Nebius (NBIS) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached $980.8 million, up 571% YoY; adjusted EBITDA was $465.8 million, and continuing-operations net loss was $37.5 million.

• Strong demand drove larger, longer-term agreements at higher prices; Q3 contract pricing exceeded $25 million per MW, and agreements signed since Q3 began exceeded $12 billion in total contract value.

• Prepayments on Q3 wins covered over 100% of associated CapEx; comparable deal payback shortened to 1 year 7 months from 1 year 10 months in Q2.

Financial highlights

• Q3 revenue was $980.8 million, up 571% YoY and 68% QoQ; 9M revenue was $1,962.1 million, up 549% YoY.

• AI Cloud revenue was $973.8 million, up 643% YoY and ~99% of Q3 revenue; September-end ARR was $6.4 billion, up 1,062% YoY.

• Q3 adjusted EBITDA was $465.8 million versus a $5.2 million loss a year earlier; Q3 operating income was $50.4 million versus an operating loss of $130.2 million.

• Q3 adjusted net income was $90.9 million versus an adjusted loss of $100.4 million; continuing-operations diluted EPS was $(0.13), versus $(0.50) a year earlier.

• Q3 included ~$325 million of non-recurring asset-light revenue from partner-funded capacity.

Outlook and guidance

• 2026 revenue guidance narrowed to $3.0 billion-$3.2 billion, reflecting third-party capacity shifts into Q2 2027; adjusted EBITDA margin guidance remains ~40%.

• 2026 CapEx is expected at ~$27 billion; February ARR is expected to exceed $7 billion, and the year-end contracted-power target remains 5 GW.

• 2027 revenue is projected at $12 billion-$13 billion, with pre-tax break-even targeted in Q4; 2027 CapEx is projected at $40 billion-$45 billion for over 1 GW of new capacity.

• Prepayments and asset-backed financing are expected to fund 75%-85% of 2027 CapEx; owned sites are expected to provide most new capacity from 2027 onward.