Nu's Q2 results show accelerating revenue growth and expanding margins, with the Mexico bank license and Banco Porto Real acquisition providing catalysts for further expansion. The $500 million in share repurchases already executed signals management confidence. Monitor the integration of Banco Porto Real and the pace of credit portfolio growth relative to provisioning costs, as the overdue ratio ticked up to 12.5% from 11.0% at year-end.
Price Chart
Executive Summary
Nu Holdings reported strong Q2 2026 results with total revenue of $5.51 billion (up 50% YoY) and net income of $1.06 billion (up 67% YoY), driven by continued customer growth and expansion in Mexico and Colombia. The company also announced a $1.0 billion share repurchase program and subsequent events including the operational authorization for Nubank Mexico as a multiple bank and an agreement to acquire Banco Porto Real to add a banking license in Brazil. Credit quality metrics showed a slight uptick in the overdue ratio and higher provisions, but overall fundamentals remain robust with strong profitability and capital adequacy.
Key Facts
- Total revenue for Q2 2026 was $5.51 billion, up 50% YoY from $3.67 billion.
- Net income for Q2 2026 was $1.06 billion, up 67% YoY from $637 million.
- Diluted EPS for Q2 2026 was $0.2162, up 66% YoY from $0.1300.
- Credit card receivables grew to $25.96 billion (gross), up 19% from $21.75 billion at year-end 2025.
- Loans to customers grew to $13.44 billion (gross), up 23% from $10.92 billion at year-end 2025.
- Total expected credit loss for Q2 2026 was $1.48 billion, up 46% YoY from $1.01 billion.
- Total assets reached $82.75 billion, up 10.5% from $74.89 billion at year-end 2025.
- The company repurchased 40.7 million shares for $500 million under a new $1.0 billion buyback program.
- Nubank Mexico received Operations Authorization to commence operations as a multiple bank on July 9, 2026.
- Nu entered into an agreement to acquire 100% of Banco Porto Real to add a banking license in Brazil.
- The CET1 ratio for the Brazilian prudential conglomerate was 11.9%, down from 13.0% at year-end 2025.
- Cash and cash equivalents were $13.55 billion, down from $15.00 billion at year-end 2025.
Financial Impact
Q2 2026 revenue of $5.51 billion (up 50% YoY) and net income of $1.06 billion (up 67% YoY). $500 million in share repurchases executed. $1.0 billion buyback program authorized.
Risk Factors
- Credit quality deterioration: overdue credit card receivables rose to 12.5% of total from 11.0% at year-end 2025, and expected credit loss grew 46% YoY.
- Regulatory risk: the Banco Porto Real acquisition is subject to Brazilian Central Bank approval.
- Currency risk: significant exposure to Brazilian real, Mexican peso, and Colombian peso fluctuations.
- Competition in Latin American fintech market could pressure margins.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001292814-26-004225 |
| Document: 0001292814-26-004225-index-headers.html | 0001292814-26-004225 |
| Document: 0001292814-26-004225-index.html | 0001292814-26-004225 |
| Document: 0001292814-26-004225.txt | 0001292814-26-004225 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 2d ago | 6-K | $15.18 | awaiting T+60 | — | $12.40 (−18.31%) |
Sep 10, 2026 6w ago | 6-K | $15.02 | awaiting T+60 | — | $12.40 (−17.44%) |
Sep 2, 2026 7w ago | 6-K | $15.68 | awaiting T+60 | — | $12.40 (−20.92%) |
Aug 18, 2026 9w ago | Insider Cluster | $14.61 | awaiting T+60 | — | $12.40 (−15.13%) |
Aug 13, 2026 10w ago | 6-K | $15.23 | awaiting T+60 | — | $12.40 (−18.58%) |
Aug 13, 2026 10w ago | 6-K | $15.23 | awaiting T+60 | — | $12.40 (−18.58%) |
Aug 13, 2026 10w ago | 6-K | $15.23 | awaiting T+60 | — | $12.40 (−18.58%) |
Jul 20, 2026 13w ago | 6-K | $14.39 $15.58 | ▲ +8.27% | ▲ +4.30% | $12.40 (−13.83%) |
Jul 10, 2026 15w ago | 6-K | $13.76 $15.18 | ▲ +10.32% | ▲ +7.69% | $12.40 (−9.88%) |
Jun 4, 2026 20w ago | 6-K | $12.12 $14.30 | ▲ +17.99% | ▲ +16.11% | $12.40 (+2.31%) |
US Market Status
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