Nebius’s 2025 revenue rose 479% to $529.8 million, with an operating loss of $611.7 million and net income of $82.5 million

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, which described itself as a global AI cloud platform, reported revenue of $529.8 million for 2025 in a Form 20-F, the annual report that certain non-US companies file with the SEC, filed on Apr 30, 2026. That was up 479% from $91.5 million in 2024, while the operating loss widened to $611.7 million from $399.6 million. Net income was $82.5 million, against a net loss of $641.4 million. The revenue and operating loss were those of continuing operations; the businesses in Russia and some other markets that Nebius sold in 2024 were reported as discontinued operations.1^,2^,3^,4^,5^,6^,7^,8^,9^,10^,11^,12

Management said the increase was driven predominantly by its core AI cloud business, Nebius, whose revenue was $480.3 million, up 603% from $68.3 million in 2024. It attributed that to scaling its global infrastructure and deploying next-generation GPUs for growing demand, including five new locations in 2025. Revenue at TripleTen, an edtech platform for reskilling people for careers in technology, was $54.1 million, up 88% from $28.8 million. Segment revenues are before eliminations: the total leaves out transactions between segments, such as other segments’ use of the Nebius cloud platform. The company said it signed long-term capacity contracts with Microsoft and Meta in 2025 and early 2026.13^,14^,15^,16^,17^,18^,19

Depreciation and amortization rose to $417.9 million from $77.1 million, which the company tied to server and network equipment and its data center and GPU expansion. Cash spent on property and equipment came to $4,066.0 million in 2025. Operating cash flow was positive at $401.9 million in 2025, which the company tied mainly to $982.5 million of advances from customers under strategic customer agreements and to changes in working capital. The company raised over $5 billion in 2025, mostly through equity and convertible debt, and held $3,678.1 million in cash and cash equivalents at year-end.20^,21^,22^,23^,24^,25

Below the operating loss, the income statement carried a $598.9 million gain from revaluing investments in equity securities, $597.4 million of it on ClickHouse, after investors other than Nebius led a Series C financing of ClickHouse in May 2025. Net income from continuing operations was $9.8 million. The rest came from discontinued operations, including a gain on the disposal of Toloka, an AI development platform Nebius stopped consolidating in May 2025.26^,27^,28^,29^,30

After the year ended, in February 2026, Nebius agreed to acquire Tavily, a provider of search infrastructure for AI applications, and paid $177.3 million in cash at closing. On Mar 11, 2026 it agreed to sell NVIDIA a pre-funded warrant for 21,065,396 Class A shares, with gross proceeds of about $2.0 billion. On Mar 16, 2026 it agreed with Meta to provide about $12 billion of dedicated compute capacity over five years.31^,32^,33^,34

Our records hold revenue, operating income, net income and diluted earnings per share for the year ended Dec 31, 2025, and one value for each period, so they cannot say whether the year-earlier figures were restated.35^,36