Yandex: Q2 profit quadrupled, but a third of it came from the Auto.ru sale

21 августа 2026 года Яндекс раскрыл результаты за второй квартал 2026 года. Чистая прибыль составила 64,5 млрд руб., что в 4 раза больше, чем годом ранее, выручка выросла на 16,2% до 386,3 млрд руб., EBITDA – на 78,8% до 114,4 млрд руб. В обзоре разберём, что обеспечило такой скачок прибыльности, какую роль сыграла продажа Авто.ру и почему оценка остаётся ниже собственной истории.

Key takeaways

— The Auto.ru sale brought 25.7 bn RUB of profit – a third of the quarter's net income

— EBITDA margin rose to 29.6% on the back of e-commerce and ride-hailing turnaround

— Operating cash flow in Q2 reached 136.2 bn RUB – twice the profit

— Net debt fell by 20.5 bn RUB in the quarter, to 66.5 bn RUB

— Capex rose to 60.1 bn RUB, but cash flow covers it with room to spare

— Dividend yield of 5.5% is below our fair level of 7.0%

— EV/EBITDAC of 6.3 is almost half its three-year average

Key figures, RUB bn

The Auto.ru sale brought 25.7 bn RUB of profit – a third of the quarter's net income

In Q2 2026, Yandex completed the sale of 100% of Auto.ru for 35.0 bn RUB, of which 31.5 bn RUB was received in cash by June 30. The gain on disposal recognised in the income statement was 25.7 bn RUB – a third of the quarter's net profit of 64.5 bn RUB.

Excluding this one-off gain, net profit would have been about 38.8 bn RUB – still double the year-ago 16.2 bn RUB, but growth would have been 2.4x, not 4x. The Auto.ru sale also reduced revenue in the Search & AI segment, but the group did not restate prior periods, so year-on-year comparability is slightly distorted.

EBITDA margin rose to 29.6% on the back of e-commerce and ride-hailing turnaround

EBITDA in Q2 grew 78.8% YoY to 114.4 bn RUB, with margin expanding from 19.2% to 29.6%. The main driver was e-commerce: its adjusted EBITDA turned positive at 0.4 bn RUB versus a loss of 10.9 bn RUB a year earlier. Ride-hailing added 9.8 bn RUB of EBITDA, to 35.0 bn RUB.

Financial services also swung from loss to profit: 1.9 bn RUB versus minus 0.2 bn RUB a year ago. As a result, the group posted record operating profitability, even though revenue growth slowed from Q1 (16.2% vs 21.6%).

Operating cash flow in Q2 reached 136.2 bn RUB – twice the profit

Operating cash flow in Q2 was 136.2 bn RUB – twice net profit (64.5 bn RUB) and 2.7x the year-ago 50.7 bn RUB. The main contributors were higher net profit and an inflow from client deposits in financial services: they rose by 67.4 bn RUB in H1.

For H1, operating cash flow reached 136.2 bn RUB (per the cash flow statement), almost double the 81.8 bn RUB in H1 2025. This gives the group room for capex and dividends.

Net debt fell by 20.5 bn RUB in the quarter, to 66.5 bn RUB

As of June 30, 2026, Yandex's net debt stood at 66.5 bn RUB – down 20.5 bn RUB from the end of Q1 (87.0 bn RUB) and down 81.0 bn RUB from a year ago (147.5 bn RUB). The decline was driven by strong operating cash flow and proceeds from the Auto.ru sale.

Net debt to EBITDA for the last twelve months is 0.39. This is a low level that does not constrain the group's growth financing. Total debt at June 30 was 277.3 bn RUB, of which 71.8 bn RUB was short-term, while undrawn credit lines stood at 493.2 bn RUB.

Capex rose to 60.1 bn RUB, but cash flow covers it with room to spare

Capex in Q2 was 60.1 bn RUB – almost 2.5x the year-ago 23.6 bn RUB. The increase reflects investments in infrastructure, including data centers and equipment for the AI direction.

Despite the capex jump, free cash flow remains positive: operating cash flow of 136.2 bn RUB versus capex of 60.1 bn RUB. For H1, capex was 60.1 bn RUB, below the operating cash flow of 136.2 bn RUB for the same period.

Dividend yield of 5.5% is below our fair level of 7.0%

Over the last 12 months, Yandex paid 190 RUB per share, a yield of 5.5%. Our model estimates the next payout at 190 RUB per share, implying a forward yield of 5.5% – well below the 7.0% we consider fair for this name.

The payout ratio is 0.56, meaning the company distributes just over half of net profit. At the current market cap of 1,375.1 bn RUB and P/E of 10.8, there is room to raise payouts, but management has not announced a change in dividend policy.

EV/EBITDAC of 6.3 is almost half its three-year average

Including capitalised development costs (EBITDAC), the EV/EBITDAC multiple is 6.3 – almost half its three-year average of 10.1. Even without the development adjustment, EV/EBITDA is 4.5, also well below the historical norm.

P/E for the last twelve months is 10.8, ROE is 65.1%. The stock trades at a discount to its own history, likely reflecting market concerns about slowing search advertising growth and rising capex. But given current profitability and cash flow, the valuation looks conservative.

Valuation on the latest reported figures

Bottom line

Q2 2026 was strong for Yandex: EBITDA margin reached 29.6%, operating cash flow hit 136.2 bn RUB, and net debt fell to 66.5 bn RUB. However, a third of net profit came from the Auto.ru sale, and revenue growth slowed to 16.2%. The key question for holders is whether the group can sustain profitability amid stagnating search advertising and rising capex. At 6.3x EV/EBITDAC versus a 10.1x three-year average, the stock looks cheap, but the market seems to be pricing in a deterioration. The next report will show whether Q2's margin was a one-off or the new norm.