Nebius (NBIS) Operating Expenses (2010 - 2026)

Over the twelve months ended Jun 30, 2026, Nebius' Operating Expenses came in at $2.02 billion, up 201.2% year-over-year; for the year ended Dec 31, 2025, it came in at $1.14 billion, up 132.4% from the prior year.

• Operating Expenses has increased for three consecutive years, though with a five-year compound annual growth rate of -16.6% (years ended Dec 2020 to Dec 2025).
• By year, Operating Expenses came in at $491.1 million in the year ended Dec 31, 2024 (+66.2%), $295.5 million in the year ended Dec 31, 2023 (+72.3%), $171.5 million in the year ended Dec 31, 2022 (-96.6%) and $5.09 billion in the year ended Dec 31, 2021 (+80.3%).
• The figure for the quarter ended Jun 30, 2026 ranks as the highest quarterly Operating Expenses since the quarter ended Mar 31, 2023.
• Year over year, Operating Expenses has now increased in each of the last nine quarters, with growth averaging 129.1% over the last eight quarters.
• The high point for year-over-year Operating Expenses in five years was the quarter ended Jun 30, 2026 (growth of 250.5%); the low point was the quarter ended Mar 31, 2024 (a decline of 99.9%).
• Per Business Quant data, the three quarters before the quarter ended Jun 30, 2026 came in at $527 million (quarter ended Mar 31, 2026), $462.2 million (quarter ended Dec 31, 2025) and $276.3 million (quarter ended Sep 30, 2025).