Yandex Q4 Revenue Up 28% as Real Estate Sits Within AI Engine

The Russian internet giant Yandex has released its fourth quarter and full year 2025 results, with solid top-line growth and sharply higher profitability. Yandex's real estate classifieds are now fully embedded inside the group’s Search and AI reporting line.

• Q4 revenue: RUB 436.0 billion, up 28% year-on-year
• FY2025 revenue: RUB 1,441.1 billion, up 32%
• Q4 adjusted EBITDA: RUB 87.8 billion, up 80%, margin 20.1%
• Search and AI services Q4 revenue: RUB 163.0 billion, up 4%
• Search and AI FY2025 revenue: RUB 551.2 billion, up 10%

Yandex Real Estate, Auto.ru, Yandex Rent and other verticals are reported within “Search and AI services”, a shift first highlighted earlier in 2025. The segment delivered RUB 163.0 billion in Q4 revenue, with adjusted EBITDA of RUB 69.2 billion and a 42.5% margin. Yandex's real estate classifieds business is a challenger behind vertical leader Cian and horizontal leader Avito.

While the company no longer breaks out real estate separately, in Q3 it noted that Yandex Real Estate revenue had climbed 14% year-on-year, helping to offset automotive weakness.

Group advertising revenue rose 8.7% to RUB 124.5 billion in Q4, underlining how dependent classifieds performance is on Yandex’s ad stack and AI tools. Across the wider business, adjusted net income increased 70% year-on-year to RUB 53.5 billion in the quarter.

Looking ahead, management expects revenue growth of approximately 20% in 2026 and adjusted EBITDA of around RUB 350 billion. In a market where Cian and Avito continue to compete aggressively for audience and listings, Yandex’s real estate vertical may be financially submerged within AI, but strategically it remains part of the portal chessboard.