Nebius Group — 2026Q3 earnings

From the report

Hypergrowth with emerging operating leverage: revenue up 454 percent, AI-cloud ARR at $3.0 billion, a 50 percent AI-cloud adjusted EBITDA margin, and full-year guidance reaffirmed.

• Q2 group revenue was $582.3 million, up 454 percent year-over-year; AI-cloud revenue grew 514 percent to $575 million and ARR reached $3.0 billion. show quote

  “Q2 group revenue of $582.3 million, was up 454% year-over-year. Nebius AI cloud revenue grew 514% year-over-year to $575 million, ARR reached $3.0 billion.”

  source ↗
• The AI cloud business delivered a 50 percent adjusted EBITDA margin in the quarter, which management framed as proof of operating leverage. show quote

  “We also continued to demonstrate the operating leverage inherent in our business: our AI cloud business delivered an adjusted EBITDA margin of 50% in the quarter.”

  source ↗
• Management expects over $9 billion in customer prepayments in 2026 and reaffirmed full-year 2026 guidance across all metrics. show quote

  “We expect over $9 billion in customer prepayments in 2026. We are reaffirming our full-year 2026 guidance across all metrics.”

  source ↗
• All capacity tranches under the Microsoft contract have been delivered to date, including two tranches in the month before the report. show quote

  “To date, we’ve delivered all capacity tranches to Microsoft under the contract, including two tranches over the past month.”

  source ↗