What is Nebius Group's earnings per share (EPS)?

Nebius Group (NBIS) reported diluted earnings per share of $0.33 for fiscal year 2025. This represents a 114.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Nebius Group Financials

NBIS

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows Nebius Group (NBIS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NBIS FY2025 2026-05-22

NBIS is in a capital-heavy buildout: gross margin improved, but internally generated cash is being overwhelmed by investment needs.

The clearest FY2025 signal is externally funded expansion: reported profit and operating cash flow of $384.8M were nowhere near $4.1B of capital spending. Cash still rose because financing inflows of $5.1B more than covered free cash outflow of -$3.7B, so the larger cash balance reflects funding structure more than operating self-sufficiency.

The income statement is improving at the gross profit line without yet showing operating leverage, which suggests the company is still adding capacity ahead of fuller utilization. Gross margin widened from 52.2% to 68.6%, yet operating loss still increased as overhead and new depreciation absorbed the added gross profit.

The balance sheet shifted from cash-rich and lightly levered to funded for expansion within one year. Cash rose to $3.7B and long-term debt reached $4.1B; that preserves near-term flexibility, but it also means the asset build is now being carried by outside capital rather than by the business's own cash generation.

Financial Health Signals

Financial Health Score 61/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Nebius Group's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Nebius Group has an operating margin of -115.5%, meaning the company retains $-115 of operating profit per $100 of revenue. This below-average margin results in a low score of 11/100, suggesting thin profitability after operating expenses. This is up from -436.7% the prior year.

Growth

Nebius Group's revenue surged 479.0% year-over-year to $529.8M, reflecting rapid business expansion. This strong growth earns a score of 99/100.

Leverage

Nebius Group has a moderate D/E ratio of 0.89. This balance of debt and equity financing earns a leverage score of 49/100.

Liquidity

With a current ratio of 3.08, Nebius Group holds $3.08 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 78/100.

Cash Flow

100

While Nebius Group generated $384.8M in operating cash flow, capex of $4.1B consumed most of it, leaving -$3.7B in free cash flow. This results in a low score of 100/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Nebius Group's ROE of 1.8% shows moderate profitability relative to equity, earning a score of 31/100. This is up from -19.7% the prior year.

Altman Z-Score Safe

4.76

Nebius Group scores 4.76, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($54.9B) relative to total liabilities ($7.8B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

6/8

Nebius Group passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

4.66x

For every $1 of reported earnings, Nebius Group generates $4.66 in operating cash flow ($384.8M OCF vs $82.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

-9.9x

Nebius Group earns $-9.9 in operating income for every $1 of interest expense (-$611.7M vs $61.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$529.8M

YoY+479.0%

5Y CAGR-29.1%

10Y CAGR-4.3%

Nebius Group generated $529.8M in revenue in fiscal year 2025. This represents an increase of 479.0% from the prior year.

EBITDA

-$193.8M

YoY+39.9%

Nebius Group's EBITDA was -$193.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 39.9% from the prior year.

Net Income

$82.5M

YoY+112.9%

5Y CAGR-24.1%

10Y CAGR-4.6%

Nebius Group reported $82.5M in net income in fiscal year 2025. This represents an increase of 112.9% from the prior year.

EPS (Diluted)

$0.33

YoY+114.5%

5Y CAGR-19.6%

10Y CAGR-2.1%

Nebius Group earned $0.33 per diluted share (EPS) in fiscal year 2025. This represents an increase of 114.5% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$3.7B

YoY-555.1%

Nebius Group generated -$3.7B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 555.1% from the prior year.

Cash & Debt

$3.7B

YoY+51.1%

5Y CAGR+15.6%

10Y CAGR+24.9%

Nebius Group held $3.7B in cash against $4.1B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

253M

YoY+7.3%

Nebius Group had 253M shares outstanding in fiscal year 2025. This represents an increase of 7.3% from the prior year.

Margins & Returns

Gross Margin

68.6%

YoY+16.4pp

5Y CAGR+7.9pp

10Y CAGR-3.3pp

Nebius Group's gross margin was 68.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 16.4 percentage points from the prior year.

Operating Margin

-115.5%

YoY+321.3pp

5Y CAGR-122.9pp

10Y CAGR-131.5pp

Nebius Group's operating margin was -115.5% in fiscal year 2025, reflecting core business profitability. This is up 321.3 percentage points from the prior year.

Net Margin

15.6%

YoY+716.6pp

5Y CAGR+4.5pp

10Y CAGR-0.6pp

Nebius Group's net profit margin was 15.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 716.6 percentage points from the prior year.

Return on Equity

1.8%

YoY+21.5pp

5Y CAGR-5.6pp

10Y CAGR-12.0pp

Nebius Group's ROE was 1.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 21.5 percentage points from the prior year.

Capital Allocation

R&D Spending

$177.3M

YoY+54.4%

5Y CAGR-18.5%

10Y CAGR-0.4%

Nebius Group invested $177.3M in research and development in fiscal year 2025. This represents an increase of 54.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$4.1B

YoY+403.5%

5Y CAGR+65.0%

10Y CAGR+36.7%

Nebius Group invested $4.1B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 403.5% from the prior year.

NBIS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$529.8M+479.0%	$91.5M+833.7%	$9.8M-27.4%	$13.5M-99.7%	$4.8B+62.2%	$3.0B
Cost of Revenue	$166.2M+280.3%	$43.7M+123.0%	$19.6M-31.0%	$28.4M-98.8%	$2.3B+101.8%	$1.2B
Gross Profit	$363.6M+660.7%	$47.8M+587.8%	-$9.8M+34.2%	-$14.9M-100.6%	$2.5B+36.6%	$1.8B
R&D Expenses	$177.3M+54.4%	$114.8M+31.8%	$87.1M+49.4%	$58.3M-91.1%	$652.3M+32.6%	$491.9M
SG&A Expenses	$380.1M+48.8%	$255.5M+60.2%	$159.5M+178.4%	$57.3M-96.5%	$1.7B+96.1%	$843.8M
Operating Income	-$611.7M-53.1%	-$399.6M-39.9%	-$285.7M-80.8%	-$158.0M+11.6%	-$178.7M-181.2%	$220.0M
Interest Expense	$61.5M	$0-100.0%	$121.1M+150.7%	$48.3M-3.4%	$50.0M+55.8%	$32.1M
Income Tax	$4.0M+500.0%	-$1.0M-150.0%	$2.0M+81.8%	$1.1M-98.9%	$100.0M-43.4%	$176.7M
Net Income	$82.5M+112.9%	-$641.4M-365.8%	$241.3M-67.6%	$745.6M+478.1%	-$197.2M-160.3%	$326.9M
EPS (Diluted)	$0.33+114.5%	$-2.28-450.8%	$0.65-59.1%	$1.59+394.4%	$-0.54-155.1%	$0.98

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NBIS Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$12.4B+250.3%	$3.5B-59.5%	$8.8B-0.1%	$8.8B+26.4%	$6.9B-0.6%	$7.0B
Current Assets	$4.7B+86.0%	$2.5B-26.6%	$3.5B+1.2%	$3.4B+26.7%	$2.7B-31.5%	$3.9B
Cash & Equivalents	$3.7B+51.1%	$2.4B+2099.4%	$110.7M-61.6%	$288.5M-74.4%	$1.1B-36.8%	$1.8B
Inventory	N/A	N/A	$237.2M-40.9%	$401.2M+211.0%	$129.0M+98.2%	$65.1M
Accounts Receivable	$720.3M+6331.3%	$11.2M+173.2%	$4.1M-99.5%	$824.8M+40.7%	$586.4M+70.3%	$344.4M
Goodwill	N/A	N/A	$1.6B-22.1%	$2.0B+28.8%	$1.6B+13.0%	$1.4B
Total Liabilities	$7.8B+2557.4%	$294.9M-94.6%	$5.5B+37.9%	$4.0B+21.3%	$3.3B+45.0%	$2.3B
Current Liabilities	$1.5B+478.7%	$264.0M-93.2%	$3.9B+44.9%	$2.7B+78.6%	$1.5B+79.0%	$835.4M
Long-Term Debt	$4.1B	N/A	$551.2M+29.7%	$424.9M	N/A	N/A
Total Equity	$4.6B+41.2%	$3.3B-1.2%	$3.3B-26.8%	$4.5B+29.4%	$3.5B-21.2%	$4.4B
Retained Earnings	$3.3B+2.6%	$3.2B-16.6%	$3.9B+56.3%	$2.5B+39.5%	$1.8B-11.0%	$2.0B

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Total Assets	$12.4B+250.3%	$3.5B-59.5%	$8.8B-0.1%	$8.8B+26.4%	$6.9B-0.6%	$7.0B+89.0%	$3.7B+6.1%	$3.5B
Current Assets	$4.7B+86.0%	$2.5B-26.6%	$3.5B+1.2%	$3.4B+26.7%	$2.7B-31.5%	$3.9B+157.7%	$1.5B+14.7%	$1.3B
Cash & Equivalents	$3.7B+51.1%	$2.4B+2099.4%	$110.7M-61.6%	$288.5M-74.4%	$1.1B-36.8%	$1.8B+133.4%	$763.6M-12.5%	$872.5M
Inventory	N/A	N/A	$237.2M-40.9%	$401.2M+211.0%	$129.0M+98.2%	$65.1M+544.6%	$10.1M+165.8%	$3.8M
Accounts Receivable	$720.3M+6331.3%	$11.2M+173.2%	$4.1M-99.5%	$824.8M+40.7%	$586.4M+70.3%	$344.4M+52.3%	$226.2M+7.9%	$209.7M
Goodwill	N/A	N/A	$1.6B-22.1%	$2.0B+28.8%	$1.6B+13.0%	$1.4B+98.6%	$706.7M+5.8%	$667.9M
Total Liabilities	$7.8B+2557.4%	$294.9M-94.6%	$5.5B+37.9%	$4.0B+21.3%	$3.3B+45.0%	$2.3B+187.8%	$782.4M+110.0%	$372.5M
Current Liabilities	$1.5B+478.7%	$264.0M-93.2%	$3.9B+44.9%	$2.7B+78.6%	$1.5B+79.0%	$835.4M+41.5%	$590.2M+72.7%	$341.7M
Long-Term Debt	$4.1B	N/A	$551.2M+29.7%	$424.9M	N/A	N/A	N/A	N/A
Total Equity	$4.6B+41.2%	$3.3B-1.2%	$3.3B-26.8%	$4.5B+29.4%	$3.5B-21.2%	$4.4B+78.5%	$2.5B-4.6%	$2.6B
Retained Earnings	$3.3B+2.6%	$3.2B-16.6%	$3.9B+56.3%	$2.5B+39.5%	$1.8B-11.0%	$2.0B+28.4%	$1.5B-4.4%	$1.6B

NBIS Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$384.8M+56.7%	$245.6M-70.4%	$829.8M+19.1%	$697.0M+457.2%	$125.1M-71.7%	$441.3M
Capital Expenditures	$4.1B+403.5%	$807.5M+874.1%	$82.9M+467.8%	$14.6M-97.6%	$600.6M+80.7%	$332.3M
Free Cash Flow	-$3.7B-555.1%	-$561.9M-175.2%	$746.9M+9.5%	$682.4M+243.5%	-$475.5M-536.2%	$109.0M
Investing Cash Flow	-$4.2B-1457.3%	$311.6M+125.7%	-$1.2B-200.7%	-$403.1M-236.2%	$296.0M+118.2%	-$1.6B
Financing Cash Flow	$5.1B+520.9%	$825.5M+119.8%	$375.6M+474.5%	-$100.3M+91.2%	-$1.1B-160.4%	$1.9B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$10.0M	N/A	N/A	$93.8M-31.8%	$137.6M

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NBIS Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	68.6%+16.4pp	52.2%+152.2pp	-100.0%+10.4pp	-110.4%-161.5pp	51.2%-9.6pp	60.7%
Operating Margin	-115.5%+321.3pp	-436.7%+2478.6pp	-2915.3%-1744.9pp	-1170.4%-1166.6pp	-3.7%-11.2pp	7.4%
Net Margin	15.6%+716.6pp	-701.0%-3163.2pp	2462.2%-3060.7pp	5523.0%+5527.1pp	-4.1%-15.2pp	11.1%
Return on Equity	1.8%+21.5pp	-19.7%-27.0pp	7.3%-9.3pp	16.6%+22.3pp	-5.7%-13.1pp	7.4%
Return on Assets	0.7%+18.7pp	-18.1%-20.8pp	2.8%-5.7pp	8.5%+11.3pp	-2.8%-7.5pp	4.7%
Current Ratio	3.08-6.5	9.60+8.7	0.89-0.4	1.28-0.5	1.80-2.9	4.71
Debt-to-Equity	0.89+0.8	0.09-0.1	0.17+0.1	0.09-0.8	0.94+0.4	0.51
FCF Margin	-694.8%-80.7pp	-614.1%-8235.5pp	7621.4%+2566.6pp	5054.8%+5064.7pp	-9.9%-13.6pp	3.7%

Metric	Q4'25	Q4'24	Q4'23	Q4'22	Q4'21	Q4'20	Q4'19	Q4'18
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	3.08-6.5	9.60+8.7	0.89-0.4	1.28-0.5	1.80-2.9	4.71+2.1	2.58-1.3	3.89
Debt-to-Equity	0.89+0.8	0.09-0.1	0.17+0.1	0.09-0.8	0.94+0.4	0.51+0.2	0.32+0.2	0.14
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Nebius Group's annual revenue?

Nebius Group (NBIS) reported $529.8M in total revenue for fiscal year 2025. This represents a 479.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Nebius Group's revenue growing?

Nebius Group (NBIS) revenue grew by 479% year-over-year, from $91.5M to $529.8M in fiscal year 2025.

Is Nebius Group profitable?

Yes, Nebius Group (NBIS) reported a net income of $82.5M in fiscal year 2025, with a net profit margin of 15.6%.

What is Nebius Group's EBITDA?

Nebius Group (NBIS) had EBITDA of -$193.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Nebius Group have?

As of fiscal year 2025, Nebius Group (NBIS) had $3.7B in cash and equivalents against $4.1B in long-term debt.

What is Nebius Group's gross margin?

Nebius Group (NBIS) had a gross margin of 68.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Nebius Group's operating margin?

Nebius Group (NBIS) had an operating margin of -115.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Nebius Group's net profit margin?

Nebius Group (NBIS) had a net profit margin of 15.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Nebius Group's return on equity (ROE)?

Nebius Group (NBIS) has a return on equity of 1.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Nebius Group's free cash flow?

Nebius Group (NBIS) generated -$3.7B in free cash flow during fiscal year 2025. This represents a -555.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Nebius Group's operating cash flow?

Nebius Group (NBIS) generated $384.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Nebius Group's total assets?

Nebius Group (NBIS) had $12.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Nebius Group's capital expenditures?

Nebius Group (NBIS) invested $4.1B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Nebius Group spend on research and development?

Nebius Group (NBIS) invested $177.3M in research and development during fiscal year 2025.

How many shares does Nebius Group have outstanding?

Nebius Group (NBIS) had 253M shares outstanding as of fiscal year 2025.

What is Nebius Group's current ratio?

Nebius Group (NBIS) had a current ratio of 3.08 as of fiscal year 2025, which is generally considered healthy.

What is Nebius Group's debt-to-equity ratio?

Nebius Group (NBIS) had a debt-to-equity ratio of 0.89 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Nebius Group's return on assets (ROA)?

Nebius Group (NBIS) had a return on assets of 0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Nebius Group's Altman Z-Score?

Nebius Group (NBIS) has an Altman Z-Score of 4.76, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Nebius Group's Piotroski F-Score?

Nebius Group (NBIS) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Nebius Group's earnings high quality?

Nebius Group (NBIS) has an earnings quality ratio of 4.66x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Nebius Group cover its interest payments?

Nebius Group (NBIS) has an interest coverage ratio of -9.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Nebius Group?

Nebius Group (NBIS) scores 61 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.