Nu Holdings (NU) Company Report

Analyst Coverage

Research analysts who have asked questions during Nu Holdings earnings calls.

Eduardo Rosman

BTG Pactual

6 questions for NU

Also covers: BBD, BDORY, BSBR +4 more

Jorge Kuri

Morgan Stanley

6 questions for NU

Also covers: BBD, BDORY, BSBR +3 more

Mario Pierry

Bank of America

6 questions for NU

Also covers: BBD, BDORY, BSBR +5 more

Yuri Fernandes

JPMorgan Chase & Co.

6 questions for NU

Also covers: AVAL, BAP, BBD +13 more

Pedro Leduc

Itau BBA

5 questions for NU

Also covers: BBAR, BBD, BDORY +8 more

Tito Labarta

Goldman Sachs

5 questions for NU

Also covers: BAP, BBAR, BBD +14 more

Gustavo Schroden

Citigroup

4 questions for NU

Also covers: BBD, BDORY, BSBR +5 more

Neha Agarwala

HSBC

3 questions for NU

Also covers: BCH, BSAC, DLO +5 more

Geoffrey Elliott

Autonomous

2 questions for NU

Also covers: MELI

John Coffey

Barclays PLC

2 questions for NU

Also covers: DLO, PAGS, RPAY +2 more

Thiago Bovolenta Batista

UBS

2 questions for NU

Also covers: BAP, BBD, BSBR +3 more

Daer Labarta

Goldman Sachs

1 question for NU

Also covers: BBD, BCH, BDORY +4 more

Henrique Navarro

Banco Santander, S.A.

1 question for NU

Also covers: BBD, ITUB, XP

Nika Gawala

HSBC

1 question for NU

William Tang

SIG

1 question for NU

Also covers: ICL

Latest news

Recent press releases and 8-K filings for NU.

Nu Holdings Reports Strong Q4 2025 Results and Outlines 2026 Investment Strategy

Earnings

Guidance Update

New Projects/Investments

Nu Holdings reported strong financial results for Q4 2025, with revenues of $4.9 billion, up 45% year-over-year, and net income of $895 million, up 50% year-over-year, achieving a record 33% return on equity. The efficiency ratio also improved, falling to 19.9% under the new methodology.
The company concluded 2025 with 131 million customers, adding 17 million net new customers, and saw ARPAC (Average Revenue Per Active Customer) reach $15, an increase of 27% year-over-year.
For 2026, Nu Holdings plans significant investments in AI, international expansion (including laying operational groundwork for the U.S. market following conditional OCC approval), and a return-to-office policy, which is expected to put upward pressure on the efficiency ratio in the near term.
Credit performance showed 90-plus NPLs declining to 6.6% , and unused credit limits increased by $11 billion to $29 billion, largely driven by predictive AI credit underwriting tools, which contributed to a 50 basis point increase in credit card market share in Brazil during Q4 2025.

7 days ago

Transcript

Nu Holdings Reports Strong Q4 2025 Results and Outlines 2026 Global Expansion Plans

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Nu Holdings reported robust Q4 2025 financial performance, with revenue reaching $4.9 billion, a 45% year-over-year increase, and net income of $895 million, up 50% year-over-year, leading to a record 33% return on equity.
The company expanded its customer base to 131 million, adding 17 million net new customers in 2025, and increased ARPAC to $15 per active customer, a 27% year-over-year rise.
Nu Holdings achieved an efficiency ratio of 19.9% under its new methodology, marking the first time it fell below 20%. For 2026, the company plans significant investments in global expansion, including a conditional U.S. national bank charter, and further integration of AI.

7 days ago

Transcript

Nu Holdings Reports Strong Q4 2025 Results and Outlines 2026 Strategic Priorities

Earnings

Guidance Update

New Projects/Investments

Nu Holdings reported strong Q4 2025 results, with revenues reaching $4.9 billion, up 45% year-over-year, and net income of $895 million, translating to a 33% return on equity.
The company ended the year with 131 million customers and an ARPAC of $15, up 27% year-over-year, while achieving an efficiency ratio of 19.9% under a new managerial reporting framework.
The total portfolio grew 40% year-over-year to $32.7 billion, with early-stage delinquencies (15-90 NPLs) improving 20 basis points to 4.1% and 90+ NPLs declining 10 basis points to 6.6%.
For 2026, Nu Holdings plans to focus on winning in core markets, strengthening foundations for international expansion (including the U.S. opportunity), and leveraging AI as a superpower.
The company anticipates upward pressure on its efficiency ratio in the next 4-6 quarters due to deliberate investments in return-to-office, AI, and global expansion initiatives.

7 days ago

Transcript

Nu Holdings Announces Q4 2025 Results

Earnings

Revenue Acceleration/Inflection

Nu Holdings reported a Net Income of US$894.8 million and an Adjusted Net Income of US$942.8 million for Q4 2025, with an Adjusted Return on Equity (ROE) of 35%.
The company achieved a Gross Profit of US$1,961.1 million in Q4 2025, marking a 38% year-over-year FXN growth, and improved its Efficiency Ratio to 19.9%.
Total Portfolio expanded to US$32.7 billion in Q4 2025, a 40% year-over-year FXN increase, while Deposits reached US$41.9 billion, growing 29% year-over-year FXN.
Credit quality metrics for Q4 2025 showed 90+ Non-Performing Loans (NPLs) at 6.6% and a Coverage Ratio Over NPL 90+ of 227.8%.

7 days ago

Presentation

Nu Holdings Reports Q4 and Full Year 2025 Financial Results

Earnings

New Projects/Investments

Nu Holdings Ltd. reported record quarterly revenues of $4.9 billion in Q4'25 and $16.3 billion for Full Year 2025, marking a 45% year-over-year increase for the full year.
The company achieved an all-time high net income of $895 million in Q4'25 and $2.9 billion for Full Year 2025, with a record-high Return on Equity (ROE) of 33%.
Nu's customer base reached 131 million globally by December 2025, adding 17 million net customers in 2025, and its Monthly Average Revenue per Active Customer (ARPAC) grew to $15 in Q4'25, a 27% year-over-year increase.
Nu views 2026 as an inflection year for its evolution into a global digital banking platform, with strategic advancements including the deployment of AI models and receiving conditional OCC approval for a U.S. national bank charter in January 2026.

7 days ago

Press Release

Nu Holdings Ltd. Files Q4 and FY 2025 Managerial P&L Reconciliation Report

Earnings

Accounting Changes

Nu Holdings Ltd. (NU) filed a Form 6-K on February 25, 2026, containing its Managerial P&L Reconciliation Report for the fourth quarter and full year ended December 31, 2025.
For Q4 2025, the company reported Total Revenue of $4,857.3 million and Net Income of $894.8 million.
For FY 2025, Total Revenue was $16,319.6 million and Net Income was $2,871.7 million.
The Managerial P&L is derived from IFRS consolidated financial statements through reclassifications and tax-equivalency adjustments, which do not affect the company's reported net income, cash flows, equity, or regulatory capital metrics prepared in accordance with IFRS.
KPMG Auditores Independentes Ltda. provided a limited assurance conclusion that the supplementary consolidated financial information in the Managerial P&L Reconciliation Report is properly prepared based on the company's internal policy.

7 days ago

6-K

Nu Holdings Ltd. Reports Strong Q4 2025 Results

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Nu Holdings Ltd. reported a Net Income of $894.8 million and Adjusted Net Income of $942.8 million for Q4 2025, achieving an Annualized Adjusted ROE of 35% and an improved Efficiency Ratio of 19.9%.
The company expanded its customer base to 113 million, maintaining an 86% activity rate in Q4 2025.
Total portfolio grew to $32.7 billion, representing a 40% year-over-year FXN increase, while deposits reached $41.9 billion.
Credit quality metrics showed 15-90 NPLs at 4.1% and a 90+ NPLs coverage ratio of 230.9% in Q4 2025.

7 days ago

6-K

Nu Holdings Ltd. Reports Strong Q4 and Full Year 2025 Financial Results

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Nu Holdings Ltd. reached 131 million customers globally by December 2025, adding 17 million in FY 2025, reflecting a 15% year-over-year (YoY) increase. Monthly Average Revenue per Active Customer (ARPAC) grew 27% YoY to $15 in Q4 2025.
The company reported record quarterly revenues of $4.9 billion in Q4 2025, contributing to FY 2025 revenues of $16.3 billion, up 45% YoY. Net income reached an all-time high of $895 million in Q4 2025, with FY 2025 net income at $2.9 billion, a 51% YoY increase.
Nu achieved a record-high Return on Equity (ROE) of 33% in Q4 2025 and improved its Efficiency Ratio to 19.9% in the same quarter.
The company advanced its U.S. strategy by filing for a national bank charter in September 2025 and receiving conditional OCC approval in January 2026, while also deploying its AI-driven model, nuFormer, in credit underwriting in Brazil.

7 days ago

6-K

Nu Holdings Ltd. Reports Full Year 2025 Financial Results and Receives US Banking Approval

Earnings

New Projects/Investments

Nu Holdings Ltd. reported total revenue of $15,774,741 thousand and net income of $2,871,672 thousand for the year ended December 31, 2025, with basic earnings per share of $0.5936.
As of December 31, 2025, the company's total assets increased to $74,893,877 thousand and total equity grew to $11,321,562 thousand.
Nu Mexico Financiera received regulatory approval on April 24, 2025, to begin the process of converting into a bank, with the intent to expand its portfolio of credit and other financial products in Mexico.
Subsequent to the reporting period, on January 29, 2026, Nu received conditional approval from the Office of the Comptroller of the Currency (OCC) for the formation of a national bank, Nubank N.A., in the United States, which will enable the offering of deposit accounts, credit cards, lending products, and digital-asset custody services.

7 days ago

6-K

Nu Holdings Receives Conditional OCC National Bank Charter

New Projects/Investments

Management Change

Regulatory

Nu Holdings has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to form Nubank, N.A., a de novo national bank, which is a significant regulatory milestone for its U.S. expansion. The application was submitted on September 30, 2025, with approval granted approximately four months later.
This charter will allow Nubank to offer deposit accounts, credit cards, lending, and digital-asset custody under a federal framework in the U.S.. Cristina Junqueira will lead the new unit, and former Central Bank of Brazil President Roberto Campos Neto is set to chair the board.
The company, which reported $783 million in quarterly net income and manages $38.8 billion in deposits, is required to be fully capitalized within 12 months and begin operations within 18 months.
This strategic move builds on Nubank’s existing base of 127 million customers and includes plans for U.S. hubs in Miami, the Bay Area, Northern Virginia, and the North Carolina Research Triangle.