Nu Holdings Ltd. Q2 2026 Financial Summary
Business Context and Reporting Period
This Form 6-K reports the financial results for Nu Holdings Ltd. (NYSE: NU) for the second quarter ended June 30, 2026. Nu is the largest digital bank in Latin America, operating in Brazil, Mexico, and Colombia. The filing highlights the company's transition to a full-scale banking institution in Mexico and the launch of "Croma," a premium product for high-value customers in Brazil.
Key Financial Metrics
| Metric | Q2 2026 | Q1 2026 | Q2 2025 |
|---|---|---|---|
| Total Revenue | $5.88 billion | $5.32 billion | $3.77 billion |
| Net Income | $1.06 billion | $0.87 billion | $0.64 billion |
| Gross Profit | $2.44 billion | $1.88 billion | $1.52 billion |
| Net Interest Margin (NIM) | 22.9% | 21.1% | 21.1% |
| Risk-Adjusted NIM | 12.4% | 9.5% | 9.9% |
| Return on Equity (ROE) | 33% | 29% | 28% |
| Efficiency Ratio | 19.5% | 17.6% | 21.3% |
| Total Deposits | $45.3 billion | $42.4 billion | $36.6 billion |
| Total Credit Portfolio | $39.4 billion | $37.2 billion | $27.3 billion |
Material Changes vs. Prior Period
- Profitability Surge: Net income reached a record $1.06 billion, a 49% increase year-over-year (YoY) and 17% quarter-over-quarter (QoQ). This marks the first time the company has generated over $1 billion in quarterly net income.
- Revenue Growth: Gross revenue grew 39% YoY to $5.88 billion, driven by a 9% QoQ increase in Net Interest Income (NII) to $3.7 billion.
- Margin Expansion: Risk-adjusted NIM expanded significantly by 290 basis points (bps) QoQ to 12.4%, reflecting portfolio growth and a shift toward unsecured lending.
- Customer Base: Total customers grew to 139 million (up 13% YoY), with 4 million net additions in Q2. Mexico reached 16 million customers, becoming the largest digital bank in the country.
- Asset Quality: The 15-90 day Non-Performing Loan (NPL) ratio improved to 4.8% (down 16 bps QoQ), while 90+ day NPLs rose to 6.9% due to seasonal migration of early delinquencies.
- Efficiency: The Efficiency Ratio increased to 19.5% from 17.6% in Q1, attributed to the timing of real estate and marketing expenses and continued international investment.
Outlook, Commentary, and Risks
- Strategic Expansion: Management emphasizes the completion of the transformation in Mexico and the evolution of the Brazilian business with a full banking license and the new "Croma" product for the Super Core segment.
- AI Integration: The company is scaling "NuFormer," its foundation model for financial behavior, which now powers underwriting and customer service. AI agents handle over 60% of customer support conversations in Brazil.
- Liquidity and Funding: Deposits recovered seasonal outflows from Q1, growing 6% QoQ. The consolidated cost of deposits remains efficient at 88% of interbank rates. Mexico maintains a conservative loan-to-deposit ratio of 35%.
- Risks and Uncertainties: The filing includes standard forward-looking statement disclaimers. Risks include market volatility, regulatory changes (notably new central bank rules in Mexico), and the inherent uncertainty of financial forecasts. The company notes that actual results may differ materially from expectations.
Investor Verification Checklist
- Verify the reconciliation between Managerial P&L and IFRS financials, specifically regarding the classification of revenue-based taxes and operating expenses.
- Monitor the trajectory of the 90+ day NPL ratio, which increased to 6.9% QoQ, to assess if seasonal migration stabilizes in Q3.
- Confirm the sustainability of the 19.5% Efficiency Ratio given the stated shift of expenses from Q1 to Q2 and ongoing international expansion costs.
- Review the specific performance metrics of the new "Croma" product and the monetization rates of the Mexico customer base compared to Brazil.
- Assess the impact of the new mandatory SPEI transfer regulations in Mexico on network effects and transaction volumes.