Nebius Group N.V. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Nebius Group N.V. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,252	1,633	1,838	2,224	2,956	4,794	1,308	9.8	91.5	530
Cost of revenue	326	416	517	708	1,161	2,341	28.4	19.6	43.7	166
Gross profit	926	1,217	1,321	1,517	1,795	2,453	1,280	-9.8	47.8	364
Research and development	261	326	325	370	492	652	58.3	87.1	115	177
Selling, general and administrative	295	470	521	636	844	1,655	57.3	160	256	380
Selling and marketing	118	227	221	233	267		16.8	15.6	25.3
Operating income	212	226	300	313	220	-179	-158	-286	-400	-612
Interest expense	19.9	15.6	13.6	0.9	32.1	50	48.3	121	0	61.5
Interest income	27.3	50.5	48.7	42	52.4	62.1	1	3.3	63.6	31.8
Other non-operating income	-56	-25.4	42	-15.2	32.4	-16.3	-7.9	-3.7	-17.4	80.6
Pre-tax income	183	236	784	290	504	-97.2	-179	-297	-353	13.8
Income tax	71.3	85.5	124	148	177	100	1.1	2	-1	4
Income from continuing operations							-180	-299	-352	9.8
Net income to minority interests	-0.2	-2.1	-24.9	-20.6	-18.4	0.2	116	21.3
Net income	112	152	685	163	345	-197	746	241	-641	82.5
EBITDA	370	421	475	501	459	146	-131	-256	-323	-194
EPS, basic	0.35	0.47	2.10	0.50	1.01	-0.54	2.03	0.65	-2.28	0.34
EPS, diluted	0.34	0.46	2.04	0.48	0.98	-0.54	1.59	0.65	-2.28	0.33
Shares, basic (weighted)	321	325	327	327	341	362	368	371	281	243
Shares, diluted (weighted)	326	331	335	335	353	362	368	371	281	248

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	490	614	873	764	1,782	1,127	289	111	2,435	3,678
Short-term investments						54.5
Receivables	128	169	210	226	344	586	825	4.1	11.2	720
Inventory			3.8	10.1	65.1	129	401	237
Other current assets	44.7	70.1	92.8	122	175	98.1	239	16.7	37.6	147
Total current assets	1,236	1,402	1,330	1,526	3,931	2,692	3,411	3,454	2,533	4,711
Property, plant and equipment	310	368	572	607	836	1,324	1,816	128	847	5,553
Lease right-of-use assets				269	282	488	407	18.7	44.8	919
Goodwill	147	134	668	707	1,404	1,587	2,044	1,593
Intangible assets	90.9	87.2	166	132	296	301	452	4.2	4.9	19.7
Other non-current assets	39.1	57.3	54.8	46.8	66.2	106	160	11.6	13.4	368
Total assets	1,881	2,266	3,479	3,692	6,980	6,939	8,768	8,755	3,549	12,431
Accounts payable	157	193	243	444	591	1,137	1,746	56.5	228	1,210
Accrued liabilities	27.8	33.2	24.1	31.2	54.8	81	162	15.7	10.9	14.2
Deferred revenue	35.1	42.8	40.2	44.9	89.9	140	222	6.9	16.3	276
Short-term debt							303	6.8	6.1	24.5
Total current liabilities	241	619	342	590	835	1,496	2,671	3,870	264	1,528
Long-term debt							425	551		4,103
Lease liabilities				138	174	332	250	9.7	30.3	761
Other non-current liabilities									0.6	2
Total liabilities	586	658	373	782	2,252	3,265	3,960	5,461	295	7,837
Total debt							728	1,578	6.1	4,103
Paid-in capital	273	286	1,004	863	2,176	1,520	1,698	1,812	2,017	2,361
Retained earnings	1,116	1,181	1,622	1,550	1,990	1,770	2,470	3,859	3,218	3,301
Treasury stock	-138	-66.2	-155	-5.2	-0.1	-36.7	-19.8	-19.6	-1,968	-1,076
Other comprehensive income	14.9	32.3	118	61.4	243	218	345	-2,368	-22.1	-0.1
Shareholders' equity	1,271	1,438	2,592	2,472	4,413	3,475	4,497	3,294	3,254	4,594
Minority interests			327	257	272	187	311	0.2
Total equity	1,271	1,438	2,919	2,729	4,685	3,580	4,806	3,294	3,254	4,594
Total liabilities and equity	1,881	2,266	3,479	3,692	6,980	6,939	8,768	8,755	3,549	12,431
Shares outstanding									236	253

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	112	150	660	142	327	-197	871	266	-641	82.5
Depreciation and amortization	158	195	175	187	239	325	27.5	29.3	77.1	418
Stock-based compensation	56.4	72.8	94.4	125	213	280	9.6	28.8	54.5	83.2
Deferred income tax	-14.2	-26.3	-26.8	23.4	9.3	-69.5	-2.5	-1.3	-2.8	-3.4
Change in receivables	-39.3	-34.7	-67.7	-44	-85.7	-242	-2.7	2.3	-9.8	-715
Change in inventory					-20.3	-64	-260	42.5
Change in payables	62.9	50.7	88.9	12.5	-49.7	307	13	1.5	-28	-29
Cash from operations	420	413	406	563	441	125	697	830	246	385
Capital expenditures	-159	-215	-408	-261	-332	-601	-14.6	-82.9	-808	-4,066
Acquisitions		-15.9	286	-4.4	-458	-111	-11.7
Purchases of investments	-1,161	-1,217	-800	-1,154	-4,939	-143	-48.3	-10		-75
Sales and maturities of investments	1,128	1,263	1,331			83	83.3
Cash from investing	-216	-135	374	-623	-1,624	296	-403	-1,212	312	-4,229
Debt issued							720	2,533		4,163
Debt repaid							-705	-1,536	-0.7	-0.8
Stock issued	7.1	5.7	1.7	2	983	15.5
Share buybacks			-145	-18	-138	-93.8			-10
Cash from financing	-82.8	-10.2	-472	-30.4	1,891	-1,142	-100	376	826	5,126
Exchange rate effect		-17
Net change in cash	65.8	250	369	-158	1,029	-714	132	-109	1,359	1,271
Free cash flow	261	198	-1.6	302	109	-476	682	747	-562	-3,681
Interest paid	4.4	3.6	1.6				12.1	98.4		12.2
Income taxes paid	74.7	99	128	142	168	169	0.2	2	3.7	4.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $237.33 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	68.6%	Gross profit / revenue.
Operating margin	-115.5%	Operating income / revenue.
EBITDA margin	-36.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.6%	Pre-tax income / revenue.
Net margin	15.6%	Net income / revenue.
FCF margin	-694.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	72.6%	Cash from operations / revenue.
Effective tax rate	29.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.0%	Net income / average total assets.
Return on invested capital (ROIC)	-14.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	33.5%	Research and development expense / revenue.
SG&A / revenue	71.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	15.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	767.5%	Capital expenditures / revenue.
D&A / revenue	78.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	479.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-26.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-29.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	660.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-34.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-27.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-52.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-24.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-40.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-19.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	56.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-18.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	41.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	250.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-11.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-12.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-6.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.08x	Current assets / current liabilities.
Quick ratio	2.88x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.41x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.89x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.0%	Total debt / total assets.
Liabilities / assets	63.0%	Total liabilities / total assets.
Net debt	$425.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-9.95x	Operating income / interest expense.
Working capital	$3.18B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$4.57B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.07x	Revenue / average total assets.
Fixed asset turnover	0.17x	Revenue / average property, plant and equipment.
Receivables turnover	1.45x	Revenue / average receivables.
Days sales outstanding	252 days	365 x average receivables / revenue.
Days payables	1,579 days	365 x average accounts payable / cost of revenue.
FCF conversion	-4,462.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	1,057.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.33	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.34	Net income per basic share, as reported (split-adjusted).
Revenue per share	$2.14	Revenue / diluted weighted shares.
FCF per share	-$14.86	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.55	Cash from operations / diluted weighted shares.
Book value per share	$18.16	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.08	Tangible book value / shares outstanding.
Cash per share	$14.54	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$64.52B	Share price x shares outstanding.
Enterprise value	$64.94B	Market cap + total debt - cash - short-term investments.
P/E	782x	Market cap / net income. Only when net income is positive.
P/S	122x	Market cap / revenue.
P/B	14.0x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.1x	Market cap / tangible book value, when positive.
P/OCF	168x	Market cap / cash from operations, when positive.
EV/Sales	123x	Enterprise value / revenue.
FCF yield	-5.7%	Free cash flow / market cap.
Earnings yield	0.1%	Net income / market cap (the inverse of P/E).

What was Nebius Group N.V.'s revenue in fiscal 2025?

Nebius Group N.V. reported revenue of $529.8M for fiscal 2025, 479% higher than the year before.

Was Nebius Group N.V. profitable in fiscal 2025?

Yes. Net income was $82.5M, a net margin of 15.6%.

How much free cash flow did Nebius Group N.V. generate in fiscal 2025?

Cash from operations of $384.8M minus capital expenditures of $4.07B left free cash flow of -$3.68B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Nebius Group N.V.