How Nebius Group makes money

Period

FY2025

How does Nebius Group make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Nebius Group N.V. · FY2025 · year ended 2025-12-31

Revenue$530MGross profit$364M · 69%Cost of revenue$166M · 31%Operating income$0 · 0%Operating expenses$364M · 69%R&D$177M · 33%Other opex$186M · 35%Pre-tax income$87M · 16%Other income$87M · 16%Net income$83M · 16%Income tax$4M · 1%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.