Quarterly Earnings Performance
Note: Nebius is a high-growth AI cloud infrastructure company. Revenue and EBITDA are the primary metrics; EPS is GAAP net loss per share from continuing operations. Full-year EPS turned positive in 2025 due to large gains from discontinued operations (Yandex asset divestitures), which are excluded from quarterly continuing-ops figures.
| Quarter | Period | Report Date | Revenue | YoY Growth | Net Loss/Share (cont. ops) | Guidance / ARR Target | Notes |
|---|---|---|---|---|---|---|---|
| Q1 2025 | Jan–Mar 2025 | 2025-05-15 | $55.3M | +385% | ~$(0.33) est. | — | EBITDA loss $62.6M; cont. ops loss $113.6M |
| Q2 2025 | Apr–Jun 2025 | 2025-08-13 | $105.1M | +625% | — | ARR $900M–$1.1B by YE | +90% QoQ; EBITDA positive ahead of plan |
| Q3 2025 | Jul–Sep 2025 | 2025-10-29 | $146.1M | +355% | — | — | $3B Meta deal; $17-19B Microsoft deal signed |
| Q4 2025 | Oct–Dec 2025 | 2026-02-15 | $227.7M | +547% | $(0.68) | — | Gross margin 70%; EBITDA margin 24% |
| FY 2025 | Full Year | — | $529.8M | +351% | $0.04† | — | †Incl. discontinued ops gains; cont. ops losses |
| Quarter | Est. Report Date | Est. Revenue | Est. EPS | Source |
|---|---|---|---|---|
| Q1 2026 | ~2026-05-15 | $250–320M (est.) | — | Based on Q4 ARR run-rate; co. guidance ARR $7–9B by YE 2026 |
Nebius emerged from Yandex's restructuring as a pure-play AI cloud infrastructure provider and delivered one of the fastest revenue ramps in the sector: from $55M in Q1 2025 to $228M in Q4 2025 in a single year. The Q3 2025 quarter was a landmark moment, with Nebius securing a $3B deal with Meta and a $17–19B agreement with Microsoft to deliver AI infrastructure over five years, validating enterprise demand at scale. The company achieved positive adjusted EBITDA ahead of plan and a 70% gross margin in Q4 2025, suggesting a path to sustained profitability as the business scales. With an ambitious target of $7–9B in annualized run-rate revenue by end of 2026 (up from ~$911M ARR at end of 2025), Nebius is positioning to capture a meaningful share of the hyperscale AI infrastructure market.
Generated: 2026-05-23