NBIS financial statements

The full income statement, balance sheet, and cash-flow statement for Nebius Group N.V. (NBIS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 331.2M2018-12 335.2M2019-12 335.4M2020-12 353.4M2021-12 362.4M2022-12 368.0M2023-12 370.8M2024-12 235.8M2025-12 253.0M-23.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	530M YoY+479.0%	91.5M YoY-28.5%	128M YoY-98.7%	10.2B YoY+112.5%	4.79B YoY+62.2%
Lease income	—	—	118M YoY-18.4%	145M YoY-10.1%	161M
Cost of revenue	166M YoY+280.3%	43.7M YoY+123.0%	19.6M YoY-31.0%	28.4M YoY-98.8%	2.34B YoY+101.8%
Research & development	177M YoY+54.4%	115M YoY+31.8%	87.1M YoY+49.4%	58.3M YoY-91.1%	652M YoY+32.6%
Selling, general & administrative	380M YoY+48.8%	256M YoY+60.2%	160M YoY+178.4%	57.3M YoY-96.5%	1.65B YoY+96.1%
Amortization of intangibles	6.90M YoY+263.2%	1.90M YoY+35.7%	1.40M YoY+133.3%	600K YoY-99.3%	80.1M YoY+54.6%
Provision for credit losses	3.90M YoY+290.0%	1.00M YoY+42.9%	700K YoY-97.7%	30.1M YoY+81.3%	16.6M YoY+41.9%
Operating income	-612M YoY-53.1%	-400M YoY-39.9%	-286M YoY-80.8%	-158M YoY+11.6%	-179M YoY-181.2%
Interest expense	61.5M	0.00 YoY-100.0%	121M YoY+150.7%	48.3M YoY-3.4%	50.0M YoY+55.8%
Interest & investment income	31.8M YoY-50.0%	63.6M YoY+1827.3%	3.30M YoY+230.0%	1.00M YoY-98.4%	62.1M YoY+18.5%
Other non-operating income	80.6M YoY+563.2%	-17.4M YoY-370.3%	-3.70M YoY+53.2%	-7.90M YoY+51.5%	-16.3M YoY-150.3%
Equity-method income	-24.3M YoY-6175.0%	400K YoY+103.7%	-10.9M YoY+22.1%	-14.0M YoY-116.3%	85.7M YoY+391.5%
Pre-tax income	13.8M YoY+103.9%	-353M YoY-18.9%	-297M YoY-66.0%	-179M YoY-84.1%	-97.2M YoY-119.3%
Income tax	4.00M YoY+500.0%	-1.00M YoY-150.0%	2.00M YoY+81.8%	1.10M YoY-98.9%	100M YoY-43.4%
	82.5M YoY+112.9%	-641M YoY-365.8%	241M YoY-67.6%	746M YoY+478.1%	-197M YoY-157.6%
Income from continuing operations	9.80M YoY+102.8%	-352M YoY-17.7%	-299M YoY-66.1%	-180M	—
Discontinued operations	72.7M YoY+125.1%	-289M YoY-151.2%	565M YoY-46.2%	1.05B	—
Net income to non-controlling interest	—	—	21.3M YoY-81.6%	116M YoY+57850.0%	200K YoY+101.1%
Net income to common	—	—	—	—	-197M YoY-157.2%
	$0.33 YoY+114.5%	-$2.28 YoY-450.8%	$0.65 YoY-59.1%	$1.59 YoY+394.4%	-$0.54 YoY-155.1%
EPS (basic)	$0.34 YoY+114.9%	-$2.28 YoY-450.8%	$0.65 YoY-68.0%	$2.03 YoY+475.9%	-$0.54 YoY-153.5%
	243M YoY-13.7%	281M YoY-24.2%	371M YoY+0.8%	368M YoY+1.6%	362M YoY+6.3%
	248M YoY-11.9%	281M YoY-24.2%	371M YoY+0.8%	368M YoY+1.6%	362M YoY+2.5%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.71B YoY+86.0%	2.53B YoY-26.6%	3.45B YoY+1.2%	3.41B YoY+26.7%	2.69B YoY-31.5%
Cash & equivalents	3.68B YoY+51.1%	2.43B YoY+2099.4%	111M YoY-61.6%	289M YoY-74.4%	1.13B YoY-36.8%
Short-term investments	—	—	—	—	54.5M
Accounts receivable	720M YoY+6331.3%	11.2M YoY+173.2%	4.10M YoY-99.5%	825M YoY+40.7%	586M YoY+70.3%
Inventory	—	—	237M YoY-40.9%	401M YoY+211.0%	129M YoY+98.2%
Prepaid expenses	34.8M YoY+56.8%	22.2M YoY+33.7%	16.6M YoY-93.1%	241M YoY+41.6%	170M YoY+87.5%
Other current assets	147M YoY+290.4%	37.6M YoY+125.1%	16.7M YoY-93.0%	239M YoY+143.6%	98.1M YoY-44.0%
	12.4B YoY+250.3%	3.55B YoY-59.5%	8.76B YoY-0.1%	8.77B YoY+26.4%	6.94B YoY-0.6%
Property, plant & equipment	5.55B YoY+555.9%	847M YoY+560.5%	128M	—	—
Operating lease right-of-use	919M YoY+1950.9%	44.8M YoY+139.6%	18.7M YoY-95.4%	407M YoY-16.5%	488M YoY+73.3%
Goodwill	—	—	1.59B YoY-22.1%	2.04B YoY+28.8%	1.59B YoY+13.0%
Intangible assets	19.7M YoY+302.0%	4.90M YoY+16.7%	4.20M YoY-99.1%	452M YoY+50.0%	301M YoY+1.8%
Deferred tax assets	11.8M YoY+53.2%	7.70M YoY+30.5%	5.90M YoY-89.4%	55.5M YoY-26.7%	75.7M YoY+241.0%
Other non-current assets	368M YoY+2645.5%	13.4M YoY+15.5%	11.6M YoY-92.8%	160M YoY+51.9%	106M YoY+59.5%
Total non-current assets	7.72B YoY+660.3%	1.02B YoY-80.8%	5.30B YoY-1.0%	5.36B YoY+26.1%	4.25B YoY+39.3%
	1.53B YoY+478.7%	264M YoY-93.2%	3.87B YoY+44.9%	2.67B YoY+78.6%	1.50B YoY+79.0%
Accrued liabilities	1.21B YoY+430.7%	228M YoY+303.5%	56.5M YoY-96.8%	1.75B YoY+53.5%	1.14B YoY+92.6%
Deferred revenue	276M YoY+1590.2%	16.3M YoY+136.2%	6.90M YoY-96.9%	222M YoY+58.1%	140M YoY+56.0%
Short-term & current debt	24.5M YoY+301.6%	6.10M YoY-10.3%	6.80M YoY-97.8%	303M YoY+662.1%	39.7M
Current lease liability	84.9M YoY+548.1%	13.1M YoY+35.1%	9.70M YoY-93.8%	156M YoY+10.0%	142M YoY+21.4%
Other current liabilities	3.20M	—	1.80M	—	—
Finance lease liability (current)	—	—	45.7M YoY+15.4%	39.6M YoY+101.0%	19.7M YoY+358.1%
	7.84B YoY+2557.4%	295M YoY-94.6%	5.46B YoY+37.9%	3.96B YoY+21.3%	3.27B YoY+45.0%
Long-term debt	4.10B	—	551M YoY+29.7%	425M YoY-63.4%	1.16B
Deferred revenue (non-current)	1.30B	—	—	—	—
Non-current lease liability	761M YoY+2409.9%	30.3M YoY+212.4%	9.70M YoY-96.1%	250M YoY-24.5%	332M YoY+91.0%
Operating lease liability (total)	845M YoY+1847.9%	43.4M YoY+123.7%	19.4M YoY-95.2%	406M YoY-14.2%	473M YoY+63.0%
Finance lease liability (total)	—	—	353M YoY+3.7%	341M YoY+50.5%	226M YoY+351.0%
Finance lease liability	—	—	308M YoY+2.2%	301M YoY+45.8%	207M YoY+351.5%
Deferred tax liabilities	—	—	128M YoY+64.3%	77.8M YoY+93.5%	40.2M YoY-22.7%
Other non-current liabilities	2.00M YoY+233.3%	600K	—	—	—
Total non-current liabilities	6.31B YoY+20316.8%	30.9M YoY-98.1%	1.59B YoY+23.4%	1.29B YoY-27.1%	1.77B YoY+24.9%
	4.59B YoY+41.2%	3.25B YoY-1.2%	3.29B YoY-26.8%	4.50B YoY+29.4%	3.48B YoY-21.2%
Additional paid-in capital	2.36B YoY+17.1%	2.02B YoY+11.3%	1.81B YoY+6.7%	1.70B YoY+11.7%	1.52B YoY-30.1%
Retained earnings	3.30B YoY+2.6%	3.22B YoY-16.6%	3.86B YoY+56.3%	2.47B YoY+39.5%	1.77B YoY-11.0%
Treasury stock	1.08B YoY-45.3%	1.97B YoY+9941.3%	19.6M YoY-1.0%	19.8M YoY-46.0%	36.7M YoY-63.3%
Accumulated other comprehensive income	-100K YoY+99.5%	-22.1M YoY+99.1%	-2.37B YoY-786.4%	345M YoY+58.3%	218M YoY-10.4%
Non-controlling interest	—	—	200M YoY-35.7%	311M YoY+66.3%	187M YoY-31.3%
Total equity incl. non-controlling	4.59B YoY+41.2%	3.25B YoY-1.2%	3.29B YoY-31.5%	4.81B YoY+34.3%	3.58B YoY-23.6%
Total liabilities & equity	12.4B YoY+250.3%	3.55B YoY-59.5%	8.76B YoY-0.1%	8.77B YoY+26.4%	6.94B YoY-0.6%
	253M YoY+7.3%	236M	—	—	—
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	385M YoY+56.7%	246M YoY-70.4%	830M YoY+19.1%	697M YoY+457.2%	125M YoY-71.7%
Depreciation & amortization	418M YoY+442.0%	77.1M YoY+163.1%	29.3M YoY+6.5%	27.5M YoY-91.5%	325M YoY+35.5%
Intangible amortization	6.90M YoY+263.2%	1.90M YoY+35.7%	1.40M YoY+133.3%	600K YoY-99.3%	80.1M YoY+54.6%
Share-based compensation	83.2M YoY+52.7%	54.5M YoY+89.2%	28.8M YoY+200.0%	9.60M YoY-96.6%	280M YoY+31.7%
Deferred income taxes	-3.40M YoY-21.4%	-2.80M YoY-115.4%	-1.30M YoY+48.0%	-2.50M YoY+96.4%	-69.5M YoY-847.3%
Change in receivables	715M YoY+7191.8%	9.80M YoY+526.1%	-2.30M YoY-185.2%	2.70M YoY-98.9%	242M YoY+182.8%
Change in inventory	—	—	-42.5M YoY-116.3%	260M YoY+306.7%	64.0M YoY+215.3%
	-4.23B YoY-1457.3%	312M YoY+125.7%	-1.21B YoY-200.7%	-403M YoY-236.2%	296M YoY+118.2%
Capital expenditure	4.07B YoY+403.5%	808M YoY+874.1%	82.9M YoY+467.8%	14.6M YoY-97.6%	601M YoY+80.7%
Free cash flow	-3.68B YoY-555.1%	-562M YoY-175.2%	747M YoY+9.5%	682M YoY+243.5%	-476M YoY-536.2%
Acquisitions	0.00	0.00	0.00 YoY-100.0%	11.7M YoY-89.4%	111M YoY-75.8%
Proceeds from sale of PP&E	—	1.60M	—	2.00M	—
Other investing activities	-4.50M YoY-800.0%	-500K YoY+94.8%	-9.70M YoY-385.0%	-2.00M YoY-106.8%	29.2M YoY+2090.5%
	5.13B YoY+520.9%	826M YoY+119.8%	376M YoY+474.5%	-100M YoY+91.2%	-1.14B YoY-160.4%
Long-term debt issued	4.16B	0.00 YoY-100.0%	2.53B YoY+251.6%	720M	0.00 YoY-100.0%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Common stock repurchased	0.00	0.00	0.00	0.00 YoY-100.0%	93.8M YoY-31.8%
Dividends paid	0.00	0.00	0.00	0.00	0.00
Other financing activities	—	—	-63.2M YoY-220.8%	-19.7M YoY-245.6%	-5.70M YoY-200.0%
Net change in cash	1.27B YoY-6.5%	1.36B YoY+1343.5%	-109M YoY-182.9%	132M YoY+118.5%	-714M YoY-169.4%
Interest paid	12.2M	—	98.4M YoY+713.2%	12.1M	—
Income taxes paid	4.50M YoY+21.6%	3.70M YoY+85.0%	2.00M YoY+900.0%	200K YoY-99.9%	169M YoY+0.8%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	21.2B YoY+224.3%	6.53B	—	—	—
P/E	256.7×	—	—	—	—
P/S	40.0× YoY-44.0%	71.4×	—	—	—
P/B	4.6× YoY+129.7%	2.0×	—	—	—
	0.39%	—	—	—	—
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: NBIS's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NBIS filings on SEC EDGAR → Not investment advice.