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) Updated 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 FY2024 2026-04-30

NBIS now operates with a cash-heavy balance sheet, but its core business still looks capital-hungry and subscale.

From FY2023 to FY2024, liquidity flipped from tight to abundant: current ratio moved from 0.9x to 9.6x as cash swelled and liabilities collapsed. That reversal matters because it separates two problems that often travel together: NBIS does not currently look constrained by short-term obligations, but the operating engine is still consuming capital after reinvestment, since $246M of operating cash flow was more than offset by $808M of capex.

Cash now dominates the balance sheet: $2.45B sits against just $295M of total liabilities. That leaves near-term solvency comfortable even with a -$641M net loss, and suggests FY2024 was defined more by balance-sheet repair than by earnings strength.

More revenue did not create operating leverage: revenue reached $118M after $21M in FY2023, yet the operating loss still widened. R&D of $130M exceeded revenue, which makes the current cost structure look more like a build-out phase than a mature earnings model.

Financial Health Signals

Financial Profile 58/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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 0/100, suggesting thin profitability after operating expenses. This is up from -436.7% the prior year.

Growth

100

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

Leverage

Nebius Group carries a low D/E ratio of 0.89, meaning only $0.89 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 84/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Nebius Group's current ratio of 3.08 indicates adequate short-term liquidity, earning a score of 59/100. The company can meet its near-term obligations, though with limited headroom.

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 generates a 1.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 3/100. This is up from -19.7% the prior year.

Piotroski F-Score Neutral

6/9

Nebius Group passes 6 of 9 financial strength tests. 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 Piotroski F-Score?

Nebius Group (NBIS) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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 58 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.