Nu Holdings Ltd. Class A Ordinary Shares Earnings Recaps
Q1 2026
May 15, 2026
Nu Holdings shares declined 4.9% following the earnings release, likely reflecting investor disappointment with margin pressures and increasing provisions despite top-line growth, suggesting rising costs and credit expenses weighed on the outlook.
Key takeaways
- Customer base expanded to over 135 million, including 115 million in Brazil and 15 million in Mexico, highlighting continued user growth.
- ARPAC reached approximately $16 per active customer, marking sequential expansion and contributing to record revenue of $5 billion for the quarter.
- Efficiency ratio declined below 18%, partly driven by structural improvements but also influenced by timing benefits; an indicator of margin pressure amid growth investments.
- Provisions increased due to seasonality, growth, and portfolio mix, signaling higher credit costs without indicating asset quality deterioration.
- Despite operational progress and a milestone IFRS profit in Mexico, higher provisions and pressure on margins appear to have dampened investor enthusiasm.
Q3 2025
Nov 15, 2025
Nu Holdings reported a strong third quarter in 2025 with record revenues exceeding $4 billion and continued growth in customer base, achieving 127 million customers while maintaining high engagement levels.
Key takeaways
- Q3 net income reached $783 million, showcasing solid profitability alongside ongoing investments in growth.
- Customer base increased by over 4 million this quarter, with active engagement rates above 83%.
- The company’s average revenue per active customer (ARPAC) expanded to over $13, driven by strong unit economics and deepening monetization efforts.
- Cost-to-income ratio improved to 28%, reflecting enhanced operational efficiency while maintaining focus on growth and innovation.
- Strategic investments in AI aim to enhance customer interactions and improve risk management, positioning Nubank for future scalability and profitability.
Q2 2025
Aug 15, 2025
Nu Holdings demonstrated exceptional growth in Q2 2025, achieving nearly 123 million customers and $3.7 billion in revenues, reflecting an 85% annualized growth rate since 2021 while maintaining strong profitability.
Key takeaways
- Customer base expanded by 4.1 million net additions, with activity rates exceeding 83%.
- Revenues surged to $3.7 billion, supported by a gross profit growth of 78% year-over-year.
- Quarterly net income reached $637 million, nearly tripling over the past two years.
- Enhanced leadership team with key strategic hires aims to drive future growth and innovation.
- Strong performance in Mexico and Colombia, with active unsecured loans customer base increasing by 56% year-over-year.