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Nebius Group Quarterly Revenue
Nebius Group's quarterly consolidated GAAP revenue from continuing operations, in USD billions, on a recast perimeter excluding divested Russian businesses and Toloka. It helps track the scale-up of an AI-cloud-led group, but includes Avride and TripleTen and does not measure cloud profitability or organic growth.
Nebius Group Quarterly Revenue
Nebius Group revenue was $0.58 in 2026-06-30, versus $0.11 one year earlier.
Methodology
The measure is U.S. GAAP consolidated revenue from continuing operations for Nebius Group N.V., not the narrower revenue of the Nebius AI cloud operating segment. It includes Avride and TripleTen and group eliminations alongside the core cloud business.
The former Russian Yandex businesses are excluded throughout because the 2024 divestment was presented as discontinued operations for all periods. Toloka is also excluded throughout using the latest recast comparatives after Nebius lost control of Toloka in May 2025.
Later filings that recast historical periods take precedence over contemporaneous releases. This is why Q1 2025 is $50.9 million rather than the initially published $55.3 million and why the 2024 quarters differ from the figures published before the Toloka recast.
Q1 2024 is the only derived point: $24.2 million of recast revenue for the six months ended June 30, 2024 less directly reported recast Q2 revenue of $14.5 million equals $9.7 million at the filings' disclosed precision. Every other point is a directly reported three-month value.
Values are shown in millions of U.S. dollars and timestamps are UTC quarter-end dates. No annualized run-rate revenue, guidance, consensus figures or estimates are included.
The source disclosures are in USD millions; published values divide those amounts by 1,000 to express USD billions. Native USD-million amounts are retained in each CSV note, so the transformation is exact and does not introduce FX assumptions.
Frequently asked questions
What does Nebius quarterly revenue measure?
It is U.S. GAAP consolidated revenue from Nebius Group's continuing operations for each three-month period. It excludes discontinued operations and is not annualized run-rate revenue, guidance, bookings, adjusted earnings, or cash receipts.
Is this the revenue of the Nebius AI cloud segment?
No. It is Nebius Group consolidated revenue from continuing operations. Nebius AI is central to the group's AI exposure, but Avride, TripleTen, and consolidation eliminations are also included, so the series cannot isolate AI cloud revenue.
Why does this series matter for AI infrastructure economics?
It helps track the commercial scale-up of a group led by an AI cloud business. Revenue growth can indicate expanding activity, but it does not reveal infrastructure utilization, unit economics, capital intensity, financing needs, margins, or how much growth came from acquisitions.
How does the chart preserve a comparable business perimeter?
The Russian businesses sold in 2024 are excluded throughout as discontinued operations. Toloka is also excluded using later recast comparatives after its May 2025 deconsolidation. Those recasts take precedence over figures published before the perimeter changed.
Are all quarterly values directly reported?
All except Q1 2024 are directly reported three-month values in Nebius materials furnished to or filed with the SEC. Q1 2024 is derived from recast first-half 2024 revenue less directly reported recast Q2 revenue, using the disclosed precision.
What are the main limitations when comparing Nebius with other AI infrastructure providers?
Nebius Group includes non-cloud businesses, while peers may report cloud segments or companywide revenue under different mixes and accounting policies. Fiscal timing, acquisitions, foreign exchange, infrastructure ownership, and customer or contract profiles can also reduce comparability.
Why does the quarterly series begin in 2024 rather than 2023?
The 2025 Form 20-F gives recast full-year 2023 revenue but no recast quarterly breakdown. Earlier quarterly figures include Toloka, so 2023 quarters are omitted rather than combined with the later perimeter or estimated.