Nebius Group N.V. · NBIS · FY2025 Q2 · Calendar Q3 2025

Nebius raises ARR outlook as AI infrastructure demand accelerates

Nebius's raised ARR outlook and reported enterprise demand strengthen the growth case, but support for the longer-term thesis depends on converting capacity expansion into utilization and recurring profitability.

Reported Before market openNASDAQTechnology $53.06B market cap
90quality score

Earnings scorecard

Reported versus consensus
Reported EPS $-0.38 Consensus $-0.50
EPS surprise +24.0% Reported versus consensus
Reported revenue $105.1M Consensus $105.4M
Revenue surprise -0.3% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +18.6% Event window
SPY move -0.1% Same window
Abnormal move +18.6% Stock minus SPY
Volume 3.8× Versus trailing sessions
Subsequent drift +0.2% Up to 20 sessions
NBISSPY benchmark

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Transcript intelligence

What changed

Management raised ARR guidance, reported core AI infrastructure EBITDA positivity and described faster capacity expansion, new enterprise wins and deeper ecosystem partnerships. The call also highlighted that the profitability result included a one-time equity revaluation gain.

Guidance delta

ARR guidance was raised to $900 million-$1.1 billion, while revenue guidance was kept steady.

Key takeaways

  • Management reported 625% year-over-year revenue growth and said core AI infrastructure became EBITDA positive.
  • The company plans to expand capacity to 220 MW by year-end and is targeting 1 GW of contracted power by 2026.
  • New enterprise wins and partnerships support the demand case, but utilization and capital intensity remain central risks.
  • The core profitability result benefited in part from a non-recurring equity revaluation gain.

Management priorities

  • Expand GPU capacity and data-center footprint across the U.S., U.K., Israel, Finland and Europe.
  • Launch additional Blackwell-based capacity and improve the AI cloud platform.
  • Expand inference-as-a-service for enterprise workloads.
  • Deepen partnerships across the AI infrastructure ecosystem.

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Earnings History

Estimate Beat Miss Match
NBIS EPS earnings history estimate and actual scatter chart 7 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 actual $-0.22, None Q1 '24 actual $0.68, None Q2 '25 estimate $-0.50 Q2 '25 actual $-0.38, beat Q3 '25 estimate $-0.56 Q3 '25 actual $-0.39, beat Q4 '25 estimate $-0.58 Q4 '25 actual $-0.99, miss Q1 '26 estimate $-0.77 Q1 '26 actual $-0.23, beat Q2 '26 estimate $-0.72 Q2 '26 actual $-0.12, beat Q3 '26 estimate $-0.75 Q4 '26 estimate $-0.75 Q1 '27 estimate $-0.41

Analyst Consensus ?

ConsensusBuy11 ratings
Bullish981.8%
Neutral218.2%
Bearish00.0%

Analyst 52W Price Targets

$221.07Current
$55Low
$223.84Average
$410High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 11, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
BNP Paribas Outperform NeutralUpgradeSep 24, 2026
DA Davidson Neutral NeutralMaintainAug 18, 2026
Citigroup Buy BuyMaintainAug 14, 2026
Baird Outperform OutperformMaintainAug 13, 2026
Northland Capital Markets Outperform OutperformMaintainJul 20, 2026
Freedom Capital Markets Buy HoldUpgradeJul 20, 2026
B of A Securities Buy BuyMaintainJun 8, 2026
Morgan Stanley Equal Weight Equal WeightMaintainMay 14, 2026
Citizens Market Outperform Market OutperformMaintainMay 14, 2026
BWS Financial Buy BuyMaintainMar 16, 2026
Goldman Sachs Buy BuyMaintainSep 17, 2025
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Named analyst price targets

Upside is calculated against the persisted current price $221.07. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BNP ParibasAnalyst unavailable$399$226.61 +80.5%Sep 24, 2026
BTG PactualAnalyst unavailable$223$233.28 +0.9%Sep 21, 2026
Truist FinancialArvind Ramnani$355$240.35 +60.6%Sep 9, 2026
Goldman SachsAnalyst unavailable$328$220.64 +48.4%Aug 25, 2026
Robert W. BairdRob Oliver$340$259.2 +53.8%Aug 13, 2026
D.A. DavidsonGil Luria$175$185.6 -20.8%Aug 7, 2026
Piper SandlerAnalyst unavailable$224$212.58 +1.3%Aug 3, 2026
Robert W. BairdAnalyst unavailable$250$216.92 +13.1%Jul 21, 2026
Northland SecuritiesAnalyst unavailable$410$184.27 +85.5%Jul 20, 2026
BNP ParibasAnalyst unavailable$255$264.51 +15.3%Jun 2, 2026
Northland SecuritiesNehal Chokshi$248$228.59 +12.2%May 14, 2026
Morgan StanleyAnalyst unavailable$144$221.65 -34.9%May 14, 2026
D.A. DavidsonAnalyst unavailable$250$213.34 +13.1%May 13, 2026
Cantor FitzgeraldAnalyst unavailable$129$136.33 -41.6%Apr 9, 2026
D.A. DavidsonAlexander Platt$200$130.54 -9.5%Mar 16, 2026
Northland SecuritiesNehal Chokshi$232$99.29 +4.9%Feb 23, 2026
Compass PointMichael Donovan$150$97.52 -32.1%Feb 18, 2026
Morgan StanleyAnalyst unavailable$126$101.98 -43.0%Jan 15, 2026
JMP SecuritiesAnalyst unavailable$175$90.54 -20.8%Nov 19, 2025
D.A. DavidsonAnalyst unavailable$125$93.39 -43.5%Sep 10, 2025
New StreetAnalyst unavailable$130$95.72 -41.2%Sep 9, 2025
Northland SecuritiesNehal Chokshi$77$71.08 -65.2%Aug 13, 2025
D.A. DavidsonAnalyst unavailable$65$55.17 -70.6%Aug 5, 2025
Goldman SachsAlexander Duval$68$44.3 -69.2%Jul 14, 2025
D.A. DavidsonScale AI$55$50.46 -75.1%Jun 16, 2025
Northland SecuritiesNehal Chokshi$47$38.92 -78.7%May 21, 2025
D.A. DavidsonAlexander Platt$45$37.56 -79.6%May 19, 2025
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Company context

Snapshot as of publication

Nebius Group N.V. is a technology company dedicated to developing comprehensive infrastructure to serve the global artificial intelligence industry. Its operations encompass several key areas. Central to its mission is Nebius, an AI-focused cloud platform engineered to handle demanding AI workloads. This division constructs end-to-end AI infrastructure, featuring extensive GPU computing clusters, robust cloud platforms, and essential tools and services for developers.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-11T13:00:41.523608+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-11T13:00:41.520373+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-11. For educational purposes only; not investment advice.