The strong Q2 beat and record profitability, combined with the successful Mexico bank launch and continued customer growth, reinforce Nu's position as a high-growth fintech leader. Traders should watch for upward earnings revisions and potential multiple expansion as the market prices in the Mexico opportunity and sustained margin improvement.
Price Chart
Executive Summary
Nu Holdings Ltd. reported Q2 2026 results with record net income of $1.06 billion, up 49% YoY, and total revenue of $5.88 billion, up 39% YoY on an FX-neutral basis. The company added ~4 million customers to reach 139 million globally, launched its full banking license in Mexico, and saw strong credit performance with risk-adjusted NIM expanding to 12.4%. The results confirm the company's strong growth trajectory and expanding profitability, supported by its Mexico expansion and AI-driven underwriting improvements.
Key Facts
- Net income reached $1.06 billion in Q2 2026, up 49% YoY and 17% QoQ, a record for the company.
- Total revenue was $5.88 billion, up 39% YoY on an FX-neutral basis.
- Customer base grew to 138.9 million, adding ~4 million in the quarter.
- Gross profit was $2.44 billion, up 43% YoY and 25% QoQ.
- ROE improved to 33% from 28% a year ago.
- Risk-adjusted NIM expanded 290 bps QoQ to 12.4%.
- Total deposits reached $45.3 billion, up 18% YoY.
- The company launched its full banking license in Mexico, becoming the largest digital bank in the country with 16 million customers.
- AI agents now handle more than 60% of customer support conversations in Brazil at or above human parity.
Financial Impact
Record quarterly net income of $1.06 billion on revenue of $5.88 billion, with 39% YoY revenue growth and 49% YoY net income growth.
Risk Factors
- 90+ day NPLs increased 35 bps to 6.9%, reflecting seasonal migration of early delinquencies.
- Efficiency ratio increased to 19.5% from 17.6% in Q1 due to real estate and marketing expenses shifting from Q1.
- Mexico deposits declined modestly as part of a deliberate optimization strategy, though loan-to-deposit ratio remains low at 35%.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001292814-26-004222 |
| Document: 0001292814-26-004222-index-headers.html | 0001292814-26-004222 |
| Document: 0001292814-26-004222-index.html | 0001292814-26-004222 |
| Document: 0001292814-26-004222.txt | 0001292814-26-004222 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 6-K | $15.18 | awaiting T+60 | — | $12.59 (−17.06%) |
Sep 10, 2026 6w ago | 6-K | $15.02 | awaiting T+60 | — | $12.59 (−16.18%) |
Sep 2, 2026 7w ago | 6-K | $15.68 | awaiting T+60 | — | $12.59 (−19.71%) |
Aug 18, 2026 9w ago | Insider Cluster | $14.61 | awaiting T+60 | — | $12.59 (−13.83%) |
Aug 13, 2026 10w ago | 6-K | $15.23 | awaiting T+60 | — | $12.59 (−17.33%) |
Aug 13, 2026 10w ago | 6-K | $15.23 | awaiting T+60 | — | $12.59 (−17.33%) |
Aug 13, 2026 10w ago | 6-K | $15.23 | awaiting T+60 | — | $12.59 (−17.33%) |
Jul 20, 2026 14w ago | 6-K | $14.39 $15.58 | ▲ +8.27% | ▲ +4.30% | $12.59 (−12.51%) |
Jul 10, 2026 15w ago | 6-K | $13.76 $15.18 | ▲ +10.32% | ▲ +7.69% | $12.59 (−8.50%) |
Jun 4, 2026 20w ago | 6-K | $12.12 $14.30 | ▲ +17.99% | ▲ +16.11% | $12.59 (+3.88%) |
US Market Status
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