Analyst Consensus ?
ConsensusBuy11 ratings
Bullish981.8%
Neutral218.2%
Bearish00.0%
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
Ask FN2 about NBIS FY2025 Q2
Transcript, numbers and history already loaded
Why did NBIS rise 18.6% after beating EPS estimates in FY2025 Q2?What changed in NBIS's guidance and outlook in FY2025 Q2?Give me the bull and bear case for NBIS after FY2025 Q2 earnings.
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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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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
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.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| BNP Paribas | Outperform | Neutral | Upgrade | Sep 24, 2026 |
| DA Davidson | Neutral | Neutral | Maintain | Aug 18, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 14, 2026 |
| Baird | Outperform | Outperform | Maintain | Aug 13, 2026 |
| Northland Capital Markets | Outperform | Outperform | Maintain | Jul 20, 2026 |
| Freedom Capital Markets | Buy | Hold | Upgrade | Jul 20, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jun 8, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | May 14, 2026 |
| Citizens | Market Outperform | Market Outperform | Maintain | May 14, 2026 |
| BWS Financial | Buy | Buy | Maintain | Mar 16, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Sep 17, 2025 |
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.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| BNP Paribas | Analyst unavailable | $399 | $226.61 | +80.5% | Sep 24, 2026 |
| BTG Pactual | Analyst unavailable | $223 | $233.28 | +0.9% | Sep 21, 2026 |
| Truist Financial | Arvind Ramnani | $355 | $240.35 | +60.6% | Sep 9, 2026 |
| Goldman Sachs | Analyst unavailable | $328 | $220.64 | +48.4% | Aug 25, 2026 |
| Robert W. Baird | Rob Oliver | $340 | $259.2 | +53.8% | Aug 13, 2026 |
| D.A. Davidson | Gil Luria | $175 | $185.6 | -20.8% | Aug 7, 2026 |
| Piper Sandler | Analyst unavailable | $224 | $212.58 | +1.3% | Aug 3, 2026 |
| Robert W. Baird | Analyst unavailable | $250 | $216.92 | +13.1% | Jul 21, 2026 |
| Northland Securities | Analyst unavailable | $410 | $184.27 | +85.5% | Jul 20, 2026 |
| BNP Paribas | Analyst unavailable | $255 | $264.51 | +15.3% | Jun 2, 2026 |
| Northland Securities | Nehal Chokshi | $248 | $228.59 | +12.2% | May 14, 2026 |
| Morgan Stanley | Analyst unavailable | $144 | $221.65 | -34.9% | May 14, 2026 |
| D.A. Davidson | Analyst unavailable | $250 | $213.34 | +13.1% | May 13, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $129 | $136.33 | -41.6% | Apr 9, 2026 |
| D.A. Davidson | Alexander Platt | $200 | $130.54 | -9.5% | Mar 16, 2026 |
| Northland Securities | Nehal Chokshi | $232 | $99.29 | +4.9% | Feb 23, 2026 |
| Compass Point | Michael Donovan | $150 | $97.52 | -32.1% | Feb 18, 2026 |
| Morgan Stanley | Analyst unavailable | $126 | $101.98 | -43.0% | Jan 15, 2026 |
| JMP Securities | Analyst unavailable | $175 | $90.54 | -20.8% | Nov 19, 2025 |
| D.A. Davidson | Analyst unavailable | $125 | $93.39 | -43.5% | Sep 10, 2025 |
| New Street | Analyst unavailable | $130 | $95.72 | -41.2% | Sep 9, 2025 |
| Northland Securities | Nehal Chokshi | $77 | $71.08 | -65.2% | Aug 13, 2025 |
| D.A. Davidson | Analyst unavailable | $65 | $55.17 | -70.6% | Aug 5, 2025 |
| Goldman Sachs | Alexander Duval | $68 | $44.3 | -69.2% | Jul 14, 2025 |
| D.A. Davidson | Scale AI | $55 | $50.46 | -75.1% | Jun 16, 2025 |
| Northland Securities | Nehal Chokshi | $47 | $38.92 | -78.7% | May 21, 2025 |
| D.A. Davidson | Alexander Platt | $45 | $37.56 | -79.6% | May 19, 2025 |
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Start freeCompany context
Snapshot as of publicationNebius 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
All NBIS earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ACN Accenture plc | FY2026 Q4 · Calendar Q4 2026 | +3.5% | +15.8% | Accenture: AI demand supports strong Q4, while pricing and geopolitics remain risks |
| JBL Jabil Inc. | FY2026 Q4 · Calendar Q3 2026 | +8.1% | -10.0% | Jabil enters FY2027 with AI-led growth and capacity risks |
| MU Micron Technology, Inc. | FY2026 Q4 · Calendar Q3 2026 | +5.4% | +0.0% | Micron: Strong AI Memory Demand, Higher Capex, and HBM4E Ahead |
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
Latest beats and misses
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-11T13:00:41.523608+00:00
- 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.