Q2 FY2026
Filed Aug 12, 2026Nebius reported Q2 2026 revenues of 582.3 (in USD $ millions), up 454 %, with Adjusted EBITDA / (loss) of 236.2 (in USD $ millions), while net income / (loss) from continuing operations was (190.4) (in USD $ millions).
Revenue increased 454 % and Adjusted EBITDA / (loss) turned positive at 236.2 (in USD $ millions), but the company reported a (190.4) (in USD $ millions) net loss from continuing operations, 5,657.4 (in USD $ millions) of purchases of property and equipment and intangible assets, and 8,499.0 (in USD $ millions) of non-current debt.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenuesGAAP | 582.3 (in USD $ millions) | – | 454 % |
| Cost of revenuesGAAP | 133.6 (in USD $ millions) | – | 344 % |
| Cost of revenues as a percentage of revenuesGAAP | 23 % | – | – |
| Product developmentGAAP | 191.0 (in USD $ millions) | – | 346 % |
| Product development as a percentage of revenuesGAAP | 33 % | – | – |
| Sales, general and administrativeGAAP | 173.9 (in USD $ millions) | – | 155 % |
| Sales, general and administrative as a percentage of revenuesGAAP | 30 % | – | – |
| Depreciation and amortizationGAAP | 259.7 (in USD $ millions) | – | 245 % |
| Depreciation and amortization as a percentage of revenuesGAAP | 45 % | – | – |
| Total operating costs and expensesGAAP | 758.2 (in USD $ millions) | – | 251 % |
| Total operating costs and expenses as a percentage of revenuesGAAP | 130 % | – | – |
| Loss from operationsGAAP | (175.9) (in millions of U.S. dollars) | – | – |
| Interest incomeGAAP | 24.1 (in millions of U.S. dollars) | – | – |
| Interest expenseGAAP | (119.1) (in millions of U.S. dollars) | – | – |
| Income / (loss) from equity method investmentsGAAP | 12.7 (in millions of U.S. dollars) | – | – |
| Other income, netGAAP | 81.5 (in millions of U.S. dollars) | – | – |
| Net income / (loss) before income taxesGAAP | (176.7) (in millions of U.S. dollars) | – | – |
| Income tax expenseGAAP | 13.7 (in millions of U.S. dollars) | – | – |
| Net income / (loss) from continuing operationsGAAP | (190.4) (in USD $ millions) | – | – |
| Net income from discontinued operationsGAAP | — | – | – |
| Net income / (loss)GAAP | (190.4) (in millions of U.S. dollars) | – | – |
| Net income / (loss) from continuing operations per ClassA and ClassB share: BasicGAAP | (0.68) | – | – |
| Net income / (loss) from continuing operations per ClassA and ClassB share: DilutedGAAP | (0.68) | – | – |
| Net income / (loss) per ClassA and ClassB share: BasicGAAP | (0.68) | – | – |
| Net income / (loss) per ClassA and ClassB share: DilutedGAAP | (0.68) | – | – |
| Weighted average number of ClassA and ClassB shares used in per share computation: Basicother | 280,381,615 | – | – |
| Weighted average number of ClassA and ClassB shares used in per share computation: Dilutedother | 280,381,615 | – | – |
| Total share-based compensation expenseGAAP | 102.5 (in USD $ millions) | – | 597 % |
| Adjusted EBITDA / (loss)non-GAAP | 236.2 (in USD $ millions) | – | – |
| Adjusted net lossnon-GAAP | (33.2) (in USD $ millions) | – | -64 % |
| Net cash provided by / (used in) operating activities – continuing operationsGAAP | 2,246.1 (in millions of U.S. dollars) | – | – |
| Net cash provided by / (used in) operating activitiesGAAP | 2,246.1 (in millions of U.S. dollars) | – | – |
| Purchases of property and equipment and intangible assetsGAAP | (5,657.4) (in USD $ millions) | – | 1008 % |
| Net cash used in investing activitiesGAAP | (5,645.7) (in millions of U.S. dollars) | – | – |
| Net cash provided by financing activitiesGAAP | 2,864.9 (in millions of U.S. dollars) | – | – |
| Net change in cash and cash equivalents, and restricted cash and cash equivalentsGAAP | (528.8) (in millions of U.S. dollars) | – | – |
| Cash and cash equivalentsGAAP | 8,042.1 (in millions of U.S. dollars) | – | – |
| Restricted cash and cash equivalentsGAAP | 1,056.0 (in millions of U.S. dollars) | – | – |
| Debt, currentGAAP | 46.7 (in millions of U.S. dollars) | – | – |
| Debt, non-currentGAAP | 8,499.0 (in millions of U.S. dollars) | – | – |
| Deferred revenue, currentGAAP | 979.4 (in millions of U.S. dollars) | – | – |
| Deferred revenue, non-currentGAAP | 4,995.8 (in millions of U.S. dollars) | – | – |
| Total assetsGAAP | 27,961.5 (in millions of U.S. dollars) | – | – |
| Total liabilitiesGAAP | 17,621.0 (in millions of U.S. dollars) | – | – |
| Total shareholders’ equityGAAP | 10,340.5 (in millions of U.S. dollars) | – | – |
What drove it
- Revenues increased 454 % to 582.3 (in USD $ millions).
- Cost of revenues as a percentage of revenues was 23 %, compared with 29 %.
- Product development as a percentage of revenues was 33 %, compared with 41 %.
- Sales, general and administrative as a percentage of revenues was 30 %, compared with 65 %.
- Deferred revenue, current was 979.4 (in millions of U.S. dollars) and deferred revenue, non-current was 4,995.8 (in millions of U.S. dollars) as of June 30, 2026.
- Adjusted EBITDA / (loss) was 236.2 (in USD $ millions), compared with (21.0) (in USD $ millions).
Concerns
- Loss from operations was (175.9) (in millions of U.S. dollars).
- Net income / (loss) from continuing operations was (190.4) (in USD $ millions).
- Depreciation and amortization was 259.7 (in USD $ millions), or 45 % of revenues.
- Interest expense was (119.1) (in millions of U.S. dollars).
- Purchases of property and equipment and intangible assets were (5,657.4) (in USD $ millions).
- Total share-based compensation expense was 102.5 (in USD $ millions), up 597 %.
- Debt, non-current was 8,499.0 (in millions of U.S. dollars) as of June 30, 2026.
What to watch
- Revenue growth following Q2 2026 revenues of 582.3 (in USD $ millions).
- The relationship between Adjusted EBITDA / (loss) of 236.2 (in USD $ millions) and loss from operations of (175.9) (in millions of U.S. dollars).
- Purchases of property and equipment and intangible assets after Q2 2026 spending of (5,657.4) (in USD $ millions).
- Debt, non-current following the June 30, 2026 balance of 8,499.0 (in millions of U.S. dollars).
- Deferred revenue, current and deferred revenue, non-current, which were 979.4 (in millions of U.S. dollars) and 4,995.8 (in millions of U.S. dollars), respectively, as of June 30, 2026.
Balance sheet and cash flow
- Cash and cash equivalents were 8,042.1 (in millions of U.S. dollars) as of June 30, 2026.
- Restricted cash and cash equivalents were 1,056.0 (in millions of U.S. dollars) as of June 30, 2026.
- Debt, current was 46.7 (in millions of U.S. dollars) and debt, non-current was 8,499.0 (in millions of U.S. dollars) as of June 30, 2026.
- Property and equipment, net was 13,045.2 (in millions of U.S. dollars) as of June 30, 2026.
- Purchases of property and equipment and intangible assets were (5,657.4) (in millions of U.S. dollars) in Q2 2026.
- Proceeds from sale of treasury shares were 2,846.7 (in millions of U.S. dollars) in Q2 2026.
- Proceeds from exercise of share options were 53.8 (in millions of U.S. dollars) in Q2 2026.
- The total number of shares issued and outstanding as of June 30, 2026 was 271,855,218, including 238,400,165 Class A shares and 33,455,053 Class B shares, and excluding 50,185,726 Class A shares held in treasury.
Analysis
Nebius reported substantial top-line growth in Q2 2026. Revenues were 582.3 (in USD $ millions), up 454 % from 105.1 (in USD $ millions) in Q2 2025. The release identifies the consolidated businesses as Nebius AI cloud, Avride and TripleTen, but does not provide revenue by business. Accordingly, the filing does not identify the contribution of each business to the revenue increase.
The expense profile expanded alongside revenue, while several expense ratios declined. Cost of revenues was 133.6 (in USD $ millions), or 23 % of revenues, compared with 29 %. Product development was 191.0 (in USD $ millions), or 33 % of revenues, compared with 41 %, and sales, general and administrative was 173.9 (in USD $ millions), or 30 % of revenues, compared with 65 %. Depreciation and amortization reached 259.7 (in USD $ millions), or 45 % of revenues. Total operating costs and expenses were 758.2 (in USD $ millions), leaving a loss from operations of (175.9) (in millions of U.S. dollars).
Adjusted EBITDA / (loss) was 236.2 (in USD $ millions), compared with (21.0) (in USD $ millions), while adjusted net loss was (33.2) (in USD $ millions), compared with (91.5) (in USD $ millions). GAAP results were affected by interest expense of (119.1) (in millions of U.S. dollars), acquisition and other corporate transaction-related costs of 49.9 (in USD $ millions) in the Adjusted EBITDA reconciliation, and share-based compensation expense of 102.5 (in USD $ millions). Net income / (loss) from continuing operations was (190.4) (in USD $ millions), versus net income from continuing operations of 502.5 (in USD $ millions) in Q2 2025, when the company reported gain from revaluation of investments in equity securities of 597.4 (in millions of U.S. dollars).
Cash flow reflects a large capacity and asset investment cycle. Net cash provided by operating activities from continuing operations was 2,246.1 (in millions of U.S. dollars), with accounts receivable contributing 1,186.8 (in millions of U.S. dollars) and deferred revenue contributing 1,197.0 (in millions of U.S. dollars) in the operating cash-flow reconciliation. Purchases of property and equipment and intangible assets were (5,657.4) (in USD $ millions), and property and equipment, net was 13,045.2 (in millions of U.S. dollars) at June 30, 2026.
Financing activity provided 2,864.9 (in millions of U.S. dollars), including 2,846.7 (in millions of U.S. dollars) of proceeds from sale of treasury shares. Cash and cash equivalents were 8,042.1 (in millions of U.S. dollars), while current and non-current debt were 46.7 (in millions of U.S. dollars) and 8,499.0 (in millions of U.S. dollars), respectively. The filing provides no forward financial guidance, so there is no reported management outlook against which to assess the revenue growth, expense base, or capital-spending level.
Not in the filing
stated, not guessed- Segment revenue, segment growth rates and segment-specific drivers were not reported.
- Gross profit and gross margin were not reported.
- Q2 2026 prior-quarter revenue, profitability, EPS, cash-flow and balance-sheet comparisons were not reported.
- Forward revenue, gross-margin, operating-expense, tax-rate and other financial guidance were not reported.
- Prior guidance was not provided.
- Share repurchases, cash dividends and dividend guidance were not reported.
- Free cash flow was not reported.
- Named executive quotes were not included in the provided filing text.
- The financial-highlight cash-flow table reports net cash provided by / (used in) operating activities – continuing operations of (167.7) (in USD $ millions) for Q2 2025, while the condensed consolidated statement of cash flows reports (167.9) (in millions of U.S. dollars) for that line item.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.