Revenue growth has accelerated to 350.9% year-over-year in Q2 2026, but operating losses have widened to -$175.9M as SG&A and R&D expenses of $364.9M consume 62.7% of revenue, indicating a period of heavy investment with no near-term operating leverage.
Nebius Group N.V. (NBIS) annual income statement — 17-year revenue, gross profit & net income history
| 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 | 1.36B | 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 % | 460.89% | 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 | 560.8M | 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 | 794.3M | 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 % | 58.62% | 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 | 1.46B | 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 | 477.6M | 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 | 356.4M | 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 | -668.6M | -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 % | -49.34% | -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 | 112.6M | -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 % | 8.31% | -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 % | 134.43% | 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) | 781.2M | 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 | 174.6M | 90.8M | -394M | -339.4M | -130.9M | -46.51M | 211.47M | 407.96M | 306.01M | 227.94M | 208.83M | 141.42M | 249.66M | 17M | 10M | 8M | 5M | 84M |
| Net Interest Income | -177.8M | -26M | 63M | 3.3M | 19M | 12M | 20.68M | 50M | 46M | 34M | 25M | 28M | 24M | 54M | 31M | 8M | 5M | 64M |
| Interest Income | 33.9M | 31.8M | 63M | 3.3M | 67M | 62M | 53.47M | 51M | 63M | 50M | 43M | 49M | 24M | 54M | 31M | 8M | 5M | 64M |
| Interest Expense | 211.7M | 57.8M | 0 | 0 | 48M | 50M | 32.8M | 1M | 18M | 15M | 18M | 21M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 740.4M | 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 | 71.8M | 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 % | 5.3% | 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 | 10.2M | 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 % | 14.21% | 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 | 61.6M | 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 % | 4.55% | 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 % | -74.69% | 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) | 61.6M | 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 | 0 | 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) | 0.22 | 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 % | -111.5% | 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 | 280.38M | 253.05M | 281M | 371M | 413M | 362M | 353M | 327M | 327M | 376M | 326M | 324M | 326M | 335M | 336M | 328M | 309M | 332M |
| Basic Shares Outstanding | 280M | 253.05M | 281M | 371M | 368M | 362M | 341M | 327M | 327M | 325M | 275M | 263M | 250M | 331M | 332M | 316M | 304M | 332M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 740.43% | 8% |
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.
Key Metrics
Top Statement Risk
Unsustainable operating losses
Explosive Growth from a Low Base
Nebius's revenue trajectory has shifted from triple-digit percentage gains to a more sustainable but still exceptional 350.9% year-over-year growth in Q2 2026, as reported in its latest financial statements, indicating strong initial market traction for its AI infrastructure pivot.
The growth profile has evolved from the volatile, low-base effects of 2024 into a more consistent, high-magnitude expansion, with sequential quarterly revenue increases accelerating from $55M in early 2025 to over $580M by mid-2026. This suggests the company is successfully converting its engineering heritage into commercial demand, though the durability of this growth rate will depend on its ability to secure long-term compute reservations against hyperscaler competition.
Gross Margin Volatility Masks Core Profitability
The company's gross margin has swung wildly from 20.9% in Q1 2026 to 77.1% in Q2 2026, a fluctuation that appears tied to the timing of hardware procurement and revenue recognition for its high-value AI cloud services.
The reported 77.1% gross margin in the latest quarter is exceptionally high for an infrastructure provider and likely reflects a favorable mix of software-optimized services and possibly the accounting treatment of certain contracts. However, the extreme volatility, including a dip to 20.9% just one quarter prior, indicates that margin stability is not yet established and may be sensitive to the capital-intensive nature of scaling GPU capacity.
Negative Operating Leverage During Investment Phase
Operating losses have widened significantly in absolute terms, reaching -$175.9M in Q2 2026, as the company's SG&A and R&D expenses scale ahead of revenue, indicating a period of heavy investment with no near-term operating leverage.
The operating margin has deteriorated from -2.3% in early 2025 to -30.2% in the latest quarter, demonstrating that overhead costs are growing faster than the top line. This is typical for a company in a rapid scaling phase, but the path to positive operating leverage is contingent on achieving significantly higher revenue density from its existing infrastructure and engineering teams.
Net Income Distorted by Non-Operating Items
The reported net income of $621.2M in Q1 2026, which contrasts sharply with an operating loss of -$128.0M, strongly suggests the presence of a large, non-recurring gain, likely related to the divestiture of legacy assets.
Investors should treat the headline net margin of 155.7% in Q1 2026 as an accounting anomaly rather than a reflection of operational performance. The underlying earnings quality is poor, as the core business is generating significant operating losses, and the net income figure is being inflated by one-time events that are not indicative of future cash generation.
R&D and SG&A Dominate the Cost Structure
In Q2 2026, R&D and SG&A expenses combined for $364.9M, representing 62.7% of total revenue and highlighting that the primary cost drivers are personnel and scaling expenses, not the cost of goods sold.
The cost structure is heavily weighted towards fixed and semi-fixed expenses, with R&D consistently consuming a large portion of revenue to maintain the company's technical moat. The recent appearance of significant SG&A expenses suggests the company is building out its global sales and administrative functions, which will pressure margins until revenue scales sufficiently to absorb this overhead.
The Path to Profitability Remains Unclear
The core analytical challenge is that Nebius's operating losses are expanding in tandem with its revenue growth, raising questions about the unit economics of its cloud offering and the sustainability of its current investment pace.
While top-line growth is impressive, the company's operating margin has worsened from -2.3% to -30.2% over the past year, indicating that each incremental dollar of revenue is currently generating more loss, not less. This trend must reverse for the business to become viable, and investors should monitor whether the company can achieve positive operating leverage before its substantial cash reserves are depleted by ongoing cash burn.