Nebius Group N.V. (NBIS) Cash Flow Statement
Where NBIS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $384.8M +56.7% vs 2024
- Capital expenditures
- $4.07B 767.5% of revenue
- Free cash flow
- −$3.68B −694.8% margin
- Returned to shareholders
- —
- Change in cash
- $1.27B cash at year-end $3.72B
Cash from operations
$384.8M
Capital expenditures
−$4.07B
Investments (net)
−$125.0M
Acquisitions & other
−$38.3M
Net borrowing (repayment)
+$4.16B
Shares issued
+$1.15B
Other financing
−$186.2M
Currency & other
−$9.7M
Change in cash
$1.27B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NBIS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
NBIS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $413.0M2016 | $384.8M2025 | −0.8%/yr | |
| Capital expenditures | $157.2M2016 | $4.07B2025 | +43.5%/yr | |
| Free cash flow | $255.8M2016 | −$3.68B2025 | — | |
| Free cash flow margin | 20.7%2016 | −694.8%2025 | −715.6 pts | |
| Operating cash flow / net income | 3.732016 | 3.782025 | +0.06 | |
| Stock-based compensation | $55.9M2016 | $83.2M2025 | +4.5%/yr | |
| Share buybacks (net) | $145.1M2018 | $10.0M2024 | −36.0%/yr | |
| Capex / revenue | 12.7%2016 | 767.5%2025 | +754.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NBIS cash flow by activity
OperatingInvestingFinancingChange in cash
NBIS net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NBIS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $101.7M | −$393.5M | −$341.5M | −$180.0M | −$196.5M | $313.8M | $178.5M | $636.9M | $157.5M | $110.8M |
| Depreciation & amortization | $472.1M | $86.3M | $36.8M | $29.5M | $559.5M | $407.8M | $405.5M | $256.0M | $266.5M | $156.9M |
| Stock-based compensation | $83.2M | $56.6M | $31.4M | $9.6M | $279.3M | $211.4M | $159.0M | $94.3M | $72.7M | $55.9M |
| Change in working capital | −$1.17B | −$71.2M | −$4.4M | −$10.0M | −$398.3M | −$287.3M | −$158.3M | −$137.7M | −$85.2M | $30.1M |
| Other non-cash items | $901.2M | $567.4M | $1.11B | $847.9M | −$119.4M | −$207.6M | $131.2M | −$443.5M | $745,620 | $59.3M |
| Cash from operating activities | $384.8M | $245.6M | $829.8M | $697.0M | $124.6M | $438.2M | $715.8M | $406.0M | $412.2M | $413.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$4.07B | −$807.7M | −$83.4M | −$14.6M | −$598.4M | −$330.0M | −$331.4M | −$407.6M | −$214.8M | −$157.2M |
| Investments (net) | −$125.0M | $311.6M | −$1.21B | −$305.2M | $294.9M | −$1.61B | — | — | — | — |
| Acquisitions & other investing | −$38.3M | $807.7M | $79.6M | −$83.3M | $598.4M | $330.0M | −$461.2M | $781.1M | $79.8M | −$56.9M |
| Cash from investing activities | −$4.23B | $311.6M | −$1.21B | −$403.1M | $294.9M | −$1.61B | −$792.6M | $373.6M | −$135.0M | −$214.0M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | −$10.0M | $0 | $0 | −$93.4M | −$136.6M | −$22.9M | −$145.1M | — | — |
| Net borrowing (repayment) | $4.16B | −$700,000 | $0 | $0 | $24.2M | — | — | — | — | — |
| Shares issued | $1.15B | $700.0M | $0 | $0 | $0 | $976.4M | $0 | $0 | $0 | $0 |
| Other financing | −$186.2M | $136.2M | $375.6M | −$100.3M | −$1.07B | $1.04B | −$15.7M | −$326.9M | −$10.2M | −$90.6M |
| Cash from financing activities | $5.13B | $825.5M | $375.6M | −$100.3M | −$1.14B | $1.88B | −$38.6M | −$472.0M | −$10.2M | −$90.6M |
| Summary | ||||||||||
| Net change in cash | $1.27B | $1.36B | −$1.03B | $131.8M | −$711.4M | $1.02B | −$200.5M | $369.2M | $250.1M | $52.0M |
| Cash at end of period | $3.72B | $2.45B | $118.4M | $1.20B | $1.06B | $1.78B | $910.6M | $991.3M | $749.6M | $470.5M |
| Free cash flow | −$3.68B | −$562.1M | $746.4M | $682.4M | −$473.7M | $108.2M | $384.5M | −$1.6M | $197.4M | $255.8M |
| Free cash flow margin | −694.8% | −478.4% | 3,571.3% | 5,054.8% | −10.0% | 3.7% | 13.6% | −0.1% | 12.1% | 20.7% |
| Capex / revenue | 767.5% | 687.4% | 399.0% | 108.1% | 12.6% | 11.2% | 11.7% | 22.2% | 13.2% | 12.7% |
| Operating cash flow / net income | 3.78 | — | — | — | — | 1.40 | 4.01 | 0.64 | 2.62 | 3.73 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | −$190.4M | $621.2M | −$249.6M | −$119.6M | $502.5M | −$113.6M | −$14.99B | −$43.6M | −$79.8M | −$44.6M | −$96.8M |
| Depreciation & amortization | $321.1M | $241.8M | $210.7M | $111.8M | $75.2M | $49.2M | $37.3M | $25.3M | $8.9M | $241.2M | $6.1M |
| Stock-based compensation | $102.5M | $50.9M | $50.9M | $26.2M | $14.7M | $42.6M | $4.15B | $6.9M | $31.5M | $31.5M | $32.6M |
| Change in working capital | $810.8M | $2.12B | −$804.4M | −$98.5M | −$168.0M | −$34.9M | −$34.9M | −$13.2M | $92.7M | −$136.6M | −$28.8M |
| Other non-cash items | $1.20B | −$777.6M | $1.63B | −$300,000 | −$596.0M | −$17.9M | $10.77B | −$31.2M | $92.2M | $98.2M | $263.1M |
| Cash from operating activities | $2.25B | $2.26B | $834.3M | −$80.4M | −$171.6M | −$74.6M | −$74.6M | −$55.8M | $145.5M | $189.7M | $176.2M |
| Investing activities | |||||||||||
| Capital expenditures | −$5.66B | −$2.47B | −$2.06B | −$955.5M | −$510.6M | −$417.7M | −$417.7M | −$172.1M | −$609.8M | −$498.2M | −$272.4M |
| Investments (net) | $75.0M | — | −$75.0M | −$952.0M | −$50.0M | — | −$416.0M | $12.6M | — | −$514.4M | −$311.5M |
| Acquisitions & other investing | −$63.3M | −$170.2M | $0 | $955.5M | — | $1.7M | — | $172.1M | $811.0M | $498.2M | $377.4M |
| Cash from investing activities | −$5.65B | −$2.64B | −$2.13B | −$952.0M | — | −$416.0M | — | $12.6M | $201.2M | −$514.4M | −$206.6M |
| Financing activities | |||||||||||
| Net borrowing (repayment) | $0 | $4.34B | $0 | $3.16B | $1.00B | $0 | −$100,000 | −$200,000 | — | — | — |
| Shares issued | $2.85B | $0 | $0 | $1.15B | $0 | $0 | $700.0M | $0 | $0 | $0 | $0 |
| Other financing | $18.2M | $1.96B | $106.4M | −$111.1M | $0 | $658.5M | −$41.4M | −$1.1M | −$268.9M | $465.2M | $196.0M |
| Cash from financing activities | $2.86B | $6.30B | $106.4M | $4.20B | $1.00B | $658.5M | $658.5M | −$1.3M | −$268.9M | $465.2M | $196.0M |
| Summary | |||||||||||
| Net change in cash | −$528.8M | $5.62B | −$1.20B | $3.17B | $226.2M | −$922.6M | $161.2M | −$37.3M | $34.1M | $209.3M | $71.9M |
| Cash at end of period | $9.10B | $9.30B | $3.72B | $4.92B | $1.75B | $1.53B | $251.08B | $2.28B | $152.5M | $1.11B | $875.1M |
| Free cash flow | −$3.41B | −$214.9M | −$1.22B | −$1.04B | −$682.2M | −$492.3M | −$492.3M | −$227.9M | $755.3M | −$308.5M | −$96.2M |
| Free cash flow margin | −585.8% | −53.9% | −536.5% | −709.0% | −649.1% | −890.2% | −1,304.9% | −526.3% | 6,686.0% | −4,870.4% | −1,924.1% |
| Capex / revenue | 971.6% | 619.8% | 902.9% | 654.0% | 485.8% | 755.3% | 1,107.2% | 397.5% | 5,397.8% | 7,865.4% | 5,448.6% |
| Operating cash flow / net income | — | 3.63 | — | — | −0.34 | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NBIS cash generation
In fiscal 2025 (ended December 31, 2025), Nebius generated $384.8 million of cash from operations (up 56.7%) and spent $4.1 billion on capital expenditures, leaving free cash flow of -$3.7 billion, −694.8% of revenue. Cash and equivalents rose by $1.3 billion over the year.
Related: NBIS income statement, NBIS balance sheet. See the NBIS stock overview for the latest quote and news.
NBIS cash flow FAQ
What is Nebius's free cash flow?
Nebius's free cash flow was -$3.7 billion in fiscal 2025: $384.8 million of operating cash flow minus $4.1 billion of capital expenditures It was -$562.1 million a year earlier..
How much cash does Nebius generate from operations?
Nebius generated $384.8 million of cash from operating activities in fiscal 2025, 3.78 times its net income of $101.7 million.
How much does Nebius spend on capital expenditures?
Nebius spent $4.1 billion on capital expenditures in fiscal 2025, 767.5% of revenue, compared with $807.7 million the year before.