Revenue growth has accelerated significantly to $399.0 million in 2026Q1, though gross margins have compressed to 20.9% as the company scales its hardware-intensive AI service offerings.
| 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 |
|---|
| Sales/Revenue | 877.9M | 529.8M | 117.5M | 20.9M | 13.5M | 4.76B | 2.95B | 2.83B | 1.83B | 1.63B | 1.23B | 831.55M | 827.16M | 40M | 28M | 21M | 13M | 274M |
| Revenue Growth % | 490.84% | 350.89% | 462.2% | 54.81% | -99.72% | 61.52% | 4.27% | 54.25% | 12.46% | 31.99% | 48.42% | 0.53% | 1967.91% | 42.86% | 33.33% | 61.54% | -95.26% | - |
| Cost of Goods Sold | 457.3M | 166.2M | 73.4M | 31.9M | 28.4M | 2.32B | 1.16B | 898.8M | 515.07M | 414.83M | 321.11M | 233.78M | 233.58M | 14M | 10M | 7M | 4M | 94M |
| COGS % of Revenue | - | 31.37% | 62.47% | 152.63% | 210.37% | 48.84% | 39.27% | 31.81% | 28.12% | 25.47% | 26.02% | 28.11% | 28.24% | 35% | 35.71% | 33.33% | 30.77% | 34.31% |
| Gross Profit | 420.6M | 363.6M | 44.1M | -11M | -14.9M | 2.43B | 1.79B | 1.93B | 1.32B | 1.21B | 913.07M | 597.76M | 593.58M | 25M | 18M | 14M | 9M | 180M |
| Gross Margin % | 47.91% | 68.63% | 37.53% | -52.63% | -110.37% | 51.16% | 60.73% | 68.19% | 71.88% | 74.53% | 73.98% | 71.89% | 71.76% | 62.5% | 64.29% | 66.67% | 69.23% | 65.69% |
| Gross Profit Growth % | - | 724.49% | 500.91% | 26.17% | -100.61% | 36.06% | -7.13% | 46.33% | 8.46% | 32.97% | 52.75% | 0.7% | 2274.33% | 38.89% | 28.57% | 55.56% | -95% | - |
| Operating Expenses | 1.02B | 959.8M | 484.8M | 316.5M | 143.1M | 2.61B | 1.58B | 1.53B | 1.02B | 991.7M | 704.24M | 464.35M | 343.92M | 13M | 9M | 7M | 4M | 97M |
| OpEx % of Revenue | - | 181.16% | 412.6% | 1514.35% | 1060% | 54.89% | 53.56% | 54.19% | 55.56% | 60.88% | 57.06% | 55.84% | 41.58% | 32.5% | 32.14% | 33.33% | 30.77% | 35.4% |
| Selling, General & Admin | 303.7M | 378.5M | 0 | 0 | 57.3M | 0 | 848.99M | 810.3M | 512.65M | 464.78M | 290.72M | 161.34M | 126.79M | 7M | 5M | 4M | 2M | 46M |
| SG&A % of Revenue | - | 71.44% | - | - | 424.44% | - | 28.81% | 28.68% | 27.98% | 28.53% | 23.56% | 19.4% | 15.33% | 17.5% | 17.86% | 19.05% | 15.38% | 16.79% |
| Research & Development | 208.2M | 177.3M | 129.7M | 112.3M | 58.3M | 647.53M | 490.38M | 470.59M | 324.01M | 326.74M | 257.35M | 186.65M | 144.07M | 6M | 4M | 3M | 2M | 51M |
| R&D % of Revenue | - | 33.47% | 110.38% | 537.32% | 431.85% | 13.61% | 16.64% | 16.65% | 17.69% | 20.06% | 20.85% | 22.45% | 17.42% | 15% | 14.29% | 14.29% | 15.38% | 18.61% |
| Other Operating Expenses | 3M | 404M | 355.1M | 204.2M | 27.5M | 1.96B | 238.68M | 250.35M | 181.09M | 200.17M | 156.16M | 116.36M | 73.06M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -603.9M | -596.2M | -440.7M | -327.5M | -158M | -177.41M | 211.47M | 395.69M | 299.09M | 222.41M | 208.83M | 133.41M | 249.66M | 13M | 9M | 8M | 5M | 83M |
| Operating Margin % | -68.79% | -112.53% | -375.06% | -1566.99% | -1170.37% | -3.73% | 7.18% | 14% | 16.33% | 13.65% | 16.92% | 16.04% | 30.18% | 32.5% | 32.14% | 38.1% | 38.46% | 30.29% |
| Operating Income Growth % | - | -35.28% | -34.56% | -107.28% | 10.94% | -183.89% | -46.55% | 32.3% | 34.47% | 6.5% | 56.53% | -46.56% | 1820.48% | 44.44% | 12.5% | 60% | -93.98% | - |
| EBITDA | -63.08M | -192.2M | -363.4M | -298.2M | -130.5M | 109.87M | 424.5M | 610.65M | 454.65M | 387.12M | 341.2M | 226.58M | 310.31M | 17M | 12M | 10M | 6M | 112M |
| EBITDA Margin % | -7.18% | -36.28% | -309.28% | -1426.79% | -966.67% | 2.31% | 14.41% | 21.61% | 24.82% | 23.77% | 27.65% | 27.25% | 37.51% | 42.5% | 42.86% | 47.62% | 46.15% | 40.88% |
| EBITDA Growth % | 80.34% | 47.11% | -21.86% | -128.51% | -218.77% | -74.12% | -30.48% | 34.31% | 17.44% | 13.46% | 50.59% | -26.98% | 1725.33% | 41.67% | 20% | 66.67% | -94.64% | - |
| D&A (Non-Cash Add-back) | 540.82M | 404M | 77.3M | 29.3M | 27.5M | 287.28M | 213.03M | 214.97M | 155.56M | 164.71M | 132.37M | 93.16M | 60.64M | 4M | 3M | 2M | 1M | 29M |
| EBIT | -593.6M | -596.2M | -440.7M | -327.5M | -158M | -177.41M | 211.47M | 407.96M | 306.01M | 227.94M | 208.83M | 141.42M | 249.66M | 17M | 10M | 8M | 5M | 84M |
| Net Interest Income | -83.8M | -26M | 63M | 3.3M | 19M | 12M | 20.68M | 50M | 46M | 34M | 25M | 28M | 24M | 54M | 31M | 8M | 5M | 64M |
| Interest Income | 37.9M | 31.8M | 63M | 3.3M | 67M | 62M | 53.47M | 51M | 63M | 50M | 43M | 49M | 24M | 54M | 31M | 8M | 5M | 64M |
| Interest Expense | 121.7M | 57.8M | 0 | 0 | 48M | 50M | 32.8M | 1M | 18M | 15M | 18M | 21M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.36B | 629.2M | 46.7M | -11.9M | -20.9M | 80.89M | 281.66M | -29.63M | 453.71M | 21.74M | -28.28M | 55.67M | 116.53M | 4M | 1M | 0 | 0 | 1M |
| Pretax Income | 751.8M | 33M | -394M | -339.4M | -178.9M | -96.51M | 493.14M | 366.06M | 752.8M | 244.15M | 180.55M | 189.08M | 366.19M | 17M | 10M | 8M | 5M | 84M |
| Pretax Margin % | 85.64% | 6.23% | -335.32% | -1623.92% | -1325.19% | -2.03% | 16.74% | 12.95% | 41.09% | 14.99% | 14.63% | 22.74% | 44.27% | 42.5% | 35.71% | 38.1% | 38.46% | 30.66% |
| Income Tax | -2.7M | 4M | -500K | 2.1M | 1.1M | 99.28M | 178.04M | 187.79M | 117.69M | 86.87M | 70.29M | 54.47M | 88.88M | 3M | 2M | 2M | 1M | 21M |
| Effective Tax Rate % | -0.36% | 12.12% | 0.13% | -0.62% | -0.61% | -102.87% | 36.1% | 51.3% | 15.63% | 35.58% | 38.93% | 28.81% | 24.27% | 17.65% | 20% | 25% | 20% | 25% |
| Net Income | 836.4M | 101.7M | -641.4M | 241.3M | 745.6M | -196.01M | 333.49M | 204.48M | 659.88M | 159.35M | 110.5M | 134.61M | 277.31M | 14M | 8M | 6M | 4M | 63M |
| Net Margin % | 95.27% | 19.2% | -545.87% | 1154.55% | 5522.96% | -4.12% | 11.32% | 7.24% | 36.02% | 9.78% | 8.95% | 16.19% | 33.53% | 35% | 28.57% | 28.57% | 30.77% | 22.99% |
| Net Income Growth % | 193.4% | 115.86% | -365.81% | -67.64% | 480.4% | -158.77% | 63.09% | -69.01% | 314.1% | 44.21% | -17.91% | -51.46% | 1880.8% | 75% | 33.33% | 50% | -93.65% | - |
| Net Income (Continuing) | 754.5M | 29M | -393.5M | -341.5M | -180M | -195.79M | 315.1M | 178.27M | 635.11M | 157.28M | 110.26M | 134.61M | 277.31M | 14M | 8M | 6M | 4M | 63M |
| Discontinued Operations | 1000K | 72.7M | -247.9M | 607.4M | 1.05B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1M | 0 | 0 | 200K | 293.56M | 197.78M | 312.63M | 556.6M | 514.74M | 170.3M | 24.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.71 | 0.11 | -2.28 | 0.65 | 1.81 | -0.54 | 0.94 | 0.63 | 2.02 | 0.42 | 0.34 | 0.42 | 0.85 | 0.04 | 0.02 | 0.02 | 0.01 | 0.19 |
| EPS Growth % | 465.85% | 104.82% | -450.77% | -64.09% | 435.19% | -157.45% | 49.21% | -68.81% | 380.95% | 23.53% | -19.05% | -50.59% | 1933.49% | 75.63% | 30.05% | 41.86% | -93.21% | - |
| EPS (Basic) | - | 0.11 | -2.28 | 0.65 | 2.03 | -0.54 | 0.98 | 0.63 | 2.02 | 0.49 | 0.40 | 0.51 | 1.11 | 0.04 | 0.02 | 0.02 | 0.01 | 0.19 |
| Diluted Shares Outstanding | 308.97M | 253.05M | 281M | 371M | 413M | 362M | 353M | 327M | 327M | 376M | 326M | 324M | 326M | 335M | 336M | 328M | 309M | 332M |
| Basic Shares Outstanding | 258.3M | 253.05M | 281M | 371M | 368M | 362M | 341M | 327M | 327M | 325M | 275M | 263M | 250M | 331M | 332M | 316M | 304M | 332M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 740.43% | 8% |
Geopolitical and Execution Volatility
As reported in recent financial statements, Nebius Group's quarterly revenue has expanded from $11.3 million in 2024Q1 to $399.0 million by 2026Q1, reflecting a rapid transition toward AI infrastructure services that warrants careful monitoring of organic growth durability versus inorganic contributions from the recent corporate restructuring.
The revenue trajectory suggests a successful pivot toward high-demand AI compute services, though the sequential growth rates remain volatile. Investors should investigate whether this expansion is driven by sustainable long-term capacity reservations or if it relies on shorter-term, project-based contracts that may lack long-term visibility.
Based on the provided income statement data, gross margins have fluctuated significantly, reaching a peak of 72.6% in 2024Q2 before compressing to 20.9% in 2026Q1, which suggests that the company's unit economics are currently sensitive to hardware procurement cycles and the mix of services provided.
The sharp contraction in gross margin during the most recent quarter may indicate rising costs associated with scaling GPU infrastructure or shifts in the underlying service mix. This volatility implies that the company has yet to achieve a stable, predictable cost-to-revenue relationship in its new operational configuration.
According to the company's reported figures, operating losses have persisted throughout the last ten quarters, with 2025Q4 showing an operating margin of -103.0%, indicating that the current revenue base is insufficient to cover the substantial R&D and overhead required for global AI infrastructure expansion.
The lack of positive operating leverage suggests that the company is prioritizing aggressive market share acquisition over immediate profitability. Analysts should monitor whether the current R&D spend is yielding proprietary software efficiencies that could eventually decouple revenue growth from the high fixed-cost base.
As evidenced by the erratic net income swings, including a $621.2 million profit in 2026Q1 against significant operating losses, the reported bottom line appears heavily influenced by non-recurring divestiture gains rather than core operational performance, necessitating a focus on adjusted metrics for true valuation.
The disparity between operating losses and net income suggests that investors should exercise caution when using headline EPS as a proxy for performance. The impact of stock-based compensation, which reached $50.9 million in 2025Q4, further complicates the assessment of true economic profitability and shareholder dilution.
Based on the income statement trends, the primary risk remains the company's reliance on massive capital expenditures to maintain competitiveness, as evidenced by the persistent operating losses despite significant revenue growth, which may challenge the long-term viability of their current business model in a crowded market.
Short-sellers may focus on the potential for margin compression if GPU utilization rates fail to meet expectations or if electricity and cooling costs in European data centers escalate. The company's ability to maintain its competitive edge without further dilutive financing or excessive cash burn remains a key analytical uncertainty.
Quick answers to the most common questions about buying NBIS stock.
For fiscal year 2025, Nebius Group N.V. (NBIS) reported total revenue of $529.8M. This represents a 93.4% increase compared to $274.0M in 2009.
Nebius Group N.V. (NBIS) is profitable, generating $101.7M in net income for the fiscal year ending 2025 with a net profit margin of 19.2%.
Nebius Group N.V. (NBIS) reported an operating income of $-596.2M, resulting in an operating profit margin of -112.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Nebius Group N.V. (NBIS) generated $363.6M in gross profit for the year, representing a gross profit margin of 68.6%. This demonstrates the company's core pricing power and production efficiency.