Nebius reported $529.8 million of revenue for 2025, up 479%

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

Nebius Group N.V., which calls itself the AI cloud company and is listed on Nasdaq as NBIS, reported unaudited results for the fourth quarter and full year ended Dec 31, 2025 in a Form 6-K, a report foreign companies file with the U.S. Securities and Exchange Commission, filed on Feb 12, 2026. Revenue was $529.8 million in 2025, up 479% from $91.5 million in 2024, and $227.7 million in the three months ended Dec 31, 2025, up 547% from $35.2 million a year earlier. Core AI cloud revenue was $214.2 million in the quarter, about 94% of the group's revenue.1^,2^,3^,4^,5

The release gave net income from continuing operations of $29.0 million for 2025, against a loss of $352.0 million in 2024, and a loss of $249.6 million for the fourth quarter alone. The year includes a $598.9 million gain from revaluing investments in equity securities, which the income statement lists on its own line. The release's operating loss was $596.2 million in 2025, against $399.6 million the year before. Including discontinued operations, where Nebius reports Toloka's results for earlier periods, the release gave net income of $101.7 million for 2025; Toloka is an AI development platform in which Nebius ceased to hold majority voting power in Q2 2025.6^,2^,7^,8^,9^,10

Adjusted EBITDA, a non-GAAP measure (one outside standard U.S. accounting rules) that Nebius defines itself, was $15.0 million in the fourth quarter, which the company called its first positive quarter at group level, and a loss of $64.9 million for the year against a loss of $226.3 million in 2024. The definition adds back depreciation and amortization, certain share-based compensation, interest expense, income tax and one-off restructuring expenses, and deducts the gain from revaluing investments in equity securities, among other items.11^,12^,2^,13

Annualized run-rate revenue, which Nebius calculates as the last month of a quarter's revenue multiplied by 12, was $1.25 billion at the end of December 2025, up from $551 million at the end of September. Purchases of property and equipment were $4,066.0 million in 2025, against $807.5 million in 2024. Nebius received $4,162.5 million from issuing convertible notes in 2025 and held $3,678.1 million in cash and cash equivalents at Dec 31, 2025.14^,15^,16^,2^,17^,18

Founder and CEO Arkady Volozh's letter to shareholders said the company ended the year with about 170MW of active power, which is power being consumed by IT equipment, against a target of 100MW. It said Nebius delivered both contracted tranches to Meta, delivered the first tranche of capacity to Microsoft in November 2025, released Aether 3.1 of its AI cloud platform in December 2025, and launched the Token Factory inference service in November 2025.19^,20^,21^,22^,23^,24

The letter said Nebius entered 2026 on track to end the year with annualized run-rate revenue of $7 billion to $9 billion, and that it would share detailed guidance on the earnings call. The release's figures are unaudited. The annual report on Form 20-F that Nebius filed afterwards lists an operating loss of $611.7 million and net income of $82.5 million for 2025, where this release lists $596.2 million and $101.7 million.25^,26^,2^,27^,28^,8^,9