About the company YANDEX
Security pageYandex is Russia's largest internet company: a search engine, ride-hailing and delivery services, e-commerce, autonomous driving technology and a cloud platform. Following the separation of the international and Russian businesses, the Russian part operates as an independent group whose shares trade on the Moscow Exchange under the ticker YDEX.
What the company does
The company is built as several businesses at different stages of maturity under one roof. Search and advertising are the mature and profitable core: the advertiser pays for an impression or a click, and Yandex's share of search makes it a must-have channel for the Russian advertising market. It is this segment that funds everything else.
The second layer is services with real operational work behind them: ride-hailing, food and grocery delivery, car sharing. Revenue here is large but margins are thin, because behind every trip there are real drivers, couriers and cars. Scale is the competitive advantage here: the more orders there are, the shorter the wait and the less each one costs.
The third is the businesses that for now mostly consume cash: the cloud platform, autonomous transport, devices and media services. They are valued not on current profit but on what they could become.
Business lines
Search and portal
The search engine and advertising products are the group's profitable core.
Ridetech
Ride-hailing, car sharing, scooter rental: mass-market services with thin margins and economies of scale.
E-commerce and delivery
The marketplace, grocery and food delivery — a business that is growing fast and requires investment.
Other business lines
The cloud platform, devices with a voice assistant, media services, autonomous driving technology.
History
- 1997The search engine is launched — the date from which the company counts its history.
- 2011Shares are listed on a US exchange.
- 2011–2020From a search engine the company turns into a group of services: ride-hailing, delivery, classifieds, music, cloud.
- 2022Sanctions pressure and the departure of part of the business; the process of separating the Russian and international assets begins.
- 2024The separation is complete: the Russian part becomes an independent group with a listing in Moscow.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- A dominant share of search within the country and a high-margin advertising model.
- A strong engineering culture and proprietary technology, including machine learning and autonomous transport.
- The services are interconnected: a user of one of them costs another less to acquire.
Weaknesses
- The profit of one business funds the losses of the others — the overall result is lower than that of the advertising business on its own.
- Internet regulation and data requirements keep changing and directly affect the products.
- After the separation of assets, the international part of the business has been lost.
- Competition in delivery and ride-hailing is fought on price, which puts pressure on margins.
Opportunities
- The exit of foreign competitors freed up market share in advertising, video services and classifieds.
- E-commerce is growing faster than retail as a whole and could become a second profitable core.
- The cloud platform sells other companies the infrastructure that has already been built for the group's own needs.
- Artificial intelligence technologies can be applied across all of the group's services at once.
Threats
- Services that rely on couriers and drivers depend on the cost of labour, and that cost is rising along with the shortage of workers.
- Regulation of internet platforms, advertising and aggregators is tightening.
- Competition with the ecosystems of banks and marketplaces is under way on several fronts at once.
- Sanctions restrict access to data centre equipment and to international markets.
Frequently asked questions
What does Yandex do?
The company develops a search engine and advertising products, ride-hailing and delivery services, a marketplace, a cloud platform, media services and autonomous driving technology. Most of its income comes from search advertising.
What does Yandex earn the most from?
From advertising in search and on its own services: the advertiser pays for an impression or a click. This is the group's most profitable segment, and it is the one that funds the development of the other businesses.
What changed after the company was split?
The Russian services passed to an independent group listed on the Moscow Exchange, while some of the international projects remained with the former structure. For an investor in the Russian market this means that the stock now reflects the Russian business specifically.
Issuer profile
What the company does
The company is classified under the «IT, software & pharma» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 16 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 3900019850. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 6 securities listed: 1 share class, 5 bond issues. All are shown on this page, including those trading in different modes and different currencies.
Across Moscow Exchange quotation list levels the securities split as follows: 1 at level 1, 5 at level 2. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Bond issues
The nearest issue matures on 11 April 2027 and the farthest on 3 June 2029. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.
The largest issue by face value is RU000A10BF48, with a face value of 1,000.00 ₽ per bond, maturing on 11 April 2027. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.
Dividend history
Between 2024 and 2026 the issuer made 3 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.
The most recent payout was 110.00 ₽ per security with a record date of 29 September 2026. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.
Financial statements
The most recent annual report we hold is for 2025 under RAS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2025 was 88.00B ₽.
Net income for 2025 was 825.82B ₽.
Of every unit of revenue, 938.4 % remained as net income. This is the ratio of two figures already named above rather than a separate line from the report: comparing it across companies is meaningful only within one sector and one reporting standard.
Equity stands at 2.62T ₽ against total assets of 2.73T ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.