TLDR
- Nu Holdings stock up 10.64% to $13.29 on strong Q2 2025 results.
- Revenue hits $3.7B, growing 40% YoY FX-neutral.
- Net income rises 42% YoY to $637M; ROE at 28%.
- Customer base reaches 122.7M, adding 4.1M in the quarter.
- Deposits climb 41% YoY to $36.6B.
As of August 14, 2025, Nu Holdings Ltd. ($NU) stock was trading at $13.29, up 10.64%, after releasing its Q2 2025 earnings.
The company reported revenue of $3.7 billion, up 40% year-over-year on an FX-neutral basis, marking an 85% annualized growth rate since 2021. Net income rose to $637 million, a 42% YoY gain, driving an annualized ROE of 28%, outperforming many industry peers.
Gross profit hit $1.55 billion, improving margins to 42.2% and reflecting stable credit allowances alongside net interest income growth. Deposits surged 41% YoY to $36.6 billion, highlighting customer trust in Nu’s low-cost digital banking model.
Nu Holdings, $NU, Q2-25. Results:
📊 Adj. EPS: $0.13 🟢
💰 Revenue: $3.67B 🔴
📈 Net Income: $637M
🔎 Nu delivered strong profitability with $637M in net income and solid revenue growth across financial products. pic.twitter.com/meNmqQcWcc— EarningsTime (@Earnings_Time) August 14, 2025
Customer Growth and Market Penetration
Nu ended the quarter with 122.7 million customers, adding 4.1 million in Q2 alone — a 17% YoY increase. In Brazil, the customer base reached 107.3 million, representing over 60% of the adult population, with the majority using Nu as their primary financial institution.
Mexico saw customer numbers climb to 12 million, while Colombia’s customer base reached 3.4 million. Deposits in the country jumped 841% YoY FX-neutral to $2.1 billion.
Monthly ARPAC surpassed $12 for the first time, reaching $12.2, an 18% YoY rise. Cost-to-serve per customer remained steady at just $0.80.
Diversified Growth Across Products
The active credit customer base reached 55 million, with unsecured loans growing 56% YoY and secured loans soaring 158% YoY. Mexico’s credit card base rose 52% to 6.6 million, while Colombia’s grew 34% to 1.4 million.
Investments and crypto services also expanded rapidly, with 36.2 million active investment customers (+70% YoY) and 6.6 million crypto customers (+41% YoY).
Asset Quality and Risks
Nu’s 15–90 day NPL ratio fell by 30 bps to 4.4%, but the 90+ day NPL ratio increased slightly to 6.6%, reflecting earlier delinquency trends. The company also noted a 50% drop in public payroll loan originations due to INSS system challenges and maintained a cautious stance on private payroll loans over collateral concerns.
A potential area to watch for Nu Holdings going forward is its ability to sustain customer growth while maintaining profitability in the face of increasing competition from traditional banks and fintech rivals in Latin America. The company’s diversified offerings in banking, payments, and lending could provide resilience, but market volatility and currency fluctuations remain key risks for investors. Analysts may also track how Nu leverages its large user base to expand cross-selling opportunities, which could further enhance long-term revenue growth.
