Nebius ($NBIS) reported Q2 2026 earnings with revenue of $582M (up 454% YoY), an EPS of -$0.12 (up 68% YoY), and an ARR of $3.0B at the end of June. The company raised its 2026 contracted power guidance to 5 GW while reaffirming its FY2026 guidance. Additionally, the AI Cloud adjusted EBITDA margin reached 50%, up from 24% in Q4 2025.