Nebius Group (NBIS) reported third quarter 2026 revenue of $980.8 million, up 571% in a year, including about $325 million it calls non-recurring. It moved its $7 billion sales pace goal from December to February as some rented capacity slipped into 2027, and now expects 2026 revenue at the low end of its $3.0 billion to $3.4 billion range.
The short answer. Nebius, which rents computing power to AI companies, grew revenue 571% in a year, helped by about $325 million it calls non-recurring. It now expects 2026 revenue at the low end of its goal, and a $7 billion yearly sales pace about two months later than planned.
For 2027 it expects revenue of $12 billion to $13 billion and pre-tax breakeven by the year's last quarter. In the second quarter it spent 9.7 times its revenue on equipment and buildings, against 2.5 times at CoreWeave. Its numbers show whether AI demand from customers such as Microsoft and Meta grows fast enough to pay for a build-out funded by prepayments, new shares and debt.
| Item | Low | High | Value |
|---|---|---|---|
| June 30, 2026 | $7.0B | $9.0B | $3.0B |
| Sept. 30, 2026 | $7.0B | $9.0B | $6.4B |
Every company reporting the same week, with its date and time, is in StockTitan's Earnings Calendar for the Week of November 9, 2026.
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Nebius took in $980.8 million in the third quarter, 571% more than a year earlier. Almost all of it came from its AI cloud, which rents out computers built on Nvidia chips on contracts from a few months to several years.
Revenue was 68% higher than in the quarter before, according to the company's letter to shareholders, a rise that includes the non-recurring revenue below. Analysts had expected revenue of about $916.8 million, in the consensus compiled by Zacks Investment Research as of November 5, before Nebius reported.
The AI cloud brought in $973.8 million, up 643% in a year. The rest comes from two small businesses, the Avride self-driving and delivery robot unit and the TripleTen coding school.
The letter says part of the jump was non-recurring. Nebius booked about $325 million of non-recurring revenue from the first phase of its asset-light model, in which partners pay for data centers that run Nebius's design and cloud software. Nebius says it expects such revenue to become "a more regular part of our business" as the model grows. Without it, third quarter revenue was about $656 million, about 13% more than in the second quarter.
In the third quarter, helped by that revenue, Nebius covered its running costs and the wear on its equipment, but not the interest on its debt. Income from operations was $50.4 million. Adjusted EBITDA, the company's own measure of earnings before interest, taxes, depreciation and share-based pay, was $465.8 million. The AI cloud alone turned 53.2% of its revenue into adjusted EBITDA.
Once $112.5 million of interest and a $49.5 million charge for swapping notes into shares are counted, the picture turns. Nebius posted a net loss from continuing operations of $37.5 million, or $0.13 a share.
The shares closed at $129.49 on November 6, according to StockTitan price data, half their $259.20 close on August 12, the day of the second quarter report. Nebius has given no reason for the fall. The period included a selloff in AI data center stocks on November 4 and 5.
| USD millions | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | 980.8 | 146.1 |
| Adjusted EBITDA | 465.8 | (5.2) |
| Net income (loss) from continuing operations | (37.5) | (119.6) |
| Net cash from operating activities | (273.0) | (80.6) |
| Purchases of property, equipment and intangible assets | (7,300.4) | (955.5) |
Source: Nebius third quarter 2026 results release. Adjusted EBITDA is the company's own measure, outside standard accounting rules, and the release reconciles it.
Nebius had wanted its AI cloud to sell at a pace of $7 billion to $9 billion a year by December. It now expects to pass $7 billion in February. At the end of September the pace was $6.4 billion.
ARR, or annualized run-rate revenue, is the AI cloud's revenue in the last month of a quarter times 12. It measures speed at one moment, so while sales grow it runs ahead of what the company books over a full year. The new goal is for February, which is not the last month of a quarter, so it rests on February's revenue alone.
In its third quarter letter, Nebius said it now expects 2026 revenue at the low end of its $3.0 billion to $3.4 billion range. It expects ARR to pass $7 billion for the month of February, "a shift of about two months." The reason it gives is that "some third-party capacity we expected to come online this year is now scheduled for the first half of 2027." It kept its goal of an adjusted EBITDA margin of about 40%.
Its May letter had set out the original goals: revenue of $3.0 billion to $3.4 billion for the year, and ARR of $7 billion to $9 billion at the end of December. The ARR goal was already in its February letter.
The ARR goal is easier to picture in months. Reaching it means about $583 million of AI cloud revenue in February alone, about what the AI cloud took in over all three months of the second quarter. The run rate more than doubled in the third quarter, to $6.4 billion at the end of September. The letter does not say how much of the non-recurring revenue sits in that month. It warns that revenue from new partnerships "can add choppiness to ARR," meaning such deals can make the monthly pace jump around.
The revenue goal can be read the same way. To reach $3.0 billion for the year, the fourth quarter needs about $1.04 billion, a little more than the third quarter's total. That is about 58% more than the third quarter brought in without its non-recurring revenue.
| Category | Value |
|---|---|
| Q3 2025 | $146.1M |
| Q4 2025 | $227.7M |
| Q1 2026 | $399.0M |
| Q2 2026 | $582.3M |
Nebius expects revenue of $12 billion to $13 billion in 2027, which it calls about four times this year's. It expects to break even before tax in the last quarter of that year.
It plans to spend $40 billion to $45 billion in 2027, sized for more than 1 gigawatt of new capacity. The letter says it expects prepayments and borrowing against contracts with investment-grade customers, those with strong credit ratings, to cover 75% to 85% of that spending.
The breakeven goal counts financing costs, the letter says, and assumes servers wear out over five years. Nebius moved its servers to that five-year life at the start of 2026, from four years, which lowers the yearly charge for wear.
Nebius also says it no longer sees ARR as the right measure, since it rests on one month. From 2027 it will give goals for revenue, pre-tax earnings and capacity instead.
Nebius expects 5 gigawatts of power under contract by the end of 2026. It continues to expect to bring more than 1 gigawatt a year online, with owned sites supplying most of it from 2027.
Nebius counts its power in three steps, set out in its first quarter letter. Contracted power is land and electricity it has signed for. Connected power is wired into data centers that are built and equipped. Active power is drawn by servers that are running and can be billed. For its cloud services, only the last step earns money.
The contracted goal has kept rising. It was more than 1 gigawatt in August 2025 and reached 5 gigawatts for the end of 2026 in the second quarter letter. The third quarter letter says Nebius still expects 5 gigawatts by the end of the year, from more than 4 gigawatts today.
Its February and May letters set a goal of 800 megawatts to 1 gigawatt of connected power by the end of 2026. The third quarter letter gives no connected or active figure.
Where Nebius rents space in other companies' data centers, delivery has slipped. The third quarter letter says delivery dates at several of these sites moved into the first half of 2027, while its own sites are on time or ahead of schedule.
Nebius expects its own sites to supply most of what it adds from 2027. The letter names four that start delivering in 2027: Missouri, Lappeenranta, a second site at Mäntsälä, Finland, and Alabama. At full scale they hold more than 3 gigawatts, which Nebius expects to deliver over three to three and a half years.
In Missouri, Nebius now has 1.1 gigawatts under contract after a 300 megawatt expansion, the letter says. Its May letter had called the Independence site a 1.2 gigawatt AI factory.
Nebius spent $7.30 billion on chips and data centers in the third quarter, and it now plans to spend about $27 billion in 2026. Customers who pay in advance, new shares and borrowed money cover it.
The spending has climbed fast. Nebius spent $8.13 billion in the first half of 2026, twice the $4.07 billion it spent in all of 2025. In the third quarter, spending was about 7.4 times the quarter's revenue.
The letter now puts 2026 spending at about $27 billion, above its $20 billion to $25 billion range, as Nebius builds capacity for 2027 at its own sites.
Customers pay part of their contracts up front. Prepayments on deals signed in the third quarter covered more than 100% of the related equipment and building cost, up from 50% to 60% in the second quarter, the letter says.
Nebius expects $10 billion of committed customer prepayments in 2026, rising to $17 billion to $20 billion in 2027. Its cash flow statement shows $7.83 billion more in deferred revenue, money paid in advance, in the first nine months.
Since June, Nebius has arranged about $10 billion in loans, convertible notes and a credit facility. It took a loan backed by servers already running, and sold convertible notes, which are bonds that can turn into shares. It also signed a Citi facility that comes due within a year. The table below lists each one.
It also sells new shares on the market. That brought in about $1.0 billion after fees in the third quarter, the letter says. Its share count rose about 8% in the quarter, to about 292.9 million at September 30.
At September 30, debt due within a year was $187.5 million and debt due later $14.00 billion, against cash of $7.43 billion. Nebius pays no dividend, and its annual report says it does not expect to pay one in the foreseeable future. It has announced no share buyback. StockTitan's earlier look at what CoreWeave and Nebius owe covers the notes in detail.
| Category | Value |
|---|---|
| Q3 2025 | $0.96B |
| Q4 2025 | $2.06B |
| Q1 2026 | $2.47B |
| Q2 2026 | $5.66B |
| Financing since June 30, 2026 | Amount | Terms |
|---|---|---|
| Secured loan, Form 6-K of July 17, 2026 | $775 million | SOFR + 2.50% (SOFR is a benchmark lending rate), due October 31, 2030 |
| Convertible notes due 2030, closed August 24, 2026 | $3.45 billion | 0.50% interest |
| Convertible notes due 2034, closed August 24, 2026 | $2.3 billion | 4.50% interest |
| Citi secured credit facility, announced October 22, 2026 | $3.5 billion | 364 days, Term SOFR + 2.75% at first, up to 3.50% |
Source: Nebius Form 6-K of July 17, 2026 and Nebius releases of August 24 and October 22, 2026. In the August deal, Nebius also swapped $800 million of older notes for about 15.8 million shares.
Nebius's Form 6-K puts Microsoft's contract at about $17.4 billion through 2031, subject to delivering the capacity. Meta's newest deal is worth up to about $27 billion, and its fixed part is scheduled to start in early 2027.
The Microsoft contract, signed in September 2025, is served from Nebius's data center in Vineland, New Jersey. The filing says that if a block of capacity misses its agreed delivery date after a grace period and Nebius cannot offer other capacity, Microsoft may end that block. By August, Nebius said it had delivered every block of capacity due under it so far. The third quarter letter says it now expects to deliver more than half of the capacity contracted with Microsoft by the end of 2026, with the remaining blocks scheduled for the second quarter of 2027. The letter says the schedule changed when DataOne, which built the site for Nebius, began retiring some temporary generators ahead of the move to permanent power.
Meta has two deals. One, about $3 billion over five years, was announced in November 2025 and is already being served. The newer one, from March 2026, has two parts. Meta takes $12 billion of dedicated capacity over five years, which Nebius's first quarter letter says is scheduled to begin in early 2027. Meta also committed to up to $15 billion more, which Nebius plans to offer to its own cloud customers first.
Nebius also signs large deals with AI companies. In the second quarter it closed four deals averaging more than $1 billion each, with customers such as Reflection and Cohere. The third quarter letter says it has signed $12 billion of total contract value since the quarter began.
In the second quarter, CoreWeave's revenue was more than four times Nebius's, but it grew more slowly. Nebius spent almost as much as CoreWeave on new equipment and buildings.
CoreWeave rents out AI computing too and is much larger. CoreWeave reported third quarter revenue of $3.66 billion on November 10, up 168% from a year earlier. The spending comparison below is for the second quarter.
In the second quarter, Nebius's revenue grew 454% from a year earlier, against 112% at CoreWeave. Nebius spent $5.66 billion on equipment and buildings, against $6.42 billion at CoreWeave, with less than a quarter of CoreWeave's revenue.
That makes Nebius the one building further ahead of its sales. Its second quarter spending was 9.7 times its revenue, against 2.5 times at CoreWeave, each measured by the company's own cash flow line for buying equipment and facilities. The two companies also count their future sales differently. CoreWeave reported a revenue backlog, the contracted sales it has yet to deliver, of about $104 billion at June 30, while Nebius reports remaining performance obligations, a differently defined measure of contracted sales not yet delivered, of $38.7 billion at September 30, up from $37.5 billion at June 30.
| Nebius | CoreWeave | |
|---|---|---|
| Revenue | $582.3M | $2,575M |
| Revenue growth from a year earlier | 454% | 112% |
| Spending on equipment and buildings (own cash flow line) | $5,657.4M | $6,422M |
| Spending as a multiple of revenue | 9.7x | 2.5x |
| Cash and cash equivalents, June 30 | $8,042.1M | $5,524M |
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Our numbers
The letter does not split the non-recurring revenue by month or by business, so each figure without it takes out the full $325 million.
Nebius released its third quarter 2026 results on Thursday, November 12, 2026, before the US market opened, and held its call at 8:00 a.m. ET. It announced the date on October 30.
No. Nebius pays no dividend, and its 2025 annual report says it does not expect to pay dividends on its Class A shares in the foreseeable future. It is putting its cash into data centers.
Not after all costs. In the third quarter its adjusted EBITDA was $465.8 million. Its net loss from continuing operations was $37.5 million, after the wear on its servers and the interest on its debt. Nebius expects to reach pre-tax breakeven in the fourth quarter of 2027.
The shares closed at $129.49 on November 6, according to StockTitan price data, about half their $259.20 close on August 12, the day of the second quarter report. Nebius has given no reason for the fall. The period included a selloff in AI data center stocks on November 4 and 5, which StockTitan's live market coverage of November 5 reported.
Nebius takes the AI cloud's revenue in the last month of a quarter and multiplies it by 12. ARR was $6.4 billion at the end of September. Nebius now expects it to pass $7 billion for February, about two months after its earlier goal of $7 billion to $9 billion by December, and from 2027 it will give revenue and earnings goals instead.
CoreWeave reported its third quarter results on November 10, 2026, after the market closed, two days before Nebius. Both companies rent out AI computing power built on Nvidia chips.
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