Yandex's Vladimir Data Center Posts a 30 Thousand Ruble Loss on 2.3 Billion Rubles in Revenue

Yandex's data center in Vladimir grew its revenue and lost all of its profit. According to financial statements reviewed by TAdviser, Yandex DC Vladimir earned 2.339 billion rubles in 2025. That is 15.7% more than in 2024 (2.022 billion). The net result was a loss of 30 thousand rubles, while a year earlier the company reported a profit of 147.311 million rubles. The statements are published on the FNS website.

A loss of 30 thousand rubles on a turnover of 2.3 billion rubles is about 0.001% of revenue, effectively zero. But the trend matters more than the figure itself: in one year, the business lost almost 150 million rubles in net profit.

Where the margin went

The main factor is cost of sales. It rose 23.4%, from 1.828 billion to 2.255 billion rubles, noticeably faster than revenue. In absolute terms, revenue added about 317 million rubles, while cost of sales added about 427 million. Each additional ruble of revenue came with roughly 1.35 rubles of direct costs.

A simple calculation from the published data shows the scale of the squeeze. Gross profit was about 194 million rubles in 2024 and about 84 million in 2025, a drop of almost 57%. Gross margin shrank from 9.6% to 3.6%.

What the financial statements don't show

The abbreviated financial statement filed with the FNS does not break down what makes up cost of sales. There is no itemization for electricity, equipment depreciation, salaries, maintenance of engineering systems or rent. The statement also does not show the structure of revenue, that is, how much comes from external customers and how much from other companies in the Yandex group.

That last point matters. If the entity mainly serves the group's internal needs, its financial result may depend on internal tariffs and transfer pricing. In that case, near-zero profit would be more an accounting question than a sign of profitability problems. This is a hypothesis; the published data do not confirm it.

Key figures from the statements:

• Revenue in 2025: 2.339 billion rubles (+15.7% from 2.022 billion in 2024).
• Cost of sales: 2.255 billion rubles (+23.4% from 1.828 billion).
• Net result: a loss of 30 thousand rubles, versus a profit of 147.311 million in 2024.
• Gross profit (calculated from the statements): about 84 million versus about 194 million.
• Gross margin (calculated): 3.6% versus 9.6%.

How to read these numbers

The statements of a single legal entity describe one site, not Yandex's entire cloud and computing business. They do not support conclusions about the group's infrastructure as a whole. The data also covers only one year, so no trend can be built from it.

Three things are worth watching in practice. First, the 2026 statements will show whether the margin collapse was a one-off or has stuck. Second, a comparison with other data center operators in Russia would help determine whether the cost growth reflects market conditions or the specifics of this particular site. Third, if the rise in cost of sales is explained by capacity expansion, revenue should accelerate in the next period. If not, the pressure on margin will have to be explained by something else.

For customers of data centers and cloud services, the takeaway is a cautious one. An operator's rising costs sooner or later find their way into tariffs, but a single line in a financial statement cannot predict prices. For anyone planning compute capacity for AI workloads, it is another reminder that operating costs for electricity and equipment can easily eat into margin even as demand grows.