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← Nebius
Q3 2025 earningsTue, Nov 11, 2025

Nebius Q3 2025 earnings call transcript

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Key points

  • Nebius reported Q3 2025 revenue of $146 million, up 355% year-over-year and 39% sequentially, with core-business annualized run-rate revenue of $551 million at the end of September. Management raised 2025 capex guidance to $5 billion and reaffirmed its 2026 ARR target of $7-$9 billion, backed by more than $20 billion in signed mega-deals with Microsoft and Meta. Executives discussed capacity expansion and financing plans in the Q&A.