Filing Flows › Nebius Group N.V. (NBIS) › FY2025
Nebius Group N.V. (NBIS) FY2025 earnings results (fiscal 2025)
20-F filed Apr 30, 2026
Nebius Group N.V. (NBIS) reported revenue of $530M for the fiscal 2025 (FY2025), +479% from a year earlier. Operating margin was -115.5%, net earnings $82.5M (15.6% of revenue).
Nebius Group N.V., FY2025: revenue $530M (+479% year over year), operating margin -115.5%, net earnings $82.5M, operating cash flow $385M. The chart follows the revenue to costs, profit and cash.
| FY2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $530M | — | +479% |
| Operating profit | −$612M | — | — |
| Net earnings | $82.5M | — | — |
| Operating cash flow | $385M | — | +57% |
What changed
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.
Questions
What was Nebius Group N.V.'s revenue in the fiscal 2025?
Nebius Group N.V.
Was Nebius Group N.V. profitable in the fiscal 2025?
Operating loss was $612M (-115.5% of revenue) and net earnings $82.5M.
Source: Nebius Group N.V. 20-F on SEC EDGAR.