Nebius Q2 2026 results driven by AI cloud

Nebius reported total revenue of $582.3 million for the second quarter of 2026, covering the period ended June 30, 2026. Adjusted EBITDA for the quarter reached $236.2 million, indicating a significant improvement in profitability alongside rapid top‑line growth. The company highlighted that its AI cloud business was the main driver of performance in the period.

AI cloud revenue was about $575 million in the quarter, representing roughly 98% of total group revenue. This concentration shows that Nebius’s business is now largely centered on providing AI computing and related cloud services. Demand for AI computing power remained strong during the quarter, supporting both revenue growth and an expansion in high‑value customer contracts.

During the quarter, Nebius closed four AI cloud deals with average total contract values of more than $1 billion each. The company said that total contract value signed in the period grew nearly fourfold compared with the previous quarter. These large agreements materially increased the contracted backlog, giving Nebius greater visibility on future revenue from AI infrastructure customers.

The company also reported that annualized run‑rate revenue reached $3.0 billion at the end of June 2026. This figure reflects the revenue Nebius expects to generate on a recurring annual basis based on existing contracts and usage patterns. The combination of sizable new deals and higher run‑rate revenue underscores the scale at which customers are committing to Nebius’s AI cloud services.

Nebius continued to invest heavily in building out its infrastructure to meet growing demand. Capital expenditures for the quarter were approximately $5.66 billion, covering property, equipment and intangible asset purchases. The company also reported sharp increases in deferred revenue and non‑current liabilities, consistent with rising customer prepayments and long‑term commitments.

Despite the high level of spending, Nebius reaffirmed its full‑year 2026 revenue guidance of $3.0 billion to $3.4 billion. The company reiterated its target of an approximate 40% group adjusted EBITDA margin, along with elevated year‑end contracted power and run‑rate objectives. The maintained outlook suggests management expects continued strong demand for AI compute capacity to support both growth and profitability as new infrastructure is brought online.