Nu Holdings Ltd. Reports Third Quarter 2026 Financial Results

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SÃO PAULO--(BUSINESS WIRE)-- Nu Holdings Ltd. (NYSE: NU) (“Nu” or the “Company”), the largest digital bank in Latin America, today released its financial results for the third quarter ended September 30, 2026, prepared in accordance with IFRS, as well as complementary managerial results. The financial statements and earnings presentation are available on the Company’s Investor Relations website at www.investors.nu, along with details of the earnings conference call to be held today at 5:00 p.m. Eastern Time / 7:00 p.m. Brasília time.

"We delivered record quarterly net income of $1.1 billion while continuing to grow across our core markets and taking our first steps beyond Latin America. In Brazil, where we already serve 65% of adults, our activity rate rose for the seventh consecutive quarter to a record 86.3%. Mexico added 870 thousand customers in our first quarter as a bank. In Colombia, we are now the country's largest credit card issuer by number of cardholders. In the third quarter, we successfully launched Nu US and Nu Global. Within weeks, Nu US reached customers in all 50 states, and Nu Global already serves customers in 37 countries," says David Vélez, founder and CEO of Nubank.

Q3’26 Results Snapshot

Below are the Q3’26 performance highlights of Nu Holdings Ltd. Unless otherwise noted, all the growth rates presented herein are on an FX neutral basis (FXN)¹:

Financial Highlights:

• Revenue and profit. Gross revenue reached a record US$6.3 billion, up 37% YoY. Gross profit rose 35% YoY to US$2.6 billion, and all three revenue sources (credit, fees and float) grew YoY in absolute terms. Net income reached a record US$1.1 billion, up 31% YoY, with ROE of 32%.
• Margins. Net interest income was US$3.9 billion, with a net interest margin of 22.5%. Reported risk-adjusted NIM was 12.1%, versus 12.4% in Q2'26. Excluding non-recurring items, it rose to 12.7% from 11.9% in Q2'26.
• Credit portfolio. The portfolio grew 33% YoY and 6% QoQ to US$41.6 billion. Credit cards were US$27.2 billion (+32% YoY), unsecured lending was US$11.0 billion (+39% YoY and +7.5% QoQ) and secured lending was US$3.4 billion (+23% YoY). Secured-loan originations reached a record in Q3'26. Higher payroll lending to both public- and private-sector employees in Brazil more than offset the decline in loans backed by FGTS.
• Asset quality. The 15–90-day NPL ratio was 4.9%, compared with 4.8% in Q2'26, and the 90+ NPL ratio rose to 7.3% from 6.9% in Q2'26. Measured against interest earning balances, 15–90-day delinquency improved to 8.0% from 8.2% in Q2'26, and 90+ delinquency was 12.1%, compared with 11.6% in Q2'26. Coverage of 90+ NPLs was 234%, consistent with historical trends.
• Funding. Deposits rose 19% YoY to US$47.5 billion: US$38.6 billion in Brazil, US$5.3 billion in Mexico and US$3.5 billion in Colombia. The cost of deposits fell to 87% of the interbank rate, from 88% in Q2'26 and 89% in Q3'25.
• Efficiency and outlook. The efficiency ratio was 19.3%, compared with 19.5% in Q2'26 and 20.3% in Q3'25, helped by lower personnel costs and some expenses moving into the fourth quarter. Nu now expects a full-year 2026 efficiency ratio of 19% to 19.5%, below its previous expectation of around 20%, reflecting performance year to date and a sequential increase in the fourth quarter.

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1 FX neutral measures were calculated to present what such measures in preceding periods/years would have been had exchange rates remained stable from these preceding periods/years until the date of the Company’s more recent financial information.

Business Highlights:

• Customers. Nu added 3.7 million customers in the quarter, reaching 143 million globally: nearly 120 million in Brazil, 16.6 million in Mexico and 6.1 million in Colombia. The activity rate rose to 83.6% from 83.5% in Q2'26, and monthly ARPAC reached approximately US$18.
• Brazil. Nu serves 65% of the adult population, and the activity rate rose for the seventh consecutive quarter to a record 86.3%. Unsecured personal-loan originations reached a record R$22.1 billion, up 28% YoY. Croma, launched in late July for Super Core customers, is approaching one million customers. The relaunched NuCoin loyalty program has 6.7 million sign-ups.
• Mexico. In its first quarter as a bank in Mexico, Nu added 870 thousand customers, reaching 16.6 million (+27% YoY), or 17% of the adult population. Banking status raised deposit insurance coverage sixteenfold, to approximately US$195 thousand per customer, and enabled payroll accounts.
• Colombia. Customers grew 62% YoY to 6.1 million, or 15% of the adult population. With 3 million cardholders, Nu is the country's largest credit card issuer by number of cardholders, and its credit portfolio grew 80% YoY. Nu has the fourth-largest base of individual deposits in Colombia, at a funding cost of 76% of the benchmark rate.
• Nu US and Nu Global. Nu US launched on September 10 with a 3.5% APY account, fee-free transfers to Brazil, Mexico and Colombia, and a no-annual-fee credit card with 1.5% cashback, and it reached customers in all 50 states. Nu Global, a stablecoin-based multi-currency account, went live on October 15 and has customers in 37 countries. Their combined impact on the efficiency ratio remains within Nu's commitment of up to 100 bps in each of 2026 and 2027.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261112222106/en/

Media Relations
press@nubank.com.br

Source: Nu Holdings Ltd.

Key Terms

ifrs financial

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

roe financial

Return on equity (ROE) measures how much profit a company generates from the money shareholders have invested, like checking how effectively a chef turns ingredients into meals. Investors use it to compare how well companies turn investor funds into earnings—higher ROE usually means management is using capital more efficiently, while a low ROE can signal weaker profitability or poor use of equity.

View in glossary

net interest margin financial

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

npl ratio financial

The NPL ratio measures the share of a lender’s loans that are not being repaid on schedule — loans that are overdue or in default — expressed as a percentage of total loans. Investors use it like counting rotten apples in a fruit basket: a higher percentage signals greater credit stress and potential losses, which can hurt a bank’s profits, capital strength and future lending ability.

apy financial

APY, or Annual Percentage Yield, shows how much money an investment or savings account can earn in a year, taking into account both the interest rate and how often that interest is added. Think of it like a snowball growing as it rolls downhill: the more frequently the snowball gains new snow, the faster it gets bigger. For investors, APY helps compare different options to see which one offers the best return over time.

View in glossary