The strong operational beat (revenue +67%, net income +135%) and above-guidance credit portfolio growth are positive, but the large EPS miss vs consensus ($1.31 vs $1.96) creates confusion and may weigh on the ADR. Monitor the conference call for clarification on the EPS metric and any updates on the Kovr acquisition integration. The Q3 guidance implies continued strong growth, which could support the stock if the EPS confusion is resolved.
Price Chart
Executive Summary
PicPay reported Q2 2026 net revenue of R$4.1B (+67% YoY) and adjusted net income of R$283M (+135% YoY), both exceeding guidance. However, the consensus EPS estimate of $1.96 was based on a different reporting convention; the Street-quoted EPS for the prior quarter was $0.27, and the company reported IFRS net income of ~R$283M, translating to a much lower EPS. The credit portfolio reached R$31.9B, above guidance, and Q3 guidance projects continued growth with adjusted net income of ~R$265M. The strong operational beat is offset by the EPS miss vs consensus, creating a mixed picture for traders focused on the ADR.
Key Financial Metrics
Key Facts
- Net revenue of R$4.1B, up 67% YoY, exceeding guidance.
- Adjusted net income of R$283M, up 135% YoY, above guidance.
- Total credit portfolio reached R$31.9B, exceeding ~R$31.0B guidance.
- ARPAC reached R$92.0, 52% YoY growth, more than 4x cost to serve.
- Q3 2026 guidance: adjusted net income ~R$265M, credit portfolio ~R$34.7B.
- EPS of $1.31 missed consensus estimate of $1.96 by 33.3%, but this appears to be a different metric than the Street-quoted EPS.
- Non-credit revenues grew 57% YoY to R$1.9B; secured/partially secured credit revenues grew 158% YoY to R$1.0B.
- Quarterly cost of risk was 3.9%, within targeted range.
- Completed acquisition of Kovr during the quarter.
Financial Impact
Net revenue R$4.1B (+67% YoY); adjusted net income R$283M (+135% YoY); credit portfolio R$31.9B (+99% YoY)
Risk Factors
- EPS miss vs consensus of 33.3% could drive short-term selling pressure.
- Brazilian real (BRL) to USD exchange rate volatility impacts ADR values.
- Credit portfolio growth at 99% YoY raises potential for higher future credit losses.
- Integration risk from the Kovr acquisition.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3350133 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 14, 2026 12d ago | Press Release | $13.28 | awaiting T+20 | — | $8.78 (−33.89%) |
Aug 24, 2026 9w ago | 6-K | $10.85 $9.71 | ▼ −10.51% | ▼ −11.75% | $8.78 (−19.08%) |
Aug 24, 2026 9w ago | Press Release | $10.85 $9.71 | ▼ −10.51% | ▼ −11.75% | $8.78 (−19.08%) |
Aug 17, 2026 10w ago | Press Release | $10.27 | awaiting T+20 | — | $8.78 (−14.51%) |
Aug 10, 2026 11w ago | 6-K | $10.94 $10.60 | ▼ −3.11% | ▼ −2.05% | $8.78 (−19.74%) |
Jul 29, 2026 12w ago | Press Release | $12.13 $10.61 | ▲ +12.53% | ▲ +17.55% | $8.78 (+27.62%) |
Jul 23, 2026 13w ago | 6-K / PRESS-RELEASE | $11.85 $10.60 | ▼ −10.55% | ▼ −14.17% | $8.78 (−25.91%) |
Jun 12, 2026 19w ago | Insider Cluster | $10.82 $11.81 | ▲ +9.15% | ▲ +9.90% | $8.78 (−18.85%) |
Jun 10, 2026 19w ago | Insider Cluster | $9.40 $11.58 | ▲ +23.19% | ▲ +19.57% | $8.78 (−6.60%) |
Jun 10, 2026 19w ago | Insider Cluster | $9.40 $11.58 | ▲ +23.19% | ▲ +19.57% | $8.78 (−6.60%) |
US Market Status
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