Nebius Group N.V. cash flow statement

In fiscal 2025, Nebius Group N.V.'s operations generated $385m of cash; it spent $4.07bn on capital projects, leaving free cash flow of −$3.68bn.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Nebius Group N.V.: cash flow statement, annual
Fiscal year	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	242	380	449	276	269	420	413	406	563	441	125	697	830	246	385
Depreciation and amortisation	57	93	110	75	107	158	195	175	187	239	325	28	29	77	418
Stock-based pay	9	12	23	22	37	56	73	94	125	213	280	10	29	55	83
Capital spending	173	131	151	172	179	159	215	408	261	332	601	15	83	808	4,066
Free cash flow	69	248	299	104	90	261	198	−2	302	109	−476	682	747	−562	−3,681
Free cash flow after stock pay	60	236	275	83	52	205	125	−96	177	−104	−756	673	718	−616	−3,764
Share buybacks	—	—	260	150	—	—	—	145	18	138	94	—	—	10	—
Shares issued	354	—	—	—	—	—	—	—	—	983	—	—	—	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Nebius Group N.V.'s SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Nebius Group N.V.