Nu Holdings Ltd. Q3 2025 Financial Summary
Business Context and Reporting Period
This Form 6-K filing presents the unaudited interim condensed consolidated financial statements for Nu Holdings Ltd. for the three and nine-month periods ended September 30, 2025. The report was reviewed by KPMG Auditores Independentes Ltda. and authorized by the Board on November 13, 2025. Nu operates primarily in Brazil, Mexico, and Colombia, offering digital banking, credit cards, loans, and investment services. Notably, Nu Mexico Financiera received regulatory approval in April 2025 to convert into a bank.
Key Financial Metrics
| Metric (in thousands USD) | Q3 2025 | Q3 2024 | YTD 9M 2025 | YTD 9M 2024 |
|---|---|---|---|---|
| Total Revenue | $4,172,716 | $2,943,188 | $11,088,875 | $8,527,780 |
| Net Income | $782,678 | $553,386 | $1,976,873 | $1,419,472 |
| Diluted EPS | $0.1595 | $0.1132 | $0.4031 | $0.2906 |
| Cash & Equivalents | $12,895,785 | - | - | - |
| Total Assets | $68,362,816 | - | - | - |
| Total Deposits | $38,775,929 | - | - | - |
| Borrowings & Financing | $3,091,059 | - | - | - |
Note: Balance sheet figures represent the position as of September 30, 2025, compared to December 31, 2024 where applicable.
Material Changes vs. Prior Period
- Revenue Growth: Total revenue increased 41.8% year-over-year (YoY) in Q3 2025 and 30.0% YoY for the nine-month period, driven by higher interest income and fee/commission income.
- Profitability: Net income rose 41.4% in Q3 and 39.3% YTD compared to 2024. Profit before tax grew from $723.8M to $1.12B in Q3.
- Asset Expansion: Total assets grew significantly from $49.9B (Dec 2024) to $68.4B (Sep 2025). Credit card receivables increased to $16.8B and loans to customers to $9.0B.
- Cost of Risk: Credit loss allowance expenses increased to $977.5M in Q3 (up from $774.1M in Q3 2024) and $2.96B YTD, reflecting portfolio growth and provisioning adjustments.
- Liquidity: Cash and cash equivalents increased from $9.2B at year-end 2024 to $12.9B in Q3 2025. Operating cash flow for the nine-month period was $2.67B.
Outlook, Risks, and Contingencies
- Regulatory Milestone: Nu Mexico Financiera is converting to a bank, enabling an expanded portfolio of credit and financial products in Mexico.
- Seasonality: Management notes that the business is seasonal, with historically higher purchase volumes and revenue in the fourth quarter due to the holiday season.
- Credit Risk: The Group actively monitors credit risk using Expected Credit Loss (ECL) models. As of Sep 30, 2025, the total ECL for credit cards and loans was $4.68B. Sensitivity analysis indicates potential ECL ranges from $4.35B (upside scenario) to $5.08B (downside scenario).
- Legal Contingencies: Provisions for lawsuits and administrative proceedings totaled $30.3M. Additional possible losses (contingencies) were estimated at $3.96M for civil risks and $27.03M for labor risks.
- Capital Adequacy: The Brazilian prudential conglomerate maintained a Capital Adequacy Ratio (CAR) of 14.6% (above the 10.5% minimum). Mexico and Colombia subsidiaries also reported capital ratios well above regulatory minimums.
Investor Verification Checklist
- Credit Quality Trends: Verify the trajectory of the "Stage 3" (credit impaired) receivables and the coverage ratio for credit cards (16.5% as of Sep 2025) to assess asset quality stability.
- Deposit Cost Structure: Review the interest rates paid on deposits (RDB and NuAccount) in Brazil, Mexico, and Colombia to understand net interest margin pressure.
- FX Exposure: Assess the impact of currency translation on comprehensive income, which showed a significant gain of $853M YTD 2025 compared to a loss of $448M in 2024.
- Regulatory Capital: Confirm the sufficiency of capital buffers for the Brazilian Prudential Conglomerate as it operates under full requirements starting Jan 2025.
- Share-Based Compensation: Monitor the expense impact of RSUs and SOPs, which totaled $253M for the nine-month period ended Sep 2025.