Jun 2026 (Q2 FY26) — Aug 13, 2026
Nu Holdings Q2 FY26 — Record $1 Billion Net Income Achieved
Read the full callNu Holdings (NU) earnings
- Jun 2026 (Q2 FY26)
- Dec 2024
Nu Holdings earnings: last reported Thu, 13 Aug 2026, for the quarter ended Jun 2026.
Guidance
What management said, and what became of it
4 of 4 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Consolidated risk-adjusted net interest margin | move back towards the level we operated at during the second half of 2025 | Mar 2026 | With margin up and cost of credit down, risk-adjusted net interest margin expanded to a record 12.4%, up from 9.5% | Achieved |
| Full-year consolidated efficiency ratio | approximately 20% | Mar 2026 | Looking ahead, we continue to expect the efficiency ratio for the full year to average about 20% | On Track |
11 of Nu Holdings Ltd.'s 15 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 13 more targets are in the full ledger.
Claimed
- Generated over $1.1 billion in net income for the first time, up 49% YoY.
- Customer base reached 139 million, including 118 million in Brazil, 5 million in Colombia, and 16 million in Mexico.
- Activity rate expanded sequentially to 83.5%, with Brazil surpassing 86%.
- RPAC reached $17, driving $5.9 billion in gross revenue, up 39% YoY.
- Efficiency ratio remained highly efficient at 19.5%, with a full-year expectation of ~20%.
Qualified
Price
$14.51 −0.34% · −$0.05
Performance −3.3% 1Y
1Y: $15 on 17 Oct 2025 → $14.51. High $18.76 (28 Jan 2026), low $11.6 (8 Jun 2026).
- Previous close
- $14.56
- 52-week range
- $11.6 – $18.76
- One year
- −5.84%
Overview
- Symbol
- NU
- Sector
- Financials
- Industry
- Finance Services
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
4 of 4 judged targets kept · 11 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Consolidated risk-adjusted net interest margin | move back towards the level we operated at during the second half of 2025 | Mar 2026 | With margin up and cost of credit down, risk-adjusted net interest margin expanded to a record 12.4%, up from 9.5% | Achieved |
| Full-year consolidated efficiency ratio | approximately 20% | Mar 2026 | Looking ahead, we continue to expect the efficiency ratio for the full year to average about 20% | On Track |
Claimed
- Generated over $1.1 billion in net income for the first time, up 49% YoY.
- Customer base reached 139 million, including 118 million in Brazil, 5 million in Colombia, and 16 million in Mexico.
- Activity rate expanded sequentially to 83.5%, with Brazil surpassing 86%.
- RPAC reached $17, driving $5.9 billion in gross revenue, up 39% YoY.
- Efficiency ratio remained highly efficient at 19.5%, with a full-year expectation of ~20%.
Qualified
The full ledger
Open Nu Holdings Ltd.’s full ledger
A free account opens 5 company ledgers a month. All 15 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 14, 2026
Nu Holdings Ltd. Q1 FY26 – Record Revenue and Net Income Driven by Customer Growth and ARPAC Expansion
Read the full callDec 2025 (Q4 FY25) — Feb 25, 2026
Nu Holdings Q4 FY25 — Record Profitability and Strategic Investments for Global Expansion
Read the full callEvery analysed call
Nu Holdings earnings calls (NU)
Financials
What the filings say
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|---|---|
| Total liabilities | — | 9,716 | 15,416 | 25,044 | 36,939 | 42,284 |
| Fixed assets | — | 10 | 14 | 27 | 39 | 26 |
| Total assets | — | 10,154 | 19,859 | 29,935 | 43,345 | 49,931 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 |
|---|---|---|---|---|---|---|
| Cash from operations | 276 | 975 | -2,924 | 756 | 1,266 | 2,399 |
| Cash from investing | -5 | -16 | -154 | -127 | -177 | -331 |
| Cash from financing | 611 | 240 | 3,336 | 654 | 425 | 728 |
| Net cash flow | 883 | 1,198 | 257 | 1,282 | 1,514 | 2,796 |
NU operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Efficiency ratio | 29.9%Our efficiency ratio improved significantly, closing the quarter at 29.9%, 150 basis points improvement from the previous quarter and over 610 basis points better than last year.Source: earnings call transcript | 28.3%Gross profit has risen 78% annually, reaching $1.5 billion as we capture benefits of scale, cutting our efficiency ratio by more than half to 28.3% in Q2 2025.Source: earnings call transcript | — | — | — | — | -1.6 pt |
| Net interest margin | 17.7%Conversely, our net interest margin contracted 70 basis points to 17.7% this quarter.Source: earnings call transcript | — | 17.3%So the combination of lower asset yield because of the mix with a slightly more expensive funding base in Brazil has compressed net interest margins in the quarter, which is what you see on Slide 15 that has gone from 17.7% to 17.3%.Source: earnings call transcript | — | 21.1%This mix shift continues to optimize our balance sheet, lifting our net interest margin, or NIM, to 21.1%.Source: earnings call transcript | 22.9%Net interest income reached $3.7 billion, up 9% and net interest margin expanded 180 basis points to 22.9%.Source: earnings call transcript | +1.8 pt |
| Customers | — | — | 127MOur customer base grew to 127 million customers, with more than 4 million net additions in the quarter while maintaining an activity rate above 83%, a clear reflection of the depth of engagement we continue to build with our users.Source: earnings call transcript | 131MWe closed the year with 131 million customers adding 17 million net new customers and maintaining an activity rate of 83%.Source: earnings call transcript | 135M+Our customer base now stands above 135 million customers.Source: earnings call transcript | 139MOur customer base reached 139 million customers, including almost $118 million in Brazil more than $5 million in Colombia.Source: earnings call transcript | — |
| Activity rate | — | — | 83%+Our customer base grew to 127 million customers, with more than 4 million net additions in the quarter while maintaining an activity rate above 83%, a clear reflection of the depth of engagement we continue to build with our users.Source: earnings call transcript | 83%We closed the year with 131 million customers adding 17 million net new customers and maintaining an activity rate of 83%.Source: earnings call transcript | 83%Despite typical first quarter seasonality, consolidated monthly activity rate held at 83% and expanded sequentially.Source: earnings call transcript | — | 0 pt |
| Customers Mexico | — | — | 13M+In Mexico, we surpassed 13 million customers now reaching around 14% of the adult population.Source: earnings call transcript | 14MIn Mexico, we reached 14 million customers, advanced our banking license process, and roughly half of our customers received their first credit card through Nu, reinforcing our role in expanding access to credit.Source: earnings call transcript | 15M+In Mexico, we crossed 15 million customers, becoming the third largest financial institution in the market.Source: earnings call transcript | 16M+Earlier this month, Mexican regulators approved our banking license in the country, and we're happy to be born as the largest digital bank in Mexico with more than 16 million customers.Source: earnings call transcript | — |
| Customers Brazil | — | — | — | 113MIn Brazil, we became the largest private financial institution by number of customers, reaching 113 million with an activity rate of 86%.Source: earnings call transcript | 115M+In Brazil, we surpassed 115 million customers and solidified our position as the largest private financial institution in the country.Source: earnings call transcript | <118MOur customer base reached 139 million customers, including almost $118 million in Brazil more than $5 million in Colombia.Source: earnings call transcript | — |
| Customers Colombia | — | — | — | 4M+In Colombia, we surpassed 4 million customers, and the subscription-based credit card significantly increased approval rates while maintaining healthy unit economics.Source: earnings call transcript | — | 5M+Our customer base reached 139 million customers, including almost $118 million in Brazil more than $5 million in Colombia.Source: earnings call transcript | — |
| 15-90-day NPL ratio | — | — | — | 4.1%As you see in the slide, early-stage delinquencies measured by 15 to 90 NPLs improved for the fourth consecutive quarter, declining 20 basis points to 4.1%, partially reflecting the seasonality of the quarter in Brazil.Source: earnings call transcript | 5%The first quarter 2026 print of 5%, up 89 basis points from year-end, is consistent with that seasonal pattern and broadly in line with what we saw in both 2024 and 2025.Source: earnings call transcript | 4.8%15- to 90-day delinquencies improved 16 basis points to 4.8%.Source: earnings call transcript | -0.2 pt |
| 90+ day NPL ratio | — | — | — | 6.6%As a result of prior improvements in early delinquencies, 90+ NPLs declined 10 basis points, pointing to 6.6% in the quarter.Source: earnings call transcript | 6.5%On the right, 90-plus NPLs, our late-stage delinquencies continue to ease, closing at 6.5% in the first quarter of 2026, 10 basis points lower than the fourth quarter of 2025 and well below the 7% peak we reached in the third quarter of 2024.Source: earnings call transcript | 6.9%90-plus delinquencies increased 35 basis points to 6.9%, broadly reflecting the seasonal migration of first quarter early delinquencies into the 90-plus bucket.Source: earnings call transcript | +0.4 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
32 filings between Mar 23, 2026 and Oct 15, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$10.70M
8 sales by 3 insiders
38% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 15
- Award — granted as compensation
- 2
- Option exercise — converted options into shares
- 7
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Junqueira Cristina Helena Zingaretti | — | $6.94M | Oct 5, 2026 |
| Fragelli Henrique Camossa Saldanha | — | $3.51M | Aug 14, 2026 |
| Sands Anita M | — | $257.0K | May 15, 2026 |
Latest filings (32)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 15, 2026 | Velez Osorno David Chairman and CEO | Award | 13,577,733 | $0 |
| Oct 5, 2026 | Junqueira Cristina Helena Zingaretti US CEO and Chief Growth Offcr | Sale 10b5-1 plan | 25,000 | $375.4K |
| Sep 28, 2026 | Wilson Sarah K. Chief Legal Officer | Award | 1,430,908 | $0 |
| Aug 25, 2026 | Junqueira Cristina Helena Zingaretti US CEO & Chief Growth Officer | Sale 10b5-1 plan | 65,000 | $956.5K |
| Aug 24, 2026 | Junqueira Cristina Helena Zingaretti US CEO & Chief Growth Officer | Sale 10b5-1 plan | 25,000 | $375.0K |
| Aug 24, 2026 | LEONE DOUGLAS M Director | Award | 1,356 | $0 |
| Aug 24, 2026 | Sands Anita M Director | Award | 1,356 | $0 |
| Aug 24, 2026 | Moreno Mejia Luis Alberto Director | Award | 1,017 | $0 |
| Aug 24, 2026 | PIACENTINI DIEGO Director | Award | 1,356 | $0 |
| Aug 14, 2026 | Junqueira Cristina Helena Zingaretti US CEO & Chief Growth Officer | Sale | 50,000 | $790.0K |
| Aug 14, 2026 | Fragelli Henrique Camossa Saldanha Chief Risk Officer | Sale | 221,707 | $3.51M |
| Aug 7, 2026 | LEONE DOUGLAS M Director | Award | 25,290 | $0 |
| Aug 7, 2026 | Sands Anita M Director | Award | 30,709 | $0 |
| Aug 7, 2026 | PIACENTINI DIEGO Director | Award | 23,483 | $0 |
| Aug 7, 2026 | Reses Jacqueline D Director | Award | 27,096 | $0 |
| Aug 7, 2026 | Marcus David Director | Award | 25,290 | $0 |
| Aug 7, 2026 | Calderon Peres Rogerio Paulo Director | Award | 23,483 | $0 |
| Aug 7, 2026 | Moreno Mejia Luis Alberto Director | Award | 25,290 | $0 |
| Aug 7, 2026 | Pham Thuan Director | Award | 23,483 | $0 |
| Jul 23, 2026 | Junqueira Cristina Helena Zingaretti US CEO & Chief Growth Off. | Tax withheld | 8,048 | $107.8K |
| Jul 23, 2026 | Fragelli Henrique Camossa Saldanha Chief Risk Officer | Tax withheld | 13,496 | $180.7K |
| Jul 23, 2026 | Velez Osorno David Chairman and CEO | Tax withheld | 45,690 | $611.8K |
| Jul 13, 2026 | Livingston Robert Philip Chief Financial Officer | Award | 2,194,587 | $0 |
| May 15, 2026 | Sands Anita M Director | Sale | 21,000 | $257.0K |
| Apr 23, 2026 | Fragelli Henrique Camossa Saldanha Chief Risk Officer | Tax withheld | 11,991 | $173.2K |
| Apr 23, 2026 | Lago Guilherme Marques Chief Financial Officer | Tax withheld | 24,348 | $351.6K |
| Apr 23, 2026 | Junqueira Cristina Helena Zingaretti US CEO & Chief Growth Off. | Tax withheld | 8,264 | $119.3K |
| Apr 23, 2026 | Velez Osorno David Chairman and CEO | Tax withheld | 45,690 | $659.8K |
| Apr 8, 2026 | Fragelli Henrique Camossa Saldanha Chief Risk Officer | Option exercise | 1,767,000 | $515.8K |
| Apr 8, 2026 | Fragelli Henrique Camossa Saldanha Chief Risk Officer | Option exercise | 594,450 | $254.6K |
| Mar 23, 2026 | Junqueira Cristina Helena Zingaretti US CEO & Chief Growth Officer | Sale | 80,000 | $1.18M |
| Mar 23, 2026 | Junqueira Cristina Helena Zingaretti US CEO & Chief Growth Officer | Sale | 220,000 | $3.26M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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