Yandex Q3 Revenue Climbs 32% as Classified Verticals Drive Growth

The Russian tech giant Yandex reported a 32% year-on-year increase in revenue for the third quarter of 2025, reaching RUB 366 billion ($4.5 billion), according to its latest financial report. Highlights of the company's reporting for the period include:

• Total revenue of $4.5 billion
• Adjusted EBITDA rose 43% to RUB 78 billion ($967 million), with an improved margin of 21.3%.
• Adjusted net income surged 78% to RUB 44.7 billion ($553 million).

Apart from operating the most popular search engine in Russia, Yandex also operates several online marketplace businesses including Auto.ru, Yandex Real Estate, Yandex Rent, Yandex Travel and Yandex Services. In the real estate industry, Yandex Real Estate competes with the likes of vertical platform Cian and the general classifieds giant Avito.

As of Q3, Yandex's classifieds assets are being reported in the 'Search Services and AI' segment, which delivered RUB 139 billion ($1.7 billion) in revenue, up 9% year-on-year. Segment EBITDA grew 9% to RUB 63 billion ($780 million). Previously, they had been reported in their own segment and had been performing well ever since Russia's invasion of Ukraine led to increased investment in domestic real estate.

The company attributed the latest revenue surge to a 29% improvement in ad performance driven by AI. Yandex Real Estate revenue climbed 14% year-on-year, partly offsetting the wider automotive market decline.

As a Russian company that was historically headquartered in the Netherlands, Yandex has undergone some big changes at the corporate level in recent years.

Yandex N.V. (the Dutch, Nasdaq-listed parent) agreed in early 2024 to sell its Russia-based operations to a Russia-based purchaser consortium, which was led by the company's management. That created a Russian legal entity (IJSC “Yandex”) that holds the operating assets in Russia; the Dutch parent then exited ownership of the Russian businesses as part of the transaction.