Nebius (NBIS) Q2 2026 earnings summary

Executive summary

• Achieved triple-digit revenue and ARR growth in Q2 2026, with Q2 revenues up 454% year-over-year to $582.3M and strong execution of strategy, including significant expansion in adjusted EBITDA margin.

• Closed four landmark AI cloud deals averaging over $1 billion each, with upfront payments covering 50%-60% of CapEx, and introduced new short-term premium contracts and asset-light partnership models.

• Successfully launched a capacity auction, clearing at a record price 15% above previous highs for Blackwell chips, validating strong market demand.

• Net income from continuing operations swung from $502.5M in Q2 2025 to a loss of $190.4M in Q2 2026, but first half net income rose 8% to $430.8M.

• Raised year-end contracted power target to 5 GW, positioning to deploy over 1 GW of new capacity annually starting in 2027.

Financial highlights

• Q2 group revenue grew 454% year-over-year to $582 million, up 46% sequentially; Nebius AI business revenue rose 514% to $575 million, representing 98% of group revenue.

• Annualized run-rate revenue reached $3 billion at June-end, up 598% year-over-year and 56% from Q1.

• Group adjusted EBITDA was $236.2 million (41% margin), compared to a $21 million loss a year ago; first half Adjusted EBITDA was $365.7 million versus a loss of $74.7 million a year ago.

• Operating cash flow was $2.3 billion in Q2; ended with $8 billion in cash and equivalents.

• Capital expenditures in Q2 were $5.7 billion, mainly for GPUs and data center expansion; first half capital expenditures exceeded $8.1 billion.

Outlook and guidance

• Reaffirmed 2026 guidance: annualized run-rate revenue of $7–$9 billion, group revenue of $3–$3.4 billion, adjusted EBITDA margin ~40%, and CapEx of $20–$25 billion.

• Expect capacity deployed late in Q2 to contribute to revenue in Q3; building capacity for 2027 demand with strong customer commitments.

• Formal 2027 guidance to be provided later in the year, with expectations for higher capacity deployment and pricing.

• Management highlighted ongoing capacity buildout plans and significant capital expenditure requirements.

• Forward-looking statements caution that actual results may differ materially due to risks in financing, supply chain, and market competition.