EarningsQ2 2026 Earnings Report
MX:NBISN Q2 2026 EPS Results
Actual EPS-$2.14
Consensus EPS-$12.88
Beat/MissBeat by +$10.74
One Year Ago EPS-$6.88
MX:NBISN Q2 2026 Revenue Results
Actual Revenue$10.46B
Expected Revenue$10.24B
Beat/MissBeat by +$222.91M
YoY Revenue Growth+454.04%
Earnings Announcement Details
QuarterQ2 2026
Date08/12/2026
TimeBefore Open
Conference CallWednesday, August 12, 2026
MX:NBISN Upcoming Earnings
Nebius Group's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:NBISN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented overwhelmingly positive operational and commercial momentum: very strong top-line growth (Q2 revenue +454% YoY), large contracted backlog ($40B), expanded adjusted EBITDA and margins, substantial customer prepayments (> $9B) and diversified financing execution (ATM equity and asset-backed debt). Management also highlighted premium pricing signals (auction +15% vs prior highs) and new monetization motions (short-term high‑value deals, asset-light partnerships, Token Factory). Offsetting risks are notable but largely execution and timing related: heavy capital intensity (Q2 CapEx $5.7B; FY guide $20–$25B), a lag between capacity activation and revenue, early-stage business drag on consolidated margins, permitting/process risk at specific sites, and potential dilution/market volatility as they tap multiple funding sources. On balance, the positives—substantial growth, improved profitability, large contracted backlog and clear go‑to‑market innovations—outweigh the lowlights, though successful execution of the build and financing plans remains critical.Company Guidance
Explosive Revenue and ARR Growth
Group revenue grew 454% year-over-year to $582 million in Q2 and rose 46% sequentially. The Nebius AI business grew 514% year-over-year to $575 million, representing 98% of group revenue. Annualized run rate revenue reached $3.0 billion at the end of June, up ~598% year-over-year and ~58% from $1.9 billion at the end of March.
Material Profitability Improvement
Group adjusted EBITDA turned positive to $236 million in Q2 versus a $21 million loss a year ago and $129.5 million last quarter. Group adjusted EBITDA margin expanded to 41% from 32% in Q1 (a ~9 percentage-point increase). The core Nebius AI business produced a ~50% adjusted EBITDA margin.
Strong Customer Prepayments and Cash Position
Approximately 70% of Q2 deals included upfront prepayments; customer prepayments are expected to bring in more than $9 billion of upfront funding this year. Operating cash was $2.3 billion in the quarter and cash and cash equivalents totaled $8.0 billion at quarter-end.
Large Contracted Backlog and Capacity Targets
Nebius reported $40 billion in contracted backlog and raised its year-end contracted power target to 5 gigawatts, positioning the company to build more than 1 gigawatt of new capacity per year beginning in 2027.
Landmark Multi‑Billion Dollar Deals
Closed four midterm landmark deals this quarter (Reflection, Cohere, a scaled U.S. new lab, and a large U.S. quant trading firm), each averaging more than $1 billion. These deals were described as yielding roughly $20–$25 million per megawatt with upfront payments covering ~50–60% of associated CapEx.
New Go-to-Market Innovations and Premium Pricing
Launched first capacity auction that cleared at a price 15% above the previous high for Blackwell chips. Announced short-duration high-value capacity deals (up to 6 months) commanding $40–$50 million per megawatt, and reported the ability to sell 2027 capacity today but choosing strategic allocation for higher-value uses.
Diversified Funding Execution
Completed a $775 million asset-backed facility in July priced at SOFR + 250bps (mid-single-digit equivalent) secured by deployed GPU infrastructure and contracted cash flows. Also executed ATM equity issuance (12.7 million Class A shares at a weighted average $224 per share) generating approximately $2.8 billion of gross proceeds.
Product & Platform Momentum
Token Factory, recent acquisitions, and the new asset-light partnership model contributed to higher-margin revenue. Tavily developer community expanded to 2.5 million (from 1 million in February). Vera Rubin GPU generation expected to begin deployment late this year/early next year.
Operational Progress on Development Sites
Construction tranches delivered as required; building construction at Vineland completed earlier in the summer and engineering fit-out and Bloom fuel cell deployment are progressing. Management reports being on track to meet connected-power guidance of 800 MW–1 GW for the year.
MX:NBISN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed