Jun 2026 (Q2 FY26) — Aug 12, 2026
Nebius Group Q2 FY26 — Triple-Digit Growth, Margin Expansion, and Strong AI Demand
Read the full callNebius Group (NBIS) earnings
- Jun 2026 (Q2 FY26)
- Dec 2025
Nebius Group earnings: last reported Wed, 12 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
18 of 19 judged targets kept · 21 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Meta contract capacity deployments concluded | Conclude the Meta deployments within three months (approximately $3 billion, 5-year contract) | Sep 2025 | the first Meta contract was fully delivered in Q1 this year | Achieved |
| Full-year capital expenditure | $16 billion to $20 billion in 2026 | Dec 2025 | raise our 2026 CapEx guidance to between $20 billion and $25 billion, which is up from our prior range of $16 billion to $20 billion | Revised Up |
| Avride robotaxi service launch with Uber in Dallas | Launch the Avride robotaxi service with Uber in Dallas later in 2025 | Jun 2025 | our ownership in Avride. These noncore businesses, the stakes are worth many billions of dollars as of today | Ghosted |
1 of Nebius Group N.V.'s 40 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 37 more targets are in the full ledger.
Claimed
- Group revenue grew by 454% year-over-year to $582 million, with Nebius AI business growing 514% to $575 million.
- Annualized run rate revenue (ARR) reached $3 billion at the end of June, up 598% year-over-year and 56% quarter-over-quarter.
- Group adjusted EBITDA was $236 million, compared to a loss of $21 million a year ago, with adjusted EBITDA margin expanding to 41% from 32% in Q1.
- Closed 4 landmark AI cloud deals, each averaging over $1 billion, with upfront payments covering 50%-60% of associated CapEx.
- Raised year-end contracted power target to 5 gigawatts by end of 2026, with plans to build over 1 gigawatt of new capacity per year in 2027.
Qualified
Price
$170.24 +2.88% · +$4.77
Performance +50.1% 1Y
1Y: $113.44 on 17 Oct 2025 → $170.24. High $286.69 (18 Jun 2026), low $73.87 (5 Feb 2026).
- Previous close
- $165.47
- 52-week range
- $73.87 – $286.69
- One year
- +56.18%
Overview
- Symbol
- NBIS
- Sector
- Information Technology
- Industry
- Services-Computer Programming, Data Processing, Etc.
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
18 of 19 judged targets kept · 21 open · verdicts reflect calls analysed to Mar 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Meta contract capacity deployments concluded | Conclude the Meta deployments within three months (approximately $3 billion, 5-year contract) | Sep 2025 | the first Meta contract was fully delivered in Q1 this year | Achieved |
| Full-year capital expenditure | $16 billion to $20 billion in 2026 | Dec 2025 | raise our 2026 CapEx guidance to between $20 billion and $25 billion, which is up from our prior range of $16 billion to $20 billion | Revised Up |
| Avride robotaxi service launch with Uber in Dallas | Launch the Avride robotaxi service with Uber in Dallas later in 2025 | Jun 2025 | our ownership in Avride. These noncore businesses, the stakes are worth many billions of dollars as of today | Ghosted |
Claimed
- Group revenue grew by 454% year-over-year to $582 million, with Nebius AI business growing 514% to $575 million.
- Annualized run rate revenue (ARR) reached $3 billion at the end of June, up 598% year-over-year and 56% quarter-over-quarter.
- Group adjusted EBITDA was $236 million, compared to a loss of $21 million a year ago, with adjusted EBITDA margin expanding to 41% from 32% in Q1.
- Closed 4 landmark AI cloud deals, each averaging over $1 billion, with upfront payments covering 50%-60% of associated CapEx.
- Raised year-end contracted power target to 5 gigawatts by end of 2026, with plans to build over 1 gigawatt of new capacity per year in 2027.
Qualified
The full ledger
Open Nebius Group N.V.’s full ledger
A free account opens 5 company ledgers a month. All 40 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 13, 2026
Nebius Group Q1 FY26 — Strong Growth and Accelerated Capacity Expansion
Read the full callDec 2025 (Q4 FY25) — Feb 12, 2026
Nebius Group Q4 FY25 — Exceeds ARR Guidance, Projects Hypergrowth with Significant CapEx
Read the full callEvery analysed call
Nebius Group earnings calls (NBIS)
Financials
What the filings say
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 1,622 | 1,550 | 1,990 | 1,770 | 2,470 | 3,859 | 3,218 | 3,301 |
| Total liabilities | 373 | 782 | 2,252 | 3,265 | 3,960 | 5,461 | 295 | 7,837 |
| Fixed assets | 572 | 607 | 836 | 1,324 | 1,816 | 128 | 847 | 5,553 |
| Investments | — | — | — | 55 | — | — | — | — |
| Total assets | 3,479 | 3,692 | 6,980 | 6,939 | 8,768 | 8,755 | 3,549 | 12,431 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 406 | 563 | 441 | 125 | 697 | 830 | 246 | 385 |
| Cash from investing | 374 | -623 | -1,624 | 296 | -403 | -1,212 | 312 | -4,229 |
| Cash from financing | -472 | -30 | 1,891 | -1,142 | -100 | 376 | 826 | 5,126 |
| Net cash flow | 369 | -158 | 1,029 | -714 | 132 | -109 | 1,359 | 1,271 |
| Capital expenditure | -408 | -260 | -332 | -601 | -15 | -83 | -807 | -4,066 |
| Free cash flow | -2 | 302 | 109 | -475 | 682 | 747 | -562 | -3,681 |
NBIS operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|
| Annual recurring revenue (ARR) | $430MReality is that we show strong momentum in Q2 with annualized run rate revenue growing from $249 million in March to $430 million in June.Source: earnings call transcript | $551MAnnualized run rate revenue for the core business at the end of September was $551 million.Source: earnings call transcript | $3BAnnualized run rate revenue reached $3 billion at the end of June, up 598% and increased 56% from $1.9 billion at the end of March.Source: earnings call transcript | +444.5% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
110 filings between Mar 31, 2026 and Oct 16, 2026.
Open market
decisions to buy or sellPurchases
$50.3K
2 purchases by 1 insider
Sales
$318.23M
95 sales by 10 insiders
85% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 9
- Award — granted as compensation
- 4
- Option exercise — converted options into shares
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Korolenko Andrey | — | $122.56M | Oct 1, 2026 |
| Nave Ophir | — | $117.77M | Oct 5, 2026 |
| Volozh Arkadiy | — | $23.28M | Oct 1, 2026 |
| Ryan Charles E | — | $13.28M | Aug 14, 2026 |
| Boroditsky Marc | — | $13.15M | Oct 12, 2026 |
| Shtan Danila | — | $12.47M | Oct 1, 2026 |
| Bunina Elena | — | $8.26M | May 13, 2026 |
| Boynton John Wilson IV | — | $5.63M | Sep 29, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 16, 2026 | Grimme Arne Director | Purchase 10b5-1 plan | 148 | $25.2K |
| Oct 15, 2026 | Grimme Arne Director | Purchase 10b5-1 plan | 148 | $25.2K |
| Oct 12, 2026 | Boroditsky Marc Chief Revenue Officer | Option exercise 10b5-1 plan | 7,000 | $0 |
| Oct 12, 2026 | Boroditsky Marc Chief Revenue Officer | Sale 10b5-1 plan | 7,000 | $1.48M |
| Oct 5, 2026 | Nave Ophir COO | Sale 10b5-1 plan | 48,655 | $11.59M |
| Oct 5, 2026 | Nave Ophir COO | Sale 10b5-1 plan | 61,210 | $14.22M |
| Oct 5, 2026 | Nave Ophir COO | Sale 10b5-1 plan | 16,220 | $3.75M |
| Oct 5, 2026 | Nave Ophir COO | Sale 10b5-1 plan | 106,718 | $25.10M |
| Oct 5, 2026 | Nave Ophir COO | Sale 10b5-1 plan | 48,845 | $11.44M |
| Oct 5, 2026 | Nave Ophir COO | Sale 10b5-1 plan | 73,588 | $17.37M |
| Oct 5, 2026 | Nave Ophir COO | Sale 10b5-1 plan | 18,224 | $4.32M |
| Oct 5, 2026 | Nave Ophir COO | Sale 10b5-1 plan | 6,000 | $1.46M |
| Oct 5, 2026 | Nave Ophir COO | Sale 10b5-1 plan | 1,200 | $289.2K |
| Oct 5, 2026 | Nave Ophir COO | Sale 10b5-1 plan | 48,061 | $11.50M |
| Oct 5, 2026 | Nave Ophir COO | Sale 10b5-1 plan | 14,853 | $3.56M |
| Oct 5, 2026 | Nave Ophir COO | Sale 10b5-1 plan | 56,426 | $13.16M |
| Oct 1, 2026 | Korolenko Andrey Chief Infrastructure Officer | Sale | 29,090 | $6.81M |
| Oct 1, 2026 | Volozh Arkadiy CEO | Sale | 37,778 | $8.85M |
| Oct 1, 2026 | Shtan Danila Chief Technology Officer | Sale | 14,546 | $3.41M |
| Sep 29, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 50 | $11.8K |
| Sep 15, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 300 | $64.0K |
| Sep 15, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 900 | $193.3K |
| Sep 15, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 1,100 | $230.7K |
| Sep 15, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 1,900 | $396.8K |
| Sep 15, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 1,264 | $262.5K |
| Sep 15, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 200 | $43.1K |
| Sep 15, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 200 | $42.4K |
| Sep 15, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 100 | $21.7K |
| Sep 15, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 400 | $84.2K |
| Sep 14, 2026 | Boroditsky Marc Chief Revenue Officer | Sale 10b5-1 plan | 2,000 | $417.3K |
| Sep 14, 2026 | Boroditsky Marc Chief Revenue Officer | Option exercise 10b5-1 plan | 5,000 | $0 |
| Sep 14, 2026 | Boroditsky Marc Chief Revenue Officer | Sale 10b5-1 plan | 5,000 | $1.05M |
| Sep 14, 2026 | Boroditsky Marc Chief Revenue Officer | Option exercise 10b5-1 plan | 2,000 | $0 |
| Sep 1, 2026 | Nave Ophir COO | Award | 1,352 | $0 |
| Sep 1, 2026 | Grimme Arne Director | Award | 1,352 | $0 |
| Sep 1, 2026 | Radinsky Kira Director | Award | 1,352 | $0 |
| Sep 1, 2026 | Boynton John Wilson IV Director | Award | 1,352 | $0 |
| Sep 1, 2026 | Volozh Arkadiy CEO | Award | 1,352 | $0 |
| Sep 1, 2026 | Bunina Elena Director | Award | 1,352 | $0 |
| Sep 1, 2026 | Weigand Matthew Robert Director | Award | 1,352 | $0 |
| Sep 1, 2026 | Ryan Charles E Director | Award | 1,352 | $0 |
| Sep 1, 2026 | Alonso Sanchez Maria del Dado CFO | Sale | 470 | $92.1K |
| Aug 14, 2026 | Ryan Charles E Director | Sale 10b5-1 plan | 10,113 | $2.68M |
| Aug 14, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 700 | $190.2K |
| Aug 14, 2026 | Ryan Charles E Director | Sale 10b5-1 plan | 9,283 | $2.46M |
| Aug 14, 2026 | Ryan Charles E Director | Sale 10b5-1 plan | 13,315 | $3.51M |
| Aug 14, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 600 | $162.3K |
| Aug 14, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 400 | $105.9K |
| Aug 14, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 196 | $54.5K |
| Aug 14, 2026 | Boynton John Wilson IV Director | Sale 10b5-1 plan | 400 | $110.8K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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