Nebius reports Q2 2026 earnings, revenue surges 454% year-over-year

Nebius Group, the Amsterdam-headquartered AI cloud infrastructure company trading on NASDAQ under NBIS, delivered Q2 2026 results that came in above what Wall Street was expecting. Revenue and adjusted EBITDA both topped consensus estimates, and the company held firm on its full-year 2026 outlook. Analysts had pegged Q2 revenue at roughly $570 million. The actual number came in higher than that, representing growth of more than 454% compared to the approximately $105 million Nebius generated in Q2 2025. From losses to profitability at speed The beat follows an already eye-popping Q1 2026, when Nebius posted $399 million in revenue. That figure represented a 684% year-over-year jump from $50.9 million. Perhaps more importantly, the company flipped its adjusted EBITDA from a loss of $53.7 million in Q1 2025 to a positive $129.5 million in Q1 2026. AI cloud services now account for nearly 98% of Nebius’s total revenue. Its annualized revenue run-rate was approaching $1.92 billion as of Q1 2026, and Q2’s beat pushes that number meaningfully higher. Aggressive capex, aggressive targets Nebius reaffirmed its full-year 2026 revenue guidance of $3 billion to $3.4 billion. Hitting the midpo...