NBIS Nebius Group N.V.

Overview and Growth

Nebius Group N.V. generated $529.80M of revenue in fiscal 2025, with net income of $82.50M and an operating cash inflow of $384.80M. The $529.80M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line expanded 479.0% from $91.50M in fiscal 2024, increasing the company’s operating scale. The company reported diluted EPS of $0.33, adding a shareholder-level measure to the absolute income figures considered below. The revenue-to-assets relationship was 0.04x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $363.60M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 68.6%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced a $611.70M operating loss before non-operating and tax effects. An operating margin of -115.5% reflected costs exceeding revenue-level gross profit by 115.5% of sales. After all reported below-operating-line items, the company recorded net income of $82.50M for the fiscal year. Net margin was 15.6%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $13.80M of earnings, providing a bridge between the operating result and final net income. Pretax income represented 2.6% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $4.00M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 29.0%, without assuming a statutory-rate comparison. Net income equaled 1.8% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 0.7% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

At period end, the $12.43B asset base was financed through $7.84B of liabilities and $4.59B of equity. At period end, current assets of $4.71B compared with current liabilities of $1.53B, defining the company’s short-term resource position. The current ratio was 3.08x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $3.68B, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 240.7%, excluding receivables and other current assets. Total debt was $4.13B, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.9x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 33.2% of total assets, placing borrowing in the context of the company’s full resource base. Liabilities represented 63.0% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 29.6%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 250.3% higher than fiscal 2024 assets of $3.55B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

Cash flow from operations was $384.80M, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 4.66x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $4.07B, absorbing part of the cash generated from operations before free cash flow. Operating cash flow and capital spending combined to leave a $3.68B cash deficit after capital spending. Free-cash-flow margin was -694.8%, reflecting a cash deficit equal to 694.8% of revenue after capital spending. The free-cash-flow deficit equaled 29.6% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.