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Nu Holdings (NU) Q3 2026 Earnings Report

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NU Q3 2026 EPS Results

Actual EPS
$0.23
Consensus EPS
$0.23
Beat/Miss
Beat by +$0.00
One Year Ago EPS
$0.16

NU Q3 2026 Revenue Results

Actual Revenue
$5.30B
Expected Revenue
$5.96B
Beat/Miss
Missed by -$661.10M
YoY Revenue Growth
+39.52%

Earnings Announcement Details

Quarter
Q3 2026
Date
11/12/2026
Time
After Close
Conference Call
Thursday, November 12, 2026
NU Upcoming Earnings

Nu Holdings's next earnings date is estimated for February 25, 2027, based on past reporting schedules.

Q3 2026 Earnings Call Audio

NU Q3 2026 Earnings Call
0:00 / 0:00

Q3 2026 Earnings Slide Deck

Q3 2026 Earnings Call Summary

Q3 2026
Earnings Call Date:Nov 12, 2026|% Change Since:11.75%|
Earnings Call Sentiment|Positive

The call was strongly positive, supported by record customer additions, revenue, gross profit and net income; significant growth across Brazil, Mexico and Colombia; improving deposit economics; and successful initial launches of Nu U.S. and Nu Global. The company also lowered full-year efficiency-ratio guidance and emphasized disciplined underwriting and provisioning. Offsetting concerns included higher delinquency metrics, a one-time payment-institution charge, expected fourth-quarter expense normalization, a higher expected 2027 tax rate, macroeconomic and indebtedness risks, and the time required to build credit capabilities in new markets. Overall, the highlights significantly outweighed the lowlights.

Company Guidance

Nu expects the full-year efficiency ratio between 19% to 19.5%, versus previous guidance of around 20%, with a sequential increase in Q4; Nu U.S. and Nu Global together remain within the commitment of up to 100 basis points of efficiency ratio impact in each of 2026 and 2027; risk-adjusted NIM is expected to keep its underlying economic strength into Q4, while no guidance is being given for next year and the metric looks fairly sustainable for the near term; 2027 ETR is expected to settle in the low to mid-20% range; no guidance is being given for loan growth next year, though there is nothing that would cause the company to expect a dramatic decrease in the near future, and private payroll is doubling quarter-over-quarter off of a small base with no reason why Nu shouldn't be one of the leading, if not the leading private payroll providers at some point in the next year.

  • Record Customer Growth and EngagementNu closed the third quarter with 143 million customers, adding 3.7 million net customers, while the activity rate expanded sequentially to 83.6%. Brazil reached approximately 120 million customers with a record 86.3% activity rate, and Brazil's activity rate expanded for the seventh consecutive quarter.
  • Record Revenue, Profit and ReturnsGross revenue reached a record $6.3 billion, up 37% year-over-year on an FX-neutral basis. Gross profit reached $2.6 billion, up 35% year-over-year, and net income reached a record $1.1 billion, up 31% year-over-year, with a 32% return on equity.
  • Strong Operating EfficiencyThe efficiency ratio was 19.3%, compared with 20.3% a year ago, despite continued investment across Brazil, Mexico and Colombia and the September launches of Nu U.S. and Nu Global. Full-year 2026 efficiency-ratio guidance was lowered to between 19% and 19.5% from previous guidance of around 20%.
  • Brazil Scale and Market PositionNu serves approximately 120 million customers in Brazil, representing 65% of the country's adult population. It remains the number-one financial app in Brazil, with 86 million monthly active users, nearly twice as many as the second-largest player according to Sensor Tower.
  • Record Brazilian Unsecured Loan OriginationsBrazilian unsecured personal loan originations reached a record BRL 22.1 billion in the quarter, up 28% year-over-year, with September marking Nu's strongest month ever. Management said this growth was achieved while maintaining underwriting discipline.
  • Expansion of Brazilian Customer RelationshipsCroma, Nu's offering for Super Core customers combining enhanced credit and everyday benefits, approached 1 million customers approximately three months after its late-July launch. The relaunched NuCoin loyalty program attracted 6.7 million sign-ups, and Nu partnered with more than 35 merchants, including Amazon, Shopee, Samsung and Uber.
  • Mexico Customer and Banking MilestonesMexico reached 16.6 million customers, up 27% year-over-year and representing 17% of the adult population, after adding 870,000 customers during the quarter. Following its transition to a full bank, deposit insurance coverage increased 16-fold from approximately $12,000 to $195,000 per customer, and Nu can now pursue opportunities including payroll accounts.
  • Mexico Digital Payments TailwindMexico's Congress approved legislation on October 20 to promote digital payments, expand acceptance across economic sectors and reduce reliance on cash. Management described the development as an important tailwind for Nu and said it could support deeper engagement, financial inclusion and improved financial-services and credit decisions over time.
  • Accelerating Colombian GrowthColombia reached 6.1 million customers, up 62% year-over-year and representing 15% of the adult population, with a record quarter for customer additions. Nu reached 3 million credit-card holders and became number one in Colombia by number of cardholders, while its credit portfolio grew 80% year-over-year on an FX-neutral basis.
  • Colombian Deposit Franchise and Funding AdvantageNu now has the fourth-largest base of individual deposits in Colombia, with a cost of funding at 76% of the benchmark rate, described as the lowest relative funding cost across its three core markets. Colombia's Bre-B instant-payment system reached 82% penetration of the adult population in its first year.
  • Record Credit Portfolio GrowthThe consolidated credit portfolio reached $41.6 billion, up 33% year-over-year and 6% sequentially on an FX-neutral basis. Credit cards grew 32% year-over-year to $27.2 billion, unsecured lending grew 39% to $11.0 billion, and secured lending grew 23% to $3.4 billion.
  • Growth in Secured and Private Payroll LendingSecured lending increased from $3.1 billion to $3.4 billion during the quarter, with record originations. Improvements in public and private payroll lending offset the headwind from FGTS-backed loans, and private payroll originations were described as doubling quarter-over-quarter from a small base.
  • Deposit Growth and Lower Funding CostsTotal deposits reached $47.5 billion, up 19% year-over-year on an FX-neutral basis, including $38.6 billion in Brazil, $5.3 billion in Mexico and $3.5 billion in Colombia. Consolidated cost of deposits improved to 87% of the interbank rate, 1 percentage point lower than the prior quarter and 2 points lower than a year ago.
  • Underlying Risk-Adjusted NIM ExpansionNet interest income reached $3.9 billion, up from $3.7 billion in the second quarter, with net interest margin at 22.5%. Reported risk-adjusted NIM was 12.1%, compared with 12.4% in the second quarter, while recurring risk-adjusted NIM excluding specified one-time items expanded from 11.9% in Q2 to 12.7% in Q3.
  • Disciplined Provisioning and Credit CoverageAllowance increased from $6.6 billion to $7.1 billion, with portfolio growth contributing $332 million and intentional risk expansions contributing $135 million. Allowance build represented 102% of new 15-plus-day delinquency formation, and total coverage over 90-plus-day NPLs was 234%.
  • Stable Credit Performance Relative to Brazilian IndustryNu's 15- to 90-day delinquency ratio was essentially stable at 4.86%, compared with 4.83% in the prior quarter. Measured against the interest-earning portfolio, the 15- to 90-day ratio improved to 8.0% from 8.2%, and management said Nu's 90-plus-day credit-card delinquency remained relatively stable across multiple Brazilian income segments while industry benchmarks generally deteriorated.
  • Nu U.S. Launch and Early ReachNu U.S. launched on September 10 with an account offering 3.5% APY, fee-free transfers to Brazil, Mexico and Colombia, and a credit card with no annual fee and unlimited 1.5% cash back. Within the first few weeks, the offering reached customers across all 50 states, with management citing early signs of word-of-mouth growth.
  • Nu Global International LaunchNu Global, a multicurrency account built on stablecoin infrastructure, went live on October 15 and had already reached customers in 37 countries. Management said Nu U.S. and Nu Global would be scaled with product-market fit, unit economics and regulatory and risk checkpoints in mind.
  • Controlled Investment Commitment for New BusinessesUnder current plans, Nu U.S. and Nu Global together remain within the company's commitment of up to 100 basis points of efficiency-ratio impact in each of 2026 and 2027.
  • Desenrola Consumer AssistanceManagement said Nu helped 2.8 million Brazilian consumers through the Desenrola program.
  • Capital Optionality and Organic Growth PreferenceManagement said Nu is generating significant capital and cash and therefore has optionality to consider acquisitions. However, the stated strong preference remains organic growth, with a full M&A transaction requiring an extremely high bar.
  • AI and Credit Underwriting CapabilitiesNu is in version three of its AI foundation model, NuFormer, and management said the model may help it understand new markets and populations faster using experience from more than 140 million customers. Management also said the U.S. credit system benefits from readily available credit-bureau and FICO data, while Nu's existing credit infrastructure can iterate faster than in prior new-market launches.
  • Continued Opportunity in Underpenetrated MarketsManagement highlighted low credit-card penetration in Mexico at 12% and Colombia at approximately 14%, compared with 75% to 80% in Brazil. In Mexico, management described a base case of the market reaching 70% of Brazil's size for Nu and an upside case of Mexico becoming as large as Brazil for the company.

NU Earnings History

NU earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
Feb 25, 20272026 (Q4)0.25-0.19――
Nov 12, 20262026 (Q3)0.230.230.1643.75% (+0.07)
Aug 13, 20262026 (Q2)0.200.220.1457.14% (+0.08)
May 14, 20262026 (Q1)0.200.180.1156.14% (+0.06)
Feb 25, 20262025 (Q4)0.190.190.1164.60% (+0.07)
Nov 13, 20252025 (Q3)0.160.160.1141.59% (+0.05)
Aug 14, 20252025 (Q2)0.130.140.140.00% (+0.04)
May 13, 20252025 (Q1)0.120.110.0846.15% (+0.04)
Feb 20, 20252024 (Q4)0.120.110.0841.25% (+0.03)
Nov 13, 20242024 (Q3)0.110.110.0682.26% (+0.05)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed