NBIS Earnings: Nebius Q2 2026 Results Explained

Updated: August 12, 2026

Nebius Group reported a sharp increase in second-quarter 2026 revenue as demand for AI cloud infrastructure continued to expand.

Nebius Group (NASDAQ: NBIS) has released its second-quarter 2026 financial results, giving investors a fresh look at the rapidly expanding AI cloud company's growth, profitability and spending plans.

The headline number is difficult to miss: Q2 2026 revenue reached $582.3 million, up 454% from $105.1 million in the same quarter of 2025. Nebius also reported $236.2 million in adjusted EBITDA, compared with an adjusted EBITDA loss of $21.0 million a year earlier. :contentReference[oaicite:0]{index=0}

At the same time, the company reported a GAAP net loss from continuing operations of $190.4 million. That combination of extremely rapid revenue growth and continued GAAP losses is central to understanding the latest NBIS earnings report.

Nebius Q2 2026 Earnings at a Glance

Nebius released its unaudited results for the three and six months ended June 30, 2026, on August 12, 2026. The company is an AI infrastructure provider building cloud computing services for organizations developing and deploying artificial intelligence systems. :contentReference[oaicite:1]{index=1}

• Q2 revenue: $582.3 million.
• Year-over-year revenue growth: 454%.
• Q2 adjusted EBITDA: $236.2 million.
• Q2 adjusted net loss: $33.2 million.
• Q2 net loss from continuing operations: $190.4 million.
• Six-month revenue: $981.3 million.
• Six-month adjusted EBITDA: $365.7 million.
• Cash and cash equivalents at June 30: $8.04 billion.

These figures come directly from Nebius's published Q2 2026 financial release. :contentReference[oaicite:2]{index=2}

Revenue Surged 454%

Revenue was the strongest headline from the quarter.

Nebius generated $582.3 million in Q2 2026, compared with $105.1 million in Q2 2025. That represents a year-over-year increase of 454%.

The six-month numbers are even more striking. Revenue for the first half of 2026 reached $981.3 million, compared with $156.0 million during the first six months of 2025, an increase of 529%. :contentReference[oaicite:3]{index=3}

Such growth reflects the rapid expansion of demand for computing infrastructure needed to train, fine-tune and run artificial intelligence models.

Adjusted EBITDA Turned Positive

Another important part of the NBIS earnings report is the change in adjusted EBITDA.

Nebius reported $236.2 million of adjusted EBITDA during Q2 2026. In Q2 2025, the company reported an adjusted EBITDA loss of $21.0 million. :contentReference[oaicite:4]{index=4}

For the first six months of 2026, adjusted EBITDA reached $365.7 million, compared with a loss of $74.7 million during the same period of 2025.

This suggests that the company's rapid revenue expansion is beginning to translate into stronger operating economics on an adjusted basis.

Why Is Nebius Still Reporting a Net Loss?

Despite the strong adjusted EBITDA result, Nebius reported a $190.4 million net loss from continuing operations in Q2 2026. :contentReference[oaicite:5]{index=5}

The difference between adjusted EBITDA and GAAP net income is important. Nebius is investing heavily in infrastructure, and its quarterly results include substantial depreciation and amortization, interest expense, share-based compensation and other accounting items.

Depreciation and amortization reached $259.7 million in Q2, compared with $75.2 million in the prior-year quarter. Interest expense also increased significantly, reaching $119.1 million compared with $4.8 million a year earlier. :contentReference[oaicite:6]{index=6}

Therefore, investors should not interpret the GAAP net loss by itself as evidence that the underlying AI cloud business is shrinking.

Adjusted Net Loss Improved

Nebius reported an adjusted net loss of $33.2 million for Q2 2026, compared with an adjusted net loss of $91.5 million in Q2 2025.

That represents a 64% reduction in the adjusted net loss. For the first six months of the year, adjusted net loss was $133.5 million, down 24% from $175.2 million a year earlier. :contentReference[oaicite:7]{index=7}

The improvement indicates that the company's operating performance is moving in a more favorable direction even as Nebius continues to invest aggressively in capacity.

Nebius Is Spending Billions on Infrastructure

One of the most important numbers for understanding NBIS earnings is capital expenditure.

Nebius spent approximately $5.66 billion on purchases of property, equipment and intangible assets during Q2 2026. That compares with $510.6 million in Q2 2025, an increase of more than 1,000%. :contentReference[oaicite:8]{index=8}

For the first six months of 2026, these purchases totaled approximately $8.13 billion, compared with $1.05 billion during the first half of 2025.

This enormous spending level reflects the capital-intensive nature of AI infrastructure. Building data centers and deploying large amounts of computing hardware requires significant upfront investment.

Cash Position Remains Important

Despite its enormous infrastructure spending, Nebius ended June 2026 with approximately $8.04 billion in cash and cash equivalents.

That compares with approximately $3.68 billion at the end of December 2025. :contentReference[oaicite:9]{index=9}

The substantial cash position gives Nebius considerable financial resources to continue expanding its AI infrastructure.

However, the company's expansion also requires significant capital, making future financing needs, data-center construction and access to power important factors for investors to monitor.

Why AI Infrastructure Is Driving NBIS Growth

Nebius operates in a part of the technology industry that has become increasingly important as companies race to develop and deploy AI models.

Training and running advanced AI systems requires large quantities of specialized computing resources. That includes GPUs, high-speed networking, storage, data-center capacity and software designed to manage AI workloads.

Nebius positions its AI Cloud platform around these needs, offering infrastructure designed for organizations building and deploying AI applications. The company describes its business as a full-stack platform supporting workloads from model development through production deployment. :contentReference[oaicite:10]{index=10}

Operating Costs Are Rising Too

The impressive revenue growth does not mean Nebius is operating with a low-cost structure.

Cost of revenues increased from $30.1 million in Q2 2025 to $133.6 million in Q2 2026. Product development expenses increased from $42.8 million to $191.0 million, while sales, general and administrative expenses rose from $68.2 million to $173.9 million. :contentReference[oaicite:11]{index=11}

Total operating costs and expenses reached $758.2 million during the quarter.

The interesting detail is that several expenses grew more slowly than revenue. For example, sales, general and administrative expenses represented 30% of revenue in Q2 2026, compared with 65% in Q2 2025. :contentReference[oaicite:12]{index=12}

If that operating leverage continues, rapidly growing revenue could eventually translate into stronger profitability.

What Investors Should Watch Next

The headline revenue number is impressive, but the future trajectory of Nebius will depend on whether the company can maintain rapid growth while deploying infrastructure efficiently.

Investors will likely pay particular attention to several areas.

AI Cloud Demand

Continued demand for AI computing is essential to the company's growth strategy. If customers continue expanding their AI workloads, Nebius could potentially sustain high revenue growth.

Data Center Expansion

Nebius needs substantial physical infrastructure to support its customers. The speed and efficiency with which it can bring new capacity online will therefore remain important.

Capital Spending

The company's enormous capital expenditure shows how expensive AI infrastructure can be. Investors will need to evaluate whether those investments generate sufficient future revenue and cash flow.

Profitability

Adjusted EBITDA has already turned strongly positive, but GAAP net income remains negative. The ability to convert rapid revenue growth into sustainable GAAP profitability will be a major long-term test.

NBIS Earnings vs. Last Year

Metric	Q2 2025	Q2 2026	Change
Revenue	$105.1M	$582.3M	+454%
Adjusted EBITDA	-$21.0M	$236.2M	Turned positive
Adjusted net loss	-$91.5M	-$33.2M	Improved 64%
Net income from continuing operations	$502.5M	-$190.4M	Lower
Capital expenditures	$510.6M	$5.66B	Up sharply

The comparison shows why NBIS earnings require more than simply looking at the net income line. Nebius is growing revenue at an extraordinary rate while simultaneously investing heavily in the infrastructure needed to support future demand. :contentReference[oaicite:13]{index=13}

Is the NBIS Earnings Report Good?

On the growth side, the report is clearly strong. Revenue increased 454% year over year, adjusted EBITDA moved from negative to $236.2 million, and adjusted net loss narrowed substantially. :contentReference[oaicite:14]{index=14}

The more complicated part is the scale of spending. Capital expenditures reached billions of dollars, while GAAP net income remained negative.

That means the earnings report presents a classic high-growth infrastructure story: enormous demand and revenue growth on one side, and enormous capital requirements on the other.

Whether the strategy creates long-term shareholder value will depend heavily on how effectively Nebius turns its infrastructure investments into recurring revenue and cash generation.

What Does This Mean for NBIS Stock?

Earnings can significantly influence a fast-growing technology stock because investors constantly reassess future growth expectations after each quarterly report.

The strong Q2 revenue growth and positive adjusted EBITDA could be viewed favorably by investors who are focused on Nebius's long-term AI infrastructure opportunity.

On the other hand, the company's large capital requirements and continued GAAP losses could remain concerns for investors who prioritize near-term profitability and free cash flow.

The stock's reaction therefore depends not only on whether Nebius beat or missed expectations, but also on management's outlook for future demand, capacity expansion and profitability.

Why NBIS Is Getting Attention

Nebius has emerged as one of the more closely watched companies in the expanding AI infrastructure market.

The company is attempting to benefit from a structural shift in computing demand as artificial intelligence moves from experimental applications toward large-scale commercial deployment.

The latest earnings report reinforces that story. Revenue is expanding extremely rapidly, while adjusted profitability has improved substantially.

At the same time, the company's infrastructure strategy requires massive investment, meaning the opportunity comes with significant execution and financial risks.

Final Thoughts

The latest NBIS earnings report gives investors a clear picture of Nebius's current position: the company is growing at an extraordinary pace while spending heavily to build the infrastructure required for the AI economy.

Q2 2026 revenue reached $582.3 million, up 454% year over year, while adjusted EBITDA climbed to $236.2 million from a loss in the prior-year quarter. Adjusted net loss also narrowed significantly. :contentReference[oaicite:15]{index=15}

But the company is far from a conventional mature technology business. Capital expenditures exceeded $5.6 billion in the quarter, and GAAP net loss from continuing operations was $190.4 million. :contentReference[oaicite:16]{index=16}

That makes Nebius an important company to watch as the AI infrastructure market develops. Its future success will depend on whether the company can translate massive demand for AI computing into sustainable revenue, improving profitability and attractive returns on its infrastructure investments.

For investors following NBIS earnings, the next major question is no longer simply whether Nebius can grow. The more important question is whether it can scale that growth efficiently enough to become a durable and profitable AI infrastructure company.

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Sources and Further Reading

• Nebius Group Q2 2026 financial results and earnings release. :contentReference[oaicite:17]{index=17}
• Nebius Group Investor Hub and financial information. :contentReference[oaicite:18]{index=18}

Editorial note: This article was updated on August 12, 2026, following Nebius Group's release of its Q2 2026 financial results. Financial figures are based on the company's published unaudited results. This article is for informational purposes and does not constitute investment advice.