Nebius closes 2025 with $1.25B ARR and guides 2026 revenue to $3.0B-$3.4B

Nebius reported fourth-quarter 2025 revenue of $227.7 million and full-year 2025 revenue of $529.8 million, with year-end annualized run-rate revenue (ARR) of $1.25 billion. It was the first positive quarter of group adjusted EBITDA, at $15.0 million. Management set 2026 revenue guidance of $3.0 billion to $3.4 billion and a target of $7 billion to $9 billion of ARR by year-end, so the stock now depends on how fast the capacity added in late 2025 turns into revenue.

• Q4 2025 revenue: $227.7 million; FY2025 revenue: $529.8 million
• Year-end 2025 ARR: $1.25 billion, above the earlier $900 million to $1.1 billion guidance
• 2026 revenue guidance: $3.0 billion to $3.4 billion
• End-2026 ARR target: $7 billion to $9 billion
• Q4 adjusted EBITDA: $15.0 million, the first positive quarter at group level