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"PDF p.8; Net cash used in investing activities – continuing operations; numeric column 1", "source_excerpt": "Net cash used in investing activities – continuing operations (602.3) (5,645.7) (1,146.2) (8,288.8) Net cash used in investing activities – discontinued operations — — (0." }, "cff": { "id": "cff", "label": "融资现金流", "value": 2864.9, "unit": "USD million", "period": "2026 Q2", "basis": "GAAP", "classification": "ACTUAL", "source": "nbis_pdf", "location": "PDF p.9; operations; numeric column 1", "source_excerpt": "operations 1,000.0 2,864.9 818.5 9,160.4 Net cash provided by financing activities – discontinued operations — — — — Net" }, "cash_start": { "id": "cash_start", "label": "期初现金含受限", "value": 9626.9, "unit": "USD million", "period": "2026 Q2", "basis": "GAAP", "classification": "ACTUAL", "source": "nbis_pdf", "location": "PDF p.9; beginning of period; numeric column 1", "source_excerpt": "beginning of period 1,527.6 9,626.9 2,450.3 3,721.6 Cash and cash equivalents, and restricted cash and cash equivalents, end of p" }, "restricted": { "id": "restricted", "label": "受限现金", "value": 1056, "unit": "USD million", "period": "2026-06-30 期末", "basis": "GAAP", "classification": "ACTUAL", "source": "nbis_pdf", "location": "PDF p.9; Restricted cash and cash equivalents, end of period; numeric column 1", "source_excerpt": "Restricted cash and cash equivalents, end of period 74.5 1,056.0 74.5 1,056.0 Cash and cash equivalents, and restricted cash and cash equivalents, end of period " }, "fx": { "id": "fx", "label": "现金汇率影响", "value": 5.9, "unit": "USD million", "period": "2026 Q2", "basis": "GAAP", "classification": "ACTUAL", "source": "nbis_pdf", "location": "PDF p.9, exchange rate changes", "source_excerpt": "Q2 2026 5.9 million" }, "adj_ebitda": { "id": "adj_ebitda", "label": "调整后 EBITDA", "value": 236.2, "unit": "USD million", "period": "2026 Q2", "basis": "Company non-GAAP", "classification": "ACTUAL", "source": "nbis_pdf", "location": "PDF p.1; Adjusted EBITDA / (loss); numeric column 1", "source_excerpt": "Adjusted EBITDA / (loss) (21.0) 236.2 n/m (74.7) 365.7 n/m Net income / (loss) from continuing operations 502.5 (190.4) n/m 398.2 430." }, "sbc": { "id": "sbc", "label": "股权激励费用", "value": 102.5, "unit": "USD million", "period": "2026 Q2", "basis": "GAAP", "classification": "ACTUAL", "source": "nbis_pdf", "location": "PDF p.10; Share-based compensation expense; numeric column 1", "source_excerpt": "Share-based compensation expense 14.7 102.5 597% 32.1 137.8 329% Acquisition and other corporate transaction-related costs 0.3 49.9 n/m 0.4 60" }, "acq": { "id": "acq", "label": "收购及交易费用调整", "value": 49.9, "unit": "USD million", "period": "2026 Q2", "basis": "Company non-GAAP adjustment", "classification": "ACTUAL", "source": "nbis_pdf", "location": "PDF p.10; Acquisition and other corporate transaction-related costs; numeric column 1", "source_excerpt": "Acquisition and other corporate transaction-related costs 0.3 49.9 n/m 0.4 60.1 n/m Interest income (3.6) (24.1) 569% (12.1) (38.3) 217% Interest expense 4.8 119.1 n/m" }, "revenue_prior": { "id": "revenue_prior", "label": "去年同期收入", "value": 105.1, "unit": "USD million", "period": "2025 Q2", "basis": "GAAP", "classification": "ACTUAL", "source": "nbis_pdf", "location": "PDF p.7; Revenues; numeric column 0", "source_excerpt": "Revenues 105.1 582.3 156.0 981.3 Operating costs and expenses: Cost of revenues (1) 30.1 133.6 54.8 237.4 Product deve" }, "revenue_h1": { "id": "revenue_h1", "label": "上半年收入", "value": 981.3, "unit": "USD million", "period": "2026 H1", "basis": "GAAP", "classification": "ACTUAL", "source": "nbis_pdf", "location": "PDF p.7; Revenues; numeric column 3", "source_excerpt": "Revenues 105.1 582.3 156.0 981.3 Operating costs and expenses: Cost of revenues (1) 30.1 133.6 54.8 237.4 Product deve" }, "revenue_prev": { "id": "revenue_prev", "label": "上季收入", "value": 399, "unit": "USD million", "period": "2026 Q1", "basis": "Minto calculation", "classification": "CALCULATED", "inputs": [ "revenue_h1", "revenue" ], "formula": "H1 - Q2" }, "ai_cloud": { "id": "ai_cloud", "label": "AI 云收入", "value": 574.9, "unit": "USD million", "period": "2026 Q2", "basis": "GAAP", "classification": "ACTUAL", "source": "nbis_letter_pdf", "location": "PDF p.9, Financial update", "source_excerpt": "Nebius AI cloud revenue was $574.9 million" }, "arr": { "id": "arr", "label": "期末年化运行收入 ARR", "value": 3000, "unit": "USD million", "period": "2026-06-30 期末", "basis": "Operating KPI", "classification": "ACTUAL", "source": "nbis_letter_pdf", "location": "PDF p.9, ARR; definition p.3", "source_excerpt": "ARR $3.0 billion; last month cloud revenue x12" }, "prepayment_guide": { "id": "prepayment_guide", "label": "全年客户预付款预期下界", "value": 9000, "unit": "USD million", "period": "2026 FY", "basis": "Management outlook", "classification": "GUIDANCE", "source": "nbis_letter_pdf", "location": "PDF p.10, Capital requirements", "source_excerpt": "over $9 billion in customer prepayments in 2026" }, "power_guide": { "id": "power_guide", "label": "年末签约电力目标", "value": 5, "unit": "GW", "period": "2026年末", "basis": "Management outlook", "classification": "GUIDANCE", "source": "nbis_letter_pdf", "location": "PDF p.3, capacity target", "source_excerpt": "year-end contracted power target again to 5 GW" }, "post_debt": { "id": "post_debt", "label": "期后新可转债本金", "value": 5750, "unit": "USD million", "period": "2026-08-24 期后", "basis": "GAAP", "classification": "SUBSEQUENT_EVENT", "source": "nbis_debt", "location": "2026-08-24 closing release", "source_excerpt": "aggregate original principal amount $5.75 billion" }, "other_revenue": { "id": "other_revenue", "label": "集团其他业务净额", "value": 7.399999999999977, "unit": "USD million", "period": "2026 Q2", "basis": "Minto calculation", "classification": "CALCULATED", "inputs": [ "revenue", "ai_cloud" ], "formula": "Group revenue - AI cloud revenue" }, "debt": { "id": "debt", "label": "有息债务账面值", "value": 8545.7, "unit": "USD million", "period": "2026-06-30 期末", "basis": "Minto calculation", "classification": "CALCULATED", "inputs": [ "debt_st", "debt_lt" ], "formula": "Current + non-current debt" }, "deferred": { "id": "deferred", "label": "递延收入余额", "value": 5975.2, "unit": "USD million", "period": "2026-06-30 期末", "basis": "Minto calculation", "classification": "CALCULATED", "inputs": [ "deferred_st", "deferred_lt" ], "formula": "Current + non-current deferred revenue" }, "fcf": { "id": "fcf", "label": "经营现金流减现金资本开支", "value": -3411.2999999999997, "unit": "USD million", "period": "2026 Q2", "basis": "Minto calculation", "classification": "CALCULATED", "inputs": [ "cfo", "capex" ], "formula": "CFO + signed cash capex" }, "cash_end": { "id": "cash_end", "label": "现金及受限现金合计", "value": 9098.1, "unit": "USD million", "period": "2026-06-30 期末", "basis": "Minto calculation", "classification": "CALCULATED", "inputs": [ "cash", "restricted" ], "formula": "Cash + restricted cash" }, "revenue_yoy": { "id": "revenue_yoy", "label": "收入同比", "value": 454.0437678401522, "source": "CALCULATED", "location": "(本季收入 / 上年同期 − 1) × 100", "source_excerpt": "", "classification": "CALCULATED", "unit": "%", "period": "2026 Q2", "basis": "GAAP", "inputs": [ "revenue", "revenue_prior" ], "formula": "(本季收入 / 上年同期 − 1) × 100" }, "revenue_qoq": { "id": "revenue_qoq", "label": "收入环比", "value": 45.939849624060145, "unit": "%", "period": "2026 Q2", "basis": "Minto calculation", "classification": "CALCULATED", "inputs": [ "revenue", "revenue_prev" ], "formula": "(current / previous -1)*100" }, "adj_margin": { "id": "adj_margin", "label": "调整后 EBITDA 利润率", "value": 40.56328353082604, "unit": "%", "period": "2026 Q2", "basis": "Minto calculation", "classification": "CALCULATED", "inputs": [ "adj_ebitda", "revenue" ], "formula": "Adjusted EBITDA / revenue *100" }, "opex": { "id": "opex", "label": "成本费用合计", "value": 758.2, "source": "CALCULATED", "location": "营业成本 + 产品开发 + 销售管理 + 折旧摊销", "source_excerpt": "", "classification": "CALCULATED", "unit": "million", "period": "2026 Q2", "basis": "GAAP", "inputs": [ "cost", "rd", "sga", "da" ], "formula": "营业成本 + 产品开发 + 销售管理 + 折旧摊销" }, "other_net": { "id": "other_net", "label": "非经营净损益", "value": -0.7999999999999972, "source": "CALCULATED", "location": "利息收入 + 利息费用 + 权益法收益 + 其他收益", "source_excerpt": "", "classification": "CALCULATED", "unit": "million", "period": "2026 Q2", "basis": "GAAP", "inputs": [ "int_income", "int_expense", "equity_income", "other" ], "formula": "利息收入 + 利息费用 + 权益法收益 + 其他收益" }, "pretax": { "id": "pretax", "label": "税前亏损", "value": -176.7, "source": "CALCULATED", "location": "营业亏损 + 非经营净损益", "source_excerpt": "", "classification": "CALCULATED", "unit": "million", "period": "2026 Q2", "basis": "GAAP", "inputs": [ "op", "other_net" ], "formula": "营业亏损 + 非经营净损益" }, "capex_positive": { "id": "capex_positive", "label": "现金资本开支", "value": 5657.4, "source": "CALCULATED", "location": "现金资本开支流出取正数", "source_excerpt": "", "classification": "CALCULATED", "unit": "million", "period": "2026 Q2", "basis": "GAAP", "inputs": [ "capex" ], "formula": "现金资本开支流出取正数" } }, "checks": [ { "id": "operating", "lhs": -175.90000000000006, "rhs": -175.9, "delta": -5.684341886080802e-14, "tolerance": 0.00001, "status": "PASS" }, { "id": "net", "lhs": -190.39999999999998, "rhs": -190.4, "delta": 2.842170943040401e-14, "tolerance": 0.00001, "status": "PASS" }, { "id": "adjusted_ebitda", "lhs": 236.2, "rhs": 236.2, "delta": 0, "tolerance": 0.00001, "status": "PASS" }, { "id": "cash_bridge", "lhs": 2246.1, "rhs": 2246.1, "delta": 0, "tolerance": 0.00001, "status": "PASS" }, { "id": "cash_balance", "lhs": 9098.1, "rhs": 9098.1, "delta": 0, "tolerance": 0.00001, "status": "PASS" }, { "id": "balance", "lhs": 27961.5, "rhs": 27961.5, "delta": 0, "tolerance": 0.00001, "status": "PASS" }, { "id": "revenue_segments", "delta": 0, "tolerance": 0.000001, "status": "PASS" }, { "id": "operating_result", "delta": -8.526512829121202e-14, "tolerance": 0.000001, "status": "PASS" }, { "id": "net_result", "delta": 2.842170943040401e-14, "tolerance": 0.000001, "status": "PASS" }, { "id": "balance_sheet", "delta": 0, "tolerance": 0.000001, "status": "PASS" } ], "issues": [ { "severity": "OPEN_EXCLUDED", "topic": "2025 Q2经营现金流摘要与详细表相差0.2百万美元", "resolution": "本批不使用该同比现金流数字；2026 Q2现金流勾稽单独验证。" }, { "severity": "OPEN_EXCLUDED", "topic": "八季度同口径序列尚未锁定", "resolution": "样板只展示最新季度与同源同比/环比，不拼接2024处置前数据；后续推广补齐可比区间。" }, { "severity": "OPEN_EXCLUDED", "topic": "全年收入及ARR指引数值", "resolution": "本批股东信确认维持指引但未列具体区间；未将旧模型区间当作本轮核验值。保留有明确数值的签约电力、预付款管理层预期。" }, { "severity": "NOTE", "topic": "折旧年限变化", "resolution": "股东信p.10：服务器及网络设备年限由4年延长至5年；调整后盈利不等于GAAP盈利。" } ], "data_hash": "a3d2f63159cc0b57c34df98ff9fddc162469e12e3e9fe216d89415f01607a99c", "name": "Nebius", "divisor": 100, "basis": "GAAP", "segments": [ "ai_cloud", "other_revenue" ], "costs": [ "cost", "rd", "sga", "da" ], "cashMetrics": [ "cfo", "capex_positive", "fcf" ], "stockMetrics": [ "cash", "restricted" ], "main": "云收入放量，建设仍消耗现金", "story": "调整后 EBITDA 为正，但 GAAP 仍亏损。客户预付款与融资支持扩建，不能据经营现金流为正就认定已自给。", "cashNote": "现金流减资本开支为明投计算，非公司统一 FCF；递延收入净变化不等于预付款总额。", "flowNote": "亏损采用同尺度双流图：收入与费用分别汇总，亏损显示为差额，不把亏损画成资金来源。", "guide": [ { "label": "年末签约电力目标", "text": "5 GW", "source": "nbis_letter_pdf", "location": "p.3" }, { "label": "2026 客户预付款预期", "text": "超过 90 亿美元", "source": "nbis_letter_pdf", "location": "p.9" } ], "guideNote": "签约电力不等于上线产能；ARR 为最后一个月 AI 云收入乘十二，不是全年收入保证。", "watch": [ "签约电力、可交付容量与客户合同兑现", "客户预付款、资本开支与后续融资义务" ] }