How Nebius Group (NBIS) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 08/12/2026
Nebius Group N.V., headquartered in Amsterdam, is a technology company that provides artificial intelligence infrastructure. · Wikipedia
More about the company
The company also owns Avride and TripleTen, as well as stakes in Toloka and Clickhouse. It is headquartered in Amsterdam with offices in Israel and the United States.
Key growth driver: Nebius AI Cloud — the fastest-growing revenue line: $574.9, +514% y/y. · by the Q2 2026 report
How does Nebius Group make money?
Nebius Group brought in $582 million of revenue in Q2 2026, up 454% year over year. The largest source was Nebius AI Cloud: $575 million, or 99% of the total, followed by TripleTen (edtech) ($10.0M, 2%).
Revenue by source, Q2 2026
- Nebius AI Cloud$575M · 99% · +514%
- TripleTen (edtech)$10.0M · 2% · −19%
Shares of $582M total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is NBIS’s next earnings date?
Tuesday, November 10, 2026estimated
Nebius Group (NBIS) has not confirmed the date yet; Nov 10, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced.
Last report: Aug 12, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Verdict: a hypergrowth build-out quarter — revenue jumped 454% to $582M as the AI cloud scaled ($575M, +514%) and cloud adjusted EBITDA swung to +$286M with ~50% margin; the $190M GAAP net loss is the accounting cost of the expansion itself — $260M depreciation on the GPU fleet plus $119M interest on the debt that finances it. The prior-year 'profit' was a one-off ClickHouse revaluation gain, not operations.
Group adjusted EBITDA +$236.2M vs −$21.0M a year ago (Nebius cloud +$285.7M, Avride −$40.1M, TripleTen −$9.4M); 6-month capex $8,130M vs $981M of 6-month revenue; cash & equivalents $8,042M as of 06/30/2026 after debt and at-the-market equity raises.
Source and notation
* marks non-cash / ≈ estimated. Source: 6-K Operating and Financial Review, Aug 12, 2026 (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- a net loss in Q2 2026 ($190.4 · vs +$502.5)
Most likely because the y/y net income comparison is misleading: Q2'25 'net income' of $502.5M rested entirely on a one-off $597.4M revaluation gain on the ClickHouse stake; cloud unit economics are already strong: Nebius AI cloud adjusted EBITDA is +$285.7M on $574.9M segment revenue (~50% margin). Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗Nebius Group (NBIS) earnings: FAQ
How does Nebius Group make money?
Nebius Group brought in $582 million of revenue in Q2 2026, up 454% year over year. The largest source was Nebius AI Cloud: $575 million, or 99% of the total, followed by TripleTen (edtech) ($10.0M, 2%).
When is NBIS's next earnings date?
Nebius Group (NBIS) has not confirmed the date yet; Nov 10, 2026 is an estimate based on its past reporting schedule.
When did NBIS last report earnings?
Nebius Group reported Q2 2026 results on Aug 12, 2026.
Where can I find Nebius Group's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to NBIS's filings; this page breaks the latest report down in a Sankey chart.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing. How we make the breakdowns · Report an error
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