Nu Holdings Ltd. Form 6-K Summary
Business Context and Reporting Period
This Form 6-K filing by Nu Holdings Ltd. covers the three-month and twelve-month periods ended December 31, 2025. The document primarily presents an Independent Limited Assurance Report by KPMG regarding the Company's "Managerial Profit and Loss (P&L)" framework. This framework introduces operational reclassifications and tax-equivalency adjustments to IFRS financial statements to better reflect economic drivers, though it does not alter statutory net income or cash flows.
Key Financial Metrics (Managerial P&L)
| Metric (in millions USD) | Q4 2025 | Q4 2024 | FY 2025 | FY 2024 |
|---|---|---|---|---|
| Total Revenue | 4,857.3 | 3,100.7 | 16,319.6 | 11,671.1 |
| Gross Profit | 1,961.1 | 1,317.0 | 6,619.1 | 5,025.5 |
| Operating Expenses | (652.6) | (469.4) | (2,237.1) | (2,052.6) |
| Net Income | 894.8 | 552.6 | 2,871.7 | 1,972.1 |
| Cost of Credit | (1,313.2) | (849.9) | (4,441.9) | (3,298.9) |
Note: The filing does not provide specific data on total debt, liquidity ratios, or free cash flow. It focuses exclusively on the reconciliation of P&L line items.
Material Changes vs. Prior Period
- Revenue Growth: Total revenue increased 56.7% year-over-year in Q4 2025 ($4,857.3M vs. $3,100.7M) and 39.8% for the full year 2025 ($16,319.6M vs. $11,671.1M).
- Profitability: Net income rose 61.9% in Q4 2025 ($894.8M vs. $552.6M) and 45.6% for the full year ($2,871.7M vs. $1,972.1M).
- Cost of Credit: Credit costs increased significantly, rising 54.5% in Q4 and 34.6% for the full year, reflecting higher loan volumes or risk adjustments.
- Operating Expenses: Marketing expenses surged 280% in Q4 2025 ($94.2M vs. $24.8M) and 24.6% for the full year, indicating aggressive growth initiatives.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, specific risk factors, or management commentary on future outlooks. The document is a technical report validating the methodology for the new Managerial P&L presentation. Key points regarding the framework include:
- Methodology: The Managerial P&L uses tax-equivalency adjustments to normalize pre-tax performance metrics across different statutory tax treatments.
- Assurance: KPMG provided a limited assurance conclusion that the supplementary information is properly prepared in all material respects based on the Company's internal policies.
- Statutory Basis: IFRS consolidated financial statements remain the sole basis for statutory reporting; the Managerial P&L is for analytical purposes only.
Investor Verification Checklist
- Verify the specific IFRS financial statements referenced in the reconciliation to confirm the "Accounting P&L" baseline figures.
- Review the "Definition of Managerial P&L Lines" to understand how specific costs (e.g., transaction costs, funding costs) are reclassified compared to standard IFRS reporting.
- Assess the impact of the significant increase in marketing expenses on future customer acquisition costs and lifetime value.
- Confirm the trend in "Cost of Credit" relative to the growth in "Credit Income" to evaluate asset quality and provisioning adequacy.
- Check subsequent filings for the full IFRS audited financial statements to reconcile the Managerial Net Income with statutory Net Income.