Free cash flow remains deeply negative, highlighted by a $1.2 billion outflow in 2025Q4, reflecting the substantial capital burden required to maintain global AI compute capacity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Cash from Operations | 3.01B | 384.8M | 245.6M | 829.8M | 697M | 124.62M | 438.2M | 715.83M | 405.97M | 412.21M | 412.96M | 263.69M | 279.67M | 447.18M | 379.53M | 234.65M | 185.52M | 105.76M |
| Operating CF Margin % | - | 72.63% | 209.02% | 3970.33% | 5162.96% | 2.62% | 14.87% | 25.33% | 22.16% | 25.31% | 33.46% | 31.71% | 33.81% | 1117.95% | 1355.48% | 1117.36% | 1427.04% | 38.6% |
| Operating CF Growth % | 1174.28% | 56.68% | -70.4% | 19.05% | 459.3% | -71.56% | -38.78% | 76.33% | -1.51% | -0.18% | 56.61% | -5.71% | -37.46% | 17.82% | 61.75% | 26.48% | 75.41% | - |
| Net Income | 836.4M | 101.7M | -393.5M | -341.5M | -180M | -196.5M | 313.82M | 178.48M | 636.87M | 157.46M | 110.78M | 131.73M | 306.19M | 409.74M | 270.7M | 180.47M | 124.78M | 66.7M |
| Depreciation & Amortization | 639.5M | 472.1M | 86.3M | 36.8M | 29.5M | 559.47M | 407.81M | 405.49M | 255.95M | 266.53M | 156.9M | 106.04M | 80.67M | 112.36M | 97.15M | 58.58M | 38.61M | 30.26M |
| Stock-Based Compensation | 77.1M | 83.2M | 56.6M | 31.4M | 9.6M | 279.32M | 211.38M | 158.96M | 94.28M | 72.71M | 55.89M | 36.99M | 21.77M | 22.93M | 12.38M | 8.94M | 5.23M | 6.94M |
| Deferred Taxes | -8M | 0 | -2.9M | -1.5M | -2.5M | -69.24M | 8.95M | 29.76M | -32.58M | -24.67M | -14.11M | -2.56M | 2.07M | -5.99M | 2.37M | -5.28M | 65.38K | -1.23M |
| Other Non-Cash Items | 330M | 901.2M | 570.3M | 1.11B | 850.4M | -50.17M | -216.5M | 101.47M | -410.89M | 25.42M | 73.41M | -10.25M | -99.88M | -69.33M | -4.15M | -1.91M | -359.59K | 2.12M |
| Working Capital Changes | 1.22B | -1.17B | -71.2M | -4.4M | -10M | -398.26M | -287.27M | -158.33M | -137.67M | -85.24M | 30.1M | 1.74M | -31.14M | -22.53M | 1.09M | -6.16M | 17.19M | 962.36K |
| Change in Receivables | -1.32B | -714.6M | -32.9M | 3.1M | -900K | -392.66M | -123.26M | -55.95M | -67.7M | -34.61M | -38.95M | -23.99M | -12.84M | -29.38M | -17.32M | -13.63M | -14.12M | -1.33M |
| Change in Inventory | 0 | 0 | 0 | 44.54M | -245.77M | -63.78M | -20.17M | -8.76M | -3.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -69.2M | 0 | -31.3M | 6.7M | 13M | 303.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.73B | -4.23B | 311.6M | -1.21B | -403.1M | 294.94M | -1.61B | -792.56M | 373.55M | -135.04M | -214.04M | -159.7M | -514.32M | -21.59M | -335.45M | -548.69M | -128.08M | -97.17M |
| Capital Expenditures | -5.48B | -4.07B | -807.7M | -83.4M | -14.6M | -598.37M | -329.97M | -331.36M | -407.57M | -214.83M | -157.19M | -177.54M | -174.13M | -150.1M | -131.15M | -172.87M | -70.32M | -32.75M |
| CapEx % of Revenue | 624.72% | 767.46% | 687.4% | 399.04% | 108.15% | 12.57% | 11.2% | 11.73% | 22.25% | 13.19% | 12.74% | 21.35% | 21.05% | 375.26% | 468.4% | 823.21% | 540.89% | 11.95% |
| Acquisitions | -170.2M | 0 | 1.47B | 0 | 0 | -110.44M | -454.25M | -5.6M | 285.56M | -15.92M | 0 | -5.42M | -114.42M | -74.14M | 0 | -22.98M | -4.67M | -7.7M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -71.5M | -163.3M | -358.1M | -1.12B | -388.5M | -27.24M | 336K | 3.58M | -33.36M | -1.61M | -6.09M | 476.35K | -13.15M | -4.68M | 7.21M | -13.54M | 0 | -56.71M |
| Cash from Financing | 10.6B | 5.13B | 825.5M | 375.6M | -100.3M | -1.14B | 1.88B | -38.62M | -472.05M | -10.18M | -90.62M | -84.53M | -210.61M | 348.53M | 11.88M | 362.57M | -29.65M | -7.7M |
| Debt Issued (Net) | 7.46B | 4.16B | -700K | 1.04B | -49.97M | 24.23M | 1.1B | -3.87M | -306.28M | -11.58M | -88.14M | -82.97M | -61.76M | 599.65M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 3.15B | 0 | 700M | 0 | 0 | -93.41M | 839.8M | -22.94M | -145.12M | 0 | 0 | 0 | -151.53M | -259.03M | 0 | 356.47M | 0 | 33.18K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -29.62M | -5.31M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -93.41M | -136.62M | -22.94M | -145.12M | 0 | 0 | 0 | -151.53M | -259.03M | 0 | 0 | 0 | 0 |
| Other Financing | -4.7M | 963.8M | 126.2M | -668.81M | -50.33M | -1.07B | -65.56M | -11.81M | -20.65M | 1.4M | -2.48M | -1.57M | 2.68M | 7.91M | 11.88M | 6.1M | -32.69K | -2.42M |
| Net Change in Cash | 7.81B | 1.27B | 1.36B | -1.03B | 131.8M | -711.36M | 1.02B | -200.54M | 369.18M | 250.06M | 51.97M | 88.22M | -283.32M | 789.72M | 49.22M | 90.81M | 27M | 4.88M |
| Free Cash Flow | -2.47B | -3.68B | -562.1M | 746.4M | 682.4M | -473.75M | 108.23M | 384.47M | -1.6M | 197.38M | 255.77M | 86.15M | 105.55M | 297.08M | 248.38M | 61.77M | 115.2M | 73.01M |
| FCF Margin % | -281.64% | -694.83% | -478.38% | 3571.29% | 5054.81% | -9.95% | 3.67% | 13.61% | -0.09% | 12.12% | 20.72% | 10.36% | 12.76% | 742.69% | 887.08% | 294.15% | 886.15% | 26.64% |
| FCF Growth % | -243.31% | -554.9% | -175.31% | 9.38% | 244.04% | -537.71% | -71.85% | 24170.44% | -100.81% | -22.83% | 196.88% | -18.38% | -64.47% | 19.6% | 302.1% | -46.38% | 57.79% | - |
| FCF per Share | -8.00 | -14.55 | -2.00 | 2.01 | 1.65 | -1.31 | 0.31 | 1.18 | -0.00 | 0.52 | 0.78 | 0.27 | 0.32 | 0.89 | 0.74 | 0.19 | 0.37 | 0.22 |
| FCF Conversion (FCF/Net Income) | -2.96x | 3.78x | -0.38x | 3.44x | 0.93x | -0.64x | 1.31x | 3.50x | 0.62x | 2.59x | 3.74x | 1.96x | 1.01x | 31.94x | 47.44x | 39.11x | 46.38x | 1.68x |
| Interest Paid | 0 | 0 | 0 | 0 | 30.77M | 7.71M | 0 | 0 | 1.61M | 3.61M | 4.31M | 4.38M | 5.52M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 4.8M | 0 | 200K | 168.6M | 166.64M | 180.38M | 127.7M | 98.91M | 74M | 66.16M | 81.75M | 89.53M | 65.54M | 52.17M | 37.95M | 20.87M |
Capital Intensive Execution Risk
According to recent financial filings, the relationship between net income and operating cash flow remains highly volatile, with the 2026Q1 OCF/NI ratio of 3.63 highlighting a significant disconnect between reported accounting profits and the actual cash generation capabilities of the underlying AI infrastructure business.
The wide variance between net income and operating cash flow suggests that reported earnings are heavily influenced by non-recurring divestiture gains rather than operational efficiency. Investors should monitor this divergence closely, as it indicates that the core business is not yet self-funding its massive operational requirements.
As reported in quarterly statements, Nebius Group's free cash flow trajectory remains deeply negative, with a $1.2 billion outflow in 2025Q4, underscoring the substantial capital burden required to scale its global AI cloud infrastructure in a highly competitive and hardware-intensive market environment.
The consistent negative free cash flow margins suggest that the company is currently in a heavy investment phase where capital expenditures far outpace cash inflows from operations. This trend warrants further investigation into whether the company can achieve positive unit economics before its substantial cash reserves are depleted.
Based on the provided data, capital expenditures reached $2.5 billion in 2026Q1, representing a significant commitment to hardware procurement that appears to be the primary driver of the company's current cash burn and long-term infrastructure scaling strategy.
The high ratio of capital expenditure to revenue suggests that Nebius is prioritizing rapid capacity expansion over immediate cash flow generation. This strategy implies a high-stakes bet on future GPU utilization rates, which may leave the company vulnerable if demand for its specific AI compute offerings fails to materialize as expected.
As evidenced by the $2.1 billion working capital inflow in 2026Q1, the company's cash flow is subject to significant fluctuations, likely driven by the timing of large-scale project payments and the complex transition of its business model post-divestiture.
The erratic nature of working capital changes suggests that the company's cash position is sensitive to the timing of customer collections and vendor obligations. Analysts should interpret these swings as a sign of an evolving operational structure that has not yet reached a steady-state cash conversion cycle.
Quick answers to the most common questions about buying NBIS stock.
Nebius Group N.V. (NBIS) generated $384.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nebius Group N.V. (NBIS) reported negative free cash flow of $3.68B in 2025, indicating capital requirements exceeded cash from operations.
Nebius Group N.V. (NBIS) spent $4.07B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.