Nebius Group N.V. logo NBIS - Nebius Group N.V.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 7
HOLD 1
SELL 0
STRONG
SELL
0
| PRICE TARGET: $184.20 DETAILS
HIGH: $250.00
LOW: $129.00
MEDIAN: $150.00
CONSENSUS: $184.20
DOWNSIDE: 14.23%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1
Revenue
Revenue 399 227.7 146.1 105.1 55.3 37.9 43.3 12.1 11.3 6.7 5 4.7 5.1 2,238.1 2,212.0 2,161.3 1,303.1 1,474.2 1,254.1 1,113.2 967.3 966.2 750.7 581.8 598.4 832.9 694.2 654.9 568.1 557.4 497.1 472.4 465.3 482.5 407.2 374.8 367.0 359.5 307.2 282.4 245.5 251.6 235.2 250.5 212.2 239.0 330.4 10 9 11 10 9 8 10 7 6 7 6 5 6 5 4 3 3 3
Cost of Revenue 315.8 68.5 42.9 30.1 29.5 27.5 18.9 3.3 8.8 9.8 7.5 5.9 8.6 1,057.2 924.5 894.3 627.0 701.0 627.3 571.3 450.2 424.4 284.9 223.6 206.7 284.6 215.3 199.0 176.5 170.2 138.4 131.4 117.5 117.7 105.0 97.4 95.0 91.6 78.3 73.5 67.1 66.7 65.8 71.7 63.8 65.3 90.3 3 3 3 3 2 2 2 2 2 2 1 1 1 1 1 1 1 1
Gross Profit 83.2 159.2 103.2 75 25.8 10.4 24.4 8.8 2.5 (3.1) (2.5) (1.2) (3.5) 1,180.9 1,287.5 1,267.0 676.1 773.2 626.8 541.9 517.0 541.9 465.8 358.2 391.7 548.3 478.9 455.9 391.6 387.2 358.7 341.0 347.8 364.8 302.2 277.3 272.0 267.9 228.9 208.9 178.4 184.9 169.4 178.9 148.3 173.7 240.1 8 6 8 7 7 6 7 6 5 5 5 4 4 4 4 3 2 2
Operating Expenses
R&D Expenses 67.4 53.1 44.9 42.8 40 35.7 34.4 25.1 24.7 27.4 25.5 28.7 29.8 261.2 283.4 308.8 235.5 187.0 167.9 153.6 145.6 135.3 121.1 126.0 100.9 130.5 114.2 110.7 109.8 84.1 84.6 85.5 101.6 90.1 79.4 75.8 80.3 69.9 61.4 59.4 57.8 50.1 48.3 59.4 57.5 43.6 52.8 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1
SG&A Expenses 143.8 159.9 0 0 0 0 0 0 50.0 54.7 43.5 42 34.3 687.5 700.8 0 501.6 0 452.7 375.7 305.4 285.7 202.6 167.9 173.7 262.6 191.5 175.3 158.8 143.2 136.7 139.7 140.2 133.4 139.8 102.8 87.9 104.6 71.3 58.2 48.5 57.2 39.9 46.2 39.6 37.5 45.8 2 1 2 2 1 1 2 1 1 1 1 1 1 1 1 1 0 0
Other Expenses 0 180.7 188.5 143.4 115.3 124 77 79.5 8.8 8.3 6.1 6.5 6.9 148.9 124.1 797.6 91.8 620.9 84.3 77.1 69.5 65.4 61.5 62.7 51.0 76.3 58.4 59.4 49.6 52.9 47.6 46.6 50.6 57.9 50.9 47.9 43.8 39.1 39.6 36.2 35.7 39.6 32.8 33.7 25.6 19.6 27.7 1 1 1 1 1 1 1 1 1 1 1 0 1 0 0 0 0 0
Operating Expenses 211.2 393.7 233.4 186.2 155.3 159.7 111.4 104.6 83.4 90.4 75.1 77.2 70.9 1,097.7 1,108.2 1,106.5 828.9 807.9 704.9 606.5 520.6 486.4 385.2 356.6 325.6 469.5 364.2 345.4 318.2 280.3 268.9 271.8 292.5 281.4 270.1 226.5 212.0 213.7 172.3 153.8 142.0 147.0 120.9 139.3 122.8 100.7 126.3 4 4 4 4 4 4 4 3 3 3 2 2 3 2 2 1 1 1
Operating Income
Operating Income (128) (234.5) (130.2) (111.2) (129.5) (149.3) (87) (95.8) (80.8) (93.5) (77.6) (78.4) (74.4) 83.2 179.4 160.5 (152.8) (34.8) (78.1) (64.6) (3.5) 55.4 80.5 1.6 66.1 78.8 114.7 110.5 73.4 106.9 89.8 69.2 55.3 83.4 32.1 50.8 60.0 54.2 56.6 55.0 36.4 37.9 48.5 39.5 25.6 73.0 113.8 3 2 4 3 3 3 3 3 2 2 3 2 2 2 2 1 1 1
Interest Expense 63.7 38.3 14.7 5 0 0 0 0 74 42.4 40.0 24.2 16.0 14 12.9 16 7 15 13 12 11 10 10 9 3 0.5 0 0 0 4 0 0 4 4 4 4 4 0 5 5 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 14.2 13.5 6.2 4 8 22 28 13 22 0.6 0.5 1 16.6 19 18.7 15 15 15 16 16 16 15 14 13 11 12.7 13 13 13 16 14 13 12 13 12 12 13 6 10 12 13 5 6 6 8 0 6 6 5 12 15 14 12 12 9 7 6 3 1 1 1 1 1 1 1
Profitability
EBITDA 113.8 (53.8) (20.9) (91.9) (110.2) (130.0) 5.0 (85.7) 11.8 (83.6) (78.7) (64.5) 130.1 217.5 287.6 283.7 (71.2) 30.4 6.2 12.6 66.0 95.2 142.0 64.3 117.1 132.0 173.1 169.9 123.0 141.2 137.4 115.8 105.9 111.4 83.0 98.7 103.8 69.6 96.2 91.3 72.0 62.4 81.3 73.3 51.2 80.2 141.5 4 3 5 4 4 3 4 3 3 3 3 2 2 2 2 2 1 1
EBIT (128) (234.5) (119.9) (111.2) (129.5) (149.3) (87) (95.8) (80.8) (91.9) (84.8) (71) 123.2 120.4 179.4 160.5 (152.8) (29.3) (78.1) (64.6) (3.5) 55.4 80.5 7.4 66.1 91.1 114.7 110.5 73.4 113.9 89.8 69.2 55.3 89.0 32.1 50.8 60.0 54.2 56.6 55.0 36.4 45.9 48.5 39.5 25.6 73.0 113.8 3 2 4 3 3 3 3 3 2 2 3 2 2 2 2 1 1 1
Income Before Tax 615.4 (247) (119.9) 503.3 (112.7) (132.4) (51.2) (60.6) (116.4) (90.8) (94.6) (72.4) 105.4 227.1 869.8 216.4 (129.3) (11.1) (38.3) (57.1) 7.6 52.2 326.0 (25.0) 116.1 54.0 119.0 102.0 72.6 92.5 109.6 566.6 56.8 93.5 30.0 82.4 28.5 41.1 58.7 48.7 26.6 60.6 86.4 13.8 48.2 161.5 146.5 3 3 4 6 3 3 4 3 2 2 3 2 2 1 2 1 1 1
Income Tax Expense (5.8) 2.6 (0.3) 0.8 0.9 1.7 0.6 (4.1) 3.9 (2.5) 2.2 1.9 26.6 131.3 113.3 68.5 31.0 27.1 15.4 6.6 50.2 53.5 46.0 27.6 47.0 49.4 51.5 48.0 33.7 30.7 36.8 36.0 24.4 32.9 15.2 23.3 13.9 21.4 19.8 16.5 10.6 20.9 21.3 6.2 11.6 38.1 35.9 1 1 1 1 1 1 1 1 1 0 1 0 0 0 0 0 0 0
Net Income 621.2 (249.6) (119.6) 584.4 (113.6) (133.2) (94.2) (554.5) 131.0 (72.9) 84.3 176.3 58.4 67.3 717.1 105.8 (177.3) (59.2) (46.5) (53.0) (39.4) 4.3 283.1 (47.7) 73.8 15.3 71.7 58.6 45.0 63.9 77.9 542.1 41.7 61.1 15.6 59.6 14.8 20.0 38.9 32.2 15.9 39.6 65.2 7.6 36.6 123.4 110.6 2 2 3 5 3 2 3 2 2 1 2 2 1 1 1 1 1 1
Per Share Data
EPS (Basic) 2.40 -0.99 -0.47 2.45 -0.48 -0.58 -0.26 0.50 -0.33 -0.20 0.23 0.49 0.16 0.21 1.93 0.23 -0.44 -0.17 -0.13 -0.15 -0.11 0.01 0.85 -0.14 0.27 0.05 0.24 0.18 0.16 0.26 0.22 1.63 0.13 0.19 0.05 0.18 0.05 0.06 0.12 0.10 0.05 0.12 0.20 0.02 0.12 0.39 0.35 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00
EPS (Diluted) 2.01 -0.99 -0.47 2.45 -0.48 -0.58 -0.26 0.50 -0.33 -0.20 0.23 0.47 0.16 0.21 1.93 0.23 -0.44 -0.17 -0.13 -0.15 -0.11 0.01 0.82 -0.14 0.26 0.04 0.23 0.18 0.16 0.26 0.22 1.59 0.12 0.18 0.05 0.18 0.05 0.06 0.12 0.10 0.05 0.12 0.20 0.02 0.11 0.38 0.34 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00
Shares Outstanding 258.3 241.1 251.8 240 238 236 287 294 361 371 361 361 371 371 371 371 365 363 363 357 355 353 351 328 330 329 328 326 325 325 327 328 327 326 325 324 323 322 327 327 323 323 322 323 322 323 324 325 329 332 332 332 332 332 332 332 332 332 332 332 332 332 332 332 332
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Current Assets
Cash & Cash Equivalents 9,298.2 3,678.1 4,794.8 1,679.3 1,447 2,449.6 2,288.2 2,325.5 152.4 116.1 883.4 827.4 1,545.0 1,115.9 1,709.7 1,438.9 1,030.1 1,063.1 1,117.2 1,207.3 1,223.2 1,779.4 1,202.8 2,626.2 1,571.8 910.0 672.9 535.9 828.9 990.0 753.2 571.6 810.9 739.8 407.2 245.5 356.7 461.1 818.8 462.4 411.6
Short-Term Investments 0 0 0 0 0 0 0 1,569.2 5.1 5.1 41.5 39.6 33.2 10.7 21.1 0 25.8 374.4 790.8 1,728.8 1,819.8 1,421.8 2,038.8 820.5 904.9 514.4 694.3 723.9 305.1 0 672.2 956.5 779.9 399.5 656.1 780.6 691.1 568.4 230.5 522.9 475.5
Net Receivables 1,526.1 720.3 237.1 215.4 108.7 44.4 52.2 18.3 16.2 11.5 1,285.6 1,283.6 1,307.9 1,423.0 1,231.5 1,113.8 724.7 906.0 706.0 667.6 582.7 515.0 251.4 246.5 301.3 414.3 265.9 302.5 267.0 293.2 184.9 171.4 179.9 226.4 145.3 130.8 134.9 165.5 99.7 88.3 82.2
Inventory 0 0 0 0 0 0 0 0 0 240.4 235.2 270.7 361.1 378.8 296.5 301.2 161.5 128.6 96.6 93.0 84.4 64.6 0 0 10.4 13.0 0 0 0 3.8 0 0 0 0.7 0 0 0 0 0 0 0
Other Current Assets 360.5 278.2 112.5 82.5 105.2 5.1 19.4 19.7 3,016.8 3,053.1 13.4 15.7 10.6 19.9 35.8 10.4 2.9 6.7 9.8 23.1 21.0 9.8 209.1 186.3 10.0 12.0 143.3 101.2 99.9 3.2 95.3 70.4 61.7 11.3 60.2 50.4 57.9 2.8 45.3 55.7 41.6
Total Current Assets 11,238.3 4,711.4 5,217 2,029.6 1,683.3 2,533.3 2,381.9 3,965.8 3,211.7 3,453.5 2,758.5 2,740.9 3,563.7 3,220.6 3,572.1 3,166.1 2,152.3 2,681.7 2,923.3 3,890.6 3,841.2 3,903.0 3,763.6 3,926.7 2,865.0 1,940.2 1,817.9 1,702.3 1,538.4 1,322.2 1,738.5 1,805.3 1,860.9 1,400.3 1,287.8 1,233.6 1,267.5 1,224.4 1,214.9 1,151.1 1,031.0
Non-Current Assets
Property, Plant & Equipment 8,397.7 6,491.3 3,815.4 2,066.7 1,584.4 892 507 338.2 194.2 146.9 2,068.7 2,028.8 2,100.3 2,098.7 2,380.7 2,642.7 1,742.2 1,804.6 1,727.1 1,478.1 1,212.7 1,109.8 1,028.6 987.9 771.3 1,114.2 982.1 946.5 919.0 825.9 447.4 425.7 422.2 367.1 387.5 375.8 361.9 307.3 298.5 307.7 282.6
Goodwill 163.3 0 0 0 0 0 0 0 0 0 1,477.4 1,643.4 1,861.4 1,929.9 2,450.4 2,256.0 1,424.1 1,580.6 1,614.9 1,601.7 1,534.6 1,401.5 1,364.3 744.5 655.7 842.1 818.9 839.5 815.7 757.8 803.2 821.6 898.7 161.7 150.0 146.1 149.7 137.8 134.1 132.9 124.9
Intangible Assets 48.3 19.7 18 15.6 17.4 4.9 8.7 4.7 4.2 4.2 594.3 634.0 397.0 652.5 545.8 360.3 282.1 299.8 314.8 311.6 299.7 293.6 290.9 140.2 127.5 167.2 164.0 172.7 173.4 166.1 170.7 190.5 212.7 87.1 89.1 93.3 90.9 90.1 94.6 95.6 86.8
Long-Term Investments 1,620.5 847.7 856.8 867.4 97.1 97.1 97.1 97.1 98.4 102 205.7 207.3 164.6 132.1 116.1 133.5 137.2 137.0 53.8 17.1 133.5 15.3 14.1 371.9 341.3 452.8 456.1 483.0 550.8 525.0 562.9 602.5 185.9 121.5 118.4 115.6 75.8 24.7 21.3 22.5 20.2
Other Non-Current Assets 816.6 379.7 186 108.5 45.4 13.5 10.5 8.3 5,137.6 5,042.6 183.0 175.8 416.9 191.9 499.2 517.1 310.9 333.7 320.2 273.1 242.9 184.8 192.1 149.3 124.1 149.7 109.9 108.7 94.5 80.7 91.3 90.5 94.2 88.2 87.3 78.2 76.6 68.5 59.4 50.6 49.6
Total Non-Current Assets 11,065 7,738.4 4,885.2 3,067 1,753.2 1,015.3 623.3 448.3 5,434.4 5,301.6 4,606.3 4,763.4 5,017.3 5,057.5 6,068.3 6,016.7 3,966.9 4,231.1 4,109.5 3,768.8 3,447.4 3,026.8 2,890.0 2,412.6 2,045.3 2,755.7 2,565.0 2,585.5 2,597.6 2,406.2 2,116.6 2,172.4 1,856.5 863.3 863.1 828.6 770.4 639.2 613.7 614.1 567.7
Total Assets 22,303.3 12,449.8 10,102.2 5,096.6 3,436.5 3,548.6 3,005.2 4,414.1 8,646.0 8,755.1 7,364.8 7,504.2 8,581.0 8,278.1 9,640.4 9,182.8 6,119.2 6,912.8 7,032.8 7,659.4 7,288.6 6,929.8 6,653.6 6,339.3 4,910.3 4,695.9 4,382.9 4,287.7 4,136.0 3,728.4 3,855.0 3,977.7 3,717.3 2,263.6 2,150.9 2,062.2 2,037.8 1,863.6 1,828.6 1,765.2 1,598.7
Current Liabilities
Account Payables 621.7 1,210.1 651.3 52.9 61.4 21.4 69.5 47.6 52.5 25 913.5 870.9 922.3 975.0 916.0 837.8 631.6 735.6 633.5 492.6 568.8 367.2 570.9 464.0 318.5 346.1 492.6 413.2 463.3 211.7 252.1 214.4 294.0 159.6 196.8 182.2 181.0 128.2 125.4 128.1 98.2
Short-Term Debt 18.4 24.5 16 8 6.2 6.1 6.2 6.5 6.5 6.8 854.9 791.5 539.4 286.0 358.6 444.6 1,250.5 39.4 0 0 0 0 0 0 0 0 0 0 0 0 318.8 315.2 312.6 309.2 0 0 0 0 0 0 0
Deferred Revenue 685.6 0 15.6 19.3 19 16.5 17.4 13.8 10.3 6.9 207.6 212.7 211.9 209.2 201.7 205.3 122.8 139.7 106.7 94.6 84.8 89.3 0 54.5 45.5 57.1 43.4 44.3 39.2 40.2 33.4 36.0 38.3 42.7 38.6 36.1 35.3 34.7 29.1 28.4 25.3
Other Current Liabilities 0 293.2 6.2 6.5 0 5.2 0 0 3,654.0 3,812.8 342.2 315.3 375.0 330.6 256.6 148.3 106.5 115.4 276.9 98.9 0 44.7 179.9 0 0 0 0 0 0 (1,673.0) 0 0 0 (1,909) 0 0 0 (1,680.0) 0 0 0
Total Current Liabilities 1,349 1,527.8 794.6 138.1 93.5 264 107.1 76.6 3,731.8 3,870.4 3,088.5 2,973.5 2,901.6 2,521.4 2,672.8 2,515.9 2,575.3 1,489.9 1,479.6 1,179.8 1,106.7 844.7 750.8 588.1 599.1 750.7 656.3 561.4 591.2 428.2 661.7 633.3 699.0 617.7 288.2 281.8 262.7 238.8 202.1 201.4 154.6
Non-Current Liabilities
Long-Term Debt 8,432 4,103.2 4,090.8 978.2 0 0 0 0 0 558.6 276.2 274.9 386.7 401.1 511.6 503.2 0 1,151.0 1,146.3 1,134.8 1,130.8 1,119.2 1,148.9 1,110.0 1,080.5 0 0 0 0 0 0 0 0 0 307.1 301.7 306.5 306.2 361.1 364.3 355.2
Deferred Tax Liabilities 4,092.5 0 0 0 0 0 0 0 0 129.5 87.9 83.1 77.8 73.5 48.6 54.3 32.5 40.1 39.9 65.3 52.0 49.8 0 47.0 36.1 31.5 34.1 33.9 31.1 22.6 25.7 26.2 34.4 16.6 19.7 20.6 22.4 17.0 22.9 21.5 20.7
Other Non-Current Liabilities 142.1 1,445.1 0.6 0.3 0.1 0.6 2.6 0.1 1,574.8 893.0 263.8 285.1 240.5 222.1 179.3 56.6 41.9 35.5 58.3 60.8 104.4 19.6 137.7 25.7 17.6 38.1 15.6 16.3 12.3 8.2 7.5 7.1 10.1 22.8 21.9 18.9 12.2 18.0 15.4 16.1 15.5
Total Non-Current Liabilities 13,712.4 6,308.8 4,496.8 1,183 181.7 30.9 24.2 3.9 1,580.1 1,590.8 1,152.9 1,133.4 1,234.1 1,217.4 1,374.3 1,304.9 549.5 1,762.9 1,792.2 1,670.1 1,551.6 1,406.6 1,423.2 1,289.2 1,228.6 244.4 174.9 206.7 204.2 211.5 33.2 33.3 44.5 39.4 348.7 341.2 341.2 341.2 399.4 401.9 391.4
Total Liabilities 15,061.4 7,836.6 5,291.4 1,321.1 275.2 294.9 131.3 80.5 5,311.9 5,461.2 4,241.4 4,106.9 4,135.8 3,738.8 4,047.1 3,820.8 3,124.8 3,252.9 3,271.8 2,849.9 2,658.3 2,251.3 2,174.0 1,877.3 1,827.7 995.1 831.2 768.1 795.5 639.7 694.9 666.6 743.4 657.1 636.8 623.0 603.9 580.0 601.5 603.3 546.0
Stockholders' Equity
Common Stock 8.4 8.4 8.9 9.2 9.2 9.2 9.2 9.2 3.0 9.2 2.9 3.2 3.6 3.8 4.8 5.3 3.4 3.8 3.9 3.8 3.7 3.7 3.6 3.9 3.3 4.2 4.1 4.2 4.1 3.8 4.0 4.2 4.6 4.7 4.9 4.8 5.1 4.6 4.5 4.5 4.2
Retained Earnings 3,921.7 3,319.7 3,569.3 3,688.9 3,104.4 3,218 3,358.7 3,452.9 2,221.5 3,859.4 2,067.4 2,212.3 2,303.0 2,331.5 2,889.2 2,384.9 1,430.4 1,763.3 1,864.8 1,914.4 1,886.3 1,959.4 1,850.9 1,759.8 1,603.9 1,970.9 1,891.8 1,869.0 1,769.7 1,604.0 1,707.7 1,711.4 1,295.0 1,179.7 1,190.1 1,152.1 1,215.7 1,105.6 1,060.9 1,023.6 927.5
Accumulated Other Comprehensive Income (13.5) (0.1) (1.3) (1.9) (16.9) (22.1) (16.7) (20.8) 168.6 (2,367.5) 188.2 259.6 299.0 325.6 386.6 443.6 124.7 217.1 227.3 224.4 242.1 240.9 283.8 164.7 165.2 78.1 93.4 90.2 90.2 117.7 118.2 88.6 43.3 32.3 31.8 25.4 13.9 14.6 32.6 32.4 41.1
Total Stockholders' Equity 7,240.9 4,613.2 4,810.8 3,775.5 3,161.3 3,253.7 2,873.7 4,333.4 3,333.9 3,293.7 3,123.3 3,397.2 4,142.7 4,245.7 5,255.7 5,027.5 2,805.9 3,462.1 3,542.7 4,520.7 4,342.4 4,365.9 4,134.0 3,954.7 2,630.8 3,144.2 3,012.4 2,968.0 2,804.7 2,573.9 2,717.7 2,855.4 2,472.6 1,436.2 1,420.7 1,355.6 1,399.8 1,258.9 1,214.6 1,161.9 1,052.7
Total Liabilities & Equity 22,303.3 12,449.8 10,102.2 5,096.6 3,436.5 3,548.6 3,005.2 4,414.1 8,646.0 8,755.1 7,364.8 7,504.2 8,581.0 8,278.1 9,640.4 9,182.8 6,119.2 6,912.8 7,032.8 7,659.4 7,288.6 6,929.8 6,653.6 6,339.3 4,910.3 4,695.9 4,382.9 4,287.7 4,136.0 3,728.4 3,855.0 3,977.7 3,717.3 2,263.6 2,150.9 2,062.2 2,037.8 1,863.6 1,828.6 1,765.2 1,598.7
Debt Metrics
Total Debt 9,496.2 4,888.2 4,569 1,224.3 187.8 49.7 27.8 10.3 11.8 584.8 1,805.1 1,728.4 1,649.3 1,392.4 1,726.9 1,877.5 1,881.3 1,887.6 1,848.7 1,688.6 1,523.0 1,457.4 1,285.5 1,216.4 1,259.2 353.3 125.2 156.5 160.8 274.5 318.8 315.2 312.6 309.2 307.1 301.7 306.5 306.2 361.1 364.3 355.2
Net Debt 198 1,210.1 (225.8) (455) (1,259.2) (2,399.9) (2,260.4) (2,315.2) (140.6) 468.7 921.7 901.0 104.3 276.6 17.1 438.6 851.2 824.5 731.6 481.3 299.8 (322.1) 82.7 (1,409.7) (312.6) (556.6) (547.7) (379.3) (668.1) (715.5) (434.4) (256.5) (498.3) (430.5) (100.1) 56.2 (50.2) (154.9) (457.7) (98.0) (56.4)
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1
Operating Activities
Net Income 621.2 (249.6) (119.6) 502.5 (113.6) (164.4) (43.6) (39.3) (79.8) (88.3) (96.8) (74.3) (117.3) 78.4 779.7 153.3 (156.1) (60.9) (46.0) (52.3) (42.4) 4.1 275.5 (53.4) 68.2 14.9 74.2 56.5 39.3 50.7 67.6 518.3 32.3 61.1 14.7 58.6 14.6 22.5 38.7 32.2 15.7
Depreciation & Amortization 241.8 210.7 111.8 75.2 49.2 37.3 25.3 11.5 8.9 8.3 6.1 6.5 6.9 218.2 220.8 257.4 167.5 154.0 156.7 134.2 119.1 107.5 106.3 92.9 90.9 106.8 100.4 96.3 82.1 38.4 69.0 66.2 50.5 53.1 50.6 47.5 44.0 42.9 39.4 36.3 35.1
Stock-Based Compensation 0 50.9 26.2 0 0 42.6 6.9 0 0 0 0 0 0 0 12.3 (51.6) 75.0 0 0 0 76.4 0 50.0 60.0 34.6 0 34.7 34.9 41.4 19.4 26.2 24.8 28.5 24.4 15.1 16.2 17.1 15.4 12.4 13.8 13.1
Change in Working Capital 2,121.7 (804.4) (98.5) 0 0 (34.9) (13.2) 0 0 92.7 (28.8) (167.0) 99.1 (292.5) 112.5 20.2 (140.8) (86.1) (95.4) (183.8) (41.5) (112.1) 45.9 (157.6) (52.4) (88.2) 4.5 (54.9) (30.2) (17.3) (46.7) (18.6) (17.1) 1.7 (24.2) 21.7 (17.3) 1.7 (0.8) 30.0 (1.0)
Other Non-Cash Items (718.9) 1,626.7 (0.1) (577.7) 64.4 45.4 (27.7) 27.8 70.9 133.6 291.7 363.4 329.9 (111.5) (690.8) 11.4 6.3 38.1 33.8 85.5 6.4 61.0 (229.5) 40.0 (39.0) 109.2 12.1 22.2 14.2 8,524.2 0.5 (470.7) 8.8 7,461.0 12.2 (19.2) 43.9 25.5 7.9 16.8 21.3
Operating Cash Flow 2,258 834.3 (80.4) 0 0 (74.6) (55.8) 0 0 145.5 176.2 135.7 306.9 (58.3) 453.0 397.4 (48.5) 47.6 30.4 (65.3) 112.7 69.5 239.3 (1.9) 96.6 143.3 227.0 167.1 162.1 8,607 115.8 108.5 90.6 7,591 56.4 120.5 102.5 96.9 98.0 127.6 82.5
Investing Activities
Capital Expenditure (2,472.9) (2,056) (955.5) 0 0 (417.7) (172.1) 0 0 609.8 (272.4) (284.0) (130.2) (319.4) (78.9) (146.6) (215.3) (263.1) (117.6) (184.7) (46.9) (86.9) (59.4) (146.4) (30.2) (90.2) (82.0) (122.4) (30.5) (187.0) (65.7) (143.3) (20.2) (45.2) (36.2) (65.0) (69.0) (51.0) (43.7) (39.0) (21.3)
Acquisitions (170.2) 0 0 0 0 0 184.2 0 0 607.2 96.3 (703.5) 0 (0.7) 30.7 0 (9.8) (210.7) (814.8) (1.3) (95.2) 10.4 (422.5) (1.4) 0 (8.0) 0 0 (5.3) (29.8) (1.3) 0 362.5 (9.6) 0 (6.1) 0 0 0 0 0
Purchases of Investments 0 0 0 0 0 0 0 0 0 (9.1) 0.0 2.3 (2.4) (10.3) (21.1) 251 (26.9) (402.5) (755.5) (796.2) (1,828.9) (1,160.4) (1,847.9) (858.5) (775.7) (248.0) (440.7) (440.9) (308.0) 47.9 (0.2) (174.9) (781.2) (7.0) (200.4) (307.5) (719.2) (581.6) (88.4) (190.8) (321.1)
Sales/Maturities of Investments 0 0 0 0 0 0 0 0 0 (1.7) (0.3) (0.2) 2.2 (5.9) 100 38.1 354.7 796.7 1,712.1 989.7 1,321.3 1,794.7 859.2 944.6 342.9 450.8 445.0 88.0 0 609.1 308.7 54.9 413.0 263.5 336.4 165.1 565.0 235.0 401.7 130.2 361.6
Other Investing Activities 0 (75) 3.5 0 0 1.7 0.5 0 0 (1,004.9) (30.2) (1.8) 6.4 (6.9) (107.0) (249.9) 6.5 (2.1) 2.1 1.4 (0.8) (6.4) 5.2 0.6 0.1 1.5 0.1 1.7 0.1 30,048.7 (2.0) (33.1) (2.2) 11,499.3 (1.0) (0.5) 0.1 (4.3) (1.2) (0.1) (0.5)
Investing Cash Flow (2,643.1) (2,131) (952) 0 0 (416) 12.6 0 0 201.2 (206.6) (987.1) (124.0) (343.3) (76.3) (107.4) 109.1 (81.7) 26.3 8.9 (650.5) 551.3 (1,465.4) (61.1) (462.9) 106.2 (77.6) (473.7) (343.7) 30,489 239.5 (296.4) (28.0) 11,701 98.9 (213.9) (223.0) (401.9) 268.4 (99.7) 18.7
Financing Activities
Net Debt Issuance 4,293.7 0 3,161.7 0 0 (0.1) (0.2) 0 0 373.6 98.9 221.7 267.7 12.6 (8.9) 4.6 (35.3) 36.2 (3.3) (7.1) (1.0) (29.8) (2.2) (0.4) 1,029.1 0 (1.3) 0 0 (306.2) 0 0 0 (0.1) 0 (3.7) (8.0) (55.2) (9.3) 0 (21.8)
Stock Repurchased 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (47.7) (48.4) (0.0) 0 2.1 0 (24.5) (106.1) (23.7) 0 0 0 3.8 (145.5) (3.5) 0 0 0 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities 0 106.4 (111.1) 0 0 (41.4) 0 0 0 (642.5) 97.1 (69.5) (1.0) (20.1) (6.2) (12.3) (6.9) (10.6) (76.9) (0.8) (1.8) (0.3) (62.0) (9.9) (0.4) (2.4) 0.7 (2.6) (0.6) (21,362.6) (11.8) (2.4) (7.9) (59.9) 1.2 1.7 (0.6) 2.2 1.6 2.6 (8.0)
Financing Cash Flow 6,295.5 106.4 4,200.6 0 0 658.5 (1.3) 0 0 (268.9) 196.0 152.2 266.7 (7.5) (15.1) (7.7) (42.3) (20.4) (126.0) (4.6) (2.8) (44.3) (64.2) 1,000.5 922.6 (25.8) (0.6) (2.6) (0.6) (21,665) (157.3) (5.9) (7.9) (60) 1.2 (1.9) (8.6) (53.0) (7.7) 2.6 (29.9)
Cash Position
Net Change in Cash 5,620.1 (1,202) 3,169.8 226.2 (922.6) 162 (37.3) 2,173.0 34.1 (756.7) 71.9 (733.5) 389.1 (486.2) 430.6 (198.8) 82.8 (61.8) (84.1) (27.1) (520.5) 585.6 (1,149.8) 842.8 863.3 237.8 150.3 (317.3) (231.3) 19,420 203.6 (167.0) 59.0 19,070 154.7 (89.5) (147.9) (357.8) 351.3 19.2 48.1
Cash at Beginning 3,678.1 4,923.6 1,753.8 1,527.6 2,450.2 2,278.7 2,326.3 152.5 118.4 875.1 803.2 1,536.7 1,147.6 1,633.8 1,298.9 1,642.9 950.5 1,118.7 1,202.8 1,229.9 1,743.7 1,204.4 2,333.7 1,783.9 709.0 670.9 523.4 853.8 1,060.8 754.4 550.8 741.6 754.8 417.0 262.4 345.0 514.3 818.8 477.3 453.0 375.7
Cash at End 9,298.2 3,721.6 4,923.6 1,753.8 1,527.6 2,450.3 2,278.7 2,325.5 152.5 118.4 875.1 803.2 1,536.7 1,147.6 1,729.4 1,444.1 1,033.2 1,056.9 1,118.7 1,202.8 1,223.2 1,790.0 1,183.9 2,626.8 1,572.4 908.6 673.6 536.6 829.6 991.3 754.4 574.6 813.8 749.6 417.0 255.5 366.4 461.1 828.6 472.2 423.8
Free Cash Flow (214.9) (1,221.7) (1,035.9) 0 0 (492.3) (227.9) 0 0 755.3 (96.2) (148.3) 176.7 (377.8) 374.1 250.7 (263.7) (215.5) (87.3) (250.0) 65.9 (17.4) 179.9 (148.3) 66.4 53.1 145.0 44.7 131.6 (80.0) 50.2 (34.7) 70.4 87.7 20.2 55.6 33.5 45.9 54.3 88.6 61.1
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1
Income Statement
Revenue 399 227.7 146.1 105.1 55.3 37.9 43.3 12.1 11.3 6.7 5 4.7 5.1 2,238.1 2,212.0 2,161.3 1,303.1 1,474.2 1,254.1 1,113.2 967.3 966.2 750.7 581.8 598.4 832.9 694.2 654.9 568.1 557.4 497.1 472.4 465.3 482.5 407.2 374.8 367.0 359.5 307.2 282.4 245.5 251.6 235.2 250.5 212.2 239.0 330.4 10 9 11 10 9 8 10 7 6 7 6 5 6 5 4 3 3 3
Gross Profit 83.2 159.2 103.2 75 25.8 10.4 24.4 8.8 2.5 (3.1) (2.5) (1.2) (3.5) 1,180.9 1,287.5 1,267.0 676.1 773.2 626.8 541.9 517.0 541.9 465.8 358.2 391.7 548.3 478.9 455.9 391.6 387.2 358.7 341.0 347.8 364.8 302.2 277.3 272.0 267.9 228.9 208.9 178.4 184.9 169.4 178.9 148.3 173.7 240.1 8 6 8 7 7 6 7 6 5 5 5 4 4 4 4 3 2 2
Operating Income (128) (234.5) (130.2) (111.2) (129.5) (149.3) (87) (95.8) (80.8) (93.5) (77.6) (78.4) (74.4) 83.2 179.4 160.5 (152.8) (34.8) (78.1) (64.6) (3.5) 55.4 80.5 1.6 66.1 78.8 114.7 110.5 73.4 106.9 89.8 69.2 55.3 83.4 32.1 50.8 60.0 54.2 56.6 55.0 36.4 37.9 48.5 39.5 25.6 73.0 113.8 3 2 4 3 3 3 3 3 2 2 3 2 2 2 2 1 1 1
Net Income 621.2 (249.6) (119.6) 584.4 (113.6) (133.2) (94.2) (554.5) 131.0 (72.9) 84.3 176.3 58.4 67.3 717.1 105.8 (177.3) (59.2) (46.5) (53.0) (39.4) 4.3 283.1 (47.7) 73.8 15.3 71.7 58.6 45.0 63.9 77.9 542.1 41.7 61.1 15.6 59.6 14.8 20.0 38.9 32.2 15.9 39.6 65.2 7.6 36.6 123.4 110.6 2 2 3 5 3 2 3 2 2 1 2 2 1 1 1 1 1 1
EPS (Diluted) 2.01 -0.99 -0.47 2.45 -0.48 -0.58 -0.26 0.50 -0.33 -0.20 0.23 0.47 0.16 0.21 1.93 0.23 -0.44 -0.17 -0.13 -0.15 -0.11 0.01 0.82 -0.14 0.26 0.04 0.23 0.18 0.16 0.26 0.22 1.59 0.12 0.18 0.05 0.18 0.05 0.06 0.12 0.10 0.05 0.12 0.20 0.02 0.11 0.38 0.34 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01 0.00 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00
Balance Sheet
Cash & Equivalents 9,298.2 3,678.1 4,794.8 1,679.3 1,447 2,449.6 2,288.2 2,325.5 152.4 116.1 883.4 827.4 1,545.0 1,115.9 1,709.7 1,438.9 1,030.1 1,063.1 1,117.2 1,207.3 1,223.2 1,779.4 1,202.8 2,626.2 1,571.8 910.0 672.9 535.9 828.9 990.0 753.2 571.6 810.9 739.8 407.2 245.5 356.7 461.1 818.8 462.4 411.6
Total Assets 22,303.3 12,449.8 10,102.2 5,096.6 3,436.5 3,548.6 3,005.2 4,414.1 8,646.0 8,755.1 7,364.8 7,504.2 8,581.0 8,278.1 9,640.4 9,182.8 6,119.2 6,912.8 7,032.8 7,659.4 7,288.6 6,929.8 6,653.6 6,339.3 4,910.3 4,695.9 4,382.9 4,287.7 4,136.0 3,728.4 3,855.0 3,977.7 3,717.3 2,263.6 2,150.9 2,062.2 2,037.8 1,863.6 1,828.6 1,765.2 1,598.7
Total Debt 9,496.2 4,888.2 4,569 1,224.3 187.8 49.7 27.8 10.3 11.8 584.8 1,805.1 1,728.4 1,649.3 1,392.4 1,726.9 1,877.5 1,881.3 1,887.6 1,848.7 1,688.6 1,523.0 1,457.4 1,285.5 1,216.4 1,259.2 353.3 125.2 156.5 160.8 274.5 318.8 315.2 312.6 309.2 307.1 301.7 306.5 306.2 361.1 364.3 355.2
Stockholders' Equity 7,240.9 4,613.2 4,810.8 3,775.5 3,161.3 3,253.7 2,873.7 4,333.4 3,333.9 3,293.7 3,123.3 3,397.2 4,142.7 4,245.7 5,255.7 5,027.5 2,805.9 3,462.1 3,542.7 4,520.7 4,342.4 4,365.9 4,134.0 3,954.7 2,630.8 3,144.2 3,012.4 2,968.0 2,804.7 2,573.9 2,717.7 2,855.4 2,472.6 1,436.2 1,420.7 1,355.6 1,399.8 1,258.9 1,214.6 1,161.9 1,052.7
Cash Flow
Operating Cash Flow 2,258 834.3 (80.4) 0 0 (74.6) (55.8) 0 0 145.5 176.2 135.7 306.9 (58.3) 453.0 397.4 (48.5) 47.6 30.4 (65.3) 112.7 69.5 239.3 (1.9) 96.6 143.3 227.0 167.1 162.1 8,607 115.8 108.5 90.6 7,591 56.4 120.5 102.5 96.9 98.0 127.6 82.5
Capital Expenditure (2,472.9) (2,056) (955.5) 0 0 (417.7) (172.1) 0 0 609.8 (272.4) (284.0) (130.2) (319.4) (78.9) (146.6) (215.3) (263.1) (117.6) (184.7) (46.9) (86.9) (59.4) (146.4) (30.2) (90.2) (82.0) (122.4) (30.5) (187.0) (65.7) (143.3) (20.2) (45.2) (36.2) (65.0) (69.0) (51.0) (43.7) (39.0) (21.3)
Free Cash Flow (214.9) (1,221.7) (1,035.9) 0 0 (492.3) (227.9) 0 0 755.3 (96.2) (148.3) 176.7 (377.8) 374.1 250.7 (263.7) (215.5) (87.3) (250.0) 65.9 (17.4) 179.9 (148.3) 66.4 53.1 145.0 44.7 131.6 (80.0) 50.2 (34.7) 70.4 87.7 20.2 55.6 33.5 45.9 54.3 88.6 61.1