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Nebius Group N.V. (NBIS) earnings and revenue breakdown

Latest: FY2025 · 20-F filed Apr 30, 2026 · Nebius Group N.V. (NBIS) FY2025 earnings results →

FY2025 Revenue up 479% year over year to $530M · 16¢ of every $1 of revenue kept as net profit · operating margin -115.5%

Nebius Group N.V. made $530M in FY2025 (+479% Y/Y). Operating margin -115.5%, net earnings $82.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 20-F filed Apr 30, 2026.

Revenue$530M
Year over year+479%
Operating margin-115.5%
Net earnings$82.5M
Operating cash flow$385M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $529.8M in FY2025, up 479% year over year.

Operating costs exceeded revenue by $611.7M, an operating margin of -115.5%. Total costs grew 132% against revenue growth of 479%. The fastest-growing cost line was Other operating costs (+442%). Net earnings were $82.5M. The effective tax rate was 4.6%. Non-operating items added $698.2M, 807% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $384.8M (up 57% year over year), 466% of net earnings. Non-cash charges added back $417.9M of depreciation and amortization and $83.2M of share-based compensation. Working capital and other items used $198.8M. Capital expenditures of $4,066.0M exceeded it, leaving free cash flow of −$3,681.2M.

Quarterly history

Nebius Group N.V. revenue by quarterNebius Group N.V. revenue by quarter$118MFY2024$530MFY2025
Nebius Group N.V. net earnings by quarterNebius Group N.V. net earnings by quarter−$641MFY2024$82.5MFY2025
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
FY202520-FApr 30, 2026$530M+479%-115.5%$82.5M$385M
FY202420-FApr 30, 2025$118M-99%-375.1%−$641M$246M

Charts

Nebius Group N.V.: where the cash came from (+) and went (−), FY2025Nebius Group N.V.: where the cash came from (+) and went (−), FY2025Net borrowing (+) / repaid (−)$4.2BCapital spending−$4.1BCash drawn (+) / kept (−)−$1.3BShares issued$1.1BOperating cash flow$385MTaxes on employees’ shares−$182MOther investing−$163MExchange rates−$9.7MOther financing−$4.7M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Nebius Group N.V.: diluted shares by fiscal yearNebius Group N.V.: diluted shares by fiscal year353MFY2020362MFY2021368MFY2022371MFY2023281MFY2024248MFY2025
-29.9% since FY2020: buybacks shrank the count.
Nebius Group N.V. in its industry: growth against margin (52 companies, SIC 7370)Nebius Group N.V. in its industry: growth against margin (52 companies, SIC 7370)revenue growth, year over year →↑ operating marginmedian +9%median -1%GOOGLMETASPCXFLUTAPPSNAPZMPINSNIQMTCHSABRTTDRXTFDSTBLATRIPPPLITEMDOCNCSQRTEADEVERBMBLDVMGNIGRNDZIPDSPHSTMNXDRPUBMHCATRUMBLNDCDLXSSTCEVAYYAIPODCIPMGOAIDJTCSAIIPDNCNETTWAVTRSOMITIRMXIGITSBBLRNBIS (+300%, -100%)
Services-Computer Programming, Data Processing, Etc.; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

AI data-center capex money flowAI data-center capex · buyerAI hosting: neoclouds, miners turned data centers, power money flowAI hosting: neoclouds, miners turned data centers, power · NeocloudsAI revenue: clouds & software money flowAI revenue: clouds & software · Cloud platforms

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Nebius Group N.V.

Nebius, the AI cloud company, is building the full-stack platform for developers and companies to take charge of their AI future — from data and model training to production deployment. Founded on deep in-house technological expertise and operating at scale with a rapidly expanding global footprint, Nebius serves startups and enterprises building AI products, agents, and services worldwide. Nebius Group also includes Avride (a leading developer of autonomous vehicles and delivery robots) and TripleTen (a leading edtech platform reskilling people for careers in tech), and owns equity stakes in other companies including ClickHouse and Toloka.

In its own words, from its 6-K, filed Aug 12, 2026.

Nebius Group N.V. against its Services-Computer Programming, Data Processing, Etc. peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +479% against the peers' median +25%. Operating margin: -115.5% against the peers' median 19.1%.

CompanyQuarterRevenueY/YOp. margin
NBIS Nebius Group N.V.FY2025$530M+479%-115.5%
GOOGL AlphabetQ3 2026$127.6B+25%31.8%
META Meta PlatformsQ3 2026$64.6B+26%20.1%
SPCX Space Exploration TechnologiesQ3 2026$14.6B+161%19.1%
FLUT Flutter EntertainmentQ3 2026$3.9B+2%-30.7%
APP AppLovinQ3 2026$2.2B+56%78.2%
SNAP SnapQ3 2026$1.7B+14%4.5%
ZM Zoom CommunicationsQ2 FY27$1.3B+5%24.6%
PINS PinterestQ3 2026$1.2B+12%2.6%

Source: Nebius Group N.V. 20-F on SEC EDGAR · CIK 1513845 · Services-Computer Programming, Data Processing, Etc.

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History

Every quarter: FY2025 results · FY2024 results

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