Nebius Group(MX:NBISN)
MX$2,890.36+394.03 (+15.78%)
MX:NBISN
Nebius Group earnings date
MX$2,890.36
At close:+394.03 (+15.78%)
Nebius Group (NBISN) Q3 2026 Earnings Report
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MX:NBISN Q3 2026 EPS Results
- Actual EPS
- MXN 5.47
- Consensus EPS
- -MXN 13.46
- Beat/Miss
- Beat by +MXN 18.92
- One Year Ago EPS
- -MXN 7.62
MX:NBISN Q3 2026 Revenue Results
- Actual Revenue
- MXN 18.23B
- Expected Revenue
- MXN 16.86B
- Beat/Miss
- Beat by +MXN 1.37B
- YoY Revenue Growth
- +571.32%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/12/2026
- Time
- Before Open
- Conference Call
- Thursday, November 12, 2026
MX:NBISN Upcoming Earnings
Nebius Group's next earnings date is estimated for February 16, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:NBISN Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly optimistic, supported by record Q3 revenue, sharply improved EBITDA, exceptional AI demand, higher pricing, expanding prepayments, substantial liquidity and a stated path to $12 billion to $13 billion of 2027 revenue and pretax breakeven in the fourth quarter of 2027. The main negatives were colocation and power-related deployment delays, a reduction in 2026 revenue guidance due to timing, higher 2026 CapEx and near-term quarterly margin variability. Highlights significantly outweighed the lowlights.
Company Guidance
For 2026, Nebius now expects revenue of $3 billion to $3.2 billion, ARR to exceed $7 billion for the month of February, a group adjusted EBITDA margin of approximately 40%, CapEx around $27 billion, up from $20 billion to $25 billion previously, and 5 gigawatts of contracted power by year-end, up from more than 4 gigawatts today; prepayments will be over $10 billion in '26 and the company expects $10 billion in committed customer prepayments in 2026. For 2027, Nebius expects revenue to increase by around 4x to $12 billion to $13 billion, reach breakeven on a pretax earning basis in the fourth quarter of 2027 on 5-year depreciation of its servers and network equipment, and incur CapEx of $40 billion to $45 billion sized for more than 1 gigawatt of new capacity; it expects 75% to 85% of its CapEx range to be funded by prepayments and asset-backed financing and customer prepayments to account for $17 billion to $20 billion.
- Record Quarter and Strong Revenue GrowthQ3 was described as a record quarter. Group revenue reached $980.8 million, up 571% year-over-year and 68% from Q2, with the majority driven by capacity added during the last 12 months.
- AI Cloud Revenue SurgeNebius AI Cloud revenue was $973.8 million, up 643% year-over-year and representing approximately 99% of group revenue.
- Strong Demand, Pricing and Contract ExpansionManagement said demand for AI is real and substantial, with customers committing for longer at higher prices and paying more upfront. Q3 agreements closed above $25 million per megawatt, compared with $20 million to $25 million per megawatt in Q2. The company is already signing multibillion-dollar AI cloud agreements in Q4, following its first $1 billion-plus contracts reported three months earlier.
- Broader Customer Base and Enterprise AdoptionDatabricks, Datadog and Snowflake signed multiyear agreements with Nebius for the first time during the quarter. Management also cited multiyear agreements with Palantir and said enterprise momentum is picking up, while the high majority of more than $12 billion of contract value signed since the start of Q3 came from AI natives.
- Prepayments Exceed New Capacity CapExMore than 90% of the contract value signed in Q3 carried a prepayment, and the weighted average share of prepayments to total contract value increased by approximately 20 percentage points from Q2. Prepayments on new contracts covered more than 100% of the capital needed to bring the contracted capacity online, up from 50% to 60% in Q2.
- Faster Payback and Improved Funding FlexibilityThe payback period for new capacity shortened to 1 year and 7 months in Q3 from 1 year and 10 months in the prior quarter. Management said customers are paying more, paying earlier and committing for longer. The company expects more than $10 billion in committed customer prepayments in 2026 and $17 billion to $20 billion in customer prepayments in 2027.
- Significant Financing ResourcesNebius ended the quarter with $7.4 billion of cash and cash equivalents. It closed a $775 million asset-backed financing facility at SOFR plus 250 basis points, completed a $5.75 billion convertible senior notes offering and issued 4.6 million Class A shares through its ATM program for approximately $1.0 billion in net proceeds. Management said it has over $40 billion of similar committed revenue available as a repeatable asset-backed financing framework.
- EBITDA Profitability ImprovementGroup adjusted EBITDA was $465.8 million, compared with negative $5.2 million a year ago and $236.2 million in Q2. Group adjusted EBITDA margin expanded to 47.5% from 40.6% in Q2, while Nebius AI Cloud adjusted EBITDA margin increased to 53.2% from 50%.
- Low-Cost, Vertically Integrated InfrastructureManagement said Nebius builds its own compute infrastructure, racks and storage, while also developing the software platform. The company expects costs to fall further as more capacity comes from its own sites, with premium pricing and lower costs supporting margins.
- Token Factory ExpansionToken Factory, Nebius' managed inference platform, is on track to reach multi-hundred-million-dollar annual recurring revenue at better margins because it uses Nebius' own GPUs rather than rented capacity. The platform accelerated significantly in Q3 and early Q4, supports training, inference and post-training workloads, and was a day-zero launch partner for multiple leading open models.
- Continued Software and Platform InvestmentNebius continued investing in its software stack and integrated the Eigen, Clarifai and Inferize acquisitions. Inferize adds model-loading capabilities intended to address cold starts and improve GPU utilization for spiky on-demand workloads. Customers can combine training, inference and other workloads on the integrated platform.
- Own-Site Build-Out and 2027 Capacity ConfidenceMost of the next gigawatt of capacity is expected to come from Nebius-owned sites, where the company controls land, power, shell, hardware, software and operations. Management cited Alabama, Missouri, two Finland projects and Pennsylvania as 2027 capacity projects, and said supply for 2027 GPUs, CPUs, networking and storage has been confirmed.
- Strong 2027 Revenue and Profitability OutlookNebius expects 2027 revenue of $12 billion to $13 billion, approximately four times the expected 2026 level, with $40 billion to $45 billion of CapEx sized for more than 1 gigawatt of new capacity. The company expects to reach pretax breakeven in the fourth quarter of 2027, with 75% to 85% of 2027 CapEx funded by prepayments and asset-backed financing.
- Contracted Power ExpansionThe company continues to expect 5 gigawatts of contracted power by year-end, up from more than 4 gigawatts today.
- Asset-Light Partnership ModelNebius recognized approximately $325 million of nonrecurring revenue in Q3 from an initial asset-light rollout in which partners fund capacity and deploy Nebius architecture and its AI cloud platform. Management expects revenue from these activities to become more regular as the partnerships grow, although it did not include potential asset-light revenue in its 2027 guidance.
- Open-Model Ecosystem and Customer DiversificationManagement said adoption of open models accelerated in recent months and that broader market diversification extends the universe of customers and partners Nebius can serve. Token Factory was identified as a launch partner for models from Meta, Reflection, NVIDIA and others.
- Market-Driven Pricing and Capacity AllocationNebius is using reserve-capacity auctions, public spot pricing and customer discussions to optimize pricing, contract duration and the mix between short-term consumption and long-term reserved capacity. Management said this flexibility allows the company to adjust allocations based on capital-market conditions and customer demand.
MX:NBISN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 16, 2027 | 2026 (Q4) | -14.59- | -18.4 | ― | ― |
| Nov 12, 2026 | 2026 (Q3) | -13.465.47 | -7.62 | 171.71% (+13.09) | |
| Aug 12, 2026 | 2026 (Q2) | -13.33-2.21 | -7.12 | 68.93% (+4.91) | |
| May 13, 2026 | 2026 (Q1) | -14.28-6.04 | -7.71 | 21.69% (+1.67) | |
| Feb 12, 2026 | 2025 (Q4) | -19.13-18.40 | -6.88 | -167.57% (-11.53) | |
| Nov 11, 2025 | 2025 (Q3) | -10.35-7.62 | -8.79 | 13.32% (+1.17) | |
| Aug 07, 2025 | 2025 (Q2) | -9.29-7.12 | 9.26 | -176.91% (-16.38) | |
| May 20, 2025 | 2025 (Q1) | -8.92-7.71 | 6.84 | -212.77% (-14.56) | |
| Feb 20, 2025 | 2024 (Q4) | -7.25-6.88 | 6.41 | -207.25% (-13.29) | |
| Oct 31, 2024 | 2024 (Q3) | ―-8.79 | 1.8 | -587.63% (-10.60) |
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
