Nebius Group N.V. NBIS will report fourth-quarter 2025 results on Feb. 12, before market open.
The Zacks Consensus Estimate for the bottom line for the to-be-reported quarter is pegged at a loss of 44 cents. Analysts have significantly revised their earnings estimates upward for NBIS’ bottom line over the past 30 days. The consensus estimate for total revenues is pinned at $232.2 million.
Based in Amsterdam, Nebius is positioning itself as a specialized artificial intelligence (AI) infrastructure company. Its core operation is Nebius, which is an AI-powered cloud platform designed for intensive AI and machine learning (ML) workloads in both owned and colocation data center capacity. Nebius remains focused on building and scaling its core AI cloud business. The company is deepening its enterprise offerings with the launch of the Aether 3.0 cloud platform and the Nebius Token Factory, an inference solution built to run open-source models at scale. In December 2025, Nebius announced the launch of Nebius AI Cloud 3.1, the latest version of its full-stack AI cloud platform designed to address these needs.
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Recently, the company announced the deployment of the NVIDIA NVDA Rubin platform across Nebius AI Cloud and Token Factory starting in the second half of 2026. This move positions it at the forefront of next-generation reasoning and the agentic AI transition. As an NVIDIA Cloud Partner and Exemplar Cloud Partner, NBIS will be among the first AI cloud providers globally to offer NVIDIA Vera Rubin NVL72, unlocking advanced AI capabilities for customers in the United States and Europe.
Our proven model predicts an earnings beat for NBIS this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is the case here. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
NBIS has an Earnings ESP of +63.64% and a Zacks Rank #3.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Nebius is investing aggressively in expanding its global data center footprint, with a strong focus on securing power capacity well ahead of deployment. In the last reported quarter, Nebius launched its Israel data center with B200 GPUs and its U.K. facility with B300s, with much of this capacity presold ahead of opening. On the last earnings call, management stated that it is launching new phases in Finland in the fourth quarter, which have already been pre-sold. For 2026, Nebius plans to expand its existing data-center footprint in the U.K., Israel and New Jersey, while commissioning new facilities across the United States and Europe in the first half of the year.
The company operates in a supply-constrained AI infrastructure market, where demand for GPU capacity significantly outstrips available power and data-center readiness. To capitalize on this imbalance, the company is aggressively expanding its infrastructure footprint, raising its contracted power target to 2.5 gigawatts by 2026 from an earlier projection of 1 gigawatt. By the end of 2026, Nebius expects 800 megawatts to 1 gigawatt of fully connected capacity to be operational. This might have positively impacted the company’s fourth-quarter performance.
Nebius Group N.V. Price and Consensus
Nebius Group N.V. price-consensus-chart | Nebius Group N.V. Quote
Apart from this, Nebius continues to build strong momentum with AI-native startups, such as Cursor and Black Forest Labs, positioning these relationships as a core pillar of its long-term growth strategy. This traction is reinforced by multi-billion-dollar agreements with Microsoft, carrying contract values between $17.4 billion and $19.4 billion, and with Meta of up to $3 billion. On the last earnings call, management highlighted that contributions from the Microsoft and Meta contracts are expected to commence in the fourth quarter of 2025, with revenue ramping meaningfully through 2026. Nebius remains on track to exit 2025 with $900 million to $1.1 billion in annual recurring revenue.
However, the company continues to navigate macroeconomic uncertainty alongside rising operating expenses and heavy capital spending. Nebius raised its capital expenditure outlook from roughly $2 billion to about $5 billion for 2025. This might have negatively impacted the company’s profitability in the fourth quarter. Moreover, supply constraints and data center delays are limiting capacity and are expected to pressure fourth-quarter results. While contracts remain intact, management cut its 2025 revenue outlook to $5.05–$5.15 billion from $5.15–$5.35 billion.
On the last earnings call, Nebius tightened its 2025 group revenue outlook to a range of $500 million to $550 million from the previous guidance of $450 million to $630 million. Although the company continues to expect adjusted EBITDA to turn slightly positive at the group level by the end of 2025, it will remain negative for the year. Moreover, stiff competition from other companies such as Amazon.com, Inc. AMZN and CoreWeave, Inc. CRWV remains a concern.
Nebius shares have risen 118.9% over the past year, outperforming the Zacks Computer & Technology sector and the Zacks Internet Software Services industry’s growth of 22.7% and 1.8%, respectively. The S&P 500 Composite has returned 18.3% over the same time frame.
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Shares of the company’s peers like NVIDIA surged 38.8%, whereas Amazon was down 9.8%, and CoreWeave, another hypergrowth pure play AI infrastructure company, has registered a rally of 124.9% in the same period.
NBIS stock is not so cheap, as its Value Style Score of F suggests a stretched valuation at this moment.
In terms of Price/Book, NBIS shares are trading at 4.51X, higher than the Internet Software Services industry’s 3.41X, indicating more risk than opportunity.
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In comparison, NVDA, AMZN and CRWV trade at multiples of 37.89X, 5.47X and 8.96X, respectively.
Nebius robust demand for AI cloud services and data center expansion bodes well, but stretched valuation and high capex pressure are concerning. Given the uncertainties, new investors could wait for a better entry point, while existing investors can hold the stock for long-term gains.
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