Nebius Group Reports Explosive Q4 Revenue Growth, Positive Adjusted EBITDA, and Ambitious 2026 ARR Guidance

summarizeSummary

Nebius Group reported a 547% year-over-year revenue increase in Q4 2025, achieved positive Adjusted EBITDA and operating cash flow, and provided strong 2026 ARR guidance, indicating significant momentum in its AI cloud business.

check_boxKey Events

• Exceptional Revenue Growth

  Q4 2025 revenue surged 547% year-over-year to $227.7 million, with full-year revenue up 479% to $529.8 million, driven by robust demand for AI compute capacity.

• Adjusted EBITDA and Operating Cash Flow Turn Positive

  The company achieved positive Adjusted EBITDA of $15.0 million in Q4 2025 and positive operating cash flow of $834.3 million from continuing operations, marking significant operational milestones.

• Strong ARR Performance and Ambitious 2026 Guidance

  Annualized Run-Rate Revenue (ARR) reached $1.25 billion by year-end 2025, exceeding prior guidance. Nebius projects 2026 ARR to be between $7 billion and $9 billion.

• Aggressive Infrastructure Expansion

  Nebius significantly exceeded its active power target for 2025 and raised its contracted power target for 2026 to over 3 GW, demonstrating robust investment in its AI cloud platform.

auto_awesomeAnalysis

Nebius Group N.V. delivered exceptionally strong financial results for Q4 and full-year 2025, showcasing massive revenue growth and significant operational improvements. The company's ability to achieve positive Adjusted EBITDA and operating cash flow in Q4, coupled with an ARR beat and ambitious 2026 guidance, signals robust demand for its AI cloud platform and effective execution of its expansion strategy. The aggressive capital expenditures reflect necessary investments to scale infrastructure and meet future demand, positioning Nebius as a key player in the rapidly growing AI cloud market. Investors should monitor the company's continued capacity build-out and its ability to sustain high growth rates while managing profitability.