Nu Holdings Q3 2026 managerial net income hits $1.09B
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Nu Holdings Ltd. (NU) reported Q3 2026 managerial revenue of $6,258.5 million, compared with $4,317.2 million in Q3 2025, and managerial net income of $1,091.6 million, compared with $782.7 million. Gross profit was $2,597.6 million versus $1,811.2 million, while cost of credit was $1,788.7 million versus $1,035.8 million.
Management says the supplementary managerial P&L is derived from unaudited IFRS interim statements using reclassifications and tax-equivalency adjustments. KPMG provided limited assurance over the compilation and presentation process, concluding that nothing came to its attention indicating management’s statement was not fairly stated in all material respects. Nu says these adjustments do not affect IFRS reported net income, cash flows, equity or regulatory capital metrics.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointManagerial revenue: $6,258.5 million in Q3 2026, versus $4,317.2 million in Q3 2025.
- Moderate pointManagerial net income: $1,091.6 million in Q3 2026, versus $782.7 million in Q3 2025.
Negative
- Moderate pointCost of credit expense increased to $1,788.7 million from $1,035.8 million.
Key Figures
Key Terms
limited assurance technical
Managerial P&L financial
tax-equivalency adjustments financial
equity method financial
ISAE 3000 (Revised) technical
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What revenue did NU report for Q3 2026?
What was NU’s net income in Q3 2026?
What did KPMG conclude about NU’s managerial P&L process?
Do NU’s managerial P&L adjustments change its IFRS results?
AI-generated analysis. How Rhea-AI works. Not financial advice.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
For the month of November, 2026
Commission File Number 001-41129
Nu Holdings Ltd.
(Exact name of registrant as specified in its charter)
Nu Holdings Ltd.
(Translation of Registrant's name into English)
Campbells Corporate Services Limited, Floor 4, Willow House, Cricket Square, KY1-9010 Grand Cayman, Cayman Islands
+1 345 949 2648
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F (X) Form 40-F
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No (X)
| 02 | Independent Assurance Report - Limited Assurance | |
| 04 | Managerial P&L | |
| 05 | Definition of Managerial P&L Lines | |
| 06 | Reconciliation Bridge Q3’2026 | |
| 07 | Methodology and Presentation Note |
Independent Auditors' Report
Independent Limited Assurance Report to Nu Holdings Ltd on the Process for Compiling and Presenting Supplementary Consolidated Financial Information Included in the Managerial Profit and Loss (“P&L”) Reconciliation Report
We were engaged by Nu Holdings to report on the Company’s process for compiling and presenting the supplementary consolidated financial information included in the Managerial P&L Reconciliation Report and the accompanying Nu Holdings management’s statement thereon as set out on page 04, comprising the following:
| • | the supplementary consolidated financial information included in the Managerial P&L for the three-month period ended 30 September 2026 and 30 September 2025; |
| • | the definitions of the Managerial P&L lines; |
| • | the Reconciliation Bridge from the IFRS consolidated statement of income to the Managerial P&L; and |
| • | the Methodology and Presentation Note, which describes the underlying principles, reclassifications and tax equivalency adjustments applied in compiling and presenting the supplementary consolidated financial information included in the Managerial P&L |
Our engagement was to express in the form of an independent limited assurance conclusion that, based on our work performed and evidence obtained over the Company’s process for compiling and presenting the supplementary consolidated financial information included in the Managerial P&L Reconciliation Report, nothing has come to our attention that causes us to believe that Nu Holdings management’s statement that the supplementary consolidated financial information included in the Managerial P&L Reconciliation Report for the three-month ended 30 September 2026 and 30 September 2025 is properly prepared, in all material respects, based on the criteria described in the Company’s specific internal policy and summarized in the sections “Definition of Managerial P&L Lines”, “Reconciliation Bridge” and “Methodology and Presentation Note” of the Managerial P&L Reconciliation Report, is not fairly stated.
Nu Holdings’ Responsibilities
The management of Nu Holdings is responsible for preparing the Managerial P&L Reconciliation Report in accordance with the managerial criteria described in the Company’s specific internal policy, and for the information contained therein. The management of Nu Holdings is also responsible for preparing the accompanying statement at page 04.
This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and presentation of the supplementary consolidated financial information included in the Managerial P&L Reconciliation Report to ensure that such information is free from material misstatement, whether due to fraud or error.
Our Responsibilities
Our responsibility is to examine Company’s process for compiling and presenting the supplementary consolidated financial information included in the Managerial P&L Reconciliation Report and to report thereon in the form of an independent limited assurance conclusion based on the evidence obtained. We conducted our engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information issued by the International Auditing and Assurance Standards Board. That standard requires that we plan and perform our procedures to obtain a meaningful level of assurance about whether the process for compiling and presenting the supplementary consolidated financial information included in the Managerial P&L Reconciliation Report are in accordance with the managerial
| 2 |
criteria described in the Company’s specific internal policy, and summarized in the sections “Definition of Managerial P&L Lines”, “Reconciliation Bridge” and “Methodology and Presentation Note” of the Managerial P&L Reconciliation Report, in all material respects, as the basis for our limited assurance conclusion.
The firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. We have complied with the independence and other ethical requirements of the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior.
The procedures selected depend on our understanding of the process for compiling and presenting the supplementary consolidated financial information included in the Managerial P&L Reconciliation Report and other engagement circumstances, and our consideration of areas where material misstatements are likely to arise.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.
Conclusion
Our conclusion has been formed on the basis of, and is subject to, the matters outlined in this report.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
Based on the procedures performed and evidence obtained over the Company’s process for compiling and presenting the supplementary consolidated financial information included in the Managerial P&L Reconciliation Report, nothing has come to our attention that causes us to believe that Nu Holdings’s management statement that the supplementary consolidated financial information included in the Managerial P&L Reconciliation Report for the three-month period ended 30 September 2026 and 30 September 2025 is properly prepared, in all material respects, based on the criteria described in the Company’s specific internal policy and summarized in the sections “Definition of Managerial P&L Lines”, “Reconciliation Bridge” and “Methodology and Presentation Note” of the Managerial P&L Reconciliation Report, is not fairly stated.
São Paulo, November 12, 2026.
KPMG Auditores Independentes Ltda.
CRC 2SP-014428/O-6
João Paulo Dal Poz Alouche
Accountant CRC 1SP245785/O-2
| 3 |
Managerial P&L
Managerial P&L | Q3’2026
(In Million of U.S. Dollars)
| Three-month period ended | ||||
| 09/30/2026 | 09/30/2025 | |||
| Total Revenue | 6,258.5 | 4,317.2 | ||
| Credit Income | 3,795.1 | 2,489.2 | ||
| Float Income | 1,550.4 | 1,225.3 | ||
| Fee Income | 913.0 | 602.8 | ||
| Total Direct Costs | (3,661.0) | (2,506.0) | ||
| Funding Cost | (1,473.8) | (1,237.2) | ||
| Cost of Credit | (1,788.7) | (1,035.8) | ||
| Transaction Cost | (151.4) | (108.2) | ||
| Revenue-Based Taxes | (247.2) | (124.8) | ||
| Gross Profit | 2,597.6 | 1,811.2 | ||
| Operating Expenses | (845.8) | (577.2) | ||
| Customer Support and Operations | (223.3) | (174.8) | ||
| G&A Expenses | (488.3) | (339.3) | ||
| Marketing Expenses | (115.7) | (56.8) | ||
| Other Operating Expenses | (18.6) | (6.2) | ||
| Share of Results From Associates | (8.3) | (1.2) | ||
| EBT | 1,743.4 | 1,232.8 | ||
| Income Taxes | (651.9) | (450.1) | ||
| Net Income | 1,091.6 | 782.7 | ||
Management statement regarding the Managerial P&L information:
Management confirms that the supplementary consolidated financial information included in the Managerial P&L Reconciliation Report has been prepared in accordance with the managerial criteria established by the Company and documented in the Managerial P&L Preparation Memorandum. Management further states that, to the best of its knowledge and belief, the information presented is complete, accurate, and free from material misstatement, whether due to fraud or error.
| 4 |
Definition of Managerial P&L Lines
| Managerial P&L Lines | Definition | |
| Total Revenue | ||
| Credit Income | Gross interest income generated from the Interest Earning Portfolio, including credit card receivables and loans to customers. | |
| Float Income | Income generated from the management of excess liquidity and other non-credit interest-earning assets, including treasury positions. | |
| Fee Income | Non-interest income derived from transactional, service, and commission-based activities. | |
| Total Direct Costs | ||
| Funding Cost | Interest expense incurred on financial liabilities used to support the Company’s funding structure. | |
| Cost of Credit | Expected credit loss expense recognized in the period, net of recoveries, including credit-related discount losses. | |
| Transaction Cost | Costs incurred to process customer transactions and operate payment infrastructure, including card network fees, rewards expenses, and related transaction costs. | |
| Revenue-Based Taxes | Taxes levied directly on revenues. | |
| Operating Expenses | ||
| Customer Support and Operations | Expenses incurred to service customers and operate products and platforms. | |
| G&A Expenses | Corporate and administrative expenses required to support the organization. | |
| Marketing Expenses | Personnel, branding, and advertising expenditures related to marketing activities. | |
| Other Operating Expenses | Operating expenses not directly attributable to customer support, general and administrative, or marketing functions, primarily representing centralized corporate costs. | |
| Associates and Income Tax | ||
| Share of Results From Associates | Proportional share of net income from investees accounted for under the equity method, reflecting investments in which the Company has significant influence but not control. | |
| Income Tax | Income tax expense recognized under IFRS, presented in the Managerial P&L framework after tax-equivalency adjustments. |
| 5 |
Reconciliation Bridge | Q3’2026
From Accounting to Managerial P&L Statement
| Q3’2026
(In Million of U.S. Dollars)
| Accounting P&L | Reclassifications & Adjustments | Managerial P&L | ||||
| Total Revenue | 5,820.4 | 438.2 | 6,258.5 | |||
| Credit Income | 3,676.6 | 118.6 | 3,795.1 | |||
| Float Income | 1,326.8 | 223.6 | 1,550.4 | |||
| Fee Income | 817.0 | 96.0 | 913.0 | |||
| Total Direct Costs | (3,383.5) | (277.5) | (3,661.0) | |||
| Funding Cost | (1,571.6) | 97.8 | (1,473.8) | |||
| Cost of Credit | (1,668.5) | (120.2) | (1,788.7) | |||
| Transaction Cost | (143.4) | (8.0) | (151.4) | |||
| Revenue-Based Taxes | – | (247.2) | (247.2) | |||
| Gross Profit | 2,436.9 | 160.7 | 2,597.6 | |||
| Operating Expenses | (1,078.3) | 232.5 | (845.8) | |||
| Customer Support and Operations | (223.3) | – | (223.3) | |||
| G&A Expenses | (590.7) | 102.4 | (488.3) | |||
| Marketing Expenses | (126.1) | 10.4 | (115.7) | |||
| Other Operating Expenses | (138.2) | 119.6 | (18.6) | |||
| Share of Results From Associates | (8.3) | – | (8.3) | |||
| EBT | 1,350.3 | 393.1 | 1,743.4 | |||
| Income Taxes | (258.7) | (393.1) | (651.9) | |||
| Net Income | 1,091.6 | – | 1,091.6 |
| 6 |
Methodology and Presentation Note
This Managerial P&L Reconciliation Report has been prepared in accordance with the managerial criteria established by the Company, with the objective of facilitating the understanding of the underlying operations and economic drivers of the results of Nu Holdings.
IFRS consolidated financial statements remain the sole basis for statutory reporting and constitute the source of truth for all accounting purposes, the managerial P&L line items, which do not represent a full set of financial statements prepared in accordance with IFRS or any other GAAP (“Generally Accepted Accounting Principles”), are derived exclusively from the Company’s IFRS unaudited interim condensed consolidated financial statements and are constructed through a defined set of operational reclassifications and tax-equivalency adjustments. These adjustments do not affect the Company’s reported net income, cash flows, equity, or regulatory capital metrics prepared in accordance with IFRS.
Operational reclassifications are applied to align income, costs, and expenses with the economic activities to which they relate, with the objective of improving comparability, analytical consistency, and transparency of operating performance. These reclassifications represent presentation-only changes within income statement line items.
As part of the managerial P&L view, the Company applies a defined set of tax-equivalency adjustments designed to improve comparability of pre-tax performance metrics for managerial analysis across components subject to specific statutory tax treatments. Conceptually, tax-equivalency adjustments normalize statutory tax effects so that the underlying economic contribution of certain products, services, and activities can be compared on a consistent pre-tax basis. These adjustments are net-income neutral and do not alter reported income tax expenses under IFRS or cash taxes paid.
The methodologies, definitions, and classification principles underlying the Managerial P&L are applied consistently across periods. Any future enhancements to the framework or its presentation will be disclosed transparently and supported by appropriate reconciliation to IFRS results.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Nu Holdings Ltd. | ||
| By: | /s/ Guilherme Souto | |
| Guilherme Souto Investor Relations Officer | ||
Date: November 11, 2026