusted EBITDA in Q4.
For 2026, Nebius Group reiterated its annualized run rate revenue guidance of $7 billion-$9 billion by year-end and provided full-year revenue guidance of $3 billion-$3.4 billion. They anticipate a group adjusted EBITDA margin of approximately 40% for 2026.
The company plans significant capital expenditures of $16 billion-$20 billion in 2026 to accelerate capacity expansion, having already secured more than 2 gigawatts of contracted power and forecasting over 3 gigawatts by year-end 2026. Approximately 60% of this CapEx is funded from existing resources, with additional financing options being explored.
Nebius Group completed the deployment for the Meta contract in early February and is on track to deliver remaining tranches for the Microsoft commitment throughout 2026, with the majority in the second half. Additionally, the company acquired Tavily, an agentic search company, to enhance its AI cloud platform and add approximately 700,000 developers to its ecosystem.

Feb 12, 2026, 1:00 PM

Transcript

Nebius Group N.V. Announces Agreement to Acquire Tavily

NBIS

M&A

New Projects/Investments

Nebius Group N.V. (NBIS) announced on February 10, 2026, an agreement to acquire Tavily, a leading agentic search provider.
The acquisition aims to integrate agentic search capabilities into Nebius's AI cloud platform, enhancing its offerings for building and operating autonomous AI agents and addressing a critical capability in the fast-growing agentic AI market.
The transaction value was not disclosed, with upfront consideration payable in cash and potential future consideration for Tavily stockholders based on performance targets.
The transaction, approved by both companies' boards and not subject to Nebius shareholder approval, is expected to close in the coming days/weeks.
Tavily's team, including its founder and CEO, will join Nebius and continue leading product development under the Tavily brand.

Feb 10, 2026, 5:37 PM

6-K

Nebius to Acquire Tavily

NBIS

M&A

New Projects/Investments

Nebius (NASDAQ: NBIS) announced an agreement to acquire Tavily, a leading agentic search provider, to integrate real-time search infrastructure into its AI cloud platform.
This acquisition aims to expand Nebius's integrated software stack for building and operating enterprise-grade autonomous AI agents, combining high-performance inference (Token Factory) with real-time grounding (Tavily).
The agentic AI market, which Tavily operates in, is projected to grow from approximately $7 billion in 2025 to between $140 billion and $200 billion by the early 2030s.
The transaction is expected to close in the next few weeks, subject to customary closing conditions, but the transaction value has not been disclosed.

Feb 10, 2026, 3:40 PM

Press Release

Nebius Reports Strong Demand, Microsoft Deal, and Path to Profitability

NBIS

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Nebius reported its pipeline accelerated by 70% quarter on quarter and generated $4 billion in pipeline in Q3, indicating demand beyond its current supply.
The company secured a five-year agreement with Microsoft, potentially valued at $19 billion with options, for a large-scale cluster to support Microsoft's AI initiatives.
Nebius's core business achieved 19% EBITDA margins in Q3, with the entire group projected to reach EBITDA break-even by the end of this year. The company targets medium-term EBIT margins in the 20%-30% range.
Nebius has raised approximately $8.5 billion in capital to date, facilitating an almost 9x expansion of its connected capacity from 25 megawatts by the end of this year.

Dec 3, 2025, 3:55 PM

Transcript

Nebius Group Reports Strong Demand and Financial Progress at UBS Conference

NBIS

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

Nebius Group, an emerging cloud infrastructure player with a EUR 25 billion market cap, was founded by Arkady Volozh, who brought 1,000 experienced engineers from Yandex.
The company is experiencing significant demand acceleration, reporting a 70% quarter-on-quarter pipeline increase and generating $4 billion in Q3, with demand currently exceeding supply.
Nebius secured a five-year, $19 billion agreement (with options) with Microsoft for a massive compute cluster.
Financially, Nebius has raised $8.5 billion of capital to date and expanded its connected capacity by almost 9x from 2 MW by year-end. The core business achieved EBITDA profitability in Q2 and 19% EBITDA margins in Q3, with the entire group projected to be EBITDA break-even by year-end.
The company targets 20%-30% EBIT margins in the medium term, supported by scale efficiencies, operating leverage, and a 20% lower total cost of operations through in-house infrastructure development.

Dec 3, 2025, 3:55 PM

Transcript

Nebius discusses strong demand, Microsoft partnership, and profitability milestones

NBIS

New Projects/Investments

Revenue Acceleration/Inflection

Guidance Update

Nebius, with a $25 billion market cap, was founded by Yandex's founder and started with 1,000 engineers from Yandex, giving it a significant head start in building a hyperscaler for AI.
The company secured a five-year, $19 billion agreement (with options) with Microsoft and reported a 70% quarter-on-quarter acceleration in pipeline production in Q3, generating $4 billion worth of pipe.
Nebius has raised approximately $8.5 billion of capital to date, enabling a nearly 9x expansion in connected capacity by the end of this year from 25 megawatts at the end of last year.
The core business achieved EBITDA profitability in Q2 and posted 19% EBITDA margins in Q3, with the entire group projected to be EBITDA break-even by the end of this year.