Q4 2025 earningsThu, Feb 12, 2026
Nebius reports fourth quarter and full year 2025 results
Total Revenue227.7M USD
AI Cloud Services Revenue214.2M USD
Adjusted EBITDA15M USD
Annualized Run-Rate Revenue (ARR)1.25B USD
Key points
- Q4 group revenue $227.7M (+547% YoY); core AI cloud revenue $214.2M (~94% of group)
- Q4 Adjusted EBITDA $15.0M — first positive Group quarter (7% margin)
- Active power ~170MW at year-end; ARR reached $1.25 billion, above the $900M-$1.1B guide
- FY2025 revenue $529.8M (+479% YoY)