TLDR
- Nu Holdings posted net profit of $1.06 billion in Q2 2026, its first ever billion-dollar quarter, up 49% year-on-year
- Revenue rose 39% to $5.88 billion, beating the $5.60 billion analyst estimate
- NU stock jumped roughly 9.5% in after-hours trading to around $15.25
- The company now serves 139 million customers across Brazil, Mexico, and Colombia
- Risk-adjusted net interest margin improved to 12.4%, up from 9.9% a year earlier
Nu Holdings delivered its strongest quarter yet, crossing the $1 billion net income mark for the first time. The stock jumped around 9.5% in after-hours trading to approximately $15.25 after the results dropped Thursday evening.
Net profit came in at $1.06 billion for the April-June quarter, a 49% rise year-on-year on a foreign-exchange-neutral basis. That beat the Visible Alpha estimate of $967.2 million.
Revenue climbed 39% to $5.88 billion, also clearing the $5.60 billion consensus forecast.
$NU Nubank Q2 FY26:
• Customers +13% Y/Y to 139M
• Deposits +18% Y/Y to $45.3B
• Revenue +50% Y/Y to $5.5B ($0.4B beat)
• Net income +67% Y/Y to $1.1B
• EPS $0.22 ($0.02 beat). pic.twitter.com/35fhiAy8Hs— App Economy Insights (@EconomyApp) August 13, 2026
The risk-adjusted net interest margin was one of the standout numbers. It expanded to 12.4% in Q2, up from 9.9% a year ago and 9.5% in Q1 2026.
JPMorgan analysts noted that even bullish investors were modeling around 11% risk-adjusted NIM, making the result a solid beat across the board.
Costs and Credit Quality
Cost of credit declined to $1.69 billion from $1.79 billion last quarter. That is still 60% higher than a year earlier, but the sequential improvement eased some pressure after it spooked investors last quarter.
Early delinquency rates came in at 4.8%, down from 5% in Q1, though up 0.3 percentage points year-on-year. The 90-plus day non-performing loan ratio rose 35 basis points to 6.9%.
CFO Rob Livingston, who took the role last month, said the improvement in margins is expected to hold. He credited a mix of seasonal factors and Brazil’s Desenrola debt-refinancing program, though he noted the program accounted for only around 5% of total cost of credit.
The total credit portfolio grew 37% year-on-year to $39.4 billion, with credit cards at $26 billion, unsecured lending at $10.3 billion, and secured lending at $3.1 billion.
Growth and Expansion
Nu added around 4 million customers in Q2, bringing the total to 139 million. Brazil accounts for nearly 118 million of those, with the monthly activity rate crossing 86% for the first time.
In Mexico, Nu officially became the largest digital bank in the country with its full bank launch in August, reaching 16 million customers. Colombia surpassed 5 million customers.
Average revenue per active customer reached approximately $17 in Q2, continuing its sequential growth trend.
The company also highlighted its AI model NuFormer, which now handles over 60% of customer support conversations in Brazil. The latest version quadrupled context length and inference speed while cutting production costs.
Return on equity closed the quarter at 33%. Total deposits reached $45.3 billion, up 18% year-on-year.
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