Nebius reports fourth quarter and full-year 2025 financial results
Amsterdam, February 12, 2026 – Nebius Group N.V. (NASDAQ: NBIS), the AI cloud company, today announced its unaudited financial results for the fourth quarter and full financial year ended December 31, 2025.
The Company today also published founder and CEO Arkady Volozh’s quarterly letter to shareholders, available on its investor relations website at https://nebius.com/investor-hub.
Management will hold an earnings webcast today at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time / 2:00 p.m. Central European Time). To register, or to listen to the live audio webcast, please visit https://nebius.com/investor-hub.
Q4 2025 Financial Highlights
Consolidated results (1), (2)
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In USD $ millions | Three months ended December 31 | Twelve months ended December 31 | | | |
| 2024 | 2025 | Change | 2024 | 2025 | Change | | | |
Revenues | 35.2 | 227.7 | 547% | 91.5 | 529.8 | 479% | | | |
Adjusted EBITDA / (loss) | (63.9) | 15.0 | n/m | (226.3) | (64.9) | -71% | | | |
Net income / (loss) from continuing operations | (122.9) | (249.6) | 103% | (352.0) | 29.0 | n/m | | | |
Adjusted net loss | (69.0) | (173.0) | 151% | (238.5) | (446.7) | 87% | | | |
(1) The following measures presented in this release are “non-GAAP financial measures”: Adjusted EBITDA / (loss) and Adjusted net loss. Please see the section “Use of Non-GAAP Financial Measures” below for a discussion of how we define these measures, as well as reconciliations at the end of this release of each of these measures to the most directly comparable U.S. GAAP measures. (2) Results include consolidated financial results of: Nebius, the core AI infrastructure business; Avride, an autonomous vehicle platform; and TripleTen, an edtech service. In Q2 2025 following the completion of the investment transaction in Toloka, an AI development platform, Nebius ceased to hold majority voting power in Toloka and no longer includes Toloka’s results in Nebius’ consolidated financial statements and reports its stake as equity method investment. Toloka’s results for prior periods were reclassified to discontinued operations. | | | |
Operating expenses | | | | | | | | | |
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In USD $ millions | Three months ended December 31 | Twelve months ended December 31 | | | |
| 2024 | 2025 | Change | 2024 | 2025 | Change | | | |
Cost of revenues | 21.1 | 68.5 | 225% | 43.7 | 166.2 | 280% | | | |
as a percentage of revenues | 60% | 30% | | 48% | 31% | | | | |
Product development | 31.9 | 53.1 | 66% | 114.8 | 177.3 | 54% | | | |
as a percentage of revenues | 91% | 23% | | 125% | 33% | | | | |
Sales, general and administrative | 85.4 | 159.9 | 87% | 255.5 | 378.5 | 48% | | | |
as a percentage of revenues | 243% | 70% | | 279% | 71% | | | | |
Depreciation and amortization | 33.3 | 180.7 | 443% | 77.1 | 404.0 | 424% | | | |
as a percentage of revenues | 95% | 79% | | 84% | 76% | | | | |
Total operating costs and expenses | 171.7 | 462.2 | 169% | 491.1 | 1,126.0 | 129% | | | |
as a percentage of revenues | 488% | 203% | | 537% | 213% | | | | |
Total share-based compensation expense | 40.5 | 24.9 | -39% | 54.5 | 83.2 | 53% | | | |
as a percentage of operating expenses | 24% | 5% | | 11% | 7% | | | | |
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Selected consolidated cash flow data
| | | | | | | | | |
In USD $ millions | Three months ended December 31 | Twelve months ended December 31 | | | |
| 2024 | 2025 | Change | 2024 | 2025 | Change | | | |
Cash provided by / (used in) operating activities – continuing operations | (73.1) | 834.3 | n/m | (269.9) | 401.9 | n/m | | | |
Purchases of property and equipment | (417.5) | (2,056.0) | 392% | (807.5) | (4,066.0) | 404% | | | |
