Nebius Group (NBIS) financial statements
Nebius Group reported revenue of $530M in fiscal 2025, down 9.1% a year over 9 years.
Net income was $82M and the operating margin -115.5%, against 16.9% in 2016.
Free cash flow was -$3.7B.
The diluted share count fell 24% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Nebius Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.6B | $1.8B | $2.2B | $273M | $753M | $1.3B | $10M | $92M | $530M |
| Cost of revenue | $326M | $416M | $517M | $708M | $1.2B | $2.3B | $28M | $20M | $44M | $166M |
| Gross profit | $926M | $1.2B | $1.3B | $1.5B | -$888M | -$1.6B | $1.3B | -$10M | $48M | $364M |
| Research and development | $261M | $326M | $325M | $370M | $492M | $652M | $58M | $87M | $115M | $177M |
| Selling, general and admin | $295M | $470M | $521M | $636M | $844M | $1.7B | $57M | $160M | $256M | $380M |
| Operating income | $212M | $226M | $300M | $313M | $220M | -$179M | -$158M | -$286M | -$400M | -$612M |
| Interest expense | $20M | $16M | $14M | $900,000 | $32M | $50M | $48M | $121M | $0 | $62M |
| Pre-tax income | $183M | $236M | $784M | $290M | $504M | -$97M | -$179M | -$297M | -$353M | $14M |
| Income tax | $71M | $86M | $124M | $148M | $177M | $100M | $1M | $2M | -$1M | $4M |
| Net income | $112M | $152M | $685M | $163M | $345M | -$197M | $746M | $241M | -$641M | $82M |
| EPS (diluted) | $0.34 | $0.46 | $2.04 | $0.48 | $0.98 | -$0.54 | $1.59 | $0.65 | -$2.28 | $0.33 |
| Diluted shares | 326M | 331M | 335M | 335M | 353M | 362M | 368M | 371M | 281M | 248M |
| Gross margin | 74.0% | 74.5% | 71.9% | 68.2% | -325.6% | -211.1% | 97.8% | -100.0% | 52.2% | 68.6% |
| Operating margin | 16.9% | 13.9% | 16.3% | 14.1% | 80.7% | -23.7% | -12.1% | -2915.3% | -436.7% | -115.5% |
| Net margin | 8.9% | 9.3% | 37.3% | 7.3% | 126.6% | -26.2% | 57.0% | 2462.2% | -701.0% | 15.6% |
Balance sheet
Fiscal years, from Nebius Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $490M | $614M | $872M | $764M | $1.8B | $1.2B | $288M | $111M | $2.4B | $3.7B |
| Receivables | $128M | $169M | $210M | $226M | $344M | $586M | $825M | $4M | $11M | $720M |
| Inventory | — | — | $4M | $10M | $65M | $129M | $401M | $237M | — | — |
| Total current assets | $1.2B | $1.4B | $1.3B | $1.5B | $3.9B | $2.7B | $3.4B | $3.5B | $2.5B | $4.7B |
| Property, plant and equipment | $310M | $368M | $572M | $607M | $836M | $1.3B | $1.8B | $128M | $847M | $5.6B |
| Goodwill | $146M | $134M | $668M | $707M | $1.4B | $1.6B | $2.0B | $1.6B | — | — |
| Total assets | $1.9B | $2.3B | $3.5B | $3.7B | $7.0B | $6.9B | $8.8B | $8.8B | $3.5B | $12.4B |
| Total current liabilities | $241M | $618M | $342M | $590M | $835M | $1.5B | $2.7B | $3.9B | $264M | $1.5B |
| Long-term debt | — | — | — | — | — | — | $425M | $551M | — | $4.1B |
| Total liabilities | $586M | $658M | $372M | $782M | $2.3B | $3.3B | $4.0B | $5.5B | $295M | $7.8B |
| Shareholders' equity | $1.3B | $1.4B | $2.6B | $2.5B | $4.4B | $3.5B | $4.5B | $3.3B | $3.3B | $4.6B |
| Net debt | -$490M | -$614M | -$872M | -$764M | -$1.8B | -$1.1B | $439M | $447M | -$2.4B | $450M |
Cash flow
Fiscal years, from Nebius Group's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $420M | $413M | $406M | $563M | $441M | $125M | $697M | $830M | $246M | $385M |
| Capital spending | $159M | $215M | $408M | $260M | $332M | $601M | $15M | $83M | $808M | $4.1B |
| Free cash flow | $261M | $198M | -$2M | $302M | $109M | -$476M | $682M | $747M | -$562M | -$3.7B |
| Stock-based compensation | $56M | $73M | $94M | $125M | $213M | $280M | $10M | $29M | $54M | $83M |
| Share buybacks (net) | — | — | -$145M | -$18M | -$138M | -$94M | — | — | — | — |
| Net borrowing | — | — | — | — | — | — | $16M | $997M | -$700,000 | $4.2B |
| Free cash flow margin | 20.8% | 12.1% | -0.1% | 13.6% | 40.0% | -63.2% | 52.2% | 7621.4% | -614.1% | -694.8% |
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Open NBIS in InvestinglyQuestions
What was Nebius Group's revenue in 2025?
$530M in fiscal 2025, from its 10-K filing.
How much free cash flow does Nebius Group generate?
-$3.7B in fiscal 2025 (operating cash flow minus capital spending).
From Nebius Group's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.