Q2 26 EPS
$2.11
BEAT +396.14%
Est. $-0.71
Q2 26 Revenue
$399.0M
BEAT +2.68%
Est. $388.6M
vs S&P Since Q2 26
+44.2%
BEATING MARKET
NBIS +45.0% vs S&P +0.7%
Market Reaction
Did NBIS Beat Earnings? Q2 2026 Results
Nebius Group delivered a blowout second quarter, with revenue of $399.00 million rising 279.6% year-over-year and EPS of $2.11 well ahead of analyst expectations of a $0.73 loss per share. The dominant force behind the quarter was Nebius's AI cloud s… Read more Nebius Group delivered a blowout second quarter, with revenue of $399.00 million rising 279.6% year-over-year and EPS of $2.11 well ahead of analyst expectations of a $0.73 loss per share. The dominant force behind the quarter was Nebius's AI cloud segment, which generated $389.70 million in revenue, an 841% year-over-year surge driven by aggressive capacity scaling, strong pricing, and high utilization rates. Adjusted EBITDA flipped to a positive $129.50 million from a loss of $53.70 million a year earlier, reflecting meaningful operating leverage as cost of revenues fell to 26% of total revenue from 49%. GAAP net income reached $621.20 million, compared to a loss of $104.30 million in the prior-year period, though a $780.60 million non-cash gain from revaluation of the company's ClickHouse investment was the primary driver. Looking ahead, remaining performance obligations of $33.59 billion as of March 31, 2026, with 29% expected to convert within 24 months, signals robust demand visibility as Nebius continues scaling its AI infrastructure footprint.
Key Takeaways
- • Nebius AI cloud revenue grew 841% YoY driven by capacity scaling, strong pricing, and high utilization
- • Cost of revenues as a percentage of revenue improved from 49% to 26% reflecting operating leverage
- • Adjusted EBITDA swung from negative $53.7M to positive $129.5M
- • Nebius AI cloud segment adjusted EBITDA improved to $174.0M from a loss of $27.4M
- • $780.6M gain from revaluation of ClickHouse investment following Series D financing at ~$15B valuation
- • Customer advances of $3,198M drove strong operating cash flow
- • Remaining performance obligations of $33.6B providing substantial revenue visibility
- • Deferred revenue increased by $3,200.6M to $4,778.1M reflecting customer prepayments
- • Total long-lived assets grew to $8,446M from $6,491.8M with US assets reaching $4,558.8M
NBIS Forward Guidance & Outlook
Remaining performance obligations of $33.6 billion as of March 31, 2026, with 29% expected to be recognized within 24 months, 39% between months 25-48, and the remainder thereafter. Deferred revenue of $4.8 billion is expected to be recognized over one to five years. The company has executed additional data center lease agreements totaling approximately $9.9 billion in estimated future undiscounted lease payments, with commencement between 2026 and 2027 and average lease terms of 11 years. Unamortized share-based compensation of $270.1 million is expected to be recognized over a weighted average period of 4.20 years. Post-quarter, the company agreed to acquire Eigen AI Labs for approximately $98 million in cash plus 3.8 million Class A shares, subject to regulatory approvals. The company also entered a Master Fuel Cell Capacity Agreement with Bloom Energy for approximately 250MW guaranteed capacity and 328MW installed capacity across three phases with 10-year supply terms, with aggregate monthly service fees of up to $2.6 billion over the term.
NBIS YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
NBIS Revenue by Segment
With YoY comparisons, source: SEC Filings
NBIS Earnings Trends
NBIS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NBIS EPS Trend
Earnings per share: estimate vs actual
NBIS Revenue Trend
Quarterly revenue: estimate vs actual
NBIS Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $-0.71 | $2.11 | +396.14% | $399.0M | +2.68% |
| Q1 26 BEAT | $-0.71 | $2.11 | +396.14% | $399.0M | +2.68% |
| Q4 25 FY | $-98.03 | — | — | $227.7M | -6.63% |
| FY Full Year | $0.84 | — | — | $529.8M | -3.74% |
| Q3 25 | $-0.40 | — | — | $146.1M | -6.18% |
| Q2 25 | $-0.42 | — | — | $105.1M | +3.86% |
| Q2 24 | — | — | — | $24.9M | — |