Nebius Q3 2026 earnings review
Quarter ended September 30, 2026
For information only, not investment advice. No rating or price target.
Nebius Q3 2026 earnings review
Q3 revenues rose 571% to $980.8M, and 2026 capex guidance rose to about $27B.
Nebius · Q3 2026 · Published Nov 12, 2026 · By DeepCell AI · Sources
1 · Nebius (NBIS) Q3 2026 earnings review
Q3 revenues rose 571% to $980.8M, and 2026 capex guidance rose to about $27B
- 1.Revenues of $980.8M were 8.1% above the $907.2M Yahoo Finance consensus
- 2.About $325M of Q3 revenues was non-recurring revenue from the asset-light model
- 3.Adjusted EBITDA was $465.8M, and net loss from continuing operations was $37.5M
- 4.2026 revenues are now expected at the low end of the $3.0B–$3.4B range
- 5.The 2027 outlook is $12B–$13B of revenues and $40B–$45B of capex
- 6.Shares traded at $137.90 in pre-market trading (7:54 AM EST, Nov 12), -10.9% vs. the Nov 11 close
Note: Revenue growth of 571% is as stated in the release. The pre-market change is a DeepCell calculation vs. the Nov 11 close of $154.69; it is not a closing price.Source: Nebius official Q3 2026 results press release, Nov 12, 2026; Nebius Q3 2026 letter to shareholders, Nov 12, 2026; Yahoo Finance, Nov 12, 2026; CNBC, Nov 12, 2026 pre-market
2 · Executive summary
Q3 revenues of $980.8M were 8.1% above the Yahoo Finance consensus
Q3 2026 revenues vs. Yahoo Finance consensus (Nov 12, 2026)
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Q3 revenues | $980.8M | $907.2M | +$73.6M / +8.1% | Beat |
Share price, Nov 11 close to Nov 12 pre-market
| Nebius Group N.V. (Nasdaq) | Nov 11 close | Nov 12 pre-market, 7:54 AM EST | Change ($) | Change (%) |
|---|---|---|---|---|
| NBIS | $154.69 | $137.90 | -$16.79 | -10.9% |
Prices are from the CNBC quote page. The Nov 12 figure is a pre-market trade, not a close. CNBC does not state a reason for the move.
Note: Yahoo Finance revenue consensus is the Current Qtr. (Sep 2026) average of 17 analysts; its year-ago sales of $146.1M match official Q3 2025 revenues. No EPS comparison is shown because the basis of Yahoo’s EPS estimate is unclear. Revenues include about $325M of non-recurring revenue.Source: Nebius official Q3 2026 results press release, Nov 12, 2026; Yahoo Finance, Nov 12, 2026; CNBC, Nov 12, 2026 pre-market
3 · Q3 results vs. consensus
2026 capex guidance rose to about $27B, while revenues are expected at the low end of the range
2026 guidance, updated Nov 12, 2026
| Metric | Prior guidance | Updated guidance | Yahoo consensus |
|---|---|---|---|
| Revenues | $3.0B–$3.4B | Low end of $3.0B–$3.4B | $3.35B |
| Adjusted EBITDA margin | About 40% | About 40%, unchanged | n.a. |
| Capex | $20B–$25B | About $27B | n.a. |
| ARR | $7B–$9B by December | Above $7B for February | n.a. |
2027 initial outlook, Nov 12, 2026
| Metric | Company outlook | Midpoint | Yahoo consensus |
|---|---|---|---|
| Revenues | $12B–$13B | $12.5B | $12.28B |
| Capex | $40B–$45B | $42.5B | n.a. |
| Pre-tax profit | Breakeven in Q4 2027 | n.a. | n.a. |
Note: ARR is annualized run-rate revenue. Midpoints are DeepCell calculations. The low end of 2026 revenue guidance is -10.4% vs. Yahoo’s 2026 consensus (DeepCell calculation). The company says some third-party capacity moved to the first half of 2027. From 2027 it will guide to revenue and pre-tax earnings, not ARR.Source: Nebius Q3 2026 letter to shareholders, Nov 12, 2026; Yahoo Finance, Nov 12, 2026
4 · 2026 guidance and 2027 outlook
Adjusted EBITDA was $465.8M, a 47.5% margin, after a loss of $5.2M a year earlier
- Revenues rose 571%, as statedRevenues were $980.8M, compared with $146.1M in Q3 2025. AI cloud revenues were $973.8M.
- Operating income turned positiveIncome from operations was $50.4M, compared with a loss of $130.2M a year earlier.
- Net loss narrowedNet loss from continuing operations was $37.5M, or a loss of $0.13 per diluted share. Adjusted net income was $90.9M.
Q3 key financials
| $M unless noted | Q3 2025 | Q3 2026 |
|---|---|---|
| Revenues | $146.1M | $980.8M |
| Adjusted EBITDA | -$5.2M | $465.8M |
| Income (loss) from operations | -$130.2M | $50.4M |
| Net loss from continuing operations | -$119.6M | -$37.5M |
| Diluted EPS ($) | -$0.50 | -$0.13 |
Note: Adjusted EBITDA margin is a DeepCell calculation (adjusted EBITDA divided by revenues); the letter states 47%. Adjusted EBITDA and adjusted net income are non-GAAP measures reconciled in the release.Source: Nebius official Q3 2026 results press release, Nov 12, 2026; Nebius Q3 2026 letter to shareholders, Nov 12, 2026
5 · Q3 key financials
Revenues rose to $980.8M from $146.1M, and AI cloud revenues rose 643%, as stated
Note: Revenues were up 68% vs. Q2 2026, as stated. ARR is annualized run-rate revenue; the company says it no longer sees ARR as the right measure of its business.Source: Nebius official Q3 2026 results press release, Nov 12, 2026; Nebius Q3 2026 letter to shareholders, Nov 12, 2026
6 · Revenue growth
Adjusted EBITDA rose to $465.8M from $236.2M in Q2 2026
Note: Adjusted EBITDA excludes depreciation and amortization, share-based compensation, interest, equity-method results, other income, induced conversion expense and income tax, as reconciled in the release.Source: Nebius official Q3 2026 results press release, Nov 12, 2026; Nebius Q3 2026 letter to shareholders, Nov 12, 2026
7 · Adjusted EBITDA
Q3 capex rose to $7.3B from $956M, and nine-month capex reached $15.4B
Purchases of property, equipment and intangibles
$M, Q3 2025 vs Q3 2026
“Prepayments on Q3 agreements covered more than 100% of the associated capex. We expect to reach pre-tax breakeven by the end of 2027.” Arkady Volozh, founder and CEO
Note: Capex is purchases of property and equipment and intangible assets from the cash flow statement. Implied Q4 2026 capex of $11,569M is a DeepCell calculation (about $27B guidance less nine-month capex).Source: Nebius official Q3 2026 results press release, Nov 12, 2026; Nebius Q3 2026 letter to shareholders, Nov 12, 2026
8 · Capital expenditure plan
Financing cash flow of $7.5B funded $7.3B of capex in the quarter
- Operating cash flow was an outflowOperating cash flow was an outflow of $273.0M. Accounts receivable rose by $3,761.8M, and deferred revenue rose by $3,434.0M.
- Convertible notes were the main sourceConvertible notes raised $5,750M. Treasury share sales raised $1,061.8M, and long-term debt raised $773.3M.
- Prepayments are expected to fund 2027 capexThe company expects $10B of committed prepayments in 2026 and $17B–$20B in 2027.
Cash flow, Q3 2025 vs Q3 2026
| $M | Q3 2025 | Q3 2026 |
|---|---|---|
| Operating cash flow | -$80.6M | -$273.0M |
| Purchases of PP&E and intangibles | $955.5M | $7,300.4M |
| Investing cash flow | -$952.0M | -$7,635.2M |
| Convertible notes proceeds | $3,162.5M | $5,750.0M |
| Financing cash flow | $4,200.6M | $7,457.6M |
Note: Capex is shown as a positive outflow. The accounts receivable increase is shown without a minus sign; the cash flow statement shows it as a use of cash. Prepayment figures are from the shareholder letter.Source: Nebius official Q3 2026 results press release, Nov 12, 2026; Nebius Q3 2026 letter to shareholders, Nov 12, 2026
9 · Cash flow and financing
Total debt rose to $14.2B, and cash and cash equivalents rose to $7.4B
- Property and equipment more than tripledProperty and equipment, net, was $19,342M at Sep 30, 2026, compared with $5,553M at Dec 31, 2025.
- Deferred revenue reflects prepaymentsTotal deferred revenue was $9,409M, compared with $1,578M at Dec 31, 2025.
- Contracted backlog grew 3%RPO was $38.7B at the end of September, compared with $37.5B at the end of June.
Balance sheet, Dec 31, 2025 vs Sep 30, 2026
| $M | Dec 31, 2025 | Sep 30, 2026 |
|---|---|---|
| Cash and cash equivalents | $3,678.1M | $7,425.6M |
| Property and equipment, net | $5,553.3M | $19,341.9M |
| Total debt | $4,127.7M | $14,190.8M |
| Total deferred revenue | $1,577.5M | $9,409.2M |
| Total shareholders’ equity | $4,594.0M | $12,299.2M |
Note: RPO is remaining performance obligations. Total debt and total deferred revenue are DeepCell calculations (current plus non-current lines). RPO is from the shareholder letter. In October the company added a $3.5B senior secured facility with Citi.Source: Nebius official Q3 2026 results press release, Nov 12, 2026; Nebius Q3 2026 letter to shareholders, Nov 12, 2026
10 · Balance sheet and debt
Third-party capacity delays, funding needs and revenue mix are the main watch items
Indicator
What to watch
Implication
Latest reading
Third-party capacity timing
Some capacity moved into the first half of 2027
2026 revenues now at the low end of guidance
Implied Q4 revenues $1,038M
Funding a larger build-out
2026 capex rose above the prior range
Prepayments and asset-backed debt must scale
2026 capex about $27B
Non-recurring revenue
Asset-light revenue can make quarters uneven
About $325M of Q3 revenues was non-recurring
Revenues $980.8M
Note: Implied Q4 revenues is a DeepCell calculation: the $3.0B low end of 2026 guidance less nine-month revenues of $1,962.1M.Source: Nebius official Q3 2026 results press release, Nov 12, 2026; Nebius Q3 2026 letter to shareholders, Nov 12, 2026
11 · Key risks to guidance
Appendix: revenue, ARR and RPO
| Claim | Evidence | Calculation |
|---|---|---|
| Revenues | $146.1M to $980.8M | Up 571%, as stated |
| Revenues excluding non-recurring | $655.8M | DeepCell calculation, uses the stated $325M |
| ARR, end of September | $6.4B | +113.3% vs. end of June, DeepCell calculation |
| RPO, end of September | $38.7B | +3.2% vs. end of June, DeepCell calculation |
ARR is annualized run-rate revenue; RPO is remaining performance obligations. Source: Nebius official Q3 2026 results press release, Nov 12, 2026; Nebius Q3 2026 letter to shareholders, Nov 12, 2026
12 · Appendix: Revenue and ARR
Appendix: GAAP to non-GAAP items
| Claim | Evidence | Calculation |
|---|---|---|
| Net loss from continuing operations | $37.5M | Income statement, a loss |
| Depreciation and amortization | $354.7M | Added back in adjusted EBITDA |
| Adjusted EBITDA | $465.8M | +97.2% vs. Q2 2026, DeepCell calculation |
| Adjusted net income | $90.9M | Release reconciliation |
Source: Nebius official Q3 2026 results press release, Nov 12, 2026; Nebius Q3 2026 letter to shareholders, Nov 12, 2026
13 · Appendix: Non-GAAP items
Appendix: guidance and funding
| Claim | Evidence | Calculation |
|---|---|---|
| 2026 revenues, low end | $3.0B | Implied Q4 $1,038M, DeepCell calculation |
| 2026 capex, about | $27B | Nine months $15,431M |
| 2027 revenues | $12B–$13B | Midpoint +1.8% vs. Yahoo, DeepCell calculation |
| 2027 capex funded by prepayments | 75%–85% | Prepayments and asset-backed financing, as stated |
Source: Nebius official Q3 2026 results press release, Nov 12, 2026; Nebius Q3 2026 letter to shareholders, Nov 12, 2026
14 · Appendix: Guidance and funding
Appendix: income statement detail
Revenues and operating costs
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenues | $146.1M | $980.8M | 571.3% |
| Cost of revenues | $42.9M | $219.7M | 412.1% |
| Product development | $44.9M | $118.6M | 164.1% |
| Sales, general and administrative | $89.5M | $237.4M | 165.3% |
| Depreciation and amortization | $99.0M | $354.7M | 258.3% |
Below operating income
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Income (loss) from operations | -$130.2M | $50.4M | n.m. |
| Interest expense | -$14.7M | -$112.5M | n.m. |
| Net loss from continuing operations | -$119.6M | -$37.5M | n.m. |
| Adjusted EBITDA | -$5.2M | $465.8M | n.m. |
Note: YoY rates in this appendix are DeepCell calculations from the statements. n.m. means not meaningful because the prior-year figure is a loss.Source: Nebius official Q3 2026 results press release, Nov 12, 2026; Nebius Q3 2026 letter to shareholders, Nov 12, 2026
15 · Appendix: Income statement
Appendix: sources
- Results press release, Q3 2026 (official company PDF, Nov 12, 2026) — https://assets.nebius.com/assets/508584f1-b73d-484f-b64f-f96a5bc3b515/Nebius%20Q3%202026%20Financial%20Results%20Press%20Release.pdf
- Letter to shareholders, Q3 2026 (official company PDF, Nov 12, 2026) — https://assets.nebius.com/assets/65994da2-e220-40cd-bb5d-72e9654a237d/SHL.pdf
- Investor relations newsroom post — https://nebius.com/newsroom/nebius-reports-third-quarter-2026-financial-results
- Consensus: Yahoo Finance NBIS analysis page, fetched Nov 12, 2026 — https://finance.yahoo.com/quote/NBIS/analysis/
- Share price: CNBC NBIS quote, Nov 11, 2026 close $154.69 and Nov 12, 2026 pre-market $137.90 at 7:54 AM EST — https://www.cnbc.com/quotes/NBIS
- A Form 6-K for these results had not appeared on EDGAR when the page was built. Company figures are in U.S. dollars, U.S. GAAP unless labelled non-GAAP.
- Chart and table values link to the model in the spreadsheet tabs of this file.
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16 · Sources
Important disclosures and disclaimer
For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.
No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader’s investment objectives, financial situation or needs.
Sources and accuracy. Company figures come from Nebius Group N.V.’s official Q3 2026 results press release and letter to shareholders dated November 12, 2026, as posted on the company’s website. A Form 6-K had not appeared on EDGAR at the time of writing. Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page.
Basis of presentation. Figures are U.S. GAAP unless labelled non-GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and 2025. Results are for continuing operations.
Forward-looking statements. Company guidance, outlook, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original release.
Date of analysis. Share prices are the CNBC Nov 11, 2026 close and a Nov 12, 2026 pre-market trade at 7:54 AM EST.
Built with DeepCell / deepcell.net
17 · Disclosures
Sources
- Nebius Group N.V. press release, Nebius reports third quarter 2026 financial results, Nov 12, 2026 — https://assets.nebius.com/assets/508584f1-b73d-484f-b64f-f96a5bc3b515/Nebius%20Q3%202026%20Financial%20Results%20Press%20Release.pdf Filing
- Nebius Group Letter to shareholders, Q3 2026, Nov 12, 2026 — https://assets.nebius.com/assets/65994da2-e220-40cd-bb5d-72e9654a237d/SHL.pdf Filing
- Yahoo Finance NBIS analysis page, fetched Nov 12, 2026 — https://finance.yahoo.com/quote/NBIS/analysis/ Filing
- CNBC NBIS quote: Nov 11, 2026 close $154.69; Nov 12, 2026 pre-market $137.90 at 7:54 AM EST — https://www.cnbc.com/quotes/NBIS Filing
Not investment advice; no rating or price target.
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