Q1 26 EPS
$2.11
BEAT +396.14%
Est. $-0.71
Q1 26 Revenue
$399.0M
BEAT +2.68%
Est. $388.6M
vs S&P Since Q1 26
+59.8%
BEATING MARKET
NBIS +59.6% vs S&P -0.2%
Market Reaction
Did NBIS Beat Earnings? Q1 2026 Results
Nebius Group delivered a sharply mixed first quarter for fiscal 2026, posting earnings per share of $2.11 against a consensus estimate of negative $0.79, a beat of 367.09%, while revenue of $399.00 million fell 32.74% short of the $593.19 million ana… Read more Nebius Group delivered a sharply mixed first quarter for fiscal 2026, posting earnings per share of $2.11 against a consensus estimate of negative $0.79, a beat of 367.09%, while revenue of $399.00 million fell 32.74% short of the $593.19 million analysts had expected, despite surging 279.6% year-over-year. The EPS figure was heavily shaped by a $780.60 million non-cash gain from the revaluation of the company's equity stake in ClickHouse following its Series D financing, which drove GAAP net income from continuing operations to $621.20 million compared to a loss of $104.30 million a year ago; stripped of that gain, adjusted net loss widened to $100.30 million. The core Nebius AI cloud business, which generated $389.70 million in revenue and an adjusted EBITDA margin of 45%, continued to scale rapidly, with institutional demand visibly building ahead of the print. Looking ahead, Nebius reaffirmed full-year 2026 revenue guidance of $3.00 billion to $3.40 billion and an annualized recurring revenue target of $7.00 billion to $9.00 billion, alongside a roughly 40% adjusted EBITDA margin goal.
Key Takeaways
- • Nebius AI cloud revenue up 841% YoY and 82% QoQ to $389.7M driven by capacity scaling, strong pricing, and utilization
- • Record pipeline generation up ~3.5x quarter-over-quarter
- • Pricing continued to rise for new generation GPUs with older generation chips seeing strong support
- • Average deal sizes grew across new and existing customers driven by pricing, GPU commitments, and longer duration
- • Nebius AI cloud adjusted EBITDA margin nearly doubled QoQ to 45%
- • Operating leverage demonstrated as cost of revenue declined to 26% of revenue from 49% YoY
- • $3.198B in deferred revenue inflows from customer prepayments drove strong operating cash flow
NBIS YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
NBIS Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are not simply responding to where the industry stands today; we have the knowledge and experience to build the infrastructure, tools, and capabilities for where it will be tomorrow.”
— Arkady Volozh, Q1 2026 Earnings Press Release
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 | — |