Nebius Q2 2026 earnings: Revenue rises 454% as adjusted EBITDA turns positive

Nebius Group’s Q2 2026 revenue rose 454% year over year to $582.3 million, while adjusted EBITDA turned positive at $236.2 million from a $21.0 million loss. GAAP diluted EPS from continuing operations swung to a $0.68 loss, as depreciation, share-based compensation and interest costs remained substantial and the prior-year quarter included a $597.4 million investment revaluation gain. Operating cash flow reached $2.25 billion, largely supported by changes in accounts receivable and deferred revenue, but $5.66 billion of capital purchases underscored the scale of infrastructure spending.