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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Alex Duval | Goldman Sachs | 9 (11%) |
| Nehal Chokshi | Northland Capital Markets | 6 (17%) |
| Alex Platt | D.A. Davidson | 6 (17%) |
| Andy Beale | Arete Research | 4 (0%) |
| Jim Kisner | Water Tower Research | 4 (25%) |
| Josh Baer | Morgan Stanley | 3 (33%) |
| Rob Oliver | Robert W. Baird | 2 (0%) |
| Ryan Lantz | Morgan Stanley | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 9 (11%) |
| Northland Capital Markets | 1 | 6 (17%) |
| D.A. Davidson | 1 | 6 (17%) |
| Morgan Stanley |
| 2 |
| 5 (20%) |
| Arete Research | 1 | 4 (0%) |
| Water Tower Research | 1 | 4 (25%) |
| Robert W. Baird | 1 | 2 (0%) |
Nebius opened 2026 with group revenue of $399 million, up 621.52% year over year per GAAP financials (management cited 684%) and 75% sequentially, as the core Nebius AI business grew 841% to $390 million and again sold out capacity. Profitability inflected sharply: group adjusted EBITDA reached $130 million (a 32% margin) versus a $54 million loss a year ago, and Nebius AI adjusted EBITDA margin expanded to 45%, though the group remained in a GAAP operating loss and reported net income of $621 million was driven by a non-cash ClickHouse valuation gain. Management fortified the balance sheet with $4.3 billion of convertible notes and a $2 billion NVIDIA equity investment, lifting cash to $9.3 billion, and expanded the Meta agreement to $27 billion. Full-year 2026 guidance for $7-9 billion ARR, $3.0-3.4 billion revenue and roughly 40% EBITDA margin was reiterated, while 2026 CAPEX was raised to $20-25 billion, keeping financing and near-term margin variability the main watch items.
Revenue Growth | Capex Investment | Demand | Capital Allocation | Guidance Reliability | Cloud & AI | M&A | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2025Q2 | 2 | 2 | 2 | 1 | 1 | |||
| 2025Q3 | 4 | 3 | 1 | 1 | 1 | |||
| 2025Q4 | 3 | 3 | 2 | 3 | 2 | 2 | ||
| 2026Q1 | 2 | 3 | 3 | 2 | 1 | 1 | 1 | 1 |
| '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|
| Revenue Growth | 2 | 4 | 3 | 2 |
| Capex Investment | 2 | 3 | 3 | 3 |
| Demand | 2 | 1 | 3 | |
| Capital Allocation | 1 | 2 | 2 | |
| Guidance Reliability | 1 | 3 | 1 | |
| Cloud & AI | 1 | 2 | 1 | |
| M&A | 2 | 1 | ||
| Innovation & R&D | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $38M | +465.7% | $-0.58 | -190.0% | -393.9% | -351.5% | $-492M |
| FY2025 Q1 | $55M | +389.5% | $-0.48 | -233.3% | -234.2% | -205.4% | $0 |
| FY2025 Q2 | $105M | +769.7% | $2.45 | +1389.5% | -105.8% | 556.0% | $0 |
| FY2025 Q3 | $146M | +237.4% | $-0.47 | -80.8% | -89.1% | -81.9% | $-1.04B |
| FY2025 Q4 | $228M | +500.8% | $-0.99 | -70.7% | -103.0% | -109.6% | $-1.22B |
| FY2026 Q1 | $399M | +621.5% | $2.01 | +518.8% | -32.1% | 155.7% | $-215M |
| FY2026 Q2 | $582M | +454.0% | $-0.68 | -127.8% | -30.2% | -32.7% | $-3.41B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What NBIS and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“While Eigen optimizes at the model level, Clarifai optimizes at the system level, and they both strengthen our in-house Token Factory offering.”
Nebius acquired Clarifai for system-level inference optimization, complementing Eigen's model-level work within Token Factory.
“Eigen was recognized as the #1 speed inference provider by NVIDIA.”
Nebius acquired Eigen AI, an inference-optimization firm NVIDIA ranked #1 for speed, to strengthen its Token Factory offering.
“We also acquired Tavily earlier this year, extending our platform reach to agentic search, an increasingly significant part of the market.”
Nebius acquired Tavily to add agentic-search capabilities and developer adoption to its platform.
“as well as Revolut and monday.com, new customer wins for Token Factory.”
monday.com is a new Token Factory customer win, indicating the work-management software vendor is consuming third-party AI inference capacity.
“In physical AI, 1X Technologies is using our cloud platform to build general purpose robots.”
Humanoid-robotics firm 1X Technologies is using Nebius's cloud to train general-purpose robots, a physical-AI customer win.
“For example, European fintech leader, Revolut, recently began using our Token Factory.”
European fintech Revolut adopting Nebius's Token Factory inference product, a customer-win read-through for Revolut's AI investment.
“Net income of $621 million benefited from a valuation adjustment on the back of ClickHouse recent”
Nebius's minority stake in analytics-database company ClickHouse was marked up after ClickHouse's recent funding round, implying a higher private valuation.
“The Microsoft contract is way more stretched, and we have the delivery schedule up to the end of this year.”
Microsoft is a large multi-year capacity customer of Nebius with deliveries scheduled through the end of 2026, reflecting Microsoft's use of third-party AI capacity.
“First, I want to say that we love working with Meta, and we're excited that they chose to buy more capacity from us. This expanded new agreement is to make sure that we all understand this, a 5-year contract for a total of $27 billion”
Meta expanded to a 5-year, $27B capacity contract with Nebius, underscoring Meta's continued heavy external buildout of AI compute beyond its own data centers.
“We again achieved NVIDIA Exemplar Cloud status this time on our GB300 for training workloads.”
Nebius reaching NVIDIA Exemplar Cloud status on the GB300 reflects strong production demand and technical validation for NVIDIA's newest training-class GPUs.
“So first of all, the NVIDIA strategic investment is meaningful across several dimensions beyond the $2 billion of equity and line of sight to 5 gigawatts of capacity commitment by the end of 2030 that we've done.”
Nebius deepened its partnership with NVIDIA, its most important GPU supplier, via a $2B equity investment and a 5GW capacity commitment through 2030, signaling NVIDIA locking in a major AI-cloud buyer of its chips.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NBIS Nebius Group N.V. | 8 | +621.5% | |
| DASH DoorDash | 7 | +33.1% | |
| EVER EverQuote, Inc. | 8 | +14.5% | |
| GOOGL Alphabet Inc. | 9 | +21.8% | |
| MAX MediaAlpha, Inc. | 8 | +17.3% | |
| META Meta Platforms, Inc. | 8 | +33.1% | |
| PINS Pinterest, Inc. | 8 | +17.8% | |
| RDDT Reddit, Inc. | 9 | +69.1% | |
| SNAP Snap Inc. | 7 | +12.2% | |
| YELP Yelp Inc. | 6 | +0.8% |