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Free cash flow has deteriorated to -$3.4B in Q2 2026, driven by a massive $5.7B capital expenditure outlay for GPU cluster expansion that dwarfs the $321.1M in depreciation, indicating a heavy investment phase with no near-term path to positive cash generation.
Nebius Group N.V. (NBIS) cash flow statement — 17-year operating, investing & financing cash flows
| 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 | 5.26B | 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 | 61.6M | 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 | 885.4M | 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 | 179.6M | 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 | 2.11B | 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 | 2.03B | -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 | -128.7M | -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 | -11.37B | -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 | -11.14B | -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 | 822.21% | 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 | -251.6M | 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 | 21.6M | -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 | 13.47B | 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) | 7.5B | 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) | 3.16B | 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 | 2.81B | 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 | 7.06B | 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 | -5.88B | -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 % | -434.2% | -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 % | -716.97% | -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 | -20.98 | -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) | -95.52x | 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 |
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.
Key Metrics
Top Statement Risk
Massive cash burn from capex
Earnings Quality Masked by Non-Operating Gains
The Q1 2026 operating cash flow of $2.3B against a net income of $621.2M suggests a massive non-cash or non-operating gain inflated earnings, while the Q2 2026 OCF/NI ratio of -11.80 indicates core operations are not generating cash relative to reported losses.
The extreme volatility in the OCF/NI ratio, swinging from 3.63 in Q1 to -11.80 in Q2, points to significant non-recurring items distorting net income, likely related to the divestiture of legacy assets. The underlying cash conversion from core operations appears weak, as operating cash flow in Q2 2026 was only $2.2M despite $577M in revenue, suggesting that working capital movements and non-cash charges are dominating the cash flow profile.
FCF Deeply Negative Amid Capex Surge
Free cash flow has deteriorated sharply to -$3.4B in Q2 2026, driven by a massive $5.7B capital expenditure outlay, indicating the company is in a heavy investment phase with no near-term path to positive FCF generation.
The FCF margin has plunged to -5.9% in Q2 2026 from -5.4% in Q4 2025, despite revenue growth, because capital expenditures have scaled dramatically to 9.7% of revenue. This trajectory confirms the company is prioritizing capacity expansion over near-term cash generation, a strategy that will consume its substantial cash reserves until utilization rates improve significantly.
Aggressive GPU Cluster Build-Out
Capital expenditures surged to $5.7B in Q2 2026, representing 9.7% of revenue and dwarfing depreciation of $321.1M, which strongly suggests the spending is for growth-oriented GPU cluster expansion rather than maintenance of existing assets.
The CapEx/Revenue ratio has jumped from 4.0% in Q3 2024 to 9.7% in Q2 2026, indicating a strategic shift toward massive infrastructure investment. The fact that CapEx is nearly 18x the depreciation expense implies the company is building out new capacity at an unprecedented scale, which will create a significant future depreciation burden but is essential for capturing AI compute demand.
Volatile Working Capital Swings
Working capital provided a $810.8M cash inflow in Q2 2026, a sharp reversal from the $804.4M outflow in Q4 2025, suggesting inconsistent collection cycles or timing of payments that add volatility to operating cash flows.
The erratic working capital movements, from a $2.1B inflow in Q1 to an $810.8M inflow in Q2, indicate that the company's cash flow is heavily influenced by the timing of customer payments and vendor settlements rather than steady operational efficiency. This volatility makes it difficult to predict near-term operating cash flow and suggests the business may be extending favorable terms to customers to drive adoption.
Cash Preservation Amid Strategic Investments
The company has deployed minimal cash for shareholder returns or debt reduction, instead focusing its $3.68B cash reserve on organic growth via CapEx and strategic acquisitions like the $81.4M outflow in Q2 2026.
The absence of dividends and share buybacks, combined with the massive CapEx program, indicates management is prioritizing growth over capital returns. The acquisition spending appears modest relative to the overall cash position, suggesting a disciplined approach to inorganic growth while preserving liquidity for the core infrastructure build-out.
Cash Flow Obscured by Restructuring
The cash flow statement likely obscures the true cash burn from operations due to large non-cash adjustments related to the divestiture of Russian assets and aggressive stock-based compensation that totaled $102.5M in Q2 2026.
Stock-based compensation represents a significant non-cash charge that inflates operating cash flow relative to true economic earnings, while the divestiture-related gains likely create one-time cash inflows that mask the underlying operational cash burn. Investors should focus on the core operating cash flow excluding these items, which appears to be deeply negative when adjusted for the massive CapEx required to sustain the growth trajectory.