Nebius revenue surges 571% to $980.8 million in third quarter
Key Facts
Nebius Group on November 12 reported unaudited financial results for the third quarter and the nine months ended September 30, 2026, posting quarterly revenue of $980.8 million, up 571% from $146.1 million in the year-earlier period. Adjusted EBITDA swung to a profit of $465.8 million, from a loss of $5.2 million a year earlier. Continuing operations remained loss-making, though their net loss narrowed to $37.5 million from $119.6 million. The figures highlight an expanding business and improvement in an adjusted profitability measure alongside continuing losses, as cash spending on assets and operating cash use increased. The results include Nebius AI cloud, Avride and TripleTen, according to the company’s note accompanying the results table.
For the first nine months of 2026, revenue was $1,962.1 million, compared with $302.1 million in the same period of 2025, an annual increase of 549%. The comparison shows that year-to-date revenue growth remained strong, while third-quarter growth accelerated to 571% year over year. Higher revenue, however, coincided with a substantial increase in cash purchases of property and equipment and intangible assets, items associated with expanding the asset base. Those purchases totaled $7,300.4 million in the third quarter, compared with $955.5 million in the third quarter of the previous year. The gap between quarterly revenue growth and the volume of cash asset purchases therefore widened, while the reported results do not break down the components of those purchases.
The company also reported an increase in cash used in continuing operating activities, which reached $273.0 million in the third quarter, compared with $80.6 million in the year-earlier period. This indicates that operating cash flows were a use of cash in both periods, with the use rising in the latest quarter. That came alongside asset purchases of $7,300.4 million, making the financing of the spending pace one of the key considerations in assessing the results. On the other hand, adjusted EBITDA improved from a loss of $5.2 million to a profit of $465.8 million. But the $37.5 million net loss from continuing operations shows that the improvement in the adjusted measure was not accompanied by a swing to positive net income from continuing operations.
The quarterly comparisons are with the third quarter of 2025, when revenue was $146.1 million, adjusted EBITDA recorded a loss of $5.2 million, and the loss from continuing operations was $119.6 million. In the latest period, revenue rose to $980.8 million as adjusted EBITDA turned profitable and the net loss narrowed. For the first nine months, revenue increased from $302.1 million in 2025 to $1,962.1 million in 2026. The consolidated results include Nebius AI cloud, Avride and TripleTen, according to the note published with the results table. This provides context for reading the figures as results for the consolidated group, rather than for any one of its businesses.
Before the results announcement, NBIS shares closed at $154.69 in the November 11, 2026 session, according to EL7 data. That price is from the session before the results were announced on November 12, so it represents the pre-announcement closing level in the timeline provided. The available results data did not include a figure for the stock’s movement after publication. The group said its results were unaudited and covered the three and nine months ended September 30, 2026. The next event specified in the published information is the earnings call, though no date or time is given here.