Nu Holdings Ltd. (NU): Financial results for Q2 2026
Nu Holdings Ltd. (NU) furnished an SEC Form 6-K — earnings release. Yes No ( X ) Nu Holdings Ltd. Reports Second Quarter 2026 Financial Results São Paulo, Brazil, August 13, 2026 — Nu Holdings Ltd. (NYSE: NU) (“Nu” or the “Company”), the largest digital bank in Latin America, today released its fi nancial results for the second quarter ended June
How this was made
The 30-second read
Why it matters
The earnings release confirms the success of its expansion strategy and AI integration, likely supporting a positive price reaction.
Market read
Strong Q2 results could trigger buying interest in NU and influence sentiment toward fintech stocks in emerging markets.
What to watch
Higher efficiency ratio and rising NPLs could signal emerging credit risk.
Nu Holdings Ltd. Reports Second Quarter 2026 Financial Results
Managerial total revenue grew 39% YoY to $5,875.7 million, managerial gross profit rose 43% YoY to $2,441.1 million, and IFRS net income increased 49% YoY to $1,061.1 million. Customer, purchase-volume, credit-portfolio, and deposit growth remained positive, while risk-adjusted NIM expanded to 12.4%.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Number of Customers (in millions)other | 138.9 | 3% | 13% |
| Activity Rateother | 83.5% | 0.1 p.p | 0.3 p.p |
| Purchase Volume (in $ billions)other | 43.4 | 6% | 16% |
| Monthly Average Revenue per Active Customer (in $)other | 17.1 | 3% | 22% |
| Monthly Average Cost to Serve per Active Customer (in $)other | -1.0 | 2% | 14% |
| Total portfolio - credit card and loan (in $ billions)other | 39.4 | 5% | 37% |
| Deposits (in $ billions)other | 45.3 | 6% | 18% |
| Total Revenue (in $ millions), Managerial P&Lnon-GAAP | 5,875.7 | 6% | 39% |
| Credit Income (in $ millions), Managerial P&Lnon-GAAP | 3,604.8 | – | – |
| Float Income (in $ millions), Managerial P&Lnon-GAAP | 1,454.4 | – | – |
| Fee Income (in $ millions), Managerial P&Lnon-GAAP | 816.4 | – | – |
| Total Direct Costs (in $ millions), Managerial P&Lnon-GAAP | -3,434.6 | – | – |
| Funding Cost (in $ millions), Managerial P&Lnon-GAAP | -1,372.1 | – | – |
| Cost of Credit (in $ millions), Managerial P&Lnon-GAAP | -1,690.8 | declined 9% QoQ | – |
| Transaction Cost (in $ millions), Managerial P&Lnon-GAAP | -130.8 | – | – |
| Revenue-Based Taxes (in $ millions), Managerial P&Lnon-GAAP | -240.9 | – | – |
| Gross Profit (in $ millions), Managerial P&Lnon-GAAP | 2,441.1 | 25% | 43% |
| Operating Expenses (in $ millions), Managerial P&Lnon-GAAP | -806.2 | – | – |
| Customer Support and Operations (in $ millions), Managerial P&Lnon-GAAP | -226.2 | – | – |
| G&A Expenses (in $ millions), Managerial P&Lnon-GAAP | -463.6 | – | – |
| Marketing Expenses (in $ millions), Managerial P&Lnon-GAAP | -103.6 | – | – |
| Other Operating Expenses (in $ millions), Managerial P&Lnon-GAAP | -12.8 | – | – |
| Share of Results From Associates (in $ millions), Managerial P&Lnon-GAAP | -4.7 | – | – |
| EBT (in $ millions), Managerial P&Lnon-GAAP | 1,630.3 | – | – |
| Income Taxes (in $ millions), Managerial P&Lnon-GAAP | -569.2 | – | – |
| Net Income (in $ millions), Managerial P&Lnon-GAAP | 1,061.1 | 17% | 49% |
| Total revenue (in $ millions), IFRSother | 5,513.2 | – | – |
| Interest income and gains net of losses on financial instruments (in $ millions), IFRSother | 4,760.6 | – | – |
| Fee and commission income (in $ millions), IFRSother | 752.6 | – | – |
| Total cost of financial and transactional services provided (in $ millions), IFRSother | -3,166.7 | – | – |
| Gross profit (in $ millions), IFRSother | 2,346.5 | – | – |
| Operating (expenses) income (in $ millions), IFRSother | -1,105.6 | – | – |
| Profit (loss) before income taxes (in $ millions), IFRSother | 1,236.3 | – | – |
| Income taxes (in $ millions), IFRSother | -175.2 | – | – |
| Net income (loss) for the period (in $ millions), IFRSother | 1,061.1 | 17% | 49% |
| Efficiency-Ratioother | 19.5% | 1.9 p.p | -1.8 p.p |
| Risk Adjusted NIMother | 12.4% | 2.9 p.p | 2.5 p.p |
| ROEother | 33% | 3.7 p.p | 4.8 p.p |
| NPL 15-90other | 4.8% | -0.2 p.p | 0.3 p.p |
| NPL 90+other | 6.9% | 0.4 p.p | 0.4 p.p |
| Net Interest Incomeother | $3.7 billion | up 9% QoQ | – |
| Net Interest Marginother | 22.9% | expanded 180 bps | – |
| Credit cards (in $ billions)other | 26 | – | – |
| Unsecured lending (in $ billions)other | 10.3 | – | – |
| Secured lending (in $ billions)other | 3.1 | – | – |
What drove it
- Nu added approximately 4 million customers in Q2'26 and reached 138.9 million customers globally.
- Purchase Volume grew 16% YoY to 43.4 in $ billions, while Monthly Average Revenue per Active Customer grew 22% YoY to 17.1 in $.
- The company attributed Net Interest Margin expansion to portfolio growth, the mix shift toward unsecured lending, and intentional risk expansions.
- Credit contributed 41% of managerial gross profit, fees contributed 25%, and float contributed 34%.
- Management attributed the QoQ decline in cost of credit largely to normal second-quarter improvement in early delinquencies.
- AI agents handled more than 60% of customer support conversations in Brazil at or above human parity.
Concerns
- Efficiency-Ratio increased to 19.5% in Q2'26 from 17.6% in Q1'26 as real estate and marketing expenses shifted into the second quarter alongside continued international-expansion investments.
- NPL 90+ increased 35 bps to 6.9%, which management said largely reflected seasonal migration of first-quarter early delinquencies.
- Management said intentional expansions into higher-risk, higher-return segments partially offset the seasonal improvement in the 15-90 NPL ratio.
- Mexico deposits declined modestly again as part of a deliberate deposit-optimization strategy.
What to watch
- Whether the 12.4% Risk Adjusted NIM and 33% ROE are sustained as unsecured lending and higher-risk, higher-return segments expand.
- The trajectory of the 6.9% NPL 90+ ratio following seasonal migration of first-quarter early delinquencies.
- The cost and growth effects of continued international-expansion investment and the Mexico deposit-optimization strategy.
- Adoption of the August Mexico bank launch and the July launch of Croma for Super Core customers.
- Execution of NuFormer across credit cards, unsecured lending, SME, and Colombian card portfolios.
Balance sheet and cash flow
- Total credit portfolio expanded 37% YoY and 5% QoQ to $39.4 billion.
- Total deposits reached $45.3 billion, up 18% YoY and 6% QoQ.
- Brazil deposits closed at $36.4 billion, Mexico at $5.7 billion, and Colombia at $3.3 billion.
- Mexico's loan-to-deposit ratio was 35%.
- Consolidated cost of deposits held at 88% of interbank rates, 3 p.p. lower than a year ago.
Analysis
Nu reported broad-based operating and financial growth in Q2'26. Customers reached 138.9 million, Purchase Volume was 43.4 in $ billions, and Monthly Average Revenue per Active Customer was 17.1 in $. Managerial Total Revenue increased 39% YoY to $5,875.7 million, while Managerial Gross Profit grew 43% YoY and 25% QoQ to $2,441.1 million. IFRS net income was $1,061.1 million, compared with $637.0 million in Q2'25.
The quarter's profitability improvement was supported by credit economics. Net Interest Income reached $3.7 billion and rose 9% QoQ, Net Interest Margin reached 22.9%, and Risk Adjusted NIM expanded to 12.4% from 9.5% in Q1'26. Management cited portfolio growth, a shift toward unsecured lending, and intentional risk expansions for NIM growth. Cost of Credit declined 9% QoQ to $1.7 billion, which management attributed largely to normal second-quarter improvement in early delinquencies.
Credit balances expanded 37% YoY to $39.4 billion and deposits increased 18% YoY to $45.3 billion. The loan book included $26 billion in credit cards, $10.3 billion in unsecured lending, and $3.1 billion in secured lending. Asset-quality trends were mixed: NPL 15-90 improved to 4.8% from 5.0% in Q1'26, but NPL 90+ rose to 6.9% from 6.5%. The company linked the latter increase to seasonal migration of first-quarter early delinquencies and noted its expansion into higher-risk, higher-return segments.
Expense discipline remains a key monitoring point. The Efficiency-Ratio improved from 21.3% in Q2'25 but rose to 19.5% from 17.6% in Q1'26 because real estate and marketing expenses shifted into the quarter and the company continued to invest in international expansion. Managerial operating expenses were -$806.2 million, including -$463.6 million in G&A Expenses and -$103.6 million in Marketing Expenses.
The release provided no forward financial guidance. Strategically, Nu highlighted its August Mexico bank launch, Croma's July launch for Super Core customers in Brazil, and wider deployment of NuFormer. Mexico's deposits declined modestly under a stated deposit-optimization strategy, while the Mexican loan-to-deposit ratio was 35%. The next reported periods will show whether these initiatives convert into sustained monetization and whether risk-adjusted returns remain durable as the lending mix evolves.
Management, verbatim
Thirteen years ago we started with a simple hypothesis: that a bank built on technology, with no branches and no legacy to defend, could serve hundreds of millions of people better, and at a fraction of the cost. This is no longer a hypothesis, and we are now generating more than a billion dollars in quarterly net income. Earlier this month, we launched our bank in Mexico, becoming the largest digital bank in the country with 16 million customers. That completes our transformation there, unlocking capabilities we did not have before. In Brazil, we are evolving our structure, adding a full banking license to our operations. We also launched Croma for our Super Core customers, taking the same primary banking playbook upmarket into an even larger profit pool. Underpinning all of it, NuFormer, our foundation model for financial behavior, now powers underwriting, customer service, and growth decisions across the company.
David Vélez, founder and global CEO of Nubank
Not in the filing
stated, not guessed- Forward financial guidance
- Prior-period outlook for guidance comparison
- GAAP or IFRS earnings per share
- Gross margin
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Share repurchases
- Dividends
- Segment revenue disclosure
- Tax rate
- Prior-quarter values for Managerial P&L line items other than Total Revenue, Gross Profit, and Net Income
- Prior-quarter values for IFRS Accounting P&L line items
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Nu Holdings (NYSE:NU) is the largest digital bank in Latin America, recently expanding into Mexico and adding a full banking license in Brazil.
Ticker impact
Nu Holdings released its Q2 2026 earnings with $5.9B revenue, $1.1B net income and 139M customers.
Potential upside as investors price in higher earnings and expanding customer base.
Revenue up 39% YoY, net income positive for first time, ROE 33%, and successful Mexico launch suggest continued momentum.
Market effects
Highlights strength of digital banking and AI‑driven finance in Latin America.
May boost sentiment toward other Latin American fintechs and emerging‑market banks.
Shows scalability of AI‑enabled banking models, relevant for global fintech investors.
Counterpoint
Valuation may already price in growth; any slowdown in Mexico could pressure the stock.
Key entities
- ExecutiveDavid Vélez
Founder and CEO of Nu Holdings, quoted on the earnings call.
