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← Nebius
Q4 2025 earningsThu, Feb 12, 2026

Nebius Q4 2025 earnings call transcript

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Key points

  • Nebius reported Q4 2025 revenue of $228 million, up 547% year-over-year and 56% sequentially, with AI cloud revenue up 830% and annualized run-rate revenue surpassing $1.2 billion, though revenue came in about 8% below consensus. The company posted positive adjusted EBITDA for the quarter. Management guided 2026 revenue to $3-$3.4 billion at roughly 40% adjusted EBITDA margin with $16-$20 billion of capex, and noted over 2 GW of contracted power on track to exceed 3 GW by end of 2026.