Nebius Group N.V. (NBIS): Financial results for Q3 2026
Nebius Group N.V. (NBIS) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 Nebius reports third quarter 2026 financial results Amsterdam, November 12, 2026 – Nebius Group N.V. (NASDAQ: NBIS), the AI cloud company, today announced its unaudited financial results for the three and nine months ended September 30, 2026. The Company today also p
How this was made
The 30-second read
Why it matters
The earnings release provides fresh quantitative data on a fast‑growing AI‑cloud business, offering traders a basis for short‑term positioning.
Market read
First‑report earnings with extraordinary revenue growth make the release highly relevant for traders focused on AI‑cloud and tech sectors.
What to watch
High capital expenditures and share‑based compensation could strain margins and dilute future earnings.
Nebius Q3 2026 revenues of USD 980.8 million, up 571 %, with GAAP net loss narrowing to USD (37.5) million; operating cash flow was negative in the quarter as purchases of property and equipment reached USD (7,300.4) million
Revenue, adjusted EBITDA and the GAAP loss all improved sharply year over year, and the company reports a quarterly net income from operations of USD 50.4 million. Against that, continuing operations used USD (273.0) million of operating cash in Q3 2026 while purchases of property and equipment and intangible assets were USD (7,300.4) million, and interest expense rose to USD (112.5) million. The filing contains no guidance or segment revenue split to weigh against these results.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenues, Q3 2026 (three months ended Sep 30)GAAP | $980.8M | – | 571 % |
| Adjusted EBITDA / (loss), Q3 2026non-GAAP | 465.8 | – | n/m |
| Adjusted net income / (loss), Q3 2026non-GAAP | 90.9 | – | n/m |
| Net income / (loss) from continuing operations, Q3 2026GAAP | (37.5) | – | -69 % |
| Cost of revenues, Q3 2026GAAP | 219.7 | – | 412 % |
| Cost of revenues as a percentage of revenues, Q3 2026GAAP | 22 % | – | – |
| Product development, Q3 2026GAAP | 118.6 | – | 164 % |
| Product development as a percentage of revenues, Q3 2026GAAP | 12 % | – | – |
| Sales, general and administrative, Q3 2026GAAP | 237.4 | – | 165 % |
| Sales, general and administrative as a percentage of revenues, Q3 2026GAAP | 24 % | – | – |
| Depreciation and amortization (operating expense), Q3 2026GAAP | 354.7 | – | 258 % |
| Total operating costs and expenses, Q3 2026GAAP | 930.4 | – | 237 % |
| Income / (loss) from operations, Q3 2026GAAP | 50.4 | – | – |
| Interest income, Q3 2026GAAP | 30.2 | – | – |
| Interest expense, Q3 2026GAAP | (112.5) | – | – |
| Induced conversion expense, Q3 2026GAAP | (49.5) | – | – |
| Net income / (loss) before income taxes, Q3 2026GAAP | (62.7) | – | – |
| Income tax (benefit) / expense, Q3 2026GAAP | (25.2) | – | – |
| Diluted net income / (loss) per share from continuing operations, Q3 2026GAAP | (0.13) | – | – |
| Basic net income / (loss) per share from continuing operations, Q3 2026GAAP | (0.13) | – | – |
| Total share-based compensation expense, Q3 2026GAAP | 58.7 | – | 125 % |
| Net cash provided by / (used in) operating activities, continuing operations, Q3 2026GAAP | (273.0) | – | 239 % |
| Purchases of property and equipment and intangible assets, Q3 2026GAAP | (7,300.4) | – | 664 % |
| Revenues, nine months ended Sep 30, 2026GAAP | $1.96B | – | 549 % |
| Adjusted EBITDA / (loss), nine months ended Sep 30, 2026non-GAAP | 831.5 | – | n/m |
| Adjusted net income / (loss), nine months ended Sep 30, 2026non-GAAP | (42.6) | – | -84 % |
| Net income / (loss) from continuing operations, nine months ended Sep 30, 2026GAAP | 393.3 | – | 41 % |
| Cost of revenues, nine months ended Sep 30, 2026GAAP | 457.1 | – | 368 % |
| Product development, nine months ended Sep 30, 2026GAAP | 377.0 | – | 204 % |
| Sales, general and administrative, nine months ended Sep 30, 2026GAAP | 555.1 | – | 154 % |
| Depreciation and amortization (operating expense), nine months ended Sep 30, 2026GAAP | 826.4 | – | 270 % |
| Total operating costs and expenses, nine months ended Sep 30, 2026GAAP | 2,215.6 | – | 234 % |
| Income / (loss) from operations, nine months ended Sep 30, 2026GAAP | (253.5) | – | – |
| Gain from revaluation of investments in equity securities, nine months ended Sep 30, 2026GAAP | 780.6 | – | – |
| Diluted net income / (loss) per share from continuing operations, nine months ended Sep 30, 2026GAAP | 1.39 | – | – |
| Total share-based compensation expense, nine months ended Sep 30, 2026GAAP | 196.5 | – | 237 % |
| Net cash provided by / (used in) operating activities, continuing operations, nine months ended Sep 30, 2026GAAP | 4,231.1 | – | n/m |
| Purchases of property and equipment and intangible assets, nine months ended Sep 30, 2026GAAP | (15,430.7) | – | 668 % |
Capital returns
- No share repurchases or dividends are reported in the filing.
- Proceeds from sale of treasury shares were USD 1,061.8 million in Q3 2026 (Q3 2025: USD 1,150.0 million) and USD 3,908.5 million in the nine months ended Sep 30, 2026 (nine months 2025: USD 1,150.0 million).
- Treasury shares issuance costs were USD (13.2) million in Q3 2026 and USD (48.8) million in the nine months ended Sep 30, 2026.
- Proceeds from issuance of pre-funded warrants were USD 2,000.0 million in the nine months ended Sep 30, 2026; none in the prior-year period or in Q3 2026.
- Shares issued and outstanding at Sep 30, 2026: 292,902,405, including 259,597,352 Class A and 33,305,053 Class B, excluding 29,138,539 Class A shares held in treasury.
What drove it
- The filing states that results include Nebius AI cloud, Avride and TripleTen. It does not give revenue or profit by business line.
- The filing states that Toloka was deconsolidated in Q2 2025 after a third-party investment transaction, is now reported as an equity method investment, and that its prior-period results were reclassified to discontinued operations.
- The filing states that the nine-month GAAP net income of USD 393.3 million includes a gain from revaluation of investments in equity securities of USD 780.6 million, shown in the statement of operations.
Concerns
- Net cash provided by / (used in) operating activities, continuing operations, was USD (273.0) million in Q3 2026 and USD (80.6) million in Q3 2025.
- Purchases of property and equipment and intangible assets were USD (7,300.4) million in Q3 2026, up 664 % from USD (955.5) million, and USD (15,430.7) million in the nine months ended Sep 30, 2026.
- Interest expense was USD (112.5) million in Q3 2026 versus USD (14.7) million in Q3 2025, and USD (295.3) million in the nine months ended Sep 30, 2026 versus USD (19.5) million.
- Adjusted net income was USD (42.6) million for the nine months ended Sep 30, 2026, a decline of 84 % from USD (273.7) million, although Q3 2026 adjusted net income was USD 90.9 million.
- Accounts receivable rose to USD 4,039.9 million at Sep 30, 2026 from USD 720.3 million at Dec 31, 2025, and the cash flow statement shows a change in accounts receivable of USD (3,761.8) million in Q3 2026.
- Total debt lines (current USD 187.5 million and non-current USD 14,003.3 million) and deferred revenue (current USD 1,445.5 million and non-current USD 7,963.7 million) both increased sharply versus Dec 31, 2025.
- The filing lists risks including obtaining sufficient financing, bringing data center capacity online on time and cost-effectively, securing power and sites, and supply chain constraints.
What to watch
- Whether operating cash flow turns positive on a quarterly basis, given Q3 2026 operating cash flow of USD (273.0) million and nine-month operating cash flow of USD 4,231.1 million.
- The level of purchases of property and equipment and intangible assets relative to funding, given USD (7,300.4) million in Q3 2026 and cash and cash equivalents of USD 7,425.6 million at Sep 30, 2026.
- The trend in interest expense, given USD (112.5) million in Q3 2026 and USD (295.3) million in the nine months ended Sep 30, 2026.
- Whether deferred revenue and accounts receivable continue to grow at the pace shown in the balance sheet.
- The GAAP to non-GAAP gap, in particular the share-based compensation of USD 58.7 million in Q3 2026 and USD 196.5 million in the nine months ended Sep 30, 2026, which the company excludes from its non-GAAP measures.
- Management commentary on the webcast and in the CEO letter, which the filing says were published alongside the release.
Balance sheet and cash flow
- Cash and cash equivalents: USD 7,425.6 million at Sep 30, 2026 versus USD 3,678.1 million at Dec 31, 2025 (balance sheet).
- Restricted cash and cash equivalents, end of period (continuing operations): USD 1,215.5 million at Sep 30, 2026; USD 128.8 million at Sep 30, 2025.
- Total assets: USD 38,744.1 million at Sep 30, 2026 versus USD 12,430.6 million at Dec 31, 2025.
- Property and equipment, net: USD 19,341.9 million at Sep 30, 2026 versus USD 5,553.3 million at Dec 31, 2025.
- Accounts receivable: USD 4,039.9 million at Sep 30, 2026 versus USD 720.3 million at Dec 31, 2025.
- Debt, current: USD 187.5 million at Sep 30, 2026 versus USD 24.5 million at Dec 31, 2025.
- Debt, non-current: USD 14,003.3 million at Sep 30, 2026 versus USD 4,103.2 million at Dec 31, 2025.
- Deferred revenue, current: USD 1,445.5 million; deferred revenue, non-current: USD 7,963.7 million (both at Sep 30, 2026).
- Total shareholders' equity: USD 12,299.2 million at Sep 30, 2026 versus USD 4,594.0 million at Dec 31, 2025.
- Net cash provided by financing activities, continuing operations: USD 7,457.6 million in Q3 2026 and USD 16,618.0 million in the nine months ended Sep 30, 2026.
- Proceeds from issuance of convertible notes: USD 5,750.0 million in Q3 2026 and USD 10,087.5 million in the nine months ended Sep 30, 2026.
- Proceeds from long-term debt: USD 773.3 million in Q3 2026 and in the nine months ended Sep 30, 2026.
- Net cash used in investing activities, continuing operations: USD (7,635.2) million in Q3 2026 and USD (15,924.0) million in the nine months ended Sep 30, 2026.
- Advances under notes receivable: USD (348.6) million in Q3 2026. Acquisitions of businesses, net of cash acquired: USD (251.6) million in the nine months ended Sep 30, 2026.
Analysis
Nebius reported unaudited results for the three and nine months ended September 30, 2026. Revenues were USD 980.8 million in Q3 2026, against USD 146.1 million in Q3 2025, a rise of 571 %. For the nine months, revenues were USD 1,962.1 million against USD 302.1 million, up 549 %. The filing does not split revenue by business line or geography, so the mix between the Nebius AI cloud, Avride and TripleTen cannot be read from the document.
Profitability moved in the same direction on the company's non-GAAP measures and on its GAAP line. Adjusted EBITDA was USD 465.8 million in Q3 2026, against USD (5.2) million a year earlier. Income from operations was USD 50.4 million in Q3 2026, against USD (130.2) million. GAAP net loss from continuing operations narrowed to USD (37.5) million from USD (119.6) million. Adjusted net income was USD 90.9 million in Q3 2026. For the nine months, adjusted net income was USD (42.6) million, against USD (273.7) million. Cost lines grew faster in percentage terms than revenue in the quarter. Cost of revenues rose 412 % and depreciation and amortization in operating expenses rose 258 %. Total operating costs and expenses rose 237 %. The filing reports these cost percentages of revenue: cost of revenues 22 % in Q3 2026 (29 % in Q3 2025), product development 12 % (31 %), and SG&A 24 % (61 %).
Below the operating line, interest expense increased to USD (112.5) million in Q3 2026 from USD (14.7) million. Q3 2026 also includes induced conversion expense of USD (49.5) million. Nine-month GAAP net income from continuing operations of USD 393.3 million includes a gain from revaluation of investments in equity securities of USD 780.6 million, and the filing reports this as part of that line. The company's own reconciliation shows that share-based compensation of USD 58.7 million in Q3 2026 is excluded from adjusted net income and adjusted EBITDA.
Cash generation and capital allocation are the main points of contrast. Net cash used in operating activities, continuing operations, was USD (273.0) million in Q3 2026, and purchases of property and equipment and intangible assets were USD (7,300.4) million. For the nine months, operating cash flow was USD 4,231.1 million, but capital purchases were USD (15,430.7) million. Funding came mainly from convertible notes (USD 5,750.0 million in Q3 2026 and USD 10,087.5 million in nine months), sales of treasury shares, a pre-funded warrant issuance of USD 2,000.0 million in the nine months, and new long-term debt of USD 773.3 million. Cash and cash equivalents were USD 7,425.6 million at Sep 30, 2026, up from USD 3,678.1 million at Dec 31, 2025. Total assets rose to USD 38,744.1 million from USD 12,430.6 million, and non-current debt rose to USD 14,003.3 million from USD 4,103.2 million.
The filing contains no guidance, no prior outlook, no gross margin figure, no adjusted EBITDA margin and no segment revenue. Reported results therefore cannot be compared with any expectation in the document. The read rests on the printed Q3 2026 and nine-month figures, the year-over-year changes printed in the release, and the balance sheet and cash flow data above.
Not in the filing
stated, not guessed- Forward guidance for revenue, gross margin, operating expenses or tax rate is not in the filing.
- No previous-period outlook was supplied, so vs_prior_guidance is empty.
- Revenue or profit by business line (Nebius AI cloud, Avride, TripleTen) is not disclosed in the filing.
- Gross margin as a percentage is not printed; only cost of revenues as a percentage of revenues is printed.
- Adjusted EBITDA margin is not printed.
- Quarter-over-quarter (versus Q2 2026) figures are not printed in the filing.
- Prior-year change percentages are not printed for income from operations, net income before income taxes, income tax, interest income, interest expense, EPS or the nine-month operating cash flow line on a comparable basis.
- Executive quotes are not included; the CEO letter and the webcast are referenced but their text is not in the filing.
- Consensus estimates, analyst expectations and the share price reaction are not in the document.
- The filing does not state a dividend or share repurchase program.
- Cash flow from investing and financing for the prior-year period (Q3 2025 cash from operations change is printed, but full prior-year balance sheet at Sep 30, 2025 is not).
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Nebius Group is an AI cloud provider listed on Nasdaq, reporting its Q3 2026 results for the first time via a Form 6‑K filing.
Ticker impact
Nebius Group disclosed its Q3 2026 earnings with revenue up 571% YoY and adjusted EBITDA turning positive.
potential short‑term volatility as investors weigh revenue surge against ongoing losses
First‑report earnings numbers provide fresh data; market will react to the large revenue jump and loss profile.
Market effects
Strong AI‑cloud revenue growth may boost sentiment in the broader AI infrastructure sector.
Positive European AI‑cloud earnings could lift related Dutch‑listed tech names.
Highlights rapid scaling in AI cloud services, a theme watched by global tech investors.
Counterpoint
Despite revenue surge, continued EBITDA losses suggest cash‑flow risk; a pullback in the stock is possible.
Key entities
- CompanyNebius Group N.V.
AI cloud services provider listed on Nasdaq (NBIS).
- ExecutiveArkady Volozh
Founder and CEO of Nebius Group, author of the quarterly shareholder letter.
