Nebius
Nebius, a global AI cloud platform, delivers a unified full-stack AI cloud that spans the complete AI journey – from compute capacity to software and services that enable fast and efficient training and inference at scale.
20-F, Apr 30, 2026
Source and method
In the company’s words: first descriptive sentence of 20-F Item 4, verbatim (extractive). Item 4 · Information on the Company · 20-F · 0001104659-26-052948 · filed Apr 30, 2026
Business
How does Nebius make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, $16 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $530M
- Gross profit: $364M
- Operating income: −$612M
- Net income: $82.5M
- Free cash flow: −$3.7B
Where do customers sit?
64.2% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
20-F · 0001104659-26-052948 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“This combination of AI-optimized hardware and software enables us to deliver high-performance GPU compute clusters, storage, managed services, and advanced tools for AI model training and inference at enterprise-scale.”
“Nebius Group includes Nebius as well two distinct businesses that operate under separate brands: Avride, a leading developer of autonomous vehicles and delivery robots; and TripleTen, a leading edtech platform reskilling people for careers in tech.”
“Nebius Group also owns significant equity stakes in ClickHouse and Toloka, both of which have been spun out of the group.”
Item 4 · Information on the Company · 20-F · 0001104659-26-052948 · filed Apr 30, 2026
Thesis
Why do people invest?
1 reason in the company’s own words.
Revenue +479%
“Total revenues for the year ended December 31, 2025 increased by $438.3 million, or 479%, from $91.5 million in 2024 to $529.8 million in 2025.”
Item 5 · Operating and Financial Review · 20-F · 0001104659-26-052948 · filed Apr 30, 2026
Number check (revenue): stated $438M matches the stored change ($438M, ±10%)
Revenue: $530M FY2025 · +479.0% vs FY2024 · KPIs
Source and method
Verbatim · selection. Sentences selected by rules from the 20-F and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
1 of 1 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
Position (in the company’s words): no filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue: $530M in FY2025.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Nebius files annual reports with the SEC on Form 20-F (US GAAP, USD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
Did the growth reach the shareholder?
Per share, revenue grew 5,731.2%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
Operating margin: −115.5%.
68.6% gross margin, up from 52.2%.
Operating income: −$612M.
Net income: $82.5M in FY2025.
R&D: $177M in FY2025.
SG&A: $380M in FY2025.
EPS diluted: $0.33 in FY2025.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Nebius files annual reports with the SEC on Form 20-F (US GAAP, USD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
How much cash does it make, and where does it go?
Free cash flow: −$3.7B.
Operating cash flow grew 57% to $385M.
Capex: $4.1B in FY2025.
Stock-based compensation: $83.2M in FY2025.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Nebius files annual reports with the SEC on Form 20-F (US GAAP, USD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
How strong is the balance sheet?
Cash: $3.7B in FY2025.
Interest expense: $61.5M in FY2025.
Total assets grew 250% to $12.4B.
Equity grew 41% to $4.6B.
Cash: $3.7B in FY2025 Q4.
Total assets grew 250% YoY to $12.4B.
Equity grew 41% YoY to $4.6B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Nebius files annual reports with the SEC on Form 20-F (US GAAP, USD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
Dependencies
How much revenue hangs on one customer?
One customer: 25% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Nebius annual report)
20-F · 0001104659-26-052948 · filed Apr 30, 2026
Suppliers named by Nebius
Nebius holds stakes in
No stake in a covered company found in SEC filings.
Others name Nebius
1 other mention (e.g. NVIDIA) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
1 of 1 risk factors, one per theme.
Competition
“Although our Class A shares have been listed on Nasdaq since 2011, our current businesses are relatively young and operate in highly competitive and evolving markets characterized by rapid commercial and technological advancements.”
Item 3.D · Risk Factors · 20-F · 0001104659-26-052948 · filed Apr 30, 2026
Source and method
Short verbatim quotes from the risk factors in Item 3.D, one per theme (a partial selection). Full list: 20-F.
Who’s invested
Who owns more than 5%?
Nvidia Corp holds 9.3%.
Nvidia Corp9.3%
13G · as of Jul 13, 2026 · filed Jul 20, 2026
Situational Awareness LP5.6%
13G · as of May 19, 2026 · filed May 27, 2026
Goldman Sachs Group Inc5.1%
13G/A · as of Sep 30, 2026 · filed Oct 7, 2026
OppenheimerFunds, Inc.6.41% (then)
13G · as of Dec 31, 2018 · filed Jan 14, 2019 · older than 18 months, current position unknown
Wcm Investment Management/Ca5.91% (then)
13G/A · as of Dec 31, 2017 · filed Feb 14, 2018 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
9 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.7.3%
11.5M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Goldman Sachs Group Inc6.2%
9.8M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Invesco Ltd.4.4%
6.9M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Orbis Allan Gray Ltd4.1%
6.5M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Bank Of America Corp /De/3.9%
6.1M shares · 13F filed Aug 14, 2026 · share of 13F-reported
1,062 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 95 sales · $318M sold
Grants, gifts and tax withholding counted separately · window Oct 15, 2025 – Oct 15, 2026
All metrics
All metrics · 33 SEC metrics, FY2016–FY2025
Income statement 11
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| D&A | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Discontinued operations | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Gross profit calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Income taxes | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Interest expense | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Net income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Operating income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Research and development | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Revenue | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| SG&A | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Balance sheet 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Current liabilities | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Equity | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Equity incl. NCI | not reported | not reported | not reported | not reported | not reported | |||||
| Long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |
| Total assets | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Total debt calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |
| Total liabilities & equity | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Cash flow 6
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |
| Capex | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Free cash flow calc. | ||||||||||
| Interest paid | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |
| Operating cash flow | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Stock-based compensation | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| EPS diluted | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Wtd. shares basic | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Wtd. shares diluted | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Pretax income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Total liabilities | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
Method
extractive: verbatim sentences selected by rules from Item 4, 3.D and 5 of the 20-F; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values