Nu : 1Q26 Earnings Press Release
NU
Published on 05/14/2026 at 05:13 pm EDT
São Paulo, Brazil, May 14, 2026 - Nu Holdings Ltd. (NYSE: NU) ("Nu" or the "Company"), one of the largest digital financial services platforms in the world, today released its financial results for the first quarter ended March 31, 2026, prepared in accordance with IFRS, as well as complementary managerial1 results. The financial statements and earnings presentation are available on the Company's Investor Relations website at https://www.investors.nu, along with details of the earnings conference call to be held today at 6:00 p.m. Eastern Time / 7:00 p.m. Brasília time.
"Our AI transformation is a core priority of Nu. We are not adding AI to banking, we are rebuilding banking around AI. NuFormer, our proprietary set of foundation models, is in production today for credit card in Brazil and Mexico, and for unsecured lending in Brazil. Our AI Private Banker functionalities already serve more than 15 million monthly active users. These capabilities have been a meaningful driver of the significant expansion of our credit portfolio over the last twelve months, enabling us to grow limits with resilience, not just speed. In Mexico, the same earnings-generating formula that built Brazil has reached its inflection point. We have achieved break-even and become the third largest financial institution in the market, reaching 15 million customers. All of this comes on top of another strong quarter, with more than 135 million customers, revenues surpassing $5 billion for the first time, net income of $871 million, and ROE of 29%.", says David Vélez, founder and CEO of Nubank.
Below are the Q1'26 performance highlights of Nu Holdings Ltd. Unless otherwise noted, all the growth rates presented herein are on an FX neutral basis (FXN)2:
1In the fourth quarter of 2025, Nubank introduced its Managerial P&L, representing an evolution in our disclosure framework to better explain value creation across an increasingly multi-product, multi-segment, and multi-country platform. The Managerial P&L is a structural, complementary reorganization of IFRS line items designed to enhance comparability as the business scales, grounded in economic and operational substance. This framework preserves net income, cash flow, and capital, is fully reconciled to IFRS, and is designed for external assurance. All financial metrics presented reflect this framework. A full reconciliation of non-IFRS measures to the most directly comparable IFRS measures is available in our Managerial P&L Reconciliation Report and in the appendix of the earnings presentation.
2FX 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.
1
Engagement and activity rates - Monthly Average Revenue per Active Customer (ARPAC) reached approximately $16 in Q1'26, growing sequentially quarter-over-quarter (QoQ) once again and continuing its upward trajectory. Monthly activity rate3held at 83% despite typical first-quarter seasonality, and expanded sequentially in Brazil, where Nu is approaching 100 million active customers.
$10 billion, and secured lending at $3 billion. The Loan-to-Deposit Ratio (LDR), reached 58.3% in Q1'26, up from 49.1% in Q4'25 and 48.5% in Q1'25, reflecting the continued expansion of Nu's credit franchise.
3Activity rate is defined as monthly active customers divided by the total number of customers as of a specific date.
Key Operating and Financial Metrics
A Summary of Consolidated Financial and Operating Metrics is presented for the three-month periods March 31, 2026, 2025 and December 31, 2025.
Summary of Consolidated Operating Metrics
Q1'26
Q4'25
% FXN QoQ
Q1'25
% FXN YoY
CUSTOMER METRICS
Number of Customers (in millions)
135.2
131.0
3%
118.6
14%
Activity Rate (%)
83.4%
83.4%
0.0 p.p
83.3%
0.2 p.p
CUSTOMER ACTIVITY METRICS
Purchase Volume (in $ billions)
39.5
41.6
-8%
30.4
17%
Monthly Average Revenue per Active Customer (in $)
15.9
15.0
3%
11.6
23%
Monthly Average Cost to Serve per Active Customer (in $)
-1.0
-0.8
17%
-0.7
19%
CUSTOMER BALANCES
Total portfolio - credit card and loan (in $ billions)
37.2
32.7
7%
24.1
40%
Deposits (in $ billions)
42.4
41.9
-4%
31.6
22%
Summary of Consolidated Financial Metrics
Q1'26
Q4'25
% FXN QoQ
Q1'25
% FXN YoY
MANAGERIAL FINANCIAL METRICS
Total Revenue (in $ millions)
5,315.5
4,857.3
7%
3,372.7
42%
Gross Profit (in $ millions)
1,877.7
1,961.1
-7%
1,327.5
27%
Net Income (in $ millions)
871.4
894.8
-5%
557.2
41%
Summary of Consolidated Other Performance Metrics
Q1'26
Q4'25
% QoQ
Q1'25
% YoY
Efficiency-Ratio
17.6%
19.9%
-2.3 p.p
21.4%
-3.8 p.p
Risk Adjusted NIM
9.5%
10.5%
-1.0 p.p
9.3%
0.2 p.p
ROE
29%
33%
-4.0 p.p
27%
2.0 p.p
NPL 15-90
5.0%
4.1%
0.9 p.p
4.8%
0.2 p.p
NPL 90+
6.5%
6.6%
-0.1 p.p
6.4%
0.1 p.p
Managerial P&L
Managerial P&L (in $ millions) - Three-month period ended
Q1'26
Q1'25
Total Revenue
5,315.5
3,372.7
Credit Income
3,173.3
1,976.0
Float Income
1,383.0
880.1
Fee Income
759.1
516.6
Total Direct Costs
-3,437.7
-2,045.2
Funding Cost
-1,305.0
-841.1
Cost of Credit
-1,794.2
-1,041.8
Transaction Cost
-120.7
-63.1
Revenue-Based Taxes
-217.9
-99.2
Gross Profit
1,877.7
1,327.5
Operating Expenses
-647.6
-459.2
Customer Support and Operations
-204.9
-151.5
G&A Expenses
-371.8
-283.8
Marketing Expenses
-62.9
-40.3
Other Operating Expenses
-8.1
16.3
Share of Results From Associates
-1.0
-1.1
EBT
1,229.1
867.2
Income Taxes
-357.6
-310.0
Net Income
Accounting P&L
871.4
557.2
Accounting P&L (in $ millions) - Three-month period ended
Q1'26
Q1'25
Interest income and gains net of losses on financial instruments
4,275.3
2,732.1
Fee and commission income
692.7
515.6
Total revenue
4,968.0
3,247.7
Interest and other financial expenses
-1,269.2
-896.2
Transactional expenses
-115.9
-58.5
Expected credit loss
-1,718.0
-973.5
Total cost of financial and transactional services provided
-3,103.1
-1,928.2
Gross profit
1,864.9
1,319.5
Operating (expenses) income
Customer support and operations
-204.9
-151.5
General and administrative expenses
-492.0
-289.8
Marketing expenses
-62.9
-44.1
Other expenses
-169.8
-106.9
Other income
20.0
-69.1
Total operating (expenses) income
-909.5
-523.3
Share of loss in associates
-1.0
-1.1
Profit (loss) before income taxes
954.3
795.1
Income taxes
-82.9
-237.9
Net income (loss) for the period
871.4
557.2
Reconciliation Bridge
Reconciliation Bridge (in $ millions) - Q1'26
Accounting P&L
Reclassification &
Adjustments
Managerial P&L
Total Revenue
4,968.0
347.5
5,315.5
Credit Income
3,159.0
14.3
3,173.3
Float Income
1,116.3
266.7
1,383.0
Fee Income
692.7
66.5
759.1
Total Direct Costs
-3,103.1
-334.7
-3,437.7
Funding Cost
-1,269.2
-35.8
-1,305.0
Cost of Credit
-1,718.0
-76.2
-1,794.2
Transaction Cost
-115.9
-4.8
-120.7
Revenue-Based Taxes
0.0
-217.9
-217.9
Gross Profit
1,864.9
12.9
1,877.7
Operating Expenses
-909.5
261.9
-647.6
Customer Support and Operations
-204.9
0.0
-204.9
G&A Expenses
-492.0
120.3
-371.8
Marketing Expenses
-62.9
0.0
-62.9
Other Operating Expenses
-149.7
141.7
-8.1
Share of Results From Associates
-1.0
0.0
-1.0
EBT
954.3
274.8
1,229.1
Income Taxes
-82.9
-274.8
-357.6
Net Income
871.4
0.0
871.4
Note on forward-looking statements and non-IFRS financial measures
This release speaks at the date hereof and the Company is under no obligation to update or keep current the information contained in this presentation. Any information expressed herein is subject to change without notice. Any market or other third-party data included in this presentation has been obtained by the Company from third-party sources. While the Company has compiled and extracted the market data, it can provide no assurances of the accuracy and completeness of such information and takes no responsibility for such data.
This release contains forward-looking statements. All statements other than statements of historical fact contained in this presentation may be forward-looking statements and include, but are not limited to, statements regarding the Company's intent, belief or current expectations. These forward-looking statements are subject to risks and uncertainties, and may include, among others, financial forecasts and estimates based on assumptions or statements regarding plans, objectives and expectations. Although the Company believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including those risks and uncertainties included under the sections entitled "Risk Factors," "Forward-Looking Statements" and "Operating and Financial Review and Prospects" in our Annual Report on Form 20-F.
The Company, its advisers and each of their respective directors, officers and employees disclaim any obligation to update the Company's view of such risks and uncertainties or to publicly announce the result of any revision to the forward-looking statements made herein, except where it would be required to do so under applicable law. The forward-looking statements can be identified, in certain cases, through the use of words such as "believe," "may," "might," "can," "could," "is designed to," "will," "aim," "estimate," "continue," "anticipate," "intend," "expect," "forecast", "plan",
"predict", "potential", "aspiration," "should," "purpose," "belief," and similar, or variations of, or the negative of such words and expressions.
The financial information in this document includes forecasts, projections and other predictive statements that represent the Company's assumptions and expectations in light of currently available information. These forecasts, projections and other predictive statements are based on the Company's expectations and are subject to variables and uncertainties. The Company's actual performance results may differ. Consequently, no guarantee is presented or implied as to the accuracy of specific forecasts, projections or predictive statements contained herein, and undue reliance should not be placed on the forward-looking statements in this presentation, which are inherently uncertain.
In addition to IFRS financials, this presentation includes certain summarized, non-audited or non-IFRS financial information. These summarized, non-audited or non-IFRS financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. References in this presentation to "R$" refer to the Brazilian Real, the official currency of Brazil.
Beginning in the fourth quarter of 2025, the Company introduced its managerial profit and loss presentation (the "Managerial P&L"), representing an evolution in our disclosure framework to better explain value creation across an increasingly multi-product, multi-segment, and multi-country platform. The Managerial P&L is a structural, complementary reorganization of certain IFRS line items designed to enhance comparability as the business scales, grounded in economic and operational substance. This framework preserves net income, cash flow, and capital, is reconciled to IFRS, and is intended to provide a supplemental management view of the Company's results. Certain financial metrics presented herein reflect this framework. A reconciliation of non-IFRS measures to the most directly comparable IFRS measures is available in our Managerial P&L reconciliation report and in the appendix of the earnings presentation.
Investor Relations
Guilherme Souto [email protected]
Media Relations
Leila Suwwan [email protected]
Nu Holdings LTD.
NYSE: NU
investors.nu international.nubank.com.b r/newsroom/
About Nu
Nu is one of the largest digital financial services platforms in the world, serving above 135 million across Brazil, Mexico, and Colombia. The company has been leading an industry transformation by leveraging data and proprietary technology to develop innovative products and services. Guided by its mission to fight complexity and empower people, Nu caters to customers' complete financial journey, promoting financial access and advancement with responsible lending and transparency. The company is powered by an efficient and scalable business model that combines low cost to serve with growing returns. Nu's impact has been recognized in multiple awards, including Time 100 Most Influential Companies, Fast Company's Most Innovative Companies, and Forbes World's Best Banks. For more information, please visit https://international.nubank.com.br/about/.
Disclaimer
Nu Holdings Ltd. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 21:12 UTC.