Nebius reports Q2 2026 earnings with revenue surging 454% year-over-year.
Nebius Group, the Amsterdam-headquartered AI cloud infrastructure company trading on NASDAQ under the ticker NBIS, delivered Q2 2026 results that exceeded Wall Street expectations. Both revenue and adjusted EBITDA topped consensus estimates, and the company reaffirmed its full-year 2026 guidance.
Analysts had projected Q2 revenue at approximately $570 million. The actual figure came in higher, representing growth of more than 454% compared to the roughly $105 million Nebius generated in Q2 2025. This strong performance follows an already robust Q1 2026, when the company posted $399 million in revenue—a 684% year-over-year jump from $50.9 million. More significantly, the company swung its adjusted EBITDA from a loss of $53.7 million in Q1 2025 to a profit of $129.5 million in Q1 2026.
AI cloud services now account for nearly 98% of Nebius's total revenue. The company's annualized revenue run-rate was approaching $1.92 billion as of Q1 2026, with Q2's beat pushing that figure meaningfully higher. To hit the midpoint of its full-year guidance range of $3 billion to $3.4 billion, Nebius would need to average roughly $800 million per quarter in the second half of the year.
Nebius's competitive advantage lies in data centers purpose-built for AI training and inference workloads rather than retrofitted general-purpose facilities. Despite the strong operational results, the company's stock has remained volatile. Heavy capital spending combined with substantial short interest has created a turbulent trading environment. Among notable bears is Michael Burry, the investor who gained prominence through his bet against subprime mortgages during the 2008 financial crisis, who has taken a short position against the company.
The concentration of revenue in AI cloud services presents a strategic risk: with 98% of revenue dependent on this single segment, the company lacks diversification if AI spending plateaus or major technology companies shift toward in-house solutions. Nebius formally released its Q2 results on August 12, 2026, ahead of market open, followed by a conference call at 8:00 a.m. ET.