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 period ended June 30, 2026 (Q2 2026). The document primarily presents an Independent Limited Assurance Report from KPMG regarding the Company's "Managerial Profit and Loss (P&L)" reconciliation process. The filing confirms that the supplementary financial information is prepared in accordance with internal managerial criteria and reconciles to IFRS statutory reporting.
Key Financial Metrics (Q2 2026 vs. Q2 2025)
| Metric (in millions USD) | Q2 2026 | Q2 2025 |
|---|---|---|
| Total Revenue | 5,875.7 | 3,772.3 |
| Gross Profit | 2,441.1 | 1,519.3 |
| Net Income | 1,061.1 | 637.0 |
| EBT (Earnings Before Tax) | 1,630.3 | 970.2 |
| Operating Expenses | (806.2) | (548.1) |
| Cost of Credit | (1,690.8) | (1,051.1) |
Note: The filing text does not provide specific values for total debt, liquidity ratios, or free cash flow. It focuses exclusively on the Managerial P&L reconciliation.
Material Changes vs. Prior Period
- Revenue Growth: Total revenue increased by approximately 55.8% year-over-year, driven by significant growth in Credit Income (up 61.0%) and Float Income (up 46.8%).
- Profitability: Net Income rose by 66.6% to $1.06 billion. Gross Profit expanded by 60.7%.
- Cost Structure: Total Direct Costs increased by 52.4%, with Cost of Credit rising 60.9% to $1.69 billion, reflecting the expansion of the loan portfolio. Operating Expenses grew 47.1%, primarily due to increases in G&A and Marketing expenses.
Management Commentary, Methodology, and Risks
Managerial P&L Framework: The filing details a "Managerial P&L" that differs from statutory IFRS reporting through operational reclassifications and tax-equivalency adjustments. These adjustments are designed to normalize statutory tax effects and align costs with economic activities to improve analytical consistency. Management states these adjustments are net-income neutral and do not alter reported IFRS net income or cash flows.
Assurance Conclusion: KPMG provided a limited assurance conclusion, stating that nothing came to their attention to cause them to believe the Managerial P&L information for Q2 2026 and Q2 2025 is not fairly stated in all material respects based on the Company's internal criteria.
Risks and Contingencies: The filing does not explicitly list new material risks or contingencies beyond the standard disclosure that the Managerial P&L is a non-GAAP measure derived from IFRS statements. The primary risk noted is the reliance on internal policies for the presentation of these supplementary metrics.
Investor Verification Checklist
- Verify the reconciliation between the reported Managerial P&L Net Income ($1,061.1M) and the statutory IFRS Net Income to ensure consistency.
- Review the "Reconciliation Bridge" to understand the specific tax-equivalency adjustments applied to EBT and Income Taxes.
- Assess the sustainability of the 60.9% increase in Cost of Credit relative to the 61.0% increase in Credit Income.
- Confirm that the "Float Income" growth aligns with broader interest rate trends and liquidity management strategies.
- Check subsequent filings for the full IFRS audited financial statements to validate the unaudited interim data presented here.